Blackbaud Inc Financials
This page shows Blackbaud Inc (BLKB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Capex-light cash generation keeps funding the business even as equity shrinkage makes leverage ratios look much harsher.
FY2024's reported loss did not interrupt cash conversion: operating cash flow stayed near$296M even while net income fell to-$283M . Paired with FY2025 free cash flow of$258M and equity of only$85M , that shows a cash-generative but equity-thin model, where leverage ratios are being amplified by a shrunken denominator as much as by debt itself.
FY2025 revenue slipped to
The balance sheet is carrying a persistent short-term funding gap: cash ended FY2025 at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Blackbaud Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blackbaud Inc has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is up from -23.5% the prior year.
Blackbaud Inc's revenue declined 2.3% year-over-year, from $1.2B to $1.1B. This contraction results in a growth score of 35/100.
Blackbaud Inc has elevated debt relative to equity (D/E of 12.78), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Blackbaud Inc's current ratio of 0.79 is below the typical benchmark, resulting in a score of 10/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Blackbaud Inc converts 22.9% of revenue into free cash flow ($257.8M). This strong cash generation earns a score of 81/100.
Blackbaud Inc generates a 135.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 13/100. This is up from -223.3% the prior year.
Blackbaud Inc scores 1.03, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Blackbaud Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Blackbaud Inc generates $2.31 in operating cash flow ($265.6M OCF vs $115.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Blackbaud Inc earns $2.8 in operating income for every $1 of interest expense ($190.8M vs $68.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Blackbaud Inc generated $1.1B in revenue in fiscal year 2025. This represents a decrease of 2.3% from the prior year.
Blackbaud Inc's EBITDA was $277.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 285.0% from the prior year.
Blackbaud Inc reported $115.0M in net income in fiscal year 2025. This represents an increase of 140.6% from the prior year.
Blackbaud Inc earned $2.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 140.0% from the prior year.
Cash & Balance Sheet
Blackbaud Inc generated $257.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 10.7% from the prior year.
Blackbaud Inc held $38.9M in cash against $1.1B in long-term debt as of fiscal year 2025.
Blackbaud Inc had 46M shares outstanding in fiscal year 2025. This represents a decrease of 6.7% from the prior year.
Margins & Returns
Blackbaud Inc's gross margin was 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Blackbaud Inc's operating margin was 16.9% in fiscal year 2025, reflecting core business profitability. This is up 40.4 percentage points from the prior year.
Blackbaud Inc's net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 34.7 percentage points from the prior year.
Blackbaud Inc's ROE was 135.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 358.5 percentage points from the prior year.
Capital Allocation
Blackbaud Inc invested $138.1M in research and development in fiscal year 2025. This represents a decrease of 10.1% from the prior year.
Blackbaud Inc spent $217.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 48.1% from the prior year.
Blackbaud Inc invested $7.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.4% from the prior year.
BLKB Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $281.1M-4.8% | $295.3M+5.0% | $281.1M-0.3% | $282.0M+4.5% | $269.9M-10.7% | $302.1M+5.4% | $286.6M-0.2% | $287.3M |
| Cost of Revenue | $114.6M-6.8% | $123.0M+8.2% | $113.7M0.0% | $113.6M-1.0% | $114.8M-17.8% | $139.6M+8.0% | $129.3M+2.3% | $126.4M |
| Gross Profit | $166.6M-3.3% | $172.3M+2.9% | $167.5M-0.5% | $168.4M+8.6% | $155.1M-4.6% | $162.5M+3.3% | $157.3M-2.2% | $160.9M |
| R&D Expenses | $36.9M+9.3% | $33.8M-9.2% | $37.2M+10.7% | $33.6M+0.1% | $33.6M-10.9% | $37.7M-0.7% | $37.9M+1.4% | $37.4M |
| SG&A Expenses | $30.3M-11.1% | $34.0M+9.6% | $31.0M-5.5% | $32.9M-42.0% | $56.7M+58.3% | $35.8M+30.1% | $27.5M-19.1% | $34.0M |
| Operating Income | $51.4M-13.1% | $59.2M+8.4% | $54.6M-4.8% | $57.3M+190.8% | $19.7M+105.4% | -$367.2M-992.5% | $41.1M-0.6% | $41.4M |
| Interest Expense | $16.0M+1.2% | $15.8M-5.6% | $16.8M-8.9% | $18.4M+8.7% | $16.9M+9.3% | $15.5M+9.6% | $14.1M-10.0% | $15.7M |
| Income Tax | $6.7M-26.9% | $9.1M+241.4% | -$6.4M-147.4% | $13.6M+2409.2% | $542K+101.7% | -$31.6M-369.4% | $11.7M+50.2% | $7.8M |
| Net Income | $31.1M-15.2% | $36.7M-22.7% | $47.5M+79.4% | $26.5M+512.2% | $4.3M+101.3% | -$330.0M-1904.5% | $18.3M-13.9% | $21.2M |
| EPS (Diluted) | $0.67 | N/A | $0.98+78.2% | $0.55+511.1% | $0.09 | N/A | $0.35-14.6% | $0.41 |
BLKB Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.1B-11.8% | $2.4B+13.6% | $2.1B-20.0% | $2.6B+25.1% | $2.1B-15.8% | $2.5B-4.0% | $2.6B-14.5% | $3.0B |
| Current Assets | $642.2M-31.0% | $930.1M+45.6% | $638.8M-44.7% | $1.2B+84.1% | $627.6M-35.7% | $976.6M+48.9% | $655.8M-39.2% | $1.1B |
| Cash & Equivalents | $34.1M-12.4% | $38.9M+1.7% | $38.3M-8.0% | $41.6M+11.6% | $37.2M-44.9% | $67.6M+95.3% | $34.6M+13.8% | $30.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $75.7M-6.0% | $80.5M-2.5% | $82.6M-43.5% | $146.0M+86.9% | $78.1M-6.5% | $83.5M-14.7% | $98.0M-35.9% | $152.8M |
| Goodwill | $1.1B-0.1% | $1.1B0.0% | $1.1B-0.1% | $1.1B+0.3% | $1.1B+0.2% | $1.1B-0.4% | $1.1B+0.3% | $1.1B |
| Total Liabilities | $2.1B-10.0% | $2.3B+15.5% | $2.0B-22.0% | $2.6B+22.7% | $2.1B-12.0% | $2.4B+15.2% | $2.1B-16.6% | $2.5B |
| Current Liabilities | $866.7M-26.7% | $1.2B+27.2% | $929.4M-32.7% | $1.4B+59.8% | $864.3M-31.0% | $1.3B+30.2% | $962.0M-28.7% | $1.3B |
| Long-Term Debt | $1.2B+7.0% | $1.1B+4.3% | $1.0B-8.3% | $1.1B-3.9% | $1.2B+12.5% | $1.1B+7.6% | $977.0M-2.1% | $998.1M |
| Total Equity | $34.6M-59.4% | $85.1M-21.4% | $108.2M+48.7% | $72.7M+316.2% | $17.5M-86.2% | $126.8M-76.7% | $544.8M-5.7% | $577.5M |
| Retained Earnings | $46.7M+200.7% | $15.5M+173.3% | -$21.2M+69.2% | -$68.7M+27.8% | -$95.1M+4.4% | -$99.5M-140.3% | $246.9M+8.0% | $228.6M |
BLKB Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $51.5M-11.3% | $58.0M-58.3% | $139.2M+108.1% | $66.9M+4720.7% | $1.4M-98.1% | $73.6M-29.2% | $104.0M+95.8% | $53.1M |
| Capital Expenditures | $1.7M-43.7% | $3.0M-15.2% | $3.5M+460.8% | $623K-9.4% | $688K+230.8% | $208K-81.7% | $1.1M-77.7% | $5.1M |
| Free Cash Flow | $49.8M-9.5% | $55.0M-59.4% | $135.7M+104.8% | $66.3M+9369.9% | $700K-99.0% | $73.4M-28.7% | $102.9M+114.3% | $48.0M |
| Investing Cash Flow | -$14.5M+17.9% | -$17.6M-10.4% | -$16.0M-3.5% | -$15.4M+40.4% | -$25.9M-51.6% | -$17.1M-9.3% | -$15.6M+38.7% | -$25.5M |
| Financing Cash Flow | -$342.8M-231.5% | $260.7M+145.2% | -$576.2M-244.7% | $398.1M+220.6% | -$330.0M-211.6% | $295.8M+164.2% | -$460.8M-209.6% | $420.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $82.1M-2.0% | $83.8M+178.1% | $30.1M+849.1% | $3.2M-96.8% | $100.0M+8.0% | $92.6M+47.5% | $62.8M | $0 |
BLKB Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.2%+0.9pp | 58.3%-1.2pp | 59.6%-0.1pp | 59.7%+2.2pp | 57.5%+3.7pp | 53.8%-1.1pp | 54.9%-1.1pp | 56.0% |
| Operating Margin | 18.3%-1.7pp | 20.0%+0.6pp | 19.4%-0.9pp | 20.3%+13.0pp | 7.3%+128.8pp | -121.5%-135.9pp | 14.4%-0.1pp | 14.4% |
| Net Margin | 11.1%-1.4pp | 12.4%-4.5pp | 16.9%+7.5pp | 9.4%+7.8pp | 1.6%+110.8pp | -109.2%-115.6pp | 6.4%-1.0pp | 7.4% |
| Return on Equity | 90.1%+47.0pp | 43.2%-0.7pp | 43.9%+7.5pp | 36.4%+11.6pp | 24.7%+284.9pp | -260.2%-263.6pp | 3.4%-0.3pp | 3.7% |
| Return on Assets | 1.5%-0.1pp | 1.5%-0.7pp | 2.3%+1.3pp | 1.0%+0.8pp | 0.2%+13.4pp | -13.2%-13.9pp | 0.7%0.0pp | 0.7% |
| Current Ratio | 0.74-0.0 | 0.79+0.1 | 0.69-0.1 | 0.84+0.1 | 0.73-0.1 | 0.78+0.1 | 0.68-0.1 | 0.80 |
| Debt-to-Equity | 33.66+20.9 | 12.78+3.1 | 9.63-6.0 | 15.62-52.0 | 67.65+59.4 | 8.29+6.5 | 1.79+0.1 | 1.73 |
| FCF Margin | 17.7%-0.9pp | 18.6%-29.6pp | 48.3%+24.8pp | 23.5%+23.3pp | 0.3%-24.0pp | 24.3%-11.6pp | 35.9%+19.2pp | 16.7% |
Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Frequently Asked Questions
What is Blackbaud Inc's annual revenue?
Blackbaud Inc (BLKB) reported $1.1B in total revenue for fiscal year 2025. This represents a -2.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blackbaud Inc's revenue growing?
Blackbaud Inc (BLKB) revenue declined by 2.3% year-over-year, from $1.2B to $1.1B in fiscal year 2025.
Is Blackbaud Inc profitable?
Yes, Blackbaud Inc (BLKB) reported a net income of $115.0M in fiscal year 2025, with a net profit margin of 10.2%.
What is Blackbaud Inc's EBITDA?
Blackbaud Inc (BLKB) had EBITDA of $277.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Blackbaud Inc have?
As of fiscal year 2025, Blackbaud Inc (BLKB) had $38.9M in cash and equivalents against $1.1B in long-term debt.
What is Blackbaud Inc's gross margin?
Blackbaud Inc (BLKB) had a gross margin of 58.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Blackbaud Inc's operating margin?
Blackbaud Inc (BLKB) had an operating margin of 16.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Blackbaud Inc's net profit margin?
Blackbaud Inc (BLKB) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blackbaud Inc's return on equity (ROE)?
Blackbaud Inc (BLKB) has a return on equity of 135.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Blackbaud Inc's free cash flow?
Blackbaud Inc (BLKB) generated $257.8M in free cash flow during fiscal year 2025. This represents a -10.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blackbaud Inc's operating cash flow?
Blackbaud Inc (BLKB) generated $265.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blackbaud Inc's total assets?
Blackbaud Inc (BLKB) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blackbaud Inc's capital expenditures?
Blackbaud Inc (BLKB) invested $7.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Blackbaud Inc spend on research and development?
Blackbaud Inc (BLKB) invested $138.1M in research and development during fiscal year 2025.
What is Blackbaud Inc's current ratio?
Blackbaud Inc (BLKB) had a current ratio of 0.79 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Blackbaud Inc's debt-to-equity ratio?
Blackbaud Inc (BLKB) had a debt-to-equity ratio of 12.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blackbaud Inc's return on assets (ROA)?
Blackbaud Inc (BLKB) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blackbaud Inc's Altman Z-Score?
Blackbaud Inc (BLKB) has an Altman Z-Score of 1.03, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Blackbaud Inc's Piotroski F-Score?
Blackbaud Inc (BLKB) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blackbaud Inc's earnings high quality?
Blackbaud Inc (BLKB) has an earnings quality ratio of 2.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blackbaud Inc cover its interest payments?
Blackbaud Inc (BLKB) has an interest coverage ratio of 2.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blackbaud Inc?
Blackbaud Inc (BLKB) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.