Subscription Revenues of $140.9M, up 12% year-over-year
GAAP Operating Margin of 13%, up 1,400 basis points year-over-year
Non-GAAP Operating Margin of 28%, up 1,100 basis points year-over-year
WILMINGTON, N.C., May 27, 2026 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), the platform for agentic AI banking, today announced financial results for the first quarter of fiscal year 2027, ended April 30, 2026.
"We delivered an exceptional first quarter, again outperforming all of our financial guidance. Our customers continue to validate our AI product strategy and are demonstrating their confidence in nCino as their long-term technology partner by deepening their investments in our platform and embracing our AI capabilities. These results are a direct reflection of the tangible value our customers are realizing with our platform, and we remain deeply committed to delivering that value at scale globally," said Sean Desmond, CEO at nCino.
Financial Highlights
Revenues: Total revenues for the first quarter of fiscal 2027 were $159.4 million, an 11% increase from $144.1 million in the first quarter of fiscal 2026. Subscription revenues for the first quarter of fiscal 2027 were $140.9 million, up from $125.6 million one year ago, an increase of 12%.
Income (Loss) from Operations: GAAP income (loss) from operations in the first quarter of fiscal 2027 was $21.1 million compared to $(1.5) million in the same quarter of fiscal 2026. Non-GAAP operating income in the first quarter of fiscal 2027 was $44.5 million compared to $24.8 million in the first quarter of fiscal 2026, an increase of 79%.
Cash: Cash, cash equivalents, and restricted cash were $103.1 million as of April 30, 2026, and $262.8 million was outstanding under the Company's credit facility. Free cash flow in the first quarter of fiscal 2027 was $80.8 million compared to $52.6 million in the first quarter of fiscal 2026, an increase of 54%.
Share Repurchases: In the first quarter ended April 30, 2026, nCino repurchased approximately 6.1 million shares of the Company's outstanding common stock under the December 2025 Stock Repurchase Program and the $100 million March 2026 Accelerated Share Repurchase (ASR) Program at an average price of $15.20 per share totaling approximately $93.1 million, including an initial delivery of 5.5 million shares received upfront under the ASR. $65.0 million remains available for future repurchases under the December 2025 Stock Repurchase Program.
Recent Business Highlights
Renewed a top-5 Canadian bank by assets: Secured a five-year renewal with a top-5 Canadian bank by assets, expanding use cases for Commercial Lending and adding nCino AI capabilities to broaden nCino's footprint within the institution.
Increased committed loan volume with a top-25 IMB by over 100%: A top-25 independent mortgage bank (IMB) more than doubled its committed loan volume with a five-year renewal, positioning nCino's Mortgage Solution as a key enabler of the institution's growth strategy.
Largest new logo win by Credit Union team: The nCino Credit Union team signed their largest new logo deal to date with a $6.5 billion credit union selecting nCino for Commercial Lending, Small Business Lending, Commercial Pricing & Profitability, and Portfolio Analytics.
Hosted nSight 2026: Welcomed over 1,600 attendees to nSight, the Company's annual user conference, including a record number of customer and prospect institutions, to showcase the Company's latest product innovations and reinforce nCino's position at the forefront of financial services technology.
Financial Outlook nCino is providing guidance for its second quarter ending July 31, 2026, as follows:
Total revenues between $157.75 million and $159.75 million.
Subscription revenues between $140.25 million and $142.25 million.
Non-GAAP operating income between $35.5 million and $37.5 million.
nCino is providing guidance for its fiscal year 2027 ending January 31, 2027, as follows:
Total revenues between $642.0 million and $646.0 million.
Subscription revenues between $571.5 million and $575.5 million.
Non-GAAP operating income between $166.0 million and $171.0 million.
Free Cash Flow between $135.0 million and $140.0 million.
Annual Contract Value (ACV) between $662.5 million and $667.5 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 the platform for agentic AI banking. With over 2,700 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted agentic platform purpose-built for financial services and regulated industries. By deploying AI agents alongside human teams, nCino's dual workforce enables institutions to eliminate inefficiencies, sharpen decision-making and deliver better outcomes for the customers they serve. For more information, visit www.ncino.com
INVESTOR CONTACT [email protected]
MEDIA CONTACT [email protected]
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 "aim," "anticipates," "believes," "continues," "could," "estimates," "expects," "goal," "intends," "may," "might," "plans", "potential," "predicts," "projects," "seeks," "should," "strive," "will," or "would" 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) repurchases of our common stock under our stock repurchase programs or the decision to terminate or suspend any repurchases; (ii) variations between our actual operating results and the expectations of securities analysts, investors and the financial community; (iii) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (iv) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (v) our ability to successfully develop, offer and drive customer acceptance of AI-driven solutions for the banking industry; (vi) breaches in our security measures or unauthorized access to our customers' or their clients' data; (vii) the accuracy of management's assumptions and estimates; (viii) 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; (ix) 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; (x) 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; (xi) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (xii) our ability to manage our growth effectively including expanding outside of the United States; (xiii) adverse changes in our relationship with Salesforce; (xiv) risks associated with the acquisitions we have completed or may undertake; (xv) 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; (xvi) 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; and (xvii) our ability to maintain our corporate culture and attract and retain highly skilled employees.
nCino, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)
January 31, 2026
April 30, 2026
Assets
Current assets
Cash and cash equivalents
$
88,374
$
102,813
Accounts receivable, net
166,540
124,742
Costs capitalized to obtain revenue contracts, current portion, net
17,211
16,989
Prepaid expenses and other current assets
21,378
22,883
Total current assets
293,503
267,427
Property and equipment, net
75,607
74,837
Operating lease right-of-use assets, net
12,687
11,833
Costs capitalized to obtain revenue contracts, noncurrent, net
30,735
29,639
Goodwill
1,077,947
1,076,098
Intangible assets, net
135,658
126,215
Investments
7,262
7,262
Long-term prepaid expenses and other assets
14,707
14,519
Total assets
$
1,648,106
$
1,607,830
Liabilities, redeemable non-controlling interest, and stockholders' equity
Current liabilities
Accounts payable
$
14,521
$
15,710
Accrued expenses and other current liabilities
64,372
44,488
Deferred revenue, current portion
210,552
225,049
Debt, current portion, net
—
9,803
Financing obligations, current portion
818
607
Operating lease liabilities, current portion
4,229
4,204
Total current liabilities
294,492
299,861
Operating lease liabilities, noncurrent
9,748
8,801
Deferred income taxes, noncurrent
7,020
7,528
Deferred revenue, noncurrent
170
102
Debt, noncurrent, net
213,500
253,007
Financing obligations, noncurrent
50,400
50,290
Other long-term liabilities
4,124
3,795
Total liabilities
579,454
623,384
Commitments and contingencies
Redeemable non-controlling interest
12,737
14,087
Stockholders' equity
Common stock
59
60
Treasury stock, at cost
(125,600
)
(219,255
)
Additional paid-in capital
1,550,187
1,546,967
Accumulated other comprehensive income
7,042
4,016
Accumulated deficit
(375,773
)
(361,429
)
Total stockholders' equity
1,055,915
970,359
Total liabilities, redeemable non-controlling interest, and stockholders' equity
$
1,648,106
$
1,607,830
nCino, Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)(Unaudited)
Three Months Ended April 30,
2025
2026
Revenues
Subscription
$
125,588
$
140,929
Professional services and other
18,549
18,485
Total revenues
144,137
159,414
Cost of revenues
Subscription
36,125
39,244
Professional services and other
21,570
19,232
Total cost of revenues
57,695
