BB

MKT CAP:$3B

BlackBerry Limited

Market Cap

$3B

Technology·Software - Infrastructure·🇨🇦 Canada·NYSE

Technology·Software Infra·🇨🇦·NYSE

Stock Price

$5.29+$1.49 (+39.08%)

Apr 23, 2026

Company Details

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers BlackBerry Cyber S...

CEO

John Joseph Giamatteo

IPO Date

Feb 4, 1999

Website

www.blackberry.com

Key Metrics TTM

Revenue

$537M

-6.5% YoY

Net Income

$22M

EPS (Diluted)

$0.04

Free Cash Flow

$39M

Revenue / Share

$0.90

Gross Margin

75.0%

Operating Margin

3.6%

Net Margin

4.1%

FCF Margin

7.3%

P/S

5.6x

P/E

136.4x

Earnings Reports

Q3 2026

Dec 19, 2025

$142MEPS $0.02

Q2 2026

Sep 25, 2025

$130M+2.7%EPS $0.02

Q1 2026

Jun 25, 2025

$122M-1.4%EPS $0.00

FY 2025

Apr 2, 2025

$535M-29.5%EPS -$0.13

Q4 2025

Apr 2, 2025

$144M-16.8%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$184M	$117M	$51M
Q4 22	$185M	$124M	$146M
Q1 23	$168M	$104M	-$177M
Q2 23	$168M	$106M	-$47M
Q3 23	$169M	$109M	-$2M
Q4 23	$151M	$100M	-$499M
Q1 24	$373M	$179M	-$11M
Q2 24	$132M	$85M	-$47M
Q3 24	$152M	$119M	$18M
Q4 24	$173M	$129M	-$56M
Q1 25	$123M	$90M	-$13M
Q2 25	$126M	$89M	$2M
Q4 25	$144M	$106M	-$6M
Q1 26	$122M	$90M	$2M
Q2 26	$130M	$97M	$12M
Q3 26	$142M	$110M	$12M

Valuation

Quarter	P/S	P/E
Q3 22	7.6x	—
Q4 22	5.5x	330.3x
Q1 23	4.8x	—
Q2 23	5.0x	—
Q3 23	4.0x	—
Q4 23	3.4x	—
Q1 24	3.5x	—
Q2 24	3.8x	—
Q3 24	2.7x	—
Q4 24	1.8x	—
Q1 25	2.8x	—
Q2 25	2.4x	—
Q4 25	4.6x	—
Q1 26	4.7x	—
Q2 26	4.3x	—
Q3 26	4.4x	108.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	-$19M	-$29M
Q4 22	$9M	-$2M
Q1 23	-$42M	-$51M
Q2 23	-$24M	-$35M
Q3 23	-$187M	-$196M
Q4 23	-$10M	-$22M
Q1 24	$99M	$89M
Q2 24	-$56M	-$59M
Q3 24	-$31M	-$35M
Q4 24	-$15M	-$19M
Q1 25	-$15M	-$18M
Q2 25	-$16M	-$19M
Q4 25	$42M	$40M
Q1 26	-$18M	-$20M
Q2 26	$4M	$2M
Q3 26	$18M	$17M

Capital Expenditures

Quarter	CapEx
Q3 22	$10M
Q4 22	$11M
Q1 23	$9M
Q2 23	$11M
Q3 23	$9M
Q4 23	$12M
Q1 24	$10M
Q2 24	$3M
Q3 24	$4M
Q4 24	$4M
Q1 25	$3M
Q2 25	$3M
Q4 25	$1M
Q1 26	$2M
Q2 26	$2M
Q3 26	$898.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	-15.6%	-61.4%
Q4 22	-11.9%	-92.5%
Q1 23	-3.4%	+48.7%
Q2 23	-4.0%	-32.0%
Q3 23	-8.2%	+28.6%
Q4 23	-18.4%	+1566.7%
Q1 24	+122.0%	+11.3%
Q2 24	-21.4%	-16.7%
Q3 24	-10.1%	-21.6%
Q4 24	+14.6%	-64.8%
Q1 25	-66.9%	-64.5%
Q2 25	-4.4%	-30.7%
Q4 25	-5.3%	+12.0%
Q1 26	-29.7%	-47.7%
Q2 26	+5.0%	-13.4%
Q3 26	+12.4%	+4.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$8M	4.3%
Q4 22	$11M	5.9%
Q1 23	$8M	4.8%
Q2 23	$7M	4.2%
Q3 23	$8M	4.7%
Q4 23	$11M	7.3%
Q1 24	$9M	2.4%
Q2 24	$11M	8.3%
Q3 24	$8M	5.3%
Q4 24	$5M	2.9%
Q1 25	$8M	6.2%
Q2 25	$7M	5.6%
Q4 25	$5M	3.2%
Q1 26	$6M	4.7%
Q2 26	$6M	4.6%
Q3 26	$6M	4.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 22	$57M	$77M	—
Q4 22	$47M	$64M	—
Q1 23	$53M	$82M	—
Q2 23	$54M	$86M	—
Q3 23	$52M	$89M	—
Q4 23	$48M	$83M	—
Q1 24	$54M	$54M	$45M
Q2 24	$50M	$30M	$43M
Q3 24	$29M	$45M	$25M
Q4 24	$40M	—	$171M
Q1 25	$31M	$40M	$24M
Q2 25	$27M	$33M	$21M
Q4 25	$24M	$49M	$28M
Q1 26	$25M	$31M	$29M
Q2 26	$26M	$32M	$24M
Q3 26	$30M	$36M	$29M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 22	-15.6%	-7.6%	-23.2
Q4 22	-11.9%	8.1%	-3.8
Q1 23	-3.4%	-87.5%	-90.9
Q2 23	-4.0%	-18.5%	-22.5
Q3 23	-8.2%	-17.8%	-25.9
Q4 23	-18.4%	-19.2%	-37.6
Q1 24	122.0%	2.7%	124.7
Q2 24	-21.4%	-27.3%	-48.7
Q3 24	-10.1%	18.4%	8.4
Q4 24	14.6%	-2.3%	12.3
Q1 25	-66.9%	3.1%	-63.8
Q2 25	-4.4%	12.5%	8.1
Q4 25	-5.3%	6.4%	1.1
Q1 26	-29.7%	11.1%	-18.6
Q2 26	5.0%	13.9%	18.9
Q3 26	12.4%	11.6%	24.0

Rule of 40

Revenue Segments

Quarter	Cybersecurity	Io T	Licensing and Other	Qnx	Secure Communication
Q3 22	$128M	$43M	$13M	—	—
Q4 22	$122M	$52M	$11M	—	—
Q1 23	$113M	$51M	$4M	—	—
Q2 23	$111M	$51M	$6M	—	—
Q3 23	$106M	$51M	$12M	—	—
Q4 23	$88M	$53M	$10M	—	—
Q1 24	$93M	$45M	$235M	—	—
Q2 24	$79M	$49M	$4M	—	—
Q4 24	$92M	$66M	$15M	—	—
Q1 26	—	—	$5M	$58M	$60M
Q2 26	—	—	$7M	$63M	$60M
Q3 26	—	—	$6M	$69M	$67M

Revenue by Geography

Quarter	Emea	North America	Other Regions
Q3 22	$66M	$101M	$17M
Q4 22	$66M	$100M	$19M
Q1 23	$60M	$89M	$19M
Q2 23	$61M	$85M	$22M
Q3 23	$55M	$92M	$22M
Q4 23	$46M	$84M	$21M
Q1 24	$37M	$317M	$19M
Q2 24	$39M	$72M	$21M
Q4 24	$46M	$90M	$37M
Q1 26	$43M	$55M	$24M
Q2 26	$40M	$62M	$27M
Q3 26	$51M	$65M	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$391M	$272M	$663M
Q2 23	$431M	$212M	$643M
Q3 23	$255M	$194M	$449M
Q4 23	$295M	$131M	$426M
Q1 24	$358M	$158M	$516M
Q2 24	$415M	$41M	$456M
Q3 24	$210M	$0	$210M
Q4 24	$175M	$62M	$237M
Q1 25	$143M	$86M	$229M
Q2 25	$171M	$40M	$211M
Q3 25	$189M	$31M	$220M
Q4 25	$267M	$71M	$338M
Q1 26	$276M	$31M	$307M
Q2 26	$291M	$14M	$305M
Q3 26	$270M	$34M	$304M
Q4 26	$289M	$85M	$374M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	632M	+11.2%	+12.4%
Q4 22	637M	+0.8%	+12.5%
Q1 23	638M	+0.2%	+12.4%
Q2 23	638M	+0.1%	+12.3%
Q3 23	640M	+0.3%	+1.2%
Q4 23	581M	-9.1%	-8.7%
Q1 24	583M	+0.2%	-8.6%
Q2 24	584M	+0.1%	-8.6%
Q3 24	638M	+9.4%	-0.2%
Q4 24	588M	-8.0%	+1.0%
Q1 25	590M	+0.4%	+1.2%
Q2 25	591M	+0.1%	+1.2%
Q4 25	591M	+0.2%	-7.4%
Q1 26	601M	+1.6%	+2.3%
Q2 26	599M	-0.4%	+1.5%
Q3 26	598M	-0.1%	+1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$52.6K	3K
Q4 22	$55.6K	3K
Q1 23	$50.5K	3K
Q2 23	$50.5K	3K
Q3 23	$50.8K	3K
Q4 23	$47.5K	3K
Q1 24	$117.3K	3K
Q2 24	$41.5K	3K
Q3 24	$47.8K	3K
Q4 24	$65.4K	3K
Q1 25	$46.6K	3K
Q2 25	$47.7K	3K
Q4 25	$79.1K	2K
Q1 26	$66.9K	2K
Q2 26	$71.2K	2K
Q3 26	$77.9K	2K

Revenue / Employee