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Blackbaud Inc Financials

BLKB
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 47 / 100
Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
60

Blackbaud Inc has an operating margin of 16.9%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is up from -23.5% the prior year.

Growth
30

Blackbaud Inc's revenue declined 2.3% year-over-year, from $1.2B to $1.1B. This contraction results in a growth score of 30/100.

Leverage
0

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.

Liquidity
10

Blackbaud Inc's current ratio of 0.79 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.

Cash Flow
82

Blackbaud Inc converts 22.9% of revenue into free cash flow ($257.8M). This strong cash generation earns a score of 82/100.

Returns
100

Blackbaud Inc earns a strong 135.2% return on equity (ROE), meaning it generates $135 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from -236.2% the prior year.

Altman Z-Score Distress
1.07

Blackbaud Inc scores 1.07, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Strong
8/9

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.

Earnings Quality Cash-Backed
2.31x

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.

Interest Coverage Adequate
2.8x

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

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Earnings & Revenue

Revenue
$1.1B
YoY-2.3%
5Y CAGR+4.3%
10Y CAGR+8.4%

Blackbaud Inc generated $1.1B in revenue in fiscal year 2025. This represents a decrease of 2.3% from the prior year.

EBITDA
$277.0M
YoY+285.0%
5Y CAGR+16.3%
10Y CAGR+11.3%

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.

Net Income
$115.0M
YoY+138.4%
5Y CAGR+71.6%
10Y CAGR+14.2%

Blackbaud Inc reported $115.0M in net income in fiscal year 2025. This represents an increase of 138.4% from the prior year.

EPS (Diluted)
$2.37
YoY+140.0%
5Y CAGR+71.4%
10Y CAGR+13.5%

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

Free Cash Flow
$257.8M
YoY-10.7%
5Y CAGR+16.9%
10Y CAGR+11.5%

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.

Cash & Debt
$38.9M
YoY-42.5%
5Y CAGR+1.7%
10Y CAGR+12.6%

Blackbaud Inc held $38.9M in cash against $1.1B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
46M
YoY-6.7%
5Y CAGR-1.0%
10Y CAGR-0.0%

Blackbaud Inc had 46M shares outstanding in fiscal year 2025. This represents a decrease of 6.7% from the prior year.

Margins & Returns

Gross Margin
58.8%
YoY+4.1pp
5Y CAGR+5.6pp
10Y CAGR+5.0pp

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.

Operating Margin
16.9%
YoY+40.4pp
5Y CAGR+12.8pp
10Y CAGR+6.7pp

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.

Net Margin
10.2%
YoY+36.1pp
5Y CAGR+9.3pp
10Y CAGR+4.1pp

Blackbaud Inc's net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.1 percentage points from the prior year.

Return on Equity
135.2%
YoY+371.3pp
5Y CAGR+133.4pp
10Y CAGR+116.3pp

Blackbaud Inc's ROE was 135.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 371.3 percentage points from the prior year.

Capital Allocation

R&D Spending
$138.1M
YoY-10.1%
5Y CAGR+6.6%
10Y CAGR+7.7%

Blackbaud Inc invested $138.1M in research and development in fiscal year 2025. This represents a decrease of 10.1% from the prior year.

Share Buybacks
$217.2M
YoY-48.1%
5Y CAGR+39.6%

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.

Capital Expenditures
$7.8M
YoY+4.4%
5Y CAGR-23.5%
10Y CAGR-9.1%

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 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $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+3.1% $278.6M
Cost of Revenue $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-1.2% $127.9M
Gross Profit $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+6.8% $150.7M
R&D Expenses $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-8.1% $40.7M
SG&A Expenses $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-25.1% $45.4M
Operating Income $59.2M+8.4% $54.6M-4.8% $57.3M+190.9% $19.7M+105.4% -$367.2M-992.5% $41.1M-0.6% $41.4M+211.3% $13.3M
Interest Expense $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+52.9% $10.3M
Income Tax $9.2M+242.1% -$6.4M-147.4% $13.6M+2620.0% $500K+101.6% -$31.6M-369.4% $11.7M+50.2% $7.8M+966.7% -$900K
Net Income $36.7M-22.7% $47.5M+79.4% $26.5M+512.2% $4.3M+101.2% -$346.4M-1993.7% $18.3M-13.9% $21.2M+190.8% $7.3M
EPS (Diluted) N/A $0.98+78.2% $0.55+511.1% $0.09 N/A $0.35-14.6% $0.41+192.9% $0.14

BLKB Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $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+19.4% $2.5B
Current Assets $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+87.0% $577.2M
Cash & Equivalents $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+15.4% $26.4M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $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+59.0% $96.1M
Goodwill $1.1B0.0% $1.1B-0.1% $1.1B+0.3% $1.1B+0.2% $1.1B-0.4% $1.1B+0.3% $1.1B0.0% $1.1B
Total Liabilities $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+22.3% $2.0B
Current Liabilities $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+56.4% $862.2M
Long-Term Debt $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-2.2% $1.0B
Total Equity $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+8.1% $534.0M
Retained Earnings $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+10.2% $207.4M

BLKB Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $58.0M-58.3% $139.2M+108.1% $66.9M+4678.6% $1.4M-98.1% $73.6M-29.2% $104.0M+95.8% $53.1M-18.7% $65.3M
Capital Expenditures $3.0M-15.2% $3.5M+460.8% $623K-9.4% $688K+230.8% $208K-81.7% $1.1M-77.7% $5.1M+410.0% $1.0M
Free Cash Flow $55.0M-59.4% $135.7M+104.8% $66.3M+9208.6% $712K-99.0% $73.4M-28.7% $102.9M+114.3% $48.0M-25.3% $64.3M
Investing Cash Flow -$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-67.8% -$15.2M
Financing Cash Flow $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+206.5% -$394.6M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $83.8M+178.1% $30.1M+849.1% $3.2M-96.8% $100.0M+8.0% $92.6M+47.5% $62.8M $0-100.0% $262.6M

BLKB Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 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%+1.9pp 54.1%
Operating Margin 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%+9.6pp 4.8%
Net Margin 12.4%-4.5pp 16.9%+7.5pp 9.4%+7.8pp 1.6%+116.2pp -114.6%-121.0pp 6.4%-1.0pp 7.4%+4.8pp 2.6%
Return on Equity 43.1%-0.8pp 43.9%+7.5pp 36.4%+11.6pp 24.7%+297.8pp -273.1%-276.4pp 3.4%-0.3pp 3.7%+2.3pp 1.4%
Return on Assets 1.5%-0.7pp 2.3%+1.3pp 1.0%+0.8pp 0.2%+14.1pp -13.9%-14.6pp 0.7%0.0pp 0.7%+0.4pp 0.3%
Current Ratio 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+0.1 0.67
Debt-to-Equity 12.78+3.1 9.63-6.0 15.62-52.0 67.65+59.4 8.29+6.5 1.79+0.1 1.73-0.2 1.91
FCF Margin 18.6%-29.6pp 48.3%+24.8pp 23.5%+23.2pp 0.3%-24.0pp 24.3%-11.6pp 35.9%+19.2pp 16.7%-6.4pp 23.1%

Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

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.

Blackbaud Inc (BLKB) revenue declined by 2.3% year-over-year, from $1.2B to $1.1B in fiscal year 2025.

Yes, Blackbaud Inc (BLKB) reported a net income of $115.0M in fiscal year 2025, with a net profit margin of 10.2%.

Blackbaud Inc (BLKB) reported diluted earnings per share of $2.37 for fiscal year 2025. This represents a 140.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Blackbaud Inc (BLKB) had EBITDA of $277.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Blackbaud Inc (BLKB) had $38.9M in cash and equivalents against $1.1B in long-term debt.

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.

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.

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.

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.

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.

Blackbaud Inc (BLKB) generated $265.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Blackbaud Inc (BLKB) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Blackbaud Inc (BLKB) invested $7.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Blackbaud Inc (BLKB) invested $138.1M in research and development during fiscal year 2025.

Yes, Blackbaud Inc (BLKB) spent $217.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Blackbaud Inc (BLKB) had 46M shares outstanding as of fiscal year 2025.

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.

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.

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.

Blackbaud Inc (BLKB) has an Altman Z-Score of 1.07, 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.

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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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.

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.

Blackbaud Inc (BLKB) scores 47 out of 100 on our Financial Profile, indicating moderate 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.

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