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Software - Application · Technology · Fiscal year ends Dec 31
Blackline reported revenue of $700M in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was $26M, an operating margin of 3.6%, and net income was $25M. Operating cash flow of $170M less capital expenditure of $8M left free cash flow of $161M.
Ranks among the 85 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 426 | 523 | 590 | 653 | 700 |
| Cost of revenue | 97.9 | 129 | 147 | 162 | 173 |
| Gross profit | 328 | 394 | 443 | 491 | 527 |
| Research & development | 77.3 | 109 | 103 | 101 | 109 |
| Selling, general & admin | 289 | 337 | 315 | 370 | 378 |
| Operating income | −38.6 | −56.2 | 14.3 | 18.5 | 25.6 |
| Interest expense | 62.9 | 5.9 | 5.9 | 8.8 | 10.1 |
| Pre-tax income | −101 | −47.4 | 60.5 | 125 | 48.2 |
| Income tax | 0.1 | −13.5 | 1.5 | −43.1 | 21.0 |
| Net income | −115 | −29.4 | 52.8 | 161 | 24.5 |
| Diluted EPS | −1.97 | −0.49 | 0.81 | 1.45 | 0.39 |
| Diluted shares | 58.4 | 59.5 | 72.0 | 73.5 | 65.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 540 | 201 | 271 | 886 | 390 |
| Receivables | 125 | 151 | 172 | 178 | 218 |
| Current assets | 1,348 | 1,250 | 1,407 | 1,092 | 1,025 |
| Net PP&E | 16.3 | 19.8 | 14.9 | 11.8 | 13.3 |
| Goodwill | 290 | 444 | 449 | 449 | 466 |
| Total assets | 1,818 | 1,944 | 2,101 | 1,825 | 1,760 |
| Payables | 7.5 | 15.0 | 8.6 | 8.5 | 15.5 |
| Deferred revenue | 242 | 279 | 320 | 339 | 369 |
| Current liabilities | 323 | 368 | 643 | 422 | 695 |
| Total liabilities | 1,464 | 1,808 | 1,810 | 1,342 | 1,388 |
| Shareholders' equity | 325 | 112 | 261 | 447 | 332 |
| Backlog (remaining obligations) | 596 | 773 | 843 | 879 | 1,100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 80.1 | 56.0 | 127 | 191 | 170 |
| Capital expenditure | 8.7 | 11.0 | 6.0 | 2.1 | 8.1 |
| Free cash flow | 71.4 | 45.0 | 121 | 189 | 161 |
| Depreciation & amortisation | 27.1 | 42.8 | 50.1 | 50.3 | 46.5 |
| Stock-based compensation | 65.9 | 75.9 | 78.0 | 83.3 | 92.6 |
| Acquisitions | 0.0 | 158 | 11.4 | 0.0 | 16.2 |
| Share buybacks | – | – | – | 0.0 | 236 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.8% | 12.8% | 10.7% | 7.2% |
| Operating income growth (YoY) | – | – | – | 29.2% | 37.9% |
| EPS growth (YoY) | – | – | – | 79.0% | −73.1% |
| Gross margin | 77.0% | 75.3% | 75.1% | 75.2% | 75.2% |
| Operating margin | −9.1% | −10.7% | 2.4% | 2.8% | 3.6% |
| Net margin | −27.1% | −5.6% | 9.0% | 24.7% | 3.5% |
| Return on equityBlank when equity is negative | −35.4% | −26.3% | 20.3% | 36.1% | 7.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.6% | −3.6% | 1.0% | 1.3% | 2.4% |
| Free cash flow margin | 16.8% | 8.6% | 20.5% | 28.9% | 23.1% |
| Cash conversion (CFO ÷ net income) | −0.70x | −1.91x | 2.40x | 1.18x | 6.92x |
| Receivable days | 107 | 105 | 106 | 100 | 114 |
| Payable days | 28 | 42 | 21 | 19 | 33 |
| Interest cover | −0.61x | −9.61x | 2.43x | 2.12x | 2.52x |
| Current ratio | 4.18x | 3.40x | 2.19x | 2.59x | 1.47x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.