Blackbaud Inc. (BLKB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$1.12	$1.14	+1.8%	—	$281.1M	—
Q4 25	$1.14	$1.19	+4.4%	—	$295.3M	—
Q3 25	$1.07	$1.1	+2.8%	—	$281.1M	—
Q2 25	$1.06	$1.21	+14.2%	—	$281.4M	—
Q1 25	$0.92	$0.96	+4.3%	—	$270.7M	—
Q4 24	$1.07	$1.08	+0.9%	—	$302.2M	—
Q3 24	$1.06	$0.99	-6.6%	—	$286.7M	—
Q2 24	$1.04	$1.08	+3.8%	—	$287.3M	—
Q1 24	$0.91	$0.93	+2.2%	—	$279.3M	—
Q4 23	$1.05	$1.14	+8.6%	—	$295M	—
Q3 23	$0.97	$1.12	+15.5%	—	$277.6M	—
Q2 23	$0.93	$0.98	+5.4%	—	$271M	—
Q1 23	$0.71	$0.72	+1.4%	—	$261.8M	—
Q4 22	$0.6	$0.68	+13.3%	—	$274.8M	—
Q3 22	$0.6	$0.69	+15.0%	—	$261.3M	—
Q2 22	$0.67	$0.75	+11.9%	—	$264.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.41	—	—	$1.1B	—
FY24	—	-$5.6	—	—	$1.2B	—
FY23	—	$0.03	—	—	$1.1B	—
FY22	—	-$0.88	—	—	$1.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$731.6M	$788.5M	$848.6M	$900.4M	$913.2M	$927.7M	$1.1B	$1.1B	$1.2B	$1.1B
YoY change	+14.7%	+7.77%	+7.62%	+6.11%	+1.42%	+1.59%	+14.1%	+4.47%	+4.53%	-2.35%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	731.6M	788.5M	848.6M	900.4M	913.2M	927.7M	1.1B	1.1B	1.2B	1.1B
Cost of revenue	339.2M	361.9M	381.7M	418.4M	428.1M	443.2M	505.4M	502.2M	516.3M	465.1M
Gross profit	392.4M	426.6M	466.9M	482M	485.2M	484.5M	552.7M	603.2M	639.2M	663.3M
Gross margin	53.6%	54.1%	55%	53.5%	53.1%	52.2%	52.2%	54.6%	55.3%	58.8%
Research & development	89.9M	89.9M	98.8M	106.2M	100.1M	124.6M	156.9M	153.3M	160.6M	138.1M
Selling, general & administrative	231.5M	264.4M	299.2M	337.6M	344.6M	332.6M	421.4M	402.1M	340.2M	332.2M
Operating expenses	321.4M	354.3M	398M	443.7M	444.8M	457.1M	578.3M	555.4M	500.8M	470.3M
Operating income	68.2M	69M	64M	33M	37.5M	25.2M	-28.5M	44.7M	134.9M	190.8M
Operating margin	9.32%	8.75%	7.54%	3.66%	4.1%	2.71%	-2.69%	4.04%	11.7%	16.9%
Non-operating income, net	-872K	473K	-5.5M	-4.6M	-238K	-475K	7M	4M	-400.7M	1.1M
Pretax income	57.4M	58.3M	44.6M	10.6M	21.6M	7.1M	-55.6M	17.6M	-311.6M	131.8M
Income tax	11.9M	-15.3M	-219K	-1.3M	13.9M	1.4M	-10.2M	15.8M	-28.4M	16.8M
Net income	45.4M	73.6M	44.8M	11.9M	7.7M	5.7M	-45.4M	1.8M	-283.2M	115M
Net margin	6.21%	9.34%	5.28%	1.32%	0.85%	0.61%	-4.29%	0.16%	-24.5%	10.2%
EBITDA	138.4M	145M	144.7M	122.7M	132.9M	109.4M	78M	167.1M	270.6M	288.8M
EPS	0.9	1.41	0.95	0.25	0.16	0.12	-0.88	0.03	-5.6	2.41
Diluted EPS	0.88	1.38	0.93	0.25	0.16	0.12	-0.88	0.03	-5.6	2.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	277.6M	295M	279.3M	287.3M	286.7M	302.2M	270.7M	281.4M	281.1M	295.3M	281.1M	290.6M
Cost of revenue	121.8M	135.8M	126.2M	124.7M	127.5M	137.9M	114.8M	113.6M	113.7M	123M	114.6M	112.4M
Gross profit	155.9M	159.2M	153M	162.6M	159.2M	164.4M	155.8M	167.7M	167.5M	172.3M	166.6M	178.2M
Gross margin	56.1%	54%	54.8%	56.6%	55.5%	54.4%	57.6%	59.6%	59.6%	58.4%	59.2%	61.3%
Research & development	38M	38.6M	42.8M	39.1M	39.4M	39.3M	33.6M	33.6M	37.2M	33.8M	36.9M	34.9M
Selling, general & administrative	95.1M	87.5M	98.6M	80.5M	75.1M	86M	101.3M	76.9M	75.1M	78.8M	77.6M	80.7M
Operating expenses	133M	126.1M	141.4M	119.6M	114.5M	125.3M	134.9M	110.5M	112.3M	112.6M	114.5M	115.6M
Operating income	22M	32.3M	10.7M	42.1M	43.8M	38.2M	20.4M	56.7M	54.6M	59.1M	51.4M	62M
Operating margin	7.94%	11%	3.84%	14.7%	15.3%	12.6%	7.55%	20.1%	19.4%	20%	18.3%	21.3%
Non-operating income, net	2.6M	149K	1.3M	495K	-121K	-402.3M	450K	-850K	874K	633K	717K	57K
Pretax income	18.1M	26.3M	3.8M	29.7M	32.7M	-377.8M	5.6M	39.4M	41M	45.8M	37.8M	46.4M
Income tax	9.1M	20.9M	-1.5M	7.9M	12.1M	-47M	723K	13.4M	-6.4M	9.1M	6.7M	11.1M
Net income	9M	5.4M	5.2M	21.8M	20.5M	-330.8M	4.9M	26M	47.5M	36.7M	31.1M	35.4M
Net margin	3.25%	1.83%	1.88%	7.59%	7.16%	-109.4%	1.8%	9.23%	16.9%	12.4%	11.1%	12.2%
EBITDA	54M	63.5M	43.9M	76.2M	79.2M	71.3M	45.1M	81.5M	78.9M	83.4M	74.6M	85.1M
EPS	0.17	0.1	0.1	0.43	0.41	-6.74	0.1	0.54	1	0.78	0.68	0.79
Diluted EPS	0.17	0.1	0.1	0.42	0.4	-6.74	0.1	0.54	0.98	0.76	0.67	0.79

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3B	4.4B	3B	3.8B	2.8B	3.7B	3B	4.6B	3.7B	3B	1.9B
Enterprise value	3.3B	4.8B	3.3B	4.3B	3.3B	4.7B	3.9B	5.3B	4.8B	4.1B	3.1B
Shares outstanding	46.1M	46.7M	47.2M	47.7M	48.2M	47.4M	51.6M	52.5M	50.6M	47.7M	47.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	65	59.9	66.2	318.8	359.4	657.2	—	2.5K	—	26.3	13.5
P/S	4.04	5.59	3.5	4.22	3.04	4.04	2.87	4.12	3.23	2.68	1.71
P/B	11.9	13.1	7.94	9.57	6.51	5.22	4.08	5.63	26.3	35.5	28.9
EV/EBITDA	23.7	33.2	23	35.3	24.7	43	50.1	32	17.7	14.2	11.4
EV/Sales	4.48	6.11	3.92	4.81	3.6	5.07	3.69	4.83	4.14	3.63	2.66
Earnings yield	1.54%	1.67%	1.51%	0.31%	0.28%	0.15%	—	0.04%	—	3.81%	7.41%
FCF yield	3.71%	3.12%	5.02%	3.27%	2.74%	4.31%	4.38%	2.97%	6.12%	6.74%	11.1%
PEG	—	—	—	—	—	—	—	—	—	—	0.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.6%	54.1%	55%	53.5%	53.1%	52.2%	52.2%	54.6%	55.3%	58.8%	61.3%
Operating margin	9.32%	8.75%	7.54%	3.66%	4.1%	2.71%	-2.69%	4.04%	11.7%	16.9%	21.8%
Net margin	6.21%	9.34%	5.28%	1.32%	0.85%	0.61%	-4.29%	0.16%	-24.5%	10.2%	13.1%
ROE	18.3%	21.9%	12%	3%	1.81%	0.79%	-6.1%	0.23%	-199.4%	135.2%	194.4%
ROA	3.47%	4.1%	2.78%	0.6%	0.38%	0.19%	-1.52%	0.06%	-11.3%	4.81%	5.5%
ROIC	9.43%	9.26%	8.77%	3.55%	1.43%	1.21%	-1.76%	0.29%	11.4%	14.3%	16.9%
Return on tangible assets	-30.5%	-49.1K%	-21.5%	-10.5%	-136.8%	-0.73%	6.88%	-0.27%	164.9%	-46.4%	-681.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.75	0.82	0.74	0.74	0.81	0.77	0.75	0.78	0.78	0.79	0.83
Quick ratio	0.75	0.82	0.74	0.74	0.81	0.77	0.75	0.78	0.78	0.79	0.83
Debt / equity	1.38	1.3	1.04	1.42	1.29	1.41	1.21	1.01	7.81	13.1	17.3
Debt / assets	0.26	0.24	0.24	0.28	0.27	0.34	0.3	0.28	0.44	0.47	0.44
Net debt / EBITDA	2.35	2.82	2.46	4.33	3.86	8.72	11.2	4.72	3.85	3.73	3.47
Interest coverage	6.42	5.82	3.81	1.51	2.25	1.39	-0.55	1.44	-4.6	2.94	3.58
Effective tax rate	20.8%	0%	0%	0%	64.3%	19.6%	0%	89.7%	0%	12.8%	11.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.9	16.9	18	18.9	19	19.6	20.5	21	22.9	23.7	24.8
EPS (basic)	0.9	1.41	0.95	0.25	0.16	0.12	-0.88	0.03	-5.6	2.41	2.41
EPS (diluted)	0.88	1.38	0.93	0.25	0.16	0.12	-0.88	0.03	-5.6	2.37	3.2
Book value per share	5.37	7.21	7.92	8.32	8.84	15.1	14.4	15.4	2.81	1.78	1.5
FCF per share	2.38	2.95	3.16	2.6	1.58	3.41	2.58	2.58	4.52	4.27	6.16
Cash per share	0.37	0.64	0.65	0.67	0.74	1.16	0.61	0.59	1.34	0.82	0.79
Capex per share	0.38	0.22	0.31	0.24	0.62	0.25	0.24	0.09	0.15	1.14	1.17

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.42%	1.29%	1.73%	1.28%	3.25%	1.26%	1.16%	0.42%	0.64%	4.81%	4.58%
Capex / operating cash flow	11.1%	5.7%	7.3%	6.49%	18.4%	5.49%	7.06%	2.25%	-7.02%	20.4%	15.5%
Payout ratio	50.2%	31.3%	52%	198.2%	77.2%	0%	0%	—	—	—	0%
Dividend yield	0.77%	0.52%	0.79%	0.62%	0.21%	0%	0%	—	—	—	1.13%

Yield

1.13%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.12

ex-dividend Feb 27, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 27, 2020	$0.12
Nov 26, 2019	$0.12
Aug 27, 2019	$0.12

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$277.6M	$295M	$279.3M	$287.3M	$286.7M	$302.2M	$270.7M	$281.4M	$281.1M	$295.3M	$281.1M	$290.6M
YoY change	+6.25%	+7.37%	+6.68%	+5.99%	+3.28%	+2.45%	-3.08%	-2.06%	-1.95%	-2.31%	+3.87%	+3.27%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	16.9M	29.8M	30.9M	31.8M	35.8M	55.1M	31.7M	31.3M	67.6M	38.9M
Receivables	88.9M	97.2M	88.3M	89.4M	95.7M	103.7M	103.1M	102.2M	85.5M	81.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	507.9M	799.4M	598M	734.5M	819.1M	851M	918.6M	929.8M	976.3M	930.1M
Property, plant & equipment	50.3M	42.2M	40M	139.9M	56.6M	93.2M	81.2M	62.6M	45.1M	15.3M
Goodwill & intangibles	1.5B	1.8B	1.8B	2.1B	2.1B	3.8B	3.7B	3.6B	2.7B	2.6B
Total assets	1.3B	1.8B	1.6B	2B	2B	3B	3B	2.9B	2.5B	2.4B
Accounts payable	377M	636.6M	455.3M	593.7M	636.1M	616.3M	743.4M	721M	50.8M	27.3M
Short-term debt	4.4M	8.6M	7.5M	7.5M	12.8M	18.7M	18.8M	19.3M	23.9M	24.2M
Total current liabilities	680.1M	974.6M	805.7M	988.8M	1B	1.1B	1.2B	1.2B	1.3B	1.2B
Long-term debt	338M	429.6M	379.6M	555.2M	535.5M	990.9M	885.2M	800.5M	1.1B	1.1B
Total liabilities	1.1B	1.5B	1.2B	1.6B	1.6B	2.3B	2.2B	2.1B	2.4B	2.3B
Shareholders' equity	247.5M	336.3M	373.8M	396.8M	426.1M	717.1M	744M	808.7M	142M	85.1M
Total debt	342.4M	438.2M	387.1M	562.7M	548.4M	1B	904M	819.7M	1.1B	1.1B
Net debt	325.5M	408.4M	356.3M	530.9M	512.6M	954.4M	872.3M	788.5M	1B	1.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	31.1M	31.3M	26.4M	30.4M	34.6M	67.6M	37.2M	41.6M	38.3M	38.9M	34.1M	34.4M
Receivables	106.3M	102.2M	99.6M	155.8M	105.3M	85.5M	82.6M	150.9M	86.6M	81.8M	83.3M	141.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	579.4M	929.8M	577.1M	1.1B	655.6M	976.3M	627.5M	1.2B	638.8M	930.1M	642.2M	1.1B
Property, plant & equipment	138.9M	62.6M	131.5M	126.6M	122.6M	45.1M	86.8M	88.3M	90.3M	15.3M	91.8M	91.9M
Goodwill & intangibles	3.6B	3.6B	3.6B	3.5B	3.5B	2.7B	2.7B	2.7B	2.6B	2.6B	2.6B	2.6B
Total assets	2.6B	2.9B	2.5B	3B	2.6B	2.5B	2.1B	2.6B	2.1B	2.4B	2.1B	2.6B
Accounts payable	401.2M	721M	407.7M	846.4M	44M	50.8M	46.4M	42.7M	48.8M	27.3M	46.9M	35.4M
Short-term debt	26M	19.3M	26M	28.7M	23.8M	23.9M	23.4M	24M	24.2M	24.2M	23.2M	22.6M
Total current liabilities	937.6M	1.2B	862.6M	1.3B	962.2M	1.3B	863.9M	1.4B	929.4M	1.2B	866.7M	1.4B
Long-term debt	765.2M	800.5M	1.1B	1B	1B	1.1B	1.2B	1.1B	1B	1.1B	1.2B	1.1B
Total liabilities	1.8B	2.1B	2B	2.5B	2.1B	2.4B	2.1B	2.5B	2B	2.3B	2.1B	2.5B
Shareholders' equity	800.2M	808.7M	534.1M	577.3M	544.3M	142M	33.2M	88M	108.2M	85.1M	34.6M	67M
Total debt	791.2M	819.7M	1.1B	1.1B	1B	1.1B	1.2B	1.2B	1.1B	1.1B	1.2B	1.2B
Net debt	760.1M	788.5M	1.1B	1B	1B	1B	1.2B	1.1B	1B	1.1B	1.2B	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	45.4M	73.6M	44.8M	11.9M	7.7M	5.7M	-45.4M	1.8M	-283.2M	115M
Depreciation & amortization	70.5M	73.9M	79.6M	85.7M	92.7M	82.4M	102.4M	109.5M	121.7M	86.2M
Stock-based compensation	32.6M	40.6M	48.3M	58.6M	87.3M	120.4M	110.3M	127.8M	105M	92.9M
Change in working capital	5.1M	7.4M	30.8M	18.8M	-38.9M	-5.7M	25.3M	-12.9M	30.5M	-14.7M
Operating cash flow	159.1M	179.1M	201.7M	177.1M	161.4M	212.4M	174M	208.6M	-106M	265.6M
Capital expenditure	-17.7M	-10.2M	-14.7M	-11.5M	-29.7M	-11.7M	-12.3M	-4.7M	-7.4M	-54.2M
Investing cash flow	-21.1M	-156.5M	-60.2M	-120.3M	-29.7M	-430.8M	-26.8M	-4.9M	-13.7M	-67.2M
Dividends paid	-22.8M	-23.1M	-23.3M	-23.6M	-6M	0	0	—	—	—
Share repurchases	—	—	0	0	-41M	-108.4M	0	-18.8M	-418M	-217.2M
Financing cash flow	-8.6M	278.6M	-291.9M	111.2M	-10.7M	264.1M	-25.7M	-143M	-139.4M	-247.4M
Net change in cash	129.5M	301.2M	-150.3M	167.9M	121M	45.8M	121.5M	60.6M	-259M	-49M
Free cash flow	109.6M	137.7M	149M	124.1M	76.1M	161.5M	132.8M	135.5M	228.8M	203.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	9M	5.4M	5.2M	21.8M	20.5M	-330.8M	4.9M	26.5M	47.5M	36.7M	31.1M	35.4M
Depreciation & amortization	28M	27.9M	30.1M	30.5M	31.1M	30M	21.6M	21.7M	21.3M	21.6M	20.6M	20.7M
Stock-based compensation	32.4M	32.1M	33.6M	—	18.6M	28.5M	22.2M	27.3M	21.7M	21.8M	23.9M	22.7M
Change in working capital	46.4M	-38.5M	1.1M	1.2M	35.9M	-7.7M	-29.6M	-5.9M	52M	-32.1M	-8.7M	-7.2M
Operating cash flow	124.8M	34M	58.1M	50M	103.9M	-342.4M	14.1M	69.7M	139.2M	58M	51.5M	91.1M
Capital expenditure	-1.5M	-442K	-261K	-5.9M	-1.1M	-208K	-688K	-623K	-12.5M	-14M	-12.8M	-13.3M
Investing cash flow	-1.5M	-442K	-1.4M	-5.9M	-1.1M	-208K	-12.9M	-623K	-12.5M	-14.7M	-12.8M	-13.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	-262.6M	0	-62.8M	-92.6M	-100M	-3.2M	-30.1M	-83.8M	-82.1M	-29.5M
Financing cash flow	-507.2M	372.6M	-394.6M	420.3M	-460.8M	295.8M	-330M	398.1M	-576.2M	260.7M	-342.8M	361.9M
Net change in cash	-383.8M	406.1M	-338M	464.5M	-357.9M	-46.8M	-328.8M	467.2M	-449.4M	304M	-304.1M	439.6M
Free cash flow	110.6M	-18.6M	51.3M	32.6M	88.3M	56.5M	-12.3M	51.5M	123.2M	41.1M	37M	75.3M

Blackbaud Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement