Analysis
Net revenue retention was 109% at Klaviyo and 110% at Braze. Both are vendor-reported, and the quarters end on different dates.
In 60 seconds
- Klaviyo reported Q2 2026 revenue of $370.6 million, up 26%, on August 5, with more than 205,000 customers.
- Braze reported fiscal Q2 2027 revenue of $227.2 million, up 26.2%, on September 8, with 2,789 customers.
- Net revenue retention was 109% at Klaviyo and 110% at Braze.
- Both announced AI agent products; Klaviyo plans to acquire Agency, an AI-native customer success firm.
Impact Layer
- What changed
- Two of the largest customer-engagement platforms for brands reported about 26% growth and new AI agent products in consecutive months.
- Why it matters
- The market for messaging and customer-data platforms is growing at a similar rate for a specialist in e-commerce (Klaviyo) and one aimed at larger brands across channels (Braze), which gives buyers a benchmark.
- Who is affected
- Retention and lifecycle marketers evaluating or renewing a customer-engagement platform, and agencies that implement them.
- Martech stack area
- CDP, Marketing Automation, AI
- Stack impact
- Agents inside the messaging platform (Klaviyo's Composer and Customer Agent, Braze's BrazeAI Operator) can overlap with CRM and CDP agents, so decide which system owns decisions.
- Business impact
- Low Figures are the companies' own and cover different quarters; they are context, not a ranking.
- Related technologies
- What to watch
- Klaviyo's Q3 guidance of $377 to $381 million, Braze's guidance of $229 to $230 million, and results from the agent products.
Two public customer-engagement platforms reported results within five weeks of each other. Both grew revenue by about a quarter, and both pointed to AI agents as a driver. Their quarters end on different dates, so the figures are not directly comparable.
Klaviyo, August 5, 2026
- Second-quarter revenue of $370.6 million, up 26% year over year.
- More than 205,000 customers; 4,477 customers above $50,000 in annual recurring revenue, up 36%.
- Net revenue retention of 109%, up one point.
- Full-year 2026 revenue guidance of $1.526 billion to $1.534 billion, about 24% growth; third-quarter guidance of $377 million to $381 million.
- Product: Composer, a more conversational Customer Agent with developer API access, and K:Social, now generally available. Klaviyo also announced plans to acquire Agency, an AI-native customer success firm.
Andrew Bialecki, who the release calls co-CEO, said adoption of Composer and Customer Agent is proof that the approach works.
Braze, September 8, 2026 (fiscal Q2 2027, quarter ended July 31)
- Revenue of $227.2 million, up 26.2%, of which subscription revenue was $207.7 million.
- 2,789 customers, up from 2,422; 361 customers above $500,000 in annual recurring revenue, up from 282.
- Dollar-based net retention of 110%, up from 108%.
- Remaining performance obligations of $1,092.5 million.
- Guidance of $229 million to $230 million for the third quarter and $910 million to $913 million for fiscal 2027.
- Product and partners: expanded BrazeAI Operator, native surveys on landing pages, and partnerships with AWS and Databricks. Customer wins named include Boots Thailand, Chime, Foxtel Group and Insurify.
Bill Magnuson, chief executive, said the results underscore the essential role Braze plays for brands globally and highlighted accelerating adoption of its AI solutions.
Our read
For a buyer, the useful comparison is not the growth rate but the shape of the customer: Klaviyo’s customer count is about seventy times Braze’s, because it sells widely to online merchants, while Braze counts fewer and larger brands. Both are putting agents on top of their messaging and data, so ask each vendor which decisions the agent makes, which it only drafts, and how its data relates to a separate CRM or CDP. Treat the performance numbers as vendor-reported until customers confirm them.
Sources
- Klaviyo: Klaviyo delivers strong Q2 as autonomous B2C CRM strategy gains momentum (opens in a new tab)
Source of all Klaviyo figures and product announcements.
- Braze: Braze reports strong fiscal second quarter 2027 results (opens in a new tab)
Source of all Braze figures and highlights.