Summary
nCino closed fiscal 2025 with fourth quarter total revenues of $141.4 million, up 14% from $123.7 million a year earlier. Subscription revenues did the heavy lifting at $125.0 million, up 16% from $107.5 million. For the full fiscal year ended January 31, 2025, total revenues reached $540.7 million, up 13% from $476.5 million, and subscription revenues were $469.2 million, up 15% from $409.5 million. Subscription revenue made up 86.8% of the full-year total, up from 85.9% a year earlier.
Profitability was mixed. Fourth quarter gross profit rose 13.3% to $84.36 million, but gross margin slipped to 59.7% from 60.2%. The quarter's operating loss widened to $5.7 million from $3.2 million, and operating margin fell to -4.1% from -2.6%. Net loss attributable to nCino was $18.6 million, a swing from net income of $1.2 million in the prior-year quarter. Management pointed to roughly $10.3 million of non-operating, mostly non-cash foreign currency fluctuations on intercompany loans as a drag on non-GAAP results. The full year reads better. The operating loss narrowed to $18.1 million from $39.5 million, net loss attributable to nCino narrowed to $37.9 million from $42.3 million, and diluted loss per share narrowed to $0.33 from $0.38. Full-year operating margin improved to -3.4% from -8.3%.
Cash generation was uneven. Fourth quarter operating cash flow was an outflow of $10.02 million, down from $8.15 million of inflow a year earlier. For the full year, operating cash flow was $55.2 million, down 3.6% from $57.3 million. Capital expenditures were $0.35 million in the quarter. For the full year they were $1.82 million, down 48.3% from $3.52 million. The company ended the year with $121.3 million in cash, cash equivalents and restricted cash and $166.0 million outstanding on its revolving credit facility, leaving borrowing availability of $84.0 million. Deferred revenue, current portion, rose 11.8% to $191.17 million, and remaining performance obligations climbed 20% to $1.20 billion.
Annual contract value was $516.4 million as of January 31, 2025, up 13% year over year and 8% on an organic basis. The subscription revenue net retention rate was 110% for fiscal 2025, down from 116% in fiscal 2024, while the ACV net retention rate improved to 106% from 102%. Guidance for the first quarter ending April 30, 2025 calls for non-GAAP operating income of $22.5 million to $24.5 million and non-GAAP net income per diluted share of $0.15 to $0.16. For the full fiscal year 2026 ending January 31, 2026, the company guides to non-GAAP operating income of $107.0 million to $111.0 million, non-GAAP net income per diluted share of $0.66 to $0.69, and annual contract value of $564 million to $567 million.
The board authorized a stock repurchase program of up to $100,000,000. nCino also closed the acquisition of Sandbox Banking in February 2025 for $52.5 million, with an earn-out of up to $10.0 million, after spending $216.9 million on DocFox, ILT and FullCircl during fiscal 2025. Risks remain familiar: exposure to mortgage demand in a fluctuating interest rate environment, customer consolidation or bank failures, the migration to asset-based pricing, competition and pricing pressure, dependence on Salesforce, and security or data breaches. Management also flagged that capital expenditures will be appreciably higher in fiscal 2026, mostly for an international office build-out.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $141.4M | $138.8M | +1.9% | $123.7M | +14.3% |
| Gross profit | $84.4M | $85.1M | -0.8% | $74.5M | +13.3% |
| Gross margin | 59.7% | 61.3% | -1.6 pp | 60.2% | -0.5 pp |
| Research & development | $32.1M | $33.0M | -2.7% | $30.2M | +6.5% |
| Sales & marketing | $33.7M | $29.7M | +13.5% | $30.0M | +12.5% |
| General & administrative | $24.2M | $23.1M | +4.8% | $17.5M | +38.5% |
| Total operating expenses | $90.1M | $85.9M | +4.9% | $77.7M | +16.0% |
| Operating income (loss) | -$5.7M | -$824.0K | -596.4% | -$3.2M | -80.2% |
| Operating margin | -4.1% | -0.6% | -3.5 pp | -2.6% | -1.5 pp |
| Net income (loss) | -$15.6M | -$4.2M | -275.2% | $1.4M | -1233.7% |
| Net margin | -11.0% | -3.0% | -8.0 pp | 1.1% | -12.1 pp |
| Diluted EPS | -$0.14 | -$0.05 | -$0.09 | $0.01 | -$0.15 |
| Customers | 2,789 | — | — | 1,800 | +54.9% |
| Net retention rate | 110.0% | — | — | — | — |
Risks
Most revenues come from financial services customers, and higher interest rates and economic uncertainty have negatively affected U.S. mortgage demand. The subscription revenue net retention rate was 110% for fiscal 2025, compared with 116% for fiscal 2024, with moderation due partly to customers adversely affected by increased mortgage interest rates.
The cloud-based banking technology market is intensely competitive and fragmented, and competitors' increasing adoption of AI/ML offerings could pressure pricing, renewal terms, or adoption. nCino is also increasing AI/ML features in its platform, which brings evolving EU AI Act and U.S. state AI regulation compliance, reputational, and liability risks.
Fundamental elements of the nCino Platform are built on the Salesforce Platform, and the agreement expires on January 31, 2031 unless earlier terminated. Termination or non-renewal would prevent sales to new customers, limit user additions, and materially adversely affect the business model.
nCino began implementing a new asset-based pricing model in fiscal 2025, moving away from seat-based pricing. There is no assurance existing customers will react favorably or that the model will generate expected revenues, and customers may renew on less favorable terms or seek alternatives.
Customers are highly regulated and nCino must comply with evolving privacy and cybersecurity laws including GDPR, CCPA/CPRA, DORA, NISD2, and AI Act requirements. Noncompliance could lead to fines up to 4% of annual global revenue under GDPR and constraints on data transfers or operations.
Solutions process personally identifiable information, and nCino relies on third-party cloud and data center providers including Salesforce and AWS. A breach could cause operational disruption, reputational harm, contract termination rights, regulatory fines, and litigation.
nCino completed three acquisitions in fiscal 2025, including DocFox, ILT, and FullCircl, and announced Sandbox Banking in February 2025. Acquisition-related expenses were $12.245 million in fiscal 2025 compared with $878 thousand in fiscal 2024, and integration may divert management, dilute stockholders, or fail to achieve expected benefits.
As of January 31, 2025, $166.0 million was outstanding under the Credit Facility, which is secured by substantially all personal property and contains restrictive covenants including total leverage and interest coverage ratios. Operating cash flow was $55.2 million for fiscal 2025, down 3.6% compared with fiscal 2024, and was negative $10.0 million for the quarter.
Sales cycles are lengthy, generally ranging from 6 to 9 months for smaller FIs to 12 to 18 months or more for larger FIs. Delays in closing large contracts could make quarterly results volatile and delay revenue recognition.
Subscription revenues are recognized ratably over contract terms, so downturns in new sales may not be apparent until future periods. RPO was $1.20 billion, up 20.0%, but the company states RPO fluctuates significantly and is not a useful gauge of future performance.
Professional services and other gross margin was (13.2)% for fiscal 2025 compared with (5.3)% for fiscal 2024, primarily due to a decline in realized effective billing rates. Negative professional services margins could weigh on overall profitability as subscription revenues become a larger mix.
SaaS KPIs
All quarters →Free Cash Flow
Non-GAAP Operating Margin
Non-GAAP Gross Margin
Total customers
Summary, forecast, risks and KPIs are extracted from nCino, Inc.'s SEC filings for Q4 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.