BB (BlackBerry Limited) Stock Financials & Earnings

BBBlackBerry Limited

Mkt Cap$2B

Technology·Software - Infrastructure·🇨🇦 Canada·NYSE

Revenue (TTM)$537M

Net Income (TTM)$22M

EPS (TTM)$0.04

Free Cash Flow (TTM)$39M

Gross Margin75.0%

Op. Margin3.6%

Net Margin4.1%

FCF Margin7.3%

P/S Ratio (TTM)3.8x

P/E Ratio (TTM)94.2x

YoY Rev Growth-5.2%

Employees—

Earnings Reports

▶Q3 2026

Next: Q4 2026 · Apr 1

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

CEO John Joseph GiamatteoIPO Feb 4, 1999www.blackberry.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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
Q3 25	$144M	$112M	$20M
Q4 25	$144M	$106M	-$6M
Q1 26	$122M	$90M	$2M
Q2 26	$130M	$97M	$12M
Q3 26	$142M	$110M	$12M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
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	—
Q3 25	2.7x	—
Q4 25	4.9x	—
Q1 26	4.5x	—
Q2 26	4.2x	—
Q3 26	4.4x	108.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
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
Q3 25	$6M	$3M
Q4 25	$42M	$40M
Q1 26	-$18M	-$20M
Q2 26	$4M	$2M
Q3 26	$18M	$17M

Capital Expenditures

CapEx

Quarter	CapEx
Q4 23	$12M
Q1 24	$10M
Q2 24	$3M
Q3 24	$4M
Q4 24	$4M
Q1 25	$3M
Q2 25	$3M
Q3 25	$3M
Q4 25	$1M
Q1 26	$2M
Q2 26	$2M
Q3 26	$898K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%
Q3 25	-5.5%	-7.4%
Q4 25	-16.8%	-34.5%
Q1 26	-1.4%	-12.2%
Q2 26	+2.7%	-4.8%
Q3 26	-1.3%	+4.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%
Q3 25	$6M	4.3%
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
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
Q3 25	$28M	$36M	$23M
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
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
Q3 25	-5.5%	23.0%	17.5
Q4 25	-16.8%	6.4%	-10.4
Q1 26	-1.4%	11.1%	9.7
Q2 26	2.7%	13.9%	16.6
Q3 26	-1.3%	11.6%	10.4

Revenue Segments

Quarter	Cybersecurity	Io T	Licensing and Other	Secure Communication	Qnx
Q4 23	$88M	$53M	$10M	—	—
Q1 24	$93M	$45M	$235M	—	—
Q2 24	$79M	$49M	$4M	—	—
Q4 24	$92M	$66M	$15M	—	—
Q3 25	—	$62M	$7M	$74M	—
Q1 26	—	—	$5M	$60M	$58M
Q2 26	—	—	$7M	$60M	$63M
Q3 26	—	—	$6M	$67M	$69M

Revenue by Geography

Quarter	Emea	North America	Other Regions
Q4 23	$46M	$84M	$21M
Q1 24	$37M	$317M	$19M
Q2 24	$39M	$72M	$21M
Q4 24	$46M	$90M	$37M
Q3 25	$53M	$63M	$27M
Q1 26	$43M	$55M	$24M
Q2 26	$40M	$62M	$27M
Q3 26	$51M	$65M	$27M

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 23	581M	-9.1%
Q1 24	583M	+0.2%
Q2 24	584M	+0.1%
Q3 24	638M	+9.4%
Q4 24	588M	-8.0%
Q1 25	590M	+0.4%
Q2 25	591M	+0.1%
Q3 25	594M	+0.5%
Q4 25	591M	-0.3%
Q1 26	601M	+1.6%
Q2 26	599M	-0.4%
Q3 26	598M	-0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$413K	17K
FY 15	$536K	6K
FY 16	$347K	6K
FY 17	$324K	4K
FY 18	$283K	3K
FY 19	$229K	4K
FY 20	$285K	4K
FY 21	$255K	3K
FY 22	$216K	3K
FY 23	$165K	3K
FY 24	$287K	3K
FY 25	$294K	2K