BL

MKT CAP:$2B

BlackLine, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$30.64-$23.14 (-43.03%)

Apr 24, 2026

Company Details

BlackLine, Inc. provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for...

CEO

Owen Ryan

IPO Date

Oct 28, 2016

Website

www.blackline.com

Key Metrics TTM

Revenue

$688M

+63.5% YoY

Net Income

$104M

EPS (Diluted)

$1.49

Free Cash Flow

$185M

Revenue / Share

$9.61

Gross Margin

75.1%

Operating Margin

4.8%

Net Margin

15.1%

FCF Margin

26.9%

P/S

2.6x

P/E

17.3x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 10, 2026

$700M+7.2%EPS $0.39

Q4 2025

Feb 10, 2026

$183MEPS $0.08

Q3 2025

Nov 7, 2025

$178M+7.5%EPS $0.09

FY 2024

Feb 21, 2025

$653M+10.7%EPS $1.45

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$29M	$22M	-$8M
Q3 16	$32M	$25M	-$7M
Q4 16	$35M	$27M	-$9M
Q1 17	$39M	$29M	-$8M
Q2 17	$42M	$32M	-$8M
Q3 17	$46M	$35M	-$13M
Q4 17	$50M	$39M	-$6M
Q1 18	$51M	$40M	-$8M
Q2 18	$55M	$44M	-$9M
Q3 18	$59M	$45M	-$5M
Q3 23	$151M	$114M	-$1M
Q4 23	$156M	$118M	$13M
Q2 24	$161M	$120M	$2M
Q3 24	$166M	$125M	$8M
Q3 25	$178M	$134M	$8M
Q4 25	$183M	$137M	$15M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q4 16	11.3x	—
Q1 17	11.0x	—
Q2 17	12.7x	—
Q3 17	11.1x	—
Q4 17	10.3x	—
Q1 18	10.6x	—
Q2 18	11.9x	—
Q3 18	13.9x	—
Q3 23	10.5x	—
Q4 23	8.5x	169.0x
Q2 24	5.7x	28.2x
Q3 24	5.5x	27.0x
Q3 25	5.0x	27.2x
Q4 25	5.2x	34.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$2M	$403.0K
Q3 16	$4M	$3M
Q4 16	-$6M	-$7M
Q1 17	-$2M	-$3M
Q2 17	$2M	$342.0K
Q3 17	$4M	-$466.0K
Q4 17	$3M	$1M
Q1 18	$2M	-$1M
Q2 18	$5M	$1M
Q3 18	$5M	$2M
Q3 23	$37M	$36M
Q4 23	$42M	$40M
Q2 24	$41M	$40M
Q3 24	$56M	$56M
Q3 25	$64M	$63M
Q4 25	$27M	$26M

Capital Expenditures

Quarter	CapEx
Q2 16	$1M
Q3 16	$1M
Q4 16	$1M
Q1 17	$2M
Q2 17	$2M
Q3 17	$4M
Q4 17	$2M
Q1 18	$3M
Q2 18	$4M
Q3 18	$2M
Q3 23	$1M
Q4 23	$2M
Q2 24	$677.0K
Q3 24	$394.0K
Q3 25	$534.0K
Q4 25	$623.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+45.5%	+29.1%
Q2 17	+45.7%	+34.5%
Q3 17	+42.5%	+50.1%
Q4 17	+42.1%	+27.0%
Q1 18	+32.7%	+25.4%
Q2 18	+31.1%	+28.2%
Q3 18	+28.0%	+7.9%
Q3 23	+200.0%	+171.3%
Q4 23	+203.7%	+142.9%
Q2 24	+189.4%	+146.2%
Q3 24	+182.5%	+147.1%
Q3 25	+18.3%	+12.5%
Q4 25	+17.6%	+17.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$2M	5.3%
Q3 16	$1M	4.2%
Q4 16	$2M	5.6%
Q1 17	$2M	4.8%
Q2 17	$2M	4.7%
Q3 17	$9M	19.9%
Q4 17	$3M	6.2%
Q1 18	$4M	7.7%
Q2 18	$5M	9.7%
Q3 18	$5M	9.1%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 16	$5M	$6M	$19M
Q3 16	$5M	$8M	$19M
Q4 16	$6M	$8M	$22M
Q1 17	$6M	$8M	$23M
Q2 17	$6M	$9M	$25M
Q3 17	$6M	$9M	$33M
Q4 17	$6M	$11M	$28M
Q1 18	$7M	$11M	$29M
Q2 18	$8M	$12M	$32M
Q3 18	$7M	$11M	$32M
Q3 23	$27M	$18M	$62M
Q4 23	$23M	$25M	$57M
Q2 24	$26M	$31M	$60M
Q3 24	$26M	$28M	$62M
Q3 25	$31M	$29M	$67M
Q4 25	$28M	$31M	$64M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q2 16	—	-12.9%	—
Q3 16	—	-8.7%	—
Q4 16	—	-10.8%	—
Q1 17	45.5%	-11.1%	34.4
Q2 17	45.7%	-12.3%	33.4
Q3 17	42.5%	-15.7%	26.8
Q4 17	42.1%	-0.4%	41.7
Q1 18	32.7%	-3.5%	29.3
Q2 18	31.1%	-4.7%	26.4
Q3 18	28.0%	3.0%	31.0
Q3 23	200.0%	17.2%	217.2
Q4 23	203.7%	26.0%	229.6
Q2 24	189.4%	58.6%	248.0
Q3 24	182.5%	19.5%	201.9
Q3 25	18.3%	15.4%	33.7
Q4 25	17.6%	14.5%	32.1

Rule of 40

Revenue Segments

Quarter	Subscription And Circulation	Technology Service	Subscription and Circulation
Q2 18	$53M	$2M	—
Q3 18	$56M	$3M	—
Q3 23	—	$9M	$142M
Q4 23	—	$9M	$147M
Q2 24	—	$9M	$152M
Q3 24	—	$9M	$157M
Q3 25	—	$10M	$168M

Revenue by Geography

Quarter	Non Us	United States	Non-US
Q1 18	$10M	$41M	—
Q2 18	$12M	$44M	—
Q3 18	$12M	$47M	—
Q3 23	—	$109M	$42M
Q4 23	—	$109M	$46M
Q2 24	—	$113M	$48M
Q3 24	—	$117M	$49M
Q3 25	—	$123M	$56M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$366M	$666M	$1.0B
Q2 22	$208M	$821M	$1.0B
Q3 22	$191M	$855M	$1.0B
Q4 22	$201M	$874M	$1.1B
Q1 23	$223M	$865M	$1.1B
Q2 23	$205M	$922M	$1.1B
Q3 23	$236M	$926M	$1.2B
Q4 23	$271M	$933M	$1.2B
Q1 24	$331M	$913M	$1.2B
Q2 24	$617M	$428M	$1.0B
Q3 24	$725M	$121M	$846M
Q4 24	$886M	$0	$886M
Q1 25	$480M	$387M	$866M
Q2 25	$459M	$398M	$857M
Q3 25	$420M	$384M	$804M
Q4 25	$390M	$388M	$778M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	49M	0.0%	—
Q3 16	49M	0.0%	—
Q4 16	48M	-3.3%	—
Q1 17	51M	+7.5%	+4.0%
Q2 17	52M	+1.1%	+5.1%
Q3 17	53M	+1.4%	+6.6%
Q4 17	53M	+0.6%	+10.9%
Q1 18	53M	+0.5%	+3.6%
Q2 18	54M	+0.8%	+3.3%
Q3 18	54M	+1.3%	+3.2%
Q3 23	72M	+32.9%	+36.3%
Q4 23	72M	+0.5%	+36.3%
Q2 24	73M	+0.1%	+35.4%
Q3 24	74M	+2.0%	+36.3%
Q3 25	64M	-13.5%	-11.2%
Q4 25	72M	+11.9%	-1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	—	—
Q3 16	—	—
Q4 16	$59.2K	597
Q1 17	$64.7K	597
Q2 17	$70.8K	597
Q3 17	$76.8K	597
Q4 17	$67.9K	740
Q1 18	$69.3K	740
Q2 18	$74.9K	740
Q3 18	$79.4K	740
Q3 23	$83.1K	2K
Q4 23	$89.0K	2K
Q2 24	$91.7K	2K
Q3 24	$94.8K	2K
Q3 25	$97.4K	2K
Q4 25	$100.1K	2K

Revenue / Employee