BLKB

MKT CAP:$2B

Blackbaud, Inc.

Market Cap

$2B

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

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$38.76-$20.76 (-34.88%)

Apr 17, 2026

Company Details

Blackbaud, Inc. provides cloud software solutions to higher education institutions, K12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies, and individual change agents in the Unit...

CEO

Michael Gianoni

IPO Date

Jul 26, 2004

Website

www.blackbaud.com

Key Metrics TTM

Revenue

$1.1B

-0.9% YoY

Net Income

$115M

EPS (Diluted)

$2.38

Free Cash Flow

$243M

Revenue / Share

$23.53

Gross Margin

58.8%

Operating Margin

16.9%

Net Margin

10.2%

FCF Margin

21.5%

P/S

1.6x

P/E

15.6x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 18, 2026

$1.1B-2.3%EPS $2.37

Q4 2025

Feb 18, 2026

$295MEPS $0.76

Q3 2025

Oct 29, 2025

$281MEPS $0.98

Q2 2025

Jul 30, 2025

$281M-2.1%EPS $0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$231M	$124M	$12M
Q4 21	$248M	$128M	-$7M
Q1 22	$257M	$134M	-$6M
Q2 22	$265M	$140M	$54.0K
Q3 22	$261M	$140M	-$7M
Q4 22	$275M	$141M	-$16M
Q1 23	$262M	$139M	-$10M
Q2 23	$271M	$150M	$294.0K
Q3 23	$278M	$156M	$22M
Q4 23	$295M	$159M	$32M
Q1 24	$279M	$153M	$11M
Q2 24	$287M	$163M	$42M
Q1 25	$271M	$156M	$20M
Q2 25	$281M	$168M	$57M
Q3 25	$281M	$167M	$55M
Q4 25	$295M	$172M	$59M

Valuation

Quarter	P/S	P/E
Q3 21	1.9x	—
Q4 21	1.9x	314.6x
Q1 22	1.9x	—
Q2 22	1.8x	—
Q3 22	1.7x	—
Q4 22	1.7x	—
Q1 23	1.7x	—
Q2 23	1.7x	—
Q3 23	1.7x	—
Q4 23	1.6x	984.8x
Q1 24	1.6x	82.3x
Q2 24	1.6x	43.2x
Q1 25	1.6x	48.0x
Q2 25	1.6x	31.0x
Q3 25	1.6x	17.9x
Q4 25	1.6x	15.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$70M	$58M
Q4 21	$44M	$30M
Q1 22	$25M	$20M
Q2 22	$57M	$54M
Q3 22	$108M	$105M
Q4 22	$14M	$12M
Q1 23	$22M	$6M
Q2 23	$53M	$52M
Q3 23	$128M	$127M
Q4 23	-$3M	-$4M
Q1 24	$65M	$51M
Q2 24	$54M	$48M
Q1 25	$1M	$700.0K
Q2 25	$67M	$52M
Q3 25	$139M	$136M
Q4 25	$58M	$55M

Capital Expenditures

Quarter	CapEx
Q3 21	$12M
Q4 21	$14M
Q1 22	$4M
Q2 22	$3M
Q3 22	$3M
Q4 22	$2M
Q1 23	$15M
Q2 23	$1M
Q3 23	$1M
Q4 23	$442.0K
Q1 24	$13M
Q2 24	$6M
Q1 25	$688.0K
Q2 25	$15M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+7.5%	+7.1%
Q4 21	+2.2%	+4.5%
Q1 22	+17.3%	+23.8%
Q2 22	+15.5%	+22.4%
Q3 22	+13.0%	+22.3%
Q4 22	+10.8%	+14.1%
Q1 23	+1.8%	+3.3%
Q2 23	+2.3%	+2.2%
Q3 23	+6.2%	-4.7%
Q4 23	+7.4%	-9.5%
Q1 24	+6.7%	-1.2%
Q2 24	+6.0%	-9.4%
Q1 25	-2.5%	-2.1%
Q2 25	-4.6%	-14.5%
Q3 25	+0.7%	-15.6%
Q4 25	+2.8%	-3.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$29M	12.5%
Q4 21	$31M	12.5%
Q1 22	$28M	10.8%
Q2 22	$28M	10.5%
Q3 22	$28M	10.7%
Q4 22	$27M	9.7%
Q1 23	$30M	11.4%
Q2 23	$33M	12.3%
Q3 23	$32M	11.7%
Q4 23	$32M	10.9%
Q1 24	$34M	12.0%
Q2 24	$24M	8.5%
Q1 25	$22M	8.2%
Q2 25	$27M	9.7%
Q3 25	$22M	7.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$32M	$34M	$45M
Q4 21	$38M	$43M	$47M
Q1 22	$40M	$36M	$55M
Q2 22	$38M	$34M	$53M
Q3 22	$40M	$34M	$56M
Q4 22	$40M	$26M	$57M
Q1 23	$41M	$34M	$54M
Q2 23	$36M	$33M	$53M
Q3 23	$38M	$32M	$52M
Q4 23	$39M	$24M	$52M
Q1 24	$43M	$35M	$51M
Q2 24	$39M	$29M	$47M
Q1 25	$34M	$57M	$45M
Q2 25	$34M	$33M	$44M
Q3 25	$37M	$31M	$44M
Q4 25	$34M	$34M	$45M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	7.5%	14.1%	21.7
Q4 21	2.2%	10.2%	12.4
Q1 22	17.3%	10.8%	28.1
Q2 22	15.5%	14.8%	30.2
Q3 22	13.0%	13.2%	26.2
Q4 22	10.8%	16.4%	27.3
Q1 23	1.8%	13.9%	15.7
Q2 23	2.3%	19.5%	21.8
Q3 23	6.2%	22.0%	28.3
Q4 23	7.4%	24.2%	31.5
Q1 24	6.7%	19.1%	25.8
Q2 24	6.0%	26.7%	32.7
Q1 25	-2.5%	16.3%	13.8
Q2 25	-4.6%	28.3%	23.6
Q3 25	0.7%	28.1%	28.8
Q4 25	2.8%	28.2%	31.0

Rule of 40

Revenue Segments

Quarter	Contractual Recurring	Transactional Recurring	One-time Services and Other
Q4 21	$153M	$86M	—
Q1 22	$175M	$70M	—
Q2 22	$177M	$75M	—
Q3 22	$178M	$71M	—
Q4 22	$179M	$86M	—
Q1 23	$178M	$75M	—
Q2 23	$181M	$81M	—
Q3 23	$189M	$80M	—
Q4 23	$190M	$97M	—
Q1 24	$191M	$81M	—
Q2 24	$194M	$88M	—
Q1 25	$176M	$88M	$7M

Revenue by Geography

Quarter	Non-US	United States
Q4 22	$46M	$238M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$34M	$0	$34M
Q2 22	$29M	$0	$29M
Q3 22	$31M	$0	$31M
Q4 22	$32M	$0	$32M
Q1 23	$24M	$0	$24M
Q2 23	$29M	$0	$29M
Q3 23	$31M	$0	$31M
Q4 23	$31M	$0	$31M
Q1 24	$26M	$0	$26M
Q2 24	$30M	$0	$30M
Q3 24	$35M	$0	$35M
Q4 24	$68M	$2M	$70M
Q1 25	$37M	$0	$37M
Q2 25	$42M	$0	$42M
Q3 25	$38M	$0	$38M
Q4 25	$759M	$0	$759M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	48M	-0.4%	-1.2%
Q4 21	47M	-2.7%	-2.5%
Q1 22	51M	+9.0%	+8.1%
Q2 22	52M	+0.9%	+6.6%
Q3 22	52M	+0.1%	+7.1%
Q4 22	52M	+0.0%	+10.1%
Q1 23	52M	+0.8%	+1.8%
Q2 23	54M	+2.9%	+3.8%
Q3 23	54M	+0.8%	+4.6%
Q4 23	54M	+0.6%	+5.3%
Q1 24	53M	-1.9%	+2.5%
Q2 24	52M	-3.3%	-3.7%
Q1 25	49M	-4.3%	-8.6%
Q2 25	48M	-2.4%	-11.4%
Q3 25	48M	+0.5%	-9.2%
Q4 25	48M	-1.1%	-7.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$74.6K	3K
Q4 21	$68.9K	4K
Q1 22	$71.4K	4K
Q2 22	$73.6K	4K
Q3 22	$72.6K	4K
Q4 22	$85.9K	3K
Q1 23	$81.8K	3K
Q2 23	$84.7K	3K
Q3 23	$86.8K	3K
Q4 23	$98.3K	3K
Q1 24	$93.1K	3K
Q2 24	$95.8K	3K
Q1 25	$104.1K	3K
Q2 25	$108.2K	3K
Q3 25	$108.1K	3K
Q4 25	$105.4K	3K

Revenue / Employee