NCNO nCino, Inc.
Price Chart
Executive Summary
nCino reported Q1 FY2027 results with total revenue of $159.4M (up 11% YoY), subscription revenue of $140.9M (up 12% YoY), and GAAP operating margin expanding to 13% from -1% YoY. GAAP diluted EPS was $0.12 vs consensus $0.27, a miss of 56%, but this is due to large share repurchases (6.1M shares for $93.1M) and related debt incurrence—the business fundamentals were strong, with revenue above the $159.1M consensus, raised FY guidance, and operating cash flow surging 50% to $81.4M.
Key Financial Metrics
Actionable Insight
The EPS miss vs the Street $0.27 consensus (actual $0.12 GAAP diluted) is noisy due to heavy share buyback financing and stock-based comp adjustments—the non-GAAP EPS of $0.21 (per Nasdaq reference) beat the $0.12 consensus by 75%, and the raised FY guidance for both revenue and ACV signals accelerating momentum. Traders should watch the buyback execution vs debt levels and whether the subscription ACV guidance of $662.5-667.5M implies a ~$190M+ incremental ACV year, which would be a strong re-rating catalyst.
Key Facts
- Total revenues $159.4M, up 11% YoY, above $159.1M consensus
- Subscription revenues $140.9M, up 12% YoY, representing 88% of total revenue
- GAAP operating income swung to $21.1M from a ($1.5M) loss YoY; operating margin +13%
- Non-GAAP operating income $44.5M, up 79% YoY; non-GAAP operating margin 28%
- Free cash flow $80.8M, up 54% YoY
- Raised FY2027 guidance: total revenue $642-646M, subscription $571.5-575.5M, ACV $662.5-667.5M
- Repurchased 6.1M shares at ~$15.20 avg, totaling $93.1M; $65M remaining under buyback program
- Drew down $199.3M in term loan (net) and $150M net on revolver to fund buybacks and operations
- GAAP diluted EPS $0.12 vs consensus $0.27 — EPS miss driven by higher share count dilution from buyback financing interest
Financial Impact
Revenue beat consensus by $0.3M (0.2%), subscription growth +12% YoY, operating margins expanded 1,400 bps GAAP and 1,100 bps non-GAAP, free cash flow +54%
Risk Factors
- Net debt of ~$159.7M ($262.8M drawn vs $103.1M cash) creates interest expense headwind of ~$4.5M/quarter
- GAAP EPS dilution from buyback financing may continue to mask strong operating performance in headline earnings
- Macro headwinds in banking sector (customer consolidation, bank failures) could slow new logo wins and expansion
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001902733-26-000064 |
| Document: ncno-20260527.htm | 0001902733-26-000064 |
| Document: 0001902733-26-000064-index-headers.html | 0001902733-26-000064 |
| Document: 0001902733-26-000064-index.html | 0001902733-26-000064 |
| Document: 0001902733-26-000064.txt | 0001902733-26-000064 |
| 8-K Data (Synthetic) | 0001902733-26-000064 |
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Jun 12, 2026
2d ago
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Institutional Cluster
| $14.50 awaiting T+1 | awaiting T+1 | — | $15.32 (+5.69%) |
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Jun 11, 2026
3d ago
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Institutional Cluster
| $15.41 awaiting T+1 | awaiting T+1 | — | $15.32 (+0.58%) |
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Jun 3, 2026
11d ago
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144
| $15.88 $15.45 | ▼ −2.71% | ▼ −3.11% | $15.32 (−3.53%) |
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May 27, 2026
18d ago
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8-K
| $15.85 $16.08 | ▲ +1.45% | ▲ +1.21% | $15.32 (−3.34%) |
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May 8, 2026
5w ago
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DEFA14A
| $16.74 $16.74 | · 0.00% | ▲ +0.14% | $15.32 (−8.48%) |
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May 5, 2026
5w ago
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144
| $17.96 $17.44 | ▼ −2.90% | ▼ −4.28% | $15.32 (−14.70%) |
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May 5, 2026
5w ago
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144
| $17.96 $17.44 | ▼ −2.90% | ▼ −4.28% | $15.32 (−14.70%) |
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May 4, 2026
5w ago
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144
| $17.96 $17.44 | ▼ −2.90% | ▼ −4.28% | $15.32 (−14.70%) |
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May 4, 2026
5w ago
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144
| $17.96 $17.44 | ▼ −2.90% | ▼ −4.28% | $15.32 (−14.70%) |
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May 4, 2026
6w ago
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Insider Cluster
| $17.99 $17.96 | ▼ −0.17% | ▼ −0.96% | $15.32 (−14.84%) |
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