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Software - Application · Technology · Fiscal year ends Dec 31
Blackbaud reported revenue of $1.1B in the fiscal year ended Dec 2025, down 2.3% from the year before. Operating income was $191M, an operating margin of 16.9%, and net income was $115M. Operating cash flow of $266M less capital expenditure of $8M left free cash flow of $258M. Net debt was $1.1B.
Ranks among the 83 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 | 928 | 1,058 | 1,107 | 1,155 | 1,128 |
| Cost of revenue | 443 | 505 | 508 | 523 | 465 |
| Gross profit | 485 | 553 | 599 | 631 | 663 |
| Research & development | 125 | 157 | 147 | 154 | 138 |
| Selling, general & admin | 333 | 421 | 402 | 340 | 332 |
| Operating income | 24.9 | −28.5 | 46.4 | −271 | 191 |
| Interest expense | 18.0 | 35.8 | 39.9 | 55.6 | 68.0 |
| Pre-tax income | 7.1 | −55.6 | 19.3 | −312 | 132 |
| Income tax | 1.4 | −10.2 | 16.3 | −12.9 | 16.8 |
| Net income | 5.7 | −45.4 | 3.0 | −300 | 115 |
| Diluted EPS | 0.12 | −0.88 | 0.06 | −5.92 | 2.37 |
| Diluted shares | 48.2 | 51.6 | 53.7 | 50.6 | 48.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 55.1 | 31.7 | 31.3 | 67.6 | 38.9 |
| Receivables | 103 | 103 | 102 | 83.5 | 80.5 |
| Current assets | 851 | 919 | 930 | 977 | 930 |
| Net PP&E | 111 | 107 | 98.7 | 91.9 | 85.1 |
| Goodwill | 1,059 | 1,050 | 1,054 | 1,053 | 1,057 |
| Total assets | 2,972 | 2,993 | 2,912 | 2,496 | 2,391 |
| Payables | 22.1 | 42.6 | 25.2 | 50.8 | 27.3 |
| Deferred revenue | 374 | 382 | 391 | 359 | 369 |
| Current liabilities | 1,110 | 1,231 | 1,196 | 1,252 | 1,182 |
| Short-term debt | 18.7 | 18.8 | 19.3 | 23.9 | 22.7 |
| Long-term debt | 937 | 840 | 760 | 1,051 | 1,087 |
| Total liabilities | 2,255 | 2,249 | 2,103 | 2,369 | 2,306 |
| Shareholders' equity | 717 | 744 | 810 | 127 | 85.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 214 | 204 | 200 | 296 | 266 |
| Capital expenditure | 11.7 | 12.3 | 4.7 | 7.4 | 7.8 |
| Free cash flow | 202 | 192 | 195 | 289 | 258 |
| Depreciation & amortisation | 82.4 | 102 | 109 | 122 | 86.2 |
| Stock-based compensation | 120 | 110 | 128 | 105 | 92.9 |
| Acquisitions | 419 | 20.9 | 0.0 | 0.0 | 0.7 |
| Share buybacks | 108 | 0.0 | 18.8 | 418 | 217 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | 4.6% | 4.3% | −2.3% |
| Operating income growth (YoY) | – | −214.4% | – | −685.5% | – |
| EPS growth (YoY) | – | −833.3% | – | −9966.7% | – |
| Gross margin | 52.2% | 52.2% | 54.1% | 54.7% | 58.8% |
| Operating margin | 2.7% | −2.7% | 4.2% | −23.5% | 16.9% |
| Net margin | 0.6% | −4.3% | 0.3% | −25.9% | 10.2% |
| Return on equityBlank when equity is negative | 0.8% | −6.1% | 0.4% | −236.1% | 135.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.3% | −1.6% | 2.7% | −21.8% | 15.8% |
| Free cash flow margin | 21.8% | 18.1% | 17.6% | 25.0% | 22.8% |
| Cash conversion (CFO ÷ net income) | 37.5x | −4.49x | 66.1x | −0.99x | 2.31x |
| Receivable days | 40 | 35 | 34 | 26 | 26 |
| Payable days | 18 | 31 | 18 | 35 | 21 |
| Interest cover | 1.38x | −0.80x | 1.16x | −4.88x | 2.81x |
| Debt ÷ equity | 1.33x | 1.15x | 0.96x | 8.48x | 13.0x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 901 | 827 | 748 | 1,007 | 1,071 |
| Current ratio | 0.77x | 0.75x | 0.78x | 0.78x | 0.79x |
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.