BlackBerry's revenue growth reaccelerated to 27.4% year-over-year in 2027Q2, with gross margins stabilizing at 76.9% and operating margins surging to 22.7%, reflecting strong software-driven profitability.
BlackBerry Limited (BB) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Sales/Revenue | 614M | 549.1M | 534.9M | 759.1M | 526.3M | 718M | 893M | 1.04B | 904M | 932M | 1.31B | 2.16B | 3.33B | 6.81B | 11.07B | 18.42B | 19.91B | 14.95B | 11.07B | 6.03B | 3.04B | 2.06B | 1.35B | 594.62M | 307.01M | 293.98M | 221.33M | 84.97M | 47.34M | 20.85M | 7.16M |
| Revenue Growth % | 13.96% | 2.65% | -29.54% | 44.23% | -26.7% | -19.6% | -14.13% | 15.04% | -3% | -28.8% | -39.4% | -35.23% | -51.05% | -38.47% | -39.9% | -7.45% | 33.13% | 35.14% | 83.55% | 98.52% | 47.24% | 52.72% | 127.11% | 93.68% | 4.43% | 32.83% | 160.49% | 79.47% | 127.01% | 191.24% | - |
| Cost of Goods Sold | 135.9M | 130.9M | 140M | 268.4M | 159.7M | 251M | 250M | 277M | 206M | 262M | 692M | 1.22B | 1.73B | 6.86B | 7.64B | 11.85B | 11.08B | 8.37B | 5.97B | 2.94B | 1.38B | 924.07M | 636.31M | 323.37M | 187.46M | 195.45M | 133.37M | 48.57M | 28.77M | 14.37M | 4.16M |
| COGS % of Revenue | - | 23.84% | 26.17% | 35.36% | 30.34% | 34.96% | 28% | 26.63% | 22.79% | 28.11% | 52.86% | 56.44% | 51.9% | 100.63% | 68.99% | 64.31% | 55.67% | 55.97% | 53.93% | 48.74% | 45.41% | 44.8% | 47.12% | 54.38% | 61.06% | 66.48% | 60.26% | 57.17% | 60.76% | 68.92% | 58.16% |
| Gross Profit | 478.1M | 418.2M | 394.9M | 490.7M | 366.6M | 467M | 643M | 763M | 698M | 670M | 617M | 941M | 1.6B | -43M | 3.43B | 6.58B | 8.82B | 6.58B | 5.1B | 3.09B | 1.66B | 1.14B | 714.14M | 271.25M | 119.55M | 98.54M | 87.95M | 36.39M | 18.57M | 6.48M | 3M |
| Gross Margin % | 77.87% | 76.16% | 73.83% | 64.64% | 69.66% | 65.04% | 72% | 73.37% | 77.21% | 71.89% | 47.14% | 43.56% | 48.1% | -0.63% | 31.01% | 35.69% | 44.33% | 44.03% | 46.07% | 51.26% | 54.58% | 55.2% | 52.88% | 45.62% | 38.94% | 33.52% | 39.74% | 42.83% | 39.24% | 31.08% | 41.84% |
| Gross Profit Growth % | - | 5.9% | -19.52% | 33.85% | -21.5% | -27.37% | -15.73% | 9.31% | 4.18% | 8.59% | -34.43% | -41.33% | 3830.23% | -101.25% | -47.77% | -25.5% | 34.04% | 29.17% | 64.95% | 86.44% | 45.61% | 59.4% | 163.28% | 126.89% | 21.32% | 12.03% | 141.68% | 95.92% | 186.54% | 116.39% | - |
| Operating Expenses | 393.4M | 367.8M | 394.1M | 479.7M | 573.4M | 681M | 1.75B | 912M | 638M | 387M | 1.8B | 1.16B | 2.03B | 7.12B | 4.67B | 5.08B | 4.19B | 3.35B | 2.38B | 1.35B | 850.85M | 723.75M | 685.07M | 234.23M | 248.2M | 157.25M | 92.6M | 26.32M | 13.71M | 7.18M | 4.09M |
| OpEx % of Revenue | - | 66.98% | 73.68% | 63.19% | 108.95% | 94.85% | 195.97% | 87.69% | 70.58% | 41.52% | 137.36% | 53.89% | 60.78% | 104.51% | 42.17% | 27.56% | 21.04% | 22.38% | 21.47% | 22.46% | 28.02% | 35.09% | 50.73% | 39.39% | 80.85% | 53.49% | 41.84% | 30.98% | 28.96% | 34.42% | 57.14% |
| Selling, General & Admin | 253.6M | 242.8M | 255.2M | 291.2M | 274.6M | 297M | 344M | 493M | 409M | 476M | 553M | 653M | 769M | 2.1B | 2.11B | 2.6B | 2.4B | 2.07B | 1.5B | 884.26M | 537.84M | 313.8M | 193.84M | 108.49M | 105.07M | 102.33M | 65.2M | 13.9M | 6.55M | 2.73M | 2.05M |
| SG&A % of Revenue | - | 44.22% | 47.71% | 38.36% | 52.18% | 41.36% | 38.52% | 47.4% | 45.24% | 51.07% | 42.25% | 30.23% | 23.06% | 30.87% | 19.06% | 14.11% | 12.06% | 13.85% | 13.52% | 14.67% | 17.71% | 15.21% | 14.35% | 18.25% | 34.22% | 34.81% | 29.46% | 16.36% | 13.83% | 13.1% | 28.57% |
| Research & Development | 129.2M | 113.6M | 108.8M | 127.1M | 134.2M | 219M | 215M | 259M | 219M | 239M | 306M | 469M | 711M | 1.29B | 1.51B | 1.56B | 1.35B | 965M | 684.7M | 360.96M | 236.14M | 158.63M | 102.67M | 62.64M | 55.97M | 37.44M | 18.28M | 7.74M | 4.38M | 2.98M | 1.61M |
| R&D % of Revenue | - | 20.69% | 20.34% | 16.74% | 25.5% | 30.5% | 24.08% | 24.9% | 24.23% | 25.64% | 23.38% | 21.71% | 21.32% | 18.88% | 13.63% | 8.45% | 6.79% | 6.45% | 6.19% | 5.99% | 7.78% | 7.69% | 7.6% | 10.53% | 18.23% | 12.73% | 8.26% | 9.11% | 9.26% | 14.28% | 22.45% |
| Other Operating Expenses | 4M | 11.4M | 30.1M | 61.4M | 164.6M | 165M | 1.19B | 160M | 10M | -328M | 939M | 42M | 547M | 3.73B | 1.05B | 922M | 438M | 310M | 194.8M | 108.45M | 76.87M | 251.33M | 388.57M | 63.1M | 87.16M | 17.48M | 9.12M | 4.68M | 2.78M | 1.47M | 438.4K |
| Operating Income | 84.7M | 50.4M | 800K | 11M | -206.8M | -214M | -1.11B | -149M | 60M | 283M | -1.18B | -223M | -423M | -7.16B | -1.24B | 1.5B | 4.64B | 3.24B | 2.72B | 1.74B | 806.71M | 414.62M | 29.07M | 37.02M | -128.65M | -58.72M | -4.65M | 10.07M | 4.86M | -696.46K | -1.1M |
| Operating Margin % | 13.79% | 9.18% | 0.15% | 1.45% | -39.29% | -29.8% | -123.96% | -14.33% | 6.64% | 30.36% | -90.22% | -10.32% | -12.68% | -105.14% | -11.15% | 8.13% | 23.29% | 21.65% | 24.6% | 28.81% | 26.57% | 20.1% | 2.15% | 6.23% | -41.9% | -19.97% | -2.1% | 11.85% | 10.27% | -3.34% | -15.31% |
| Operating Income Growth % | - | 6200% | -92.73% | 105.32% | 3.36% | 80.67% | -642.95% | -348.33% | -78.8% | 123.96% | -429.6% | 47.28% | 94.09% | -480% | -182.5% | -67.71% | 43.17% | 18.95% | 56.75% | 115.27% | 94.57% | 1326.52% | -21.49% | 128.78% | -119.1% | -1162.44% | -146.2% | 106.99% | 798.39% | 36.46% | - |
| EBITDA | 100.45M | 68.2M | 45.5M | 69.5M | -102.1M | -38M | -909M | 63M | 209M | 460M | -942M | 393M | 271M | -5.89B | 683M | 3.02B | 5.56B | 3.85B | 3.05B | 1.91B | 933.04M | 500.35M | 95.83M | 91.55M | -97.47M | -40.98M | 4.47M | 14.75M | 7.65M | 772.29K | -657.61K |
| EBITDA Margin % | 16.36% | 12.42% | 8.51% | 9.16% | -19.4% | -5.29% | -101.79% | 6.06% | 23.12% | 49.36% | -71.96% | 18.19% | 8.13% | -86.5% | 6.17% | 16.39% | 27.94% | 25.77% | 27.56% | 31.76% | 30.73% | 24.26% | 7.1% | 15.4% | -31.75% | -13.94% | 2.02% | 17.36% | 16.15% | 3.7% | -9.18% |
| EBITDA Growth % | 80.66% | 49.89% | -34.53% | 168.07% | -168.68% | 95.82% | -1542.86% | -69.86% | -54.57% | 148.83% | -339.69% | 45.02% | 104.6% | -962.81% | -77.38% | -45.71% | 44.34% | 26.36% | 59.31% | 105.19% | 86.48% | 422.15% | 4.67% | 193.92% | -137.86% | -1016.37% | -69.68% | 92.9% | 890.18% | 217.44% | - |
| D&A (Non-Cash Add-back) | 15.75M | 17.8M | 44.7M | 58.5M | 104.7M | 176M | 198M | 212M | 149M | 177M | 239M | 616M | 694M | 1.27B | 1.92B | 1.52B | 927M | 616M | 327.9M | 177.92M | 126.34M | 85.73M | 66.76M | 54.53M | 31.17M | 17.74M | 9.12M | 4.68M | 2.78M | 1.47M | 438.4K |
| EBIT | 103M | 65M | 14.5M | 35.4M | -195.4M | -214M | -98M | -183M | -66M | -198M | -428M | -458M | -174M | -4.04B | -900M | 1.85B | 4.64B | 3.24B | 2.72B | 1.74B | 806.71M | 414.62M | 29.07M | 37.02M | -122.09M | -58.72M | -4.65M | 10.07M | 4.86M | -696.46K | -1.1M |
| Net Interest Income | 2.49M | -6M | -6M | -5.6M | -6.4M | -5.93M | -15.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.58M | 0 | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 5.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.58M | 0 | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.99M | 6M | 6M | 5.6M | 6.4M | 5.93M | 15.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.6M | 8.6M | 7.7M | 18.8M | 5M | 233M | -6M | 1M | 17M | 123M | -27M | -59M | 38M | -21M | 15M | 21M | 8M | 28M | 78.27M | 79.91M | 52.11M | 66.11M | 37.11M | 10.61M | 11.44M | 20.38M | 8.17M | 5.97M | 3.79M | 1.32M | 1.1M |
| Pretax Income | 92.3M | 59M | 8.5M | 29.8M | -201.8M | 19M | -1.11B | -148M | 77M | 406M | -1.21B | -282M | -385M | -7.18B | -1.22B | 1.52B | 4.64B | 3.27B | 2.8B | 1.82B | 858.82M | 480.73M | 66.17M | 47.63M | -117.21M | -38.33M | 3.52M | 16.04M | 8.65M | 619.63K | 0 |
| Pretax Margin % | 15.03% | 10.74% | 1.59% | 3.93% | -38.34% | 2.65% | -124.64% | -14.23% | 8.52% | 43.56% | -92.28% | -13.06% | -11.54% | -105.45% | -11.02% | 8.24% | 23.33% | 21.84% | 25.31% | 30.13% | 28.28% | 23.31% | 4.9% | 8.01% | -38.18% | -13.04% | 1.59% | 18.87% | 18.28% | 2.97% | - |
| Income Tax | 11.9M | 5.8M | 17M | 24.2M | 13.7M | 7M | -9M | 4M | -16M | 1M | -2M | -74M | -81M | -1.31B | -592M | 347M | 1.23B | 809M | 907.75M | 518.28M | 227.34M | 106.69M | -139.44M | -4.2M | 31.78M | -9.86M | 9.73M | 5.54M | 2.25M | 258.43K | -73.07K |
| Effective Tax Rate % | 12.89% | 9.83% | 200% | 81.21% | -6.79% | 36.84% | 0.81% | -2.7% | -20.78% | 0.25% | 0.17% | 26.24% | 21.04% | 18.25% | 48.52% | 22.86% | 26.55% | 24.77% | 32.42% | 28.53% | 26.47% | 22.19% | -210.72% | -8.82% | -27.11% | 25.72% | 276.45% | 34.53% | 25.94% | 41.71% | - |
| Net Income | 80.4M | 53.2M | -79M | -130.2M | -734.4M | 12M | -1.1B | -152M | 93M | 405M | -1.21B | -208M | -304M | -5.87B | -646M | 1.16B | 3.41B | 2.46B | 1.89B | 1.3B | 631.48M | 374.04M | 205.61M | 51.83M | -148.99M | -28.47M | -6.21M | 10.5M | 6.41M | 361.2K | 0 |
| Net Margin % | 13.09% | 9.69% | -14.77% | -17.15% | -139.54% | 1.67% | -123.63% | -14.62% | 10.29% | 43.45% | -92.13% | -9.63% | -9.12% | -86.2% | -5.83% | 6.32% | 17.13% | 16.43% | 17.1% | 21.53% | 20.8% | 18.14% | 15.23% | 8.72% | -48.53% | -9.69% | -2.81% | 12.36% | 13.54% | 1.73% | - |
| Net Income Growth % | 3595.65% | 167.34% | 39.32% | 82.27% | -6220% | 101.09% | -626.32% | -263.44% | -77.04% | 133.58% | -479.81% | 31.58% | 94.82% | -809.13% | -155.5% | -65.88% | 38.83% | 29.82% | 45.82% | 105.54% | 68.83% | 81.92% | 296.71% | 134.79% | -423.28% | -358.42% | -159.16% | 63.8% | 1674.37% | - | - |
| Net Income (Continuing) | 80.4M | 53.2M | -8.5M | 5.6M | -215.5M | 12M | -1.1B | -152M | 93M | 405M | -1.21B | -208M | -304M | -5.87B | -628M | 1.17B | 3.41B | 2.46B | 1.89B | 1.3B | 631.48M | 374.04M | 205.61M | 51.83M | -148.99M | -28.47M | -6.21M | 10.5M | 6.41M | 361.2K | 0 |
| Discontinued Operations | 0 | 0 | -70.5M | -135.8M | -518.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18M | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.12 | 0.09 | -0.13 | -0.22 | -1.35 | 0.02 | -1.97 | -0.25 | 0.15 | 0.74 | -2.30 | -0.32 | -0.58 | -11.18 | -1.23 | 2.22 | 6.34 | 4.31 | 3.30 | 2.26 | 1.10 | 0.63 | 0.36 | 0.10 | -0.32 | -0.06 | -0.01 | 0.03 | 0.02 | 0.00 | 0.00 |
| EPS Growth % | 2695.92% | 169.23% | 40.91% | 83.7% | -6850% | 101.02% | -688% | -266.67% | -79.73% | 132.17% | -618.75% | 44.83% | 94.81% | -808.94% | -155.41% | -64.98% | 47.1% | 30.61% | 46.02% | 105.45% | 74.6% | 75% | 260% | 131.25% | -432.45% | -351.88% | -153.2% | 49.7% | - | - | - |
| EPS (Basic) | - | 0.09 | -0.13 | -0.22 | -1.22 | 0.02 | -1.97 | -0.27 | 0.17 | 0.76 | -2.30 | -0.40 | -0.58 | -11.18 | -1.23 | 2.22 | 6.36 | 4.35 | 3.35 | 2.31 | 1.14 | 0.66 | 0.38 | 0.11 | -0.32 | -0.06 | -0.01 | 0.03 | 0.02 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 649.65M | 597.59M | 591.47M | 592.5M | 639.49M | 631.44M | 561.3M | 614.36M | 616.47M | 545.89M | 525.26M | 651.3M | 527.68M | 525.17M | 524.16M | 524.19M | 538.33M | 569.76M | 574.16M | 572.83M | 573.04M | 589.06M | 565.9M | 501.57M | 463.75M | 474M | 465.82M | 419.92M | 384.54M | 308.44M | 340.81M |
| Basic Shares Outstanding | 586.63M | 592.25M | 591.47M | 584.54M | 578.65M | 570.61M | 561.3M | 553.86M | 540.48M | 532.89M | 525.26M | 526.3M | 527.68M | 525.17M | 524.16M | 524.1M | 535.99M | 564.49M | 565.06M | 559.78M | 552.93M | 567.31M | 541.08M | 478.42M | 463.75M | 474M | 465.82M | 393.68M | 384.54M | 308.44M | 340.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 72.38% | - |
Quick answers to the most common questions about buying BB stock.
For fiscal year 2026, BlackBerry Limited (BB) reported total revenue of $549.1M. This represents a 7568.3% increase compared to $7.2M in 1997.
BlackBerry Limited (BB) is profitable, generating $53.2M in net income for the fiscal year ending 2026 with a net profit margin of 9.7%.
BlackBerry Limited (BB) reported an operating income of $50.4M, resulting in an operating profit margin of 9.2%. This margin reflects the operational efficiency of the business before interest and taxes.
BlackBerry Limited (BB) generated $418.2M in gross profit for the year, representing a gross profit margin of 76.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Cybersecurity Revenue Mix
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerates on Software Pivot
After a period of contraction, BlackBerry's revenue has reaccelerated, posting 25.6% and 27.4% year-over-year growth in the last two quarters, a clear acceleration from the negative growth seen throughout 2025.
This sharp reacceleration suggests the company's strategic shift toward recurring software subscriptions in Cybersecurity and royalties in IoT is gaining traction, moving beyond the volatile legacy licensing tail. The durability of this growth will depend on the company's ability to continue its design win momentum in automotive and defend its endpoint security share against entrenched competitors like CrowdStrike.
Gross Margin Resilience Amid Structural Shift
As reported in recent financial statements, BlackBerry's gross margin has stabilized in the high-70s, reaching 76.9% in the latest quarter, reflecting the low marginal cost of its core software and royalty streams.
The margin profile appears structurally supported by the mix-shift toward high-margin IoT royalties and SaaS subscriptions, which carry minimal cost of goods sold compared to perpetual licenses. However, the reported gross margin remains below pure-play security peers like Qualys (82.8%), which may indicate BlackBerry's mix still contains lower-margin professional services that warrant monitoring.
Operating Leverage Unlocked by SG&A Discipline
The latest quarterly results show significant operating leverage, with operating income surging to $37.4 million on revenue of $165.2 million, a material expansion from operating losses recorded just two years prior.
This dramatic improvement appears driven by both revenue scaling and disciplined control over selling, general, and administrative expenses, which fell to 34.6% of revenue in the quarter versus over 50% in early 2025. The ability to convert gross profit growth into operating income growth so efficiently suggests the high fixed-cost software model is now benefiting from scale, though sustained investment in R&D remains a requirement to maintain its technological moat.
Net Income Turnaround Faces SBC Dilution
Based on reported figures, BlackBerry delivered $33.9 million in net income this quarter, a stark turnaround from deep losses in 2025, though stock-based compensation of $7.5 million continues to represent a non-trivial drag on diluted earnings per share.
The quality of this earnings improvement appears solid, driven by core operational performance rather than one-time items, but investors should adjust for the dilutive impact of SBC, which remains elevated relative to the company's market capitalization. The wide volatility in quarterly net margins, from -33.5% to +20.5%, also suggests earnings are still sensitive to revenue mix and the timing of licensing events.
Profitability Surge Masked by Volatility Risk
The strongest challenge to the current narrative is that the impressive margin expansion to 22.7% operating margin in Q2 2027 appears potentially unsustainable, given the company's history of volatile profitability and heavy reliance on a still-nascent IoT royalty stream.
Short-sellers would likely focus on the fact that operating margin was negative as recently as Q4 2025 and barely positive through most of 2026, questioning the durability of the current run-rate. Furthermore, the concentration of revenue growth in the cyclical IoT segment tied to auto production schedules, coupled with intense competition in cybersecurity, creates significant risk that current profitability levels may not be maintained through an economic downturn or a period of stalled design wins.