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NCNO

nCino, Inc.

NCNO

nCino, Inc. • NASDAQ
$24.70 ▲ 0.24% (+0.06)
Market Cap $2.86 B
52w High $42.88
52w Low $18.75
Dividend Yield 0%
P/E -85.17
Volume 569.15K
Outstanding Shares 115.81M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $148.815M ▲ $97.421M ▲ $-15.257M ▼ -10.252% ▼ $-0.13 ▼ $2.636M ▼
Q1-2026 $144.137M ▲ $87.955M ▼ $5.562M ▲ 3.859% ▲ $0.05 ▲ $25.706M ▲
Q4-2025 $141.37M ▲ $90.095M ▲ $-18.61M ▼ -13.164% ▼ $-0.16 ▼ $-5.437M ▼
Q3-2025 $138.797M ▲ $85.876M ▼ $-5.252M ▲ -3.784% ▲ $-0.045 ▲ $9.003M ▲
Q2-2025 $132.403M $86.378M $-11.04M -8.338% $-0.096 $1.494M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $122.935M ▼ $1.616B ▼ $548.854M ▼ $1.057B ▼
Q1-2026 $133.23M ▲ $1.651B ▲ $569.995M ▲ $1.072B ▼
Q4-2025 $120.928M ▼ $1.61B ▲ $512.783M ▲ $1.089B ▲
Q3-2025 $257.894M ▲ $1.517B ▲ $423.1M ▲ $1.088B ▲
Q2-2025 $126.572M $1.409B $329.759M $1.075B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $-13.719M ▼ $17.736M ▼ $-5.148M ▲ $-22.434M ▼ $-10.357M ▼ $12.588M ▼
Q1-2026 $6.017M ▲ $54.32M ▲ $-48.297M ▲ $2.25M ▲ $12.313M ▲ $52.602M ▲
Q4-2025 $-15.577M ▼ $-10.019M ▼ $-126.422M ▼ $2.039M ▼ $-136.986M ▼ $-10.369M ▼
Q3-2025 $-5.269M ▲ $5.777M ▲ $-830K ▼ $125.28M ▲ $131.488M ▲ $5.397M ▲
Q2-2025 $-11.023M $4.999M $-696K $-12.821M $-8.073M $4.405M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
License and Service
License and Service
 $110.00M ▲$120.00M ▲$120.00M ▲$130.00M ▲
Professional Services
Professional Services
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, moving the business from an emerging niche player toward a more scaled software vendor. Gross profit has risen in step with sales, and gross margins look healthy for a cloud software company. Operating losses have narrowed over time, and cash-based earnings (EBITDA) have turned modestly positive, even though the company still reports small accounting losses. Overall, the income statement shows a business that has largely completed its heavy investment phase and is gradually progressing toward consistent profitability, but hasn’t fully arrived yet.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting both growth investments and acquisitions. Total assets and shareholders’ equity have climbed, giving the company a thicker capital cushion than it had just a few years ago. Cash levels dipped after earlier peaks but have been rebuilding, while debt has increased from very low levels to something more noticeable, though still not alarming relative to equity. In simple terms, nCino now looks like a more substantial, better-capitalized company, but with a bit more leverage and less excess cash than in its earlier post-IPO period.

Cash Flow

Cash Flow Cash generation has improved meaningfully. After a period of break-even to slightly negative operating cash flow, nCino now produces consistently positive cash flow from its core operations. Free cash flow has turned positive as well, helped by low capital spending needs typical of a software firm. This suggests that, despite reported accounting losses, the underlying business is increasingly self-funding and less reliant on outside capital to support growth, which is a notable de‑risking over time.

Competitive Edge

Competitive Edge nCino has carved out a focused position as a cloud platform built specifically for banks and other financial institutions, rather than trying to be a general-purpose enterprise tool. Its software is deeply embedded in customer workflows, which makes it painful and risky for clients to switch to alternatives. That integration, plus long relationships and industry‑specific know‑how, give nCino a real moat. At the same time, it operates in a competitive landscape with large, established core banking vendors and newer fintech challengers. Its edge appears to come from offering a unified, end‑to‑end platform rather than point solutions, though some customer feedback suggests room for improvement in flexibility and reporting.

Innovation and R&D

Innovation and R&D Innovation is a core part of nCino’s story. The company built its platform on top of Salesforce, which allows it to leverage a modern cloud foundation while layering on banking-specific functionality. More recently, nCino has been leaning hard into artificial intelligence, using it to accelerate loan processing, automate document handling, and surface insights for bankers through its “Banking Advisor” capabilities. The creation of the nCino Research Institute and the move toward more usage‑aligned pricing show a willingness to experiment with data products and business models. Acquisitions in mortgage tech and onboarding tools have broadened the product set, but also add integration complexity. Overall, R&D is clearly aimed at deepening the platform’s value and using AI to further entrench it inside client institutions.

Summary

nCino looks like a maturing fintech platform: revenue has grown strongly, margins are improving, and cash flow has shifted from fragile to solidly positive, even though formal profits are still slightly negative. The balance sheet is stronger and larger than a few years ago, with more equity and manageable levels of debt, though with less excess cash than in its earliest phase. Competitively, the company benefits from being purpose‑built for financial institutions, with high switching costs and a comprehensive, integrated platform. Its heavy focus on AI and continued product expansion could deepen this moat, but also brings execution risk, especially as it integrates acquisitions and pushes into new geographies against well‑funded rivals. Overall, the picture is of a specialized software provider that has moved past the most uncertain early‑stage phase and is working to translate its niche and innovation engine into durable, scalable economics.

NEWS

November 25, 2025 · 4:05 PM UTC

nCino to Participate in Upcoming Investor Events

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November 6, 2025 · 7:30 AM UTC

nCino Expands Offering with Eastern Bank to Deliver Connected Lending Experience Across Product Lines

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November 4, 2025 · 7:30 AM UTC

nCino Introduces “Digital Partners,” Role-based Agents Purpose-built to Establish a Dual Workforce for Financial Services

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October 16, 2025 · 7:30 AM UTC

nCino Wins Gold in 2025 Datos Impact Award for Best Artificial Intelligence and Advanced Analytics Innovation

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October 2, 2025 · 7:30 AM UTC

nCino advances AI for mortgage lending with powerful new capabilities

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