Blackbaud (BLKB) financial statements
Blackbaud reported revenue of $1.1B in fiscal 2025, up 4.9% a year over 9 years.
Net income was $115M and the operating margin 16.9%, against 9.3% in 2016.
Free cash flow was $204M, and the company returned $217M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Blackbaud's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $732M | $788M | $849M | $900M | $913M | $928M | $1.1B | $1.1B | $1.2B | $1.1B |
| Cost of revenue | $339M | $362M | $382M | $418M | $428M | $443M | $505M | $508M | $523M | $465M |
| Gross profit | $392M | $427M | $467M | $482M | $485M | $485M | $553M | $599M | $631M | $663M |
| Research and development | $90M | $90M | $99M | $106M | $100M | $125M | $157M | $147M | $154M | $138M |
| Selling, general and admin | $231M | $264M | $299M | $338M | $345M | $333M | $421M | $402M | $340M | $332M |
| Operating income | $68M | $68M | $59M | $27M | $37M | $25M | -$28M | $46M | -$271M | $191M |
| Interest expense | $11M | $12M | $16M | $21M | $17M | $18M | $36M | $40M | $56M | $68M |
| Pre-tax income | $57M | $58M | $45M | $11M | $22M | $7M | -$56M | $19M | -$312M | $132M |
| Income tax | $12M | -$15M | -$219,000 | -$1M | $14M | $1M | -$10M | $16M | -$13M | $17M |
| Net income | $45M | $74M | $45M | $12M | $8M | $6M | -$45M | $3M | -$300M | $115M |
| EPS (diluted) | $0.96 | $1.54 | $0.93 | $0.25 | $0.16 | $0.12 | -$0.88 | $0.06 | -$5.92 | $2.37 |
| Diluted shares | 47M | 48M | 48M | 48M | 49M | 48M | 52M | 54M | 51M | 48M |
| Gross margin | 53.6% | 54.1% | 55.0% | 53.5% | 53.1% | 52.2% | 52.2% | 54.1% | 54.7% | 58.8% |
| Operating margin | 9.3% | 8.6% | 7.0% | 3.0% | 4.1% | 2.7% | -2.7% | 4.2% | -23.5% | 16.9% |
| Net margin | 6.2% | 9.3% | 5.3% | 1.3% | 0.8% | 0.6% | -4.3% | 0.3% | -25.9% | 10.2% |
Balance sheet
Fiscal years, from Blackbaud's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $17M | $30M | $31M | $32M | $36M | $55M | $32M | $31M | $68M | $39M |
| Receivables | $88M | $96M | $87M | $89M | $95M | $103M | $103M | $102M | $84M | $81M |
| Total current assets | $508M | $799M | $598M | $735M | $819M | $851M | $919M | $930M | $977M | $930M |
| Property, plant and equipment | $50M | $42M | $40M | $36M | $105M | $111M | $107M | $99M | $92M | $85M |
| Goodwill | $438M | $530M | $545M | $634M | $636M | $1.1B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total assets | $1.3B | $1.8B | $1.6B | $2.0B | $2.0B | $3.0B | $3.0B | $2.9B | $2.5B | $2.4B |
| Total current liabilities | $680M | $975M | $806M | $989M | $1.0B | $1.1B | $1.2B | $1.2B | $1.3B | $1.2B |
| Long-term debt | $338M | $430M | $380M | $460M | $518M | $937M | $840M | $760M | $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 | $269M | $336M | $374M | $397M | $426M | $717M | $744M | $810M | $127M | $85M |
| Net debt | $325M | $408M | $356M | $435M | $495M | $901M | $827M | $748M | $1.0B | $1.1B |
Cash flow
Fiscal years, from Blackbaud's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $154M | $176M | $201M | $182M | $148M | $214M | $204M | $200M | $296M | $266M |
| Capital spending | $44M | $39M | $52M | $58M | $72M | $52M | $71M | $64M | $67M | $62M |
| Free cash flow | $110M | $138M | $149M | $124M | $76M | $162M | $133M | $136M | $229M | $204M |
| Stock-based compensation | $33M | $41M | $48M | $59M | $87M | $120M | $110M | $128M | $105M | $93M |
| Dividends paid | $23M | $23M | $23M | $24M | $6M | $0 | $0 | — | — | — |
| Share buybacks (net) | — | — | $0 | $0 | -$41M | -$108M | $0 | -$19M | -$418M | -$217M |
| Net borrowing | -$66M | $95M | -$52M | $80M | $937,000 | $429M | -$100M | -$81M | $297M | $35M |
| Free cash flow margin | 15.0% | 17.5% | 17.6% | 13.8% | 8.3% | 17.4% | 12.6% | 12.2% | 19.8% | 18.0% |
| Dividends per share | $0.48 | $0.48 | $0.49 | $0.49 | $0.12 | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BLKB.
Open BLKB in InvestinglyQuestions
What was Blackbaud's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Blackbaud generate?
$204M in fiscal 2025 (operating cash flow minus capital spending).
From Blackbaud's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.