Is nCino profitable in 2026?

nCino posted a 13% GAAP operating margin and 28% non-GAAP operating margin in Q1 FY2027 (quarter ended April 30, 2026), with full-year FY2026 free cash flow of $82.6M, up 55% year over year, per its own reported results dated 2026-05-27 and 2026-04-02.

Has nCino had layoffs?

Yes. nCino cut 7% of its global workforce in early 2023 and again in May 2025, the second round saving an estimated $24M annualized; total headcount fell to roughly 1,626 employees by December 2025 from 1,860 in 2023, per Revelio Labs data dated 2026-06-29.

Could AI replace nCino?

Unlikely in its core market. nCino sells AI itself, its Banking Advisor and Agentic Operating System, with usage up 25x from October 2025 to March 2026, and its system-of-record status inside regulated banking workflows with $1.2B in remaining contracted obligations (as of 2025-01-31) is not easily replicated by generic AI tools.

nCino is public (Nasdaq: NCNO). Insight Holdings Group, a longtime major shareholder, fully exited its stake by mid-November 2025, selling about 4.5 million shares for an estimated $124.7M. Current large holders as of 2026-04-24 include HMI Capital Partners, Capital Research and Management, and BlackRock, each holding roughly 4-6%.

Is nCino's stock struggling in 2026?

Yes, nCino shares fell as much as 44 to 50 percent year over year at points in early to mid 2026 before partially recovering to between $15.60 and $17.92 by late June 2026, according to reporting dated 2026-07-11.

Who is nCino's biggest competitor?

Direct rivals include Q2 Holdings, MeridianLink, Temenos, Finastra, and Alkami Technology, which have contested the cloud banking software market for years as of a December 2025 competitive analysis. Core processors Fiserv, FIS, and Jack Henry have bundling power but had not shipped a competing origination suite as of mid-2026.

Payments companies · United States

nCino

ncino.com ↗

Cloud software banks use to originate loans and open accounts.

Defensible for now

Assessed 21 July 2026 · Evidence as of 21 July 2026

Real protection, with named pressure against it.

On the recordSince 21 July 2026 · Checkable from late Aug/Sept 2026 · Every call on the record Checkpoint: Q2 FY2027 earnings test whether AI-usage pricing adds revenue or just replaces subscription fees

The call

nCino still runs the loan-origination system inside most big banks, but growth is cooling while it bets on AI-usage pricing to hold the retention math together.

nCino makes software that banks use to manage loans and customer data. It is hard to replace because banks have built their entire operations around it, they have contracts locking them in for years, and competitors like Fiserv and Jack Henry have not yet built a rival product that works as well. The big question is whether nCino's new AI pricing (charging banks per unit of AI work) will bring in fresh money or just shuffle around the money banks already spend, which will tell us in late summer 2026 when the company reports results.

Why

AI pressure: None apparent. nCino sells AI itself as 'intelligence units' inside its platform; generic AI tools can't touch audited, regulated loan workflows. Could AI do the core job? Unlikely.

Bigger players: Fiserv, FIS, Jack Henry & Associates. Core processors could bundle cloud origination into existing bank contracts, but none has shipped a competing suite yet. Could a giant copy it? Probably.

What protects it. Origination and audit workflows are wired deep into bank compliance systems, making rip-and-replace costly and slow.

What would change this call

nCino's Q2 FY2027 earnings, expected late Aug or Sept 2026. Shows whether AI-consumption pricing adds revenue or cannibalizes subscriptions and whether NRR holds near 110%.
Fiserv, FIS, or Jack Henry launching a bundled cloud loan origination product. Would show a core processor competing directly for nCino's net-new deals.
A third nCino layoff round announced within 12 months. Would show sustained cost pressure alongside slowing growth.

Key numbers

Net revenue retention: 112% (2026-01-31)
FY2026 revenue growth slowed to 10% (2026-01-31)
40%+ of ACV now on AI/platform pricing (2026-04-30)

Named risks

Revenue growth decelerating to 10-11% amid unproven AI-consumption pricing transition. Severity: high
Two rounds of layoffs (2023, May 2025) cutting headcount from 1,860 to 1,626. Severity: medium
Stock volatility, down 44-50% YoY at points in 2026 before partial recovery. Severity: medium
Core processors Fiserv, FIS, Jack Henry could bundle a competing origination suite. Severity: medium
AI intelligence-unit pricing could cannibalize flat subscription/professional-services revenue. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Q2 Holdings	contesting	Cited as similarly-sized rival fighting nCino for years as of Dec 2025 analysis
MeridianLink	contesting	Named direct competitor in loan origination/onboarding as of Dec 2025
Temenos	contesting	Listed among closest direct competitors as of March 2026 comparison
Finastra	contesting	Listed among closest direct competitors as of March 2026 comparison
Fiserv, FIS, Jack Henry	gaining on	Core processors with bundling power but had not yet shipped competing origination suite as of mid-2026

Questions people ask

Is nCino profitable in 2026?: nCino posted a 13% GAAP operating margin and 28% non-GAAP operating margin in Q1 FY2027 (quarter ended April 30, 2026), with full-year FY2026 free cash flow of $82.6M, up 55% year over year, per its own reported results dated 2026-05-27 and 2026-04-02.
Has nCino had layoffs?: Yes. nCino cut 7% of its global workforce in early 2023 and again in May 2025, the second round saving an estimated $24M annualized; total headcount fell to roughly 1,626 employees by December 2025 from 1,860 in 2023, per Revelio Labs data dated 2026-06-29.
Could AI replace nCino?: Unlikely in its core market. nCino sells AI itself, its Banking Advisor and Agentic Operating System, with usage up 25x from October 2025 to March 2026, and its system-of-record status inside regulated banking workflows with $1.2B in remaining contracted obligations (as of 2025-01-31) is not easily replicated by generic AI tools.
Who owns nCino?: nCino is public (Nasdaq: NCNO). Insight Holdings Group, a longtime major shareholder, fully exited its stake by mid-November 2025, selling about 4.5 million shares for an estimated $124.7M. Current large holders as of 2026-04-24 include HMI Capital Partners, Capital Research and Management, and BlackRock, each holding roughly 4-6%.
Is nCino's stock struggling in 2026?: Yes, nCino shares fell as much as 44 to 50 percent year over year at points in early to mid 2026 before partially recovering to between $15.60 and $17.92 by late June 2026, according to reporting dated 2026-07-11.
Who is nCino's biggest competitor?: Direct rivals include Q2 Holdings, MeridianLink, Temenos, Finastra, and Alkami Technology, which have contested the cloud banking software market for years as of a December 2025 competitive analysis. Core processors Fiserv, FIS, and Jack Henry have bundling power but had not shipped a competing origination suite as of mid-2026.

Timeline

2026-07-14ConnectOne Bank case study shows nCino AI agent cutting lending task time 60%
2026-05-27Q1 FY2027 results: revenue $159.4M, up 11% year over year
2026-03-31FY2026 results reported; board authorizes $100M accelerated share repurchase
2025-11-15Insight Holdings Group fully exits nCino stake, selling ~4.5M shares for ~$124.7M
2025-09-18nCino launches Integration Gateway iPaaS product from Sandbox Banking deal
2025-05-27Second 7% global workforce reduction announced, ~$24M annualized savings
2025-02-11nCino acquires Sandbox Banking for $52.5M; Sean Desmond becomes CEO
2023-01First 7% workforce cut and CFO replacement

Revision history

21 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

In the same band

Block Plaid KG Inicis