Revenue growth remains inconsistent, evidenced by a recent 3.9% year-over-year increase in 2026Q1 following a period of contraction that saw growth dip to -3.1% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'99 |
|---|
| Sales/Revenue | 1.14B | 1.13B | 1.16B | 1.11B | 1.06B | 927.74M | 913.22M | 900.42M | 848.61M | 788.31M | 730.82M | 637.94M | 564.42M | 503.82M | 447.42M | 370.87M | 327.09M | 309.34M | 302.5M | 257.04M | 191.96M | 166.3M | 138.75M | 118.09M | 105.23M | 92.48M |
| Revenue Growth % | -0.69% | -2.35% | 4.53% | 4.47% | 14.05% | 1.59% | 1.42% | 6.11% | 7.65% | 7.87% | 14.56% | 13.03% | 12.03% | 12.61% | 20.64% | 13.38% | 5.74% | 2.26% | 17.68% | 33.9% | 15.43% | 19.86% | 17.49% | 12.22% | 13.79% | - |
| Cost of Goods Sold | 464.84M | 465.07M | 516.29M | 501.39M | 505.39M | 443.19M | 427.17M | 417.22M | 380.84M | 361.9M | 339.22M | 304.63M | 273.44M | 231.86M | 202.46M | 157.19M | 131.81M | 120.94M | 116.42M | 92.48M | 57.27M | 50.13M | 40.54M | 39.37M | 30.98M | 23.93M |
| COGS % of Revenue | - | 41.22% | 44.68% | 45.36% | 47.76% | 47.77% | 46.78% | 46.34% | 44.88% | 45.91% | 46.42% | 47.75% | 48.45% | 46.02% | 45.25% | 42.39% | 40.3% | 39.1% | 38.49% | 35.98% | 29.84% | 30.14% | 29.22% | 33.34% | 29.44% | 25.88% |
| Gross Profit | 674.08M | 663.29M | 639.2M | 604.04M | 552.72M | 484.55M | 486.05M | 483.2M | 467.76M | 426.58M | 392.42M | 333.31M | 290.98M | 271.95M | 244.96M | 213.67M | 195.28M | 188.4M | 186.08M | 164.56M | 134.69M | 116.17M | 98.21M | 78.72M | 74.25M | 68.55M |
| Gross Margin % | 59.19% | 58.78% | 55.32% | 54.64% | 52.24% | 52.23% | 53.22% | 53.66% | 55.12% | 54.11% | 53.7% | 52.25% | 51.55% | 53.98% | 54.75% | 57.61% | 59.7% | 60.9% | 61.51% | 64.02% | 70.17% | 69.86% | 70.78% | 66.66% | 70.56% | 74.12% |
| Gross Profit Growth % | - | 3.77% | 5.82% | 9.29% | 14.07% | -0.31% | 0.59% | 3.3% | 9.65% | 8.71% | 17.74% | 14.55% | 7% | 11.02% | 14.64% | 9.42% | 3.65% | 1.25% | 13.08% | 22.18% | 15.94% | 18.29% | 24.76% | 6.02% | 8.32% | - |
| Operating Expenses | 452.24M | 472.54M | 909.71M | 559.34M | 581.2M | 459.64M | 448.81M | 456.05M | 408.35M | 358.4M | 324.2M | 286.6M | 244.62M | 220.87M | 225.92M | 160.95M | 148.98M | 142.61M | 138.68M | 112.15M | 86.98M | 70.44M | 79.05M | 73.02M | 45.23M | 42.98M |
| OpEx % of Revenue | - | 41.88% | 78.73% | 50.6% | 54.93% | 49.54% | 49.15% | 50.65% | 48.12% | 45.47% | 44.36% | 44.93% | 43.34% | 43.84% | 50.49% | 43.4% | 45.55% | 46.1% | 45.84% | 43.63% | 45.31% | 42.36% | 56.97% | 61.84% | 42.99% | 46.48% |
| Selling, General & Admin | 308.46M | 332.17M | 294.72M | 335.57M | 359.44M | 325.46M | 340.15M | 337.57M | 292.7M | 264.43M | 229.79M | 195.83M | 162.54M | 146.93M | 145.25M | 112.29M | 102.66M | 96.18M | 99.26M | 83.14M | 63.16M | 49.42M | 58.69M | 56.66M | 29.8M | 26.55M |
| SG&A % of Revenue | - | 29.44% | 25.51% | 30.36% | 33.97% | 35.08% | 37.25% | 37.49% | 34.49% | 33.54% | 31.44% | 30.7% | 28.8% | 29.16% | 32.46% | 30.28% | 31.38% | 31.09% | 32.81% | 32.34% | 32.9% | 29.72% | 42.3% | 47.98% | 28.32% | 28.71% |
| Research & Development | 141.49M | 138.13M | 183.19M | 153.3M | 159.21M | 124.57M | 100.15M | 126.86M | 115.41M | 102.71M | 98.17M | 90.28M | 80.81M | 66.64M | 64.69M | 47.67M | 45.53M | 45.66M | 38.71M | 28.52M | 23.12M | 21M | 17.88M | 15.52M | 14.38M | 13.92M |
| R&D % of Revenue | - | 12.24% | 15.85% | 13.87% | 15.05% | 13.43% | 10.97% | 14.09% | 13.6% | 13.03% | 13.43% | 14.15% | 14.32% | 13.23% | 14.46% | 12.85% | 13.92% | 14.76% | 12.8% | 11.1% | 12.04% | 12.63% | 12.88% | 13.14% | 13.67% | 15.06% |
| Other Operating Expenses | 2.29M | 2.23M | 431.8M | 70.47M | 62.55M | 9.61M | 8.52M | -8.38M | 234K | -8.73M | -3.76M | 492K | 1.28M | 0 | 0 | 980K | 798K | 768K | 713K | 491K | 699K | 18K | 2.49M | 848K | 1.04M | 2.51M |
| Operating Income | 221.85M | 190.75M | -270.51M | 44.7M | -28.48M | 24.91M | 37.24M | 27.14M | 59.42M | 68.18M | 68.22M | 46.71M | 46.36M | 56.84M | 32.91M | 50.93M | 46.3M | 45.79M | 47.4M | 52.41M | 47.71M | 45.72M | 19.16M | 5.7M | 29.02M | 25.56M |
| Operating Margin % | 19.48% | 16.91% | -23.41% | 4.04% | -2.69% | 2.68% | 4.08% | 3.01% | 7% | 8.65% | 9.34% | 7.32% | 8.21% | 11.28% | 7.36% | 13.73% | 14.15% | 14.8% | 15.67% | 20.39% | 24.85% | 27.5% | 13.81% | 4.82% | 27.57% | 27.64% |
| Operating Income Growth % | - | 170.52% | -705.09% | 256.94% | -214.37% | -33.13% | 37.2% | -54.31% | -12.85% | -0.07% | 46.05% | 0.75% | -18.42% | 72.7% | -35.38% | 10% | 1.1% | -3.39% | -9.55% | 9.85% | 4.34% | 138.68% | 236.32% | -80.37% | 13.5% | - |
| EBITDA | 306.96M | 276.97M | -197.14M | 111.39M | 37.08M | 76.32M | 98.28M | 92.14M | 122.38M | 129.33M | 130.41M | 97.31M | 89.78M | 99M | 65.15M | 67.92M | 62.37M | 61.3M | 60.27M | 60.56M | 51.47M | 48.46M | 21.86M | 10.18M | 33.44M | 28.07M |
| EBITDA Margin % | 26.95% | 24.55% | -17.06% | 10.08% | 3.5% | 8.23% | 10.76% | 10.23% | 14.42% | 16.41% | 17.85% | 15.25% | 15.91% | 19.65% | 14.56% | 18.31% | 19.07% | 19.82% | 19.92% | 23.56% | 26.81% | 29.14% | 15.76% | 8.62% | 31.78% | 30.36% |
| EBITDA Growth % | 304.29% | 240.49% | -276.98% | 200.38% | -51.41% | -22.35% | 6.66% | -24.71% | -5.37% | -0.83% | 34.02% | 8.38% | -9.31% | 51.95% | -4.08% | 8.91% | 1.74% | 1.72% | -0.48% | 17.66% | 6.21% | 121.64% | 114.69% | -69.55% | 19.13% | - |
| D&A (Non-Cash Add-back) | 85.12M | 86.22M | 73.36M | 66.69M | 65.57M | 51.41M | 61.03M | 64.99M | 62.97M | 61.15M | 62.19M | 50.6M | 43.42M | 42.16M | 32.24M | 17M | 16.07M | 15.51M | 12.87M | 8.15M | 3.76M | 2.73M | 2.71M | 4.49M | 4.43M | 2.51M |
| EBIT | 231.14M | 199.75M | 180.35M | 112.03M | 33.44M | 32.28M | 42.84M | 34.15M | 71.41M | 68.97M | 69.92M | 50.61M | 49.46M | 56.84M | 32.91M | 51.46M | 45.01M | 46.65M | 47.73M | 52.41M | 49.05M | 45.72M | 19.16M | 5.7M | 29.02M | 25.56M |
| Net Interest Income | -59.15M | -60.08M | -45.79M | -31.1M | -34.06M | -17.61M | -15.63M | -17.82M | -13.89M | -11.1M | -10M | -7.92M | -5.95M | -5.75M | -5.72M | -17K | 10K | -325K | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.92M | 7.89M | 9.85M | 8.82M | 1.75M | 392K | 1.66M | 2.8M | 2.01M | 993K | 581K | 155K | 59K | 67K | 146K | 183K | 84K | 637K | 526K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 67.06M | 67.97M | 55.63M | 39.92M | 35.8M | 18M | 17.29M | 20.62M | 15.9M | 12.1M | 10.58M | 8.07M | 6.01M | 5.82M | 5.86M | 200K | 74K | 962K | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -57.77M | -58.97M | -41.09M | -27.06M | -27.09M | -17.82M | -15.63M | -16.56M | -14.79M | -9.84M | -10.87M | -9.76M | -7.13M | -11.51M | -19.58M | 329K | -88K | -105K | -1.19M | -854K | 1.3M | 921K | 415K | -2.23M | -4.21M | -2.12M |
| Pretax Income | 164.07M | 131.78M | -311.59M | 17.64M | -55.58M | 7.08M | 21.61M | 10.59M | 44.62M | 54.19M | 50.93M | 36.95M | 39.23M | 45.33M | 13.32M | 51.26M | 46.18M | 45.69M | 46.21M | 51.55M | 49.01M | 46.65M | 19.57M | 3.47M | 24.81M | 23.45M |
| Pretax Margin % | 14.41% | 11.68% | -26.97% | 1.6% | -5.25% | 0.76% | 2.37% | 1.18% | 5.26% | 6.87% | 6.97% | 5.79% | 6.95% | 9% | 2.98% | 13.82% | 14.12% | 14.77% | 15.28% | 20.06% | 25.53% | 28.05% | 14.11% | 2.94% | 23.57% | 25.36% |
| Income Tax | 22.77M | 16.81M | -28.42M | 15.82M | -10.17M | 1.39M | 13.9M | -1.32M | -219K | -11.74M | 9.41M | 11.3M | 10.94M | 14.86M | 6.74M | 18.04M | 16.38M | 17.24M | 16.33M | 19.83M | 18.5M | 13.34M | 6.93M | 3.95M | 9.17M | 659K |
| Effective Tax Rate % | 13.88% | 12.76% | 9.12% | 89.68% | 18.3% | 19.55% | 64.3% | -12.5% | -0.49% | -21.66% | 18.48% | 30.59% | 27.89% | 32.78% | 50.6% | 35.19% | 35.46% | 37.74% | 35.34% | 38.46% | 37.75% | 28.61% | 35.41% | 113.78% | 36.95% | 2.81% |
| Net Income | 141.3M | 114.97M | -283.17M | 1.82M | -45.41M | 5.7M | 7.72M | 11.91M | 44.84M | 65.93M | 41.52M | 25.65M | 28.29M | 30.47M | 6.58M | 33.22M | 29.8M | 28.45M | 29.88M | 31.72M | 30.51M | 33.3M | 12.64M | -478K | 15.64M | 24.9M |
| Net Margin % | 12.41% | 10.19% | -24.51% | 0.16% | -4.29% | 0.61% | 0.84% | 1.32% | 5.28% | 8.36% | 5.68% | 4.02% | 5.01% | 6.05% | 1.47% | 8.96% | 9.11% | 9.2% | 9.88% | 12.34% | 15.89% | 20.03% | 9.11% | -0.4% | 14.86% | 26.93% |
| Net Income Growth % | 149.44% | 140.6% | -15658.9% | 104.01% | -896.89% | -26.16% | -35.19% | -73.44% | -31.99% | 58.82% | 61.86% | -9.34% | -7.16% | 362.89% | -80.18% | 11.46% | 4.77% | -4.79% | -5.82% | 3.99% | -8.39% | 163.44% | 2744.56% | -103.06% | -37.2% | - |
| Net Income (Continuing) | 141.3M | 114.97M | -283.17M | 1.82M | -45.41M | 5.7M | 7.72M | 11.91M | 44.84M | 73.63M | 45.4M | 25.65M | 28.29M | 30.47M | 6.58M | 33.22M | 29.19M | 28.45M | 29.88M | 31.72M | 30.51M | 33.3M | 12.64M | -478K | 15.64M | 24.9M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 3.05 | 2.37 | -5.60 | 0.03 | -0.88 | 0.12 | 0.16 | 0.25 | 0.93 | 1.38 | 0.88 | 0.55 | 0.62 | 0.67 | 0.15 | 0.75 | 0.68 | 0.65 | 0.68 | 0.71 | 0.68 | 0.72 | 0.27 | -0.01 | 0.37 | 0.54 |
| EPS Growth % | 150.24% | 142.32% | -16619.17% | 103.85% | -833.33% | -25% | -36% | -73.12% | -32.61% | 56.82% | 60% | -11.29% | -7.46% | 346.67% | -80% | 10.29% | 4.62% | -4.41% | -4.23% | 4.41% | -5.56% | 166.67% | 2489.38% | -103.05% | -31.48% | - |
| EPS (Basic) | - | 2.41 | -5.60 | 0.03 | -0.88 | 0.12 | 0.16 | 0.25 | 0.95 | 1.41 | 0.90 | 0.56 | 0.63 | 0.68 | 0.15 | 0.76 | 0.69 | 0.67 | 0.70 | 0.73 | 0.70 | 0.78 | 0.30 | -0.01 | 0.37 | 0.59 |
| Diluted Shares Outstanding | 46.35M | 48.47M | 50.56M | 53.72M | 51.57M | 48.23M | 48.7M | 48.31M | 48.05M | 47.78M | 47.32M | 46.5M | 45.8M | 45.42M | 44.69M | 44.15M | 43.88M | 43.6M | 43.96M | 44.6M | 44.67M | 46.21M | 46.54M | 42.4M | 42.36M | 46.31M |
| Basic Shares Outstanding | 45.56M | 47.68M | 50.56M | 52.55M | 51.57M | 47.41M | 48.18M | 47.7M | 47.21M | 46.67M | 46.13M | 45.62M | 45.22M | 44.68M | 44.15M | 43.52M | 43.15M | 42.77M | 42.96M | 43.62M | 43.32M | 42.56M | 42.5M | 42.4M | 42.36M | 42.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | 77.23% | 198.24% | 51.99% | 34.99% | 54.95% | 87.75% | 78.14% | 72.46% | 330.11% | 64.51% | 65.39% | 62.13% | 58.56% | 47.52% | 40.26% | 25.58% | - | - | - | - |
Legacy product migration friction
As reported in recent financial statements, Blackbaud's revenue growth has fluctuated significantly, with the most recent quarterly figure of $281.1 million representing a modest 3.9% year-over-year increase, following a period of contraction where growth dipped to -3.1% in the first quarter of 2025.
The inconsistent revenue trajectory suggests that the company is struggling to balance the sunsetting of legacy on-premise maintenance contracts with the adoption of its NXT cloud suite. Investors should monitor whether this volatility reflects a fundamental loss of market share to more agile, API-first competitors or merely the timing of revenue recognition during this multi-year platform migration.
Based on reported figures, Blackbaud maintains a gross margin hovering near 59%, a level that appears structurally constrained compared to pure-play SaaS peers, likely due to the high costs associated with payment processing and the professional services required for complex nonprofit software implementations.
This margin profile indicates that the company's profitability is heavily influenced by its transactional revenue mix rather than pure subscription software. The inability to consistently push gross margins above the 60% threshold suggests that the business model remains tethered to lower-margin service and payment components that may limit long-term operating leverage.
According to recent SEC filings, Blackbaud's operating margin has shown extreme volatility, swinging from a negative 121.5% in late 2024 to a positive 18.3% in the most recent quarter, highlighting the impact of non-recurring charges and inconsistent expense management on the company's bottom line.
The wide variance in operating income suggests that management has yet to achieve a stable, scalable cost structure. While recent quarters show improvement, the historical reliance on heavy SG&A spending to support legacy operations warrants further investigation into whether the company can maintain these margins without sacrificing future growth.
Based on the provided data, Blackbaud's net income is frequently impacted by significant stock-based compensation expenses, which reached $23.9 million in the first quarter of 2026, creating a notable wedge between reported GAAP earnings and the underlying cash-generating capability of the core software business.
The persistent use of equity-based incentives appears to be a primary driver of dilution and earnings volatility. Investors should be cautious of relying on headline EPS figures, as the frequent fluctuations in non-operating items and compensation costs may mask the true operational performance of the firm's recurring revenue streams.
As indicated by the recent negative growth trends, the long-held assumption that Blackbaud's legacy donor databases provide an impenetrable moat may be weakening as nonprofits increasingly prioritize modern, extensible platforms over the high switching costs of the company's traditional, siloed software ecosystem.
Short-term investors may focus on the risk that the company is becoming a value trap, where the high cost of replacement is no longer sufficient to retain customers in the face of superior integration capabilities from newer entrants. The failure to accelerate growth despite a massive installed base suggests that the competitive landscape is shifting faster than the company's current product roadmap.
Quick answers to the most common questions about buying BLKB stock.
For fiscal year 2025, Blackbaud, Inc. (BLKB) reported total revenue of $1.13B. This represents a 1120.2% increase compared to $92.5M in 1999.
Blackbaud, Inc. (BLKB) is profitable, generating $115.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.2%.
Blackbaud, Inc. (BLKB) reported an operating income of $190.8M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Blackbaud, Inc. (BLKB) generated $663.3M in gross profit for the year, representing a gross profit margin of 58.8%. This demonstrates the company's core pricing power and production efficiency.