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BLKB

Blackbaud, Inc.

BLKB

Blackbaud, Inc. • NASDAQ
$56.38 ▼ -0.84% (-0.48)
Market Cap $2.72 B
52w High $84.57
52w Low $54.56
Dividend Yield 0%
P/E -11.53
Volume 173.33K
Outstanding Shares 48.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $281.143M ▼ $112.917M ▲ $47.492M ▲ 16.892% ▲ $1 ▲ $16.836B ▲
Q2-2025 $281.382M ▲ $111.363M ▼ $25.98M ▲ 9.233% ▲ $0.54 ▲ $79.385M ▲
Q1-2025 $270.661M ▼ $135.416M ▼ $4.867M ▲ 1.798% ▲ $0.1 ▲ $69.357M ▼
Q4-2024 $302.232M ▲ $531.505M ▲ $-330.764M ▼ -109.44% ▼ $-6.74 ▼ $92.983M ▲
Q3-2024 $286.727M $115.385M $20.542M 7.164% $0.41 $75.727M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $38.255M ▼ $2.104B ▼ $1.996B ▼ $108.189M ▲
Q2-2025 $41.566M ▲ $2.629B ▲ $2.541B ▲ $87.95M ▲
Q1-2025 $37.243M ▼ $2.102B ▼ $2.069B ▼ $33.175M ▼
Q4-2024 $69.598M ▲ $2.496B ▼ $2.354B ▲ $141.993M ▼
Q3-2024 $34.633M $2.601B $2.057B $544.327M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $47.435M ▲ $139.211M ▲ $-15.975M ▼ $-576.166M ▼ $-454.374M ▼ $135.717M ▲
Q2-2025 $25.98M ▲ $66.941M ▲ $-15.44M ▲ $398.126M ▲ $455.171M ▲ $51.501M ▲
Q1-2025 $4.867M ▲ $1.388M ▼ $-25.893M ▼ $-330.032M ▼ $-352.869M ▼ $700K ▼
Q4-2024 $-334.543M ▼ $73.582M ▼ $-17.083M ▼ $295.766M ▲ $346.784M ▲ $73.374M ▼
Q3-2024 $20.542M $103.951M $-15.607M $-460.774M $-368.38M $88.344M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Contractual Recurring
Contractual Recurring
 $190.00M ▲$190.00M ▲$200.00M ▲$180.00M ▼
Onetime Services and Other
Onetime Services and Other
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Transactional Recurring
Transactional Recurring
 $90.00M ▲$90.00M ▲$100.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, showing that demand in its nonprofit and social‑good niche is holding up well. Profitability, however, is mixed. Gross profit has improved, suggesting the core software business is healthy and scalable, but operating income and net income have been volatile, with the most recent year showing a sizable accounting loss. At the same time, cash‑based measures like EBITDA have trended upward, implying that one‑off charges, amortization, or restructuring costs may be weighing on reported earnings more than on the underlying operations. Overall, growth looks steady, but earnings quality and consistency remain key watch items.

Balance Sheet

Balance Sheet The balance sheet shows a business that relies meaningfully on debt and carries a relatively thin equity cushion. Total assets have been fairly stable, but debt has climbed over time while shareholders’ equity has dropped sharply in the most recent year, likely reflecting recent losses and possibly past capital returns or write‑downs. The cash balance is modest but better than in some prior years. The main takeaway is that leverage is elevated for a software company of this size, so the company’s ability to sustain and grow cash flows is particularly important to maintaining financial flexibility.

Cash Flow

Cash Flow Despite choppy reported earnings, cash generation looks like a relative strength. Operating cash flow has been consistently positive and has generally trended higher, and free cash flow has improved meaningfully over the five‑year period. Capital spending is modest, consistent with an asset‑light, subscription‑driven software model. This pattern—solid and improving free cash flow alongside weak net income—suggests non‑cash or non‑recurring items are depressing accounting profits more than they are hurting the actual cash coming into the business.

Competitive Edge

Competitive Edge Blackbaud operates in a focused niche: software for nonprofits, education, healthcare charities, and the broader social‑good sector. In this space, it benefits from deep domain expertise, a broad and integrated product suite, and long‑standing customer relationships. Its systems are often embedded in customers’ core fundraising and finance workflows, which creates high switching costs and supports recurring revenue. The market itself is fairly mature and not especially fast‑growing, which limits upside but also tends to favor established players like Blackbaud. Competition from both specialized rivals and more general cloud platforms remains a risk, but the company’s installed base and ecosystem give it a defensible, if narrow, moat.

Innovation and R&D

Innovation and R&D The company is leaning heavily into AI and cloud modernization as its main innovation vectors. It is rolling out sector‑specific AI tools across fundraising, donor analytics, and financial operations, and pushing further into “agentic” AI that can automate multi‑step workflows rather than just provide insights. Its flagship products for fundraising and nonprofit finance are being refreshed with modern web interfaces, embedded intelligence, and tighter integration across the suite. It is also opening its ecosystem through marketplaces and low‑code connectors so customers and partners can build on top of its platform. The opportunity is to deepen customer stickiness and unlock new efficiency and personalization benefits; the risk is execution—customers need to adopt and find real value in these tools for the innovation spend to translate into sustained growth and margin expansion.

Summary

Blackbaud combines a steadily growing, niche software franchise with a somewhat messy financial picture. Revenue and cash flow trends are encouraging, and the company has surpassed internal growth‑and‑profitability targets, suggesting the core model is working. At the same time, recent headline losses, rising leverage, and a much thinner equity base introduce financial risk that bears monitoring. Strategically, Blackbaud’s entrenched position in the social‑good sector, high switching costs, and expanding AI‑driven platform support a defensible competitive position, but in a mature market where differentiation and execution matter a great deal. Overall, the story is of a specialized software provider with solid cash economics and a clear innovation agenda, offset by balance sheet pressure and earnings volatility that add uncertainty to its longer‑term trajectory.

NEWS

November 24, 2025 · 9:00 AM UTC

Blackbaud Showcases AI-Powered Innovation and Intelligent Workflows at Bi-annual Product Update Briefings

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November 5, 2025 · 9:30 AM UTC

Registration is Now Open for the 2026 Blackbaud K-12 User Conference

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October 29, 2025 · 7:00 AM UTC

Blackbaud Announces 2025 Third Quarter Results

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October 21, 2025 · 10:00 AM UTC

New Blackbaud Institute and GivingTuesday Report Proves Long-Term Engagement and Value of GivingTuesday Donors

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October 16, 2025 · 9:30 AM UTC

Blackbaud Announces the 2026 North America Corporate Social Impact Summit

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