Financial Trends -- 7/10

An accelerating, margin-expanding, cash-generative growth leader. Revenue YoY has re-accelerated to +33.5% in FQ1 FY2027 after bottoming near 26%. GAAP operating margin has expanded ~2,000bps off its trough; Non-GAAP operating margin pushed to 12%. Free cash flow is positive every quarter and growing annually (~$1.1B FY2026). NRR has stabilized at 125-126%. What keeps this out of the top tier: the bottom line is still deeply GAAP-loss-making (negative EBITDA, -$1.33B FY net loss, SBC >30% of revenue) and the share count is gently diluting (~+3.8% YoY). No mandatory penalty modifiers trigger. Weight: 25%

FQ1'27 Revenue

$1.39B

src | +33.5% YoY | Accelerating

Non-GAAP Op Margin

12%

src | +300bps | Expanding

FCF (FY2026)

~$1.1B

src | +27% YoY latest Q | Growing

NRR

126%

src | Stabilized | Leading indicator

Quarterly Revenue Trajectory ($M)

Quarter	FQ2'25	FQ3'25	FQ4'25	FQ1'26	FQ2'26	FQ3'26	FQ4'26	FQ1'27
Total Revenue	$868.8M	$942.1M	$986.8M	$1,042.1M	$1,145.0M	$1,212.9M	$1,284.0M	$1,391.0M
YoY	—	—	—	+25.7%	+31.8%	+28.7%	+30.1%	+33.5%

Clear revenue re-acceleration: from a ~25.7% trough (FQ1'26) to +33.5% (FQ1'27). After a multi-year secular deceleration, quarterly YoY growth has inflected back up, driven by Cortex AI / data-engineering consumption and stabilizing NRR (124% to 126%). The re-acceleration is durable rather than a one-quarter artifact.

Margins ($ / %, quarterly)

Metric	FQ2'25	FQ3'25	FQ4'25	FQ1'26	FQ2'26	FQ3'26	FQ4'26	FQ1'27
GAAP Gross Margin	67%	66%	66%	67%	68%	68%	67%	67%
GAAP Op Margin	-41%	-39%	-39%	-43%	-30%	-27%	-25%	-23%
Non-GAAP Op Margin	5%	6%	9%	9%	11%	11%	11%	12%

GAAP operating margin has expanded ~2,000bps off its -43% trough to -23%. Non-GAAP operating margin is up ~300bps (9% to 12%), gross margin stable/elevated at ~67% GAAP (~72% Non-GAAP). Clear margin expansion well above the +100bps threshold on operating margin -- though GAAP profitability remains deeply negative, the direction is unambiguously positive.

Annual Financial Summary (FY ends January 31)

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Total Revenue ($M)	$1,219.3M	$2,065.7M	$2,806.5M	$3,626.4M	$4,683.9M
Rev YoY	—	+69.4%	+35.9%	+29.2%	+29.2%
Product Revenue ($M)	$1,140.5M	$1,938.8M	$2,666.8M	$3,462.4M	$4,472.3M
GAAP Gross Margin	62%	65%	68%	67%	67%
Non-GAAP Op Margin	-3%	5%	8%	6%	10%
Non-GAAP FCF ($M)	$81.2M	$496.5M	$778.9M	$884.1M	$1,120.3M
Non-GAAP Net Income ($M)	—	$90.0M	$351.7M	$300.0M	$466.0M
GAAP Net Loss ($M)	—	—	($838.0M)	($1,289.2M)	($1,329.0M)
Non-GAAP Dil. EPS	$0.01	$0.25	$0.98	$0.83	$1.25

Key trends

Revenue compounding, now re-accelerating: From $1.2B (FY2022) to $4.68B (FY2026), with quarterly YoY inflecting back up to +33.5% in FQ1 FY2027 on Cortex AI / data-engineering consumption
Margin expansion off the trough: GAAP operating margin +2,000bps off its -43% quarterly trough; Non-GAAP operating margin from 6% (FY2025) to 10% (FY2026) to 12% (latest quarter)
FCF positive and growing: Non-GAAP FCF from $81M (FY2022) to $1,120M (FY2026), a ~24% FCF margin every year despite GAAP losses
Mild dilution, no buyback offset: GAAP diluted shares rising ~+3.8% YoY (SBC-driven), the one clear negative -- below the 10% penalty threshold

Free Cash Flow ($M)

Metric	FY2022	FY2023	FY2024	FY2025	FY2026
Non-GAAP FCF	$81.2M	$496.5M	$778.9M	$884.1M	$1,120.3M
FCF Margin	7%	24%	28%	24%	24%
FCF YoY	—	+511%	+56.9%	+13.5%	+26.7%

FCF positive every year and growing. Non-GAAP FCF has compounded from $81M (FY2022) to $1,120M (FY2026) at a steady ~24% FCF margin, with the latest quarter +27% YoY. This is a real cash-generative model despite GAAP losses -- the strength that clears the "positive & growing FCF" quality gate.

Share Count & Dilution

Metric	FQ3'25	FQ4'25	FQ1'26	FQ2'26	FQ3'26	FQ4'26	FQ1'27
GAAP Dil. Wtd Shares (M)	331.8	331.4	332.7	335.2	339.6	342.3	345.4

Share count rising ~3.8% YoY: 331.8M (FQ3'25) to 345.4M (FQ1'27), SBC-driven dilution with no buyback offset
Below the penalty threshold: Dilution is mild (below the 10% mandatory-penalty bar) but is the one clear negative in an otherwise improving profile

Blemishes -- Not Operational Deterioration

Blemish	Detail	Penalty
Deep GAAP Losses	GAAP op margin -23%, GAAP net loss -$1.33B FY2026, negative EBITDA, SBC >30% of revenue -- profitability rests on the Non-GAAP/FCF framing	None
Share Dilution	GAAP diluted shares rising ~+3.8% YoY (SBC-driven), no buyback offset; below the 10% penalty threshold	None

No mandatory penalty modifiers trigger. FCF is positive (clears the "cannot score above 6" gate), dilution is under 10%, operating income is rising with revenue, and there is no debt-led growth (net cash ~$4.4B). The GAAP losses and mild dilution are the reason the raw ~8 is shaded to 7, not a reason for a hard penalty.

Score Rationale

Score of 7/10 reflects an accelerating, margin-expanding, cash-generative growth leader with a still-unproven GAAP bottom line. Raw read ~8 (three of four "10" pillars met), shaded one notch for the GAAP-loss/dilution reliance. No penalty modifiers applied.

Supports the score:

Revenue YoY re-accelerating to +33.5% in FQ1 FY2027 after bottoming near 26%
GAAP operating margin expanding ~2,000bps off its trough; Non-GAAP operating margin at 12%
FCF positive every quarter and growing annually ($81M to $1,120M, ~24% FCF margin)
NRR stabilized at 125-126%, a leading indicator the re-acceleration is durable
Five consecutive years of revenue growth ($1.2B to $4.68B)

Acknowledged blemishes (no penalty):

Deeply GAAP-loss-making -- negative EBITDA, -$1.33B FY net loss, SBC over 30% of revenue
Share count gently diluting (~+3.8% YoY) with no buyback offset
Strength is a Non-GAAP/cash-flow story rather than true GAAP profitability

Data sourced from Daloopa (company_id: 10325). Fiscal year ends January 31; Daloopa labels periods on a calendar basis (calendar 2025FY = fiscal FY2026). All financials in USD.