Revenue growth turned positive at 3.3% to 4.1% and gross margin climbed to 60.8% in Q3 2026, though operating margin of 20.5% and net margin of 15.7% remain volatile after the $330.8 million net loss recorded in Q4 2024.
Blackbaud, Inc. (BLKB) annual income statement — 25-year revenue, gross profit & net income history
| 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 | 1.16B | 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 % | 4.07% | -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 | 694.8M | 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 % | 59.92% | 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 | 462.24M | 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 | 318.16M | 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 | 141.76M | 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 | 2.33M | 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 | 232.55M | 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 % | 20.05% | 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 | 316.71M | 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 % | 27.31% | 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 % | 16.34% | 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) | 84.16M | 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 | 242.06M | 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 | -57.82M | -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 | 7.75M | 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 | 65.56M | 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 | -56.06M | -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 | 176.5M | 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 % | 15.22% | 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 | 27.24M | 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 % | 15.44% | 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 | 149.25M | 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 % | 12.87% | 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 % | 18.61% | 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) | 149.25M | 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) | 3.32 | 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 % | 24.69% | 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 | 44.96M | 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 | 44.27M | 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% | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent negative revenue growth
Metrics are mathematically derived from official filings.
Top Line Stabilizing After Contraction
Based on the reported quarterly figures, Blackbaud's revenue moved from negative year-over-year growth in 2025 to positive growth of 3.3% to 4.1% through the most recent quarters, a shift that may indicate stabilization.
The reversal from roughly -2% to -3% growth in 2025 to 3% to 4% in 2026 is meaningful, but it rests on only three quarters of positive prints. Investors should monitor whether this acceleration reflects durable subscription demand or the timing of transactional volumes tied to giving cycles, which the data alone cannot separate.
Gross Margin Improving but Structurally Capped
As reported in the income statement, gross margin rose from 54.4% in late 2024 to roughly 61% in the latest quarters, though it still trails the 77% to 78% gross margins of cloud-native peers Procore and Jamf.
The gross margin recovery suggests better cost absorption or a richer subscription mix, yet the persistent gap to pure-play software peers implies a lower-margin services and payments component. This may limit how far gross margin can expand without a meaningful shift in revenue composition.
Operating Margin Recovery Lags Gross Gains
Operating margin has recovered to about 20% to 21% in recent quarters from 7.5% in Q1 2025, and SG&A has held near $77 million to $81 million per quarter, suggesting modest operating leverage.
Operating income has grown faster than revenue over the last four quarters, which points to some scaling benefit. However, the margin remains well below its 2024 Q2 and Q3 levels of roughly 14% to 15% only in part, and the 2024 Q4 impairment-like loss distorts the comparison, so the underlying trend warrants further investigation.
Net Income Volatility Obscures Underlying Earnings
Based on reported figures, net income swung from a $330.8 million loss in Q4 2024 to $46.1 million in Q3 2026, and quarterly EPS moved between $0.67 and $1.02 in the latest period.
The large swings in net income and EPS suggest that non-operating items, tax effects, or one-time charges materially affect reported earnings. Given stock-based compensation of roughly $22 million to $24 million per quarter, investors should evaluate whether the recent net income strength reflects operations or non-recurring items.
Leverage Could Amplify Any Renewed Decline
Reported debt-to-equity of 13.16 and return on equity of 101.3% appear to be driven more by financial leverage than by operating strength, which may leave limited margin for error if revenue growth reverses.
The elevated ROE is a byproduct of a thin equity base rather than pure operational efficiency, which may mislead investors about underlying profitability. If growth slips back toward the negative territory seen in 2025, the fixed cost base and debt service could compress earnings quickly, a scenario warranting close monitoring.