nCino Reports Second Quarter Fiscal Year 2026 Financial Results
Total Revenues of $148.8M, up 12% year-over-year
Subscription Revenues of $130.8M, up 15% year-over-year
WILMINGTON, N.C., Aug. 26, 2025 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the second quarter of fiscal year 2026, ended July 31, 2025.
"We are pleased to report financial results that again exceeded quarterly guidance for total and subscription revenues, as well as non-GAAP operating income," said Sean Desmond, CEO at nCino. "We saw customer demand continue to strengthen in the second quarter, including for newer solutions and across our target markets, reinforcing our confidence in our strategy and in our improved financial outlook. Our vision of being the leader in AI-banking is rapidly coming into focus through continuous innovation and relentless pursuit of the substantial opportunity we are uniquely positioned for."
Financial Highlights
Revenues: Total revenues for the second quarter of fiscal 2026 were $148.8 million, a 12% increase from $132.4 million in the second quarter of fiscal 2025. Subscription revenues for the second quarter were $130.8 million, up from $113.9 million one year ago, an increase of 15%.
Income (Loss) from Operations: GAAP loss from operations in the second quarter of fiscal 2026 was $(9.3) million compared to $(7.9) million in the same quarter of fiscal 2025. Non-GAAP operating income in the second quarter of fiscal 2026 was $30.0 million compared to $19.3 million in the second quarter of fiscal 2025, an increase of 56%.
Net Income (Loss) Attributable to nCino: GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(15.3) million compared to $(11.0) million in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter of fiscal 2026 was $25.7 million compared to $15.6 million in the second quarter of fiscal 2025, an increase of 64%.
Net Income (Loss) Attributable to nCino per Share: GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(0.13) per basic and diluted share compared to $(0.10) per basic and diluted share in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter was $0.22 per diluted share compared to $0.13 per diluted share in the second quarter of fiscal 2025.
Cash: Cash, cash equivalents, and restricted cash were $123.2 million as of July 31, 2025 and $203.5 million was outstanding under nCino's revolving credit facility. In the second quarter ended July 31, 2025, nCino repurchased approximately 750,000 shares of the Company's outstanding common stock at an average share price of $26.89 for total consideration of approximately $20.0 million.
Recent Business Highlights
Renewed and expanded relationships with two top-50 banks in the U.S. and a top-5 Canadian bank: Continued to grow wallet share among North America's largest financial institutions with expanded commitments from commercial customers.
Signed first Spanish customer: A non-bank lender in Spain became nCino's first customer in the country and will leverage nCino to scale their lending business.
Expanded relationship with a British challenger bank: Upon renewal, expanded relationship with an existing customer in the UK to include nCino Client Lifecycle Management to deliver efficient onboarding and continuous compliance monitoring.
Signed lending division of a top-25 home builder for nCino Mortgage: Signed a top home-builder for nCino Mortgage to enable nationwide growth.
Financial Outlook nCino is providing guidance for its third quarter ending October 31, 2025, as follows:
Total revenues between $146.0 million and $148.0 million.
Subscription revenues between $127.5 million and $129.5 million.
Non-GAAP operating income between $31.5 million and $33.5 million.
Non-GAAP net income attributable to nCino per diluted share of $0.20 to $0.21.
nCino is providing guidance for its fiscal year 2026 ending January 31, 2026, as follows:
Total revenues between $585.0 million and $589.0 million.
Subscription revenues between $513.5 million and $517.5 million.
Non-GAAP operating income between $117.5 million and $121.5 million.
Non-GAAP net income attributable to nCino per diluted share of $0.77 to $0.80.
Annual Contract Value (ACV) between $564.0 million and $567.0 million.
Conference CallnCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations.
About nCinonCino (NASDAQ:NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 2,700 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com.
INVESTOR CONTACT Harrison Masters
MEDIA
Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we have completed or may undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.
nCino, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31, 2025
July 31, 2025
Assets
Current assets
Cash and cash equivalents
$
120,928
$
122,935
Accounts receivable, net
146,787
98,468
Costs capitalized to obtain revenue contracts, current portion, net
13,462
14,299
Prepaid expenses and other current assets
21,072
19,383
Total current assets
302,249
255,085
Property and equipment, net
74,953
77,430
Operating lease right-of-use assets, net
16,026
12,936
Costs capitalized to obtain revenue contracts, noncurrent, net
23,735
22,676
Goodwill
1,019,375
1,070,947
Intangible assets, net
154,571
151,920
Investments
9,294
7,262
Long-term prepaid expenses and other assets
10,178
17,761
Total assets
$
1,610,381
$
1,616,017
Liabilities, redeemable non-controlling interest, and stockholders' equity
Current liabilities
Accounts payable
$
13,640
$
14,069
Accrued expenses and other current liabilities
39,865
33,654
Deferred revenue, current portion
191,174
194,883
Financing obligations, current portion
1,680
1,780
Operating lease liabilities, current portion
5,153
4,251
Total current liabilities
251,512
248,637
Operating lease liabilities, noncurrent
12,819
9,706
Deferred income taxes, noncurrent
13,851
19,421
Deferred revenue, noncurrent
269
157
Revolving credit facility, noncurrent
166,000
203,500
Financing obligations, noncurrent
51,172
50,248
Other long-term liabilities
17,160
17,185
Total liabilities
512,783
548,854
Commitments and contingencies
Redeemable non-controlling interest
8,286
10,345
Stockholders' equity
Common stock
58
59
Treasury stock, at cost
—
(60,598
)
Additional paid-in capital
1,474,413
1,510,517
Accumulated other comprehensive income (loss)
176
(121
)
Accumulated deficit
(385,335
)
(393,039
)
Total stockholders' equity
1,089,312
1,056,818
Total liabilities, redeemable non-controlling interest, and stockholders' equity
$
1,610,381
$
1,616,017
nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended July 31,
Six Months Ended July 31,
2024
2025
2024
2025
Revenues
Subscription
$
113,911
$
130,752
$
224,317
$
256,340
Professional services and other
18,492
18,063
36,173
36,612
Total revenues
132,403
148,815
260,490
292,952
Cost of revenues
Subscription
33,367
37,992
65,147
74,117
Professional services and other
20,564
22,698
39,964
44,268
Total cost of revenues
53,931
60,690
105,111
118,385
Gross profit
78,472
88,125
155,379
174,567
Gross margin %
59
%
59
%
60
%
60
%
Operating expenses
Sales and marketing
31,713
37,265
59,758
70,236
Research and development
34,271
34,667
64,252
68,008
General and administrative
20,394
25,489
42,938
47,132
Total operating expenses
86,378
97,421
166,948
185,376
Loss from operations
(7,906
)
(9,296
)
(11,569
)
(10,809
)
Non-operating income (expense)
Interest income
321
513
926
930
Interest expense
(1,835
)
(4,444
)
(3,312
)
(8,894
)
Other income (expense), net
150
717
(594
)
16,814
Loss before income taxes
(9,270
)
(12,510
)
(14,549
)
(1,959
)
Income tax provision (benefit)
1,753
1,209
(1,229
)
5,743
Net loss
(11,023
)
(13,719
)
(13,320
)
(7,702
)
Net income (loss) attributable to redeemable non-controlling interest
(58
)
(74
)
(223
)
2
Adjustment attributable to redeemable non-controlling interest
75
1,612
919
1,991
Net loss attributable to nCino, Inc.
$
