nCino (NCNO) Q4 2025 earnings summary

Executive summary

• FY25 total revenues reached $540.7M, up 13% YoY, with subscription revenues at $469.2M, up 15% YoY.

• Non-GAAP operating income was $96.2M (18% margin), up 56% YoY; non-GAAP net income was $76.1M ($0.65/share).

• Free cash flow for FY25 was $53.4M, slightly down due to acquisition costs and higher interest expense.

• New CEO and leadership changes, four acquisitions (DocFox, Full Circle, Allegro, Sandbox Banking), and a $100M stock repurchase program were announced.

• Customer base expanded to 2,700+ financial services customers in over 20 countries.

Financial highlights

• Q4 total revenues were $141.4M, up 14% YoY; Q4 subscription revenues were $125M, up 16% YoY.

• ACV as of Jan 31, 2025: $516.4M, up 13% YoY (8% organic); ACV net retention rate: 106% (up from 102%).

• Subscription revenues comprised 87% of total revenues in FY25, up from 86% in FY24.

• Non-GAAP gross margin was 66%; subscription gross margin was 76%.

• Non-GAAP operating margin improved to 18% in FY25 from 13% in FY24.

Outlook and guidance

• FY26 revenue guidance: $574.5M–$578.5M; subscription revenue: $503M–$507M.

• FY26 non-GAAP operating income: $107M–$111M; non-GAAP EPS: $0.66–$0.69.

• Q1 FY26 revenue guidance: $138.75M–$140.75M; subscription revenue: $121.75M–$123.75M.

• FY26 ACV guidance: $564M–$567M, with 9–10% ACV growth and 8–9% organic growth.

• Operating margin expansion of ~100 bps expected in FY26, with further expansion in FY27.