What is Blackbaud's operating income?

Blackbaud's total operating income in 2025 was $190.75 million, based on the following breakdown: Total Gross Profit: $663.29 million Total Operating Expenses: $472.54 million

Blackbaud (BLKB) Financials

$46.21 +1.54 (+3.45%)

Closing price 04:00 PM Eastern

Extended Trading

$44.58 -1.63 (-3.52%)

As of 04:10 PM Eastern

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Annual Income Statements for Blackbaud

This table shows Blackbaud's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	26	45	74	45	12	7.72	5.70	-45	3.02	-300	115
Consolidated Net Income / (Loss)	26	45	74	45	12	7.72	5.70	-45	3.02	-300	115
Net Income / (Loss) Continuing Operations	26	45	74	45	12	7.72	5.70	-45	3.02	-300	115
Total Pre-Tax Income	37	57	58	45	11	22	7.08	-56	19	-312	132
Total Operating Income	47	68	68	59	27	37	25	-28	46	-271	191
Total Gross Profit	333	392	427	467	482	485	485	553	599	631	663
Total Revenue	638	732	788	849	900	913	928	1,058	1,107	1,155	1,128
Operating Revenue	638	732	788	849	900	913	928	1,058	1,107	1,155	1,128
Total Cost of Revenue	305	339	362	382	418	428	443	505	508	523	465
Operating Cost of Revenue	305	339	362	382	418	428	443	505	508	523	465
Total Operating Expenses	287	324	358	407	455	448	460	581	553	903	473
Selling, General & Admin Expense	76	81	95	106	113	135	146	200	190	143	155
Marketing Expense	124	150	170	193	224	210	186	221	212	197	178
Research & Development Expense	85	90	90	99	106	100	125	157	147	154	138
Amortization Expense	2.23	2.84	3.27	4.84	5.32	2.92	2.23	2.93	3.14	3.54	2.23
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.00	405	0.00
Total Other Income / (Expense), net	-9.76	-11	-9.84	-15	-17	-16	-18	-27	-27	-41	-59
Interest Expense	8.07	11	12	16	21	17	18	36	40	56	68
Other Income / (Expense), net	-1.69	-0.29	2.26	1.10	4.06	1.66	0.18	8.71	13	15	9.00
Income Tax Expense	11	12	-15	-0.22	-1.32	14	1.39	-10	16	-13	17
Basic Earnings per Share	$0.56	$0.98	$1.58	$0.95	$0.25	$0.16	$0.12	($0.88)	$0.06	($5.92)	$2.41
Weighted Average Basic Shares Outstanding	45.62M	46.13M	46.67M	47.21M	47.70M	48.18M	47.41M	51.57M	52.55M	50.56M	47.68M
Diluted Earnings per Share	$0.55	$0.96	$1.54	$0.93	$0.25	$0.16	$0.12	($0.88)	$0.06	($5.92)	$2.37
Weighted Average Diluted Shares Outstanding	46.50M	47.32M	47.78M	48.05M	48.31M	48.70M	48.23M	51.57M	53.72M	50.56M	48.47M
Weighted Average Basic & Diluted Shares Outstanding	45.80M	46.10M	46.60M	47.20M	49.14M	48.38M	51.97M	53.22M	53.48M	49.24M	45.93M

This table shows Blackbaud's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	5.40	5.25	22	18	-331	4.32	26	47	37	31	35
Consolidated Net Income / (Loss)	5.40	5.25	22	18	-331	4.32	26	47	37	31	35
Net Income / (Loss) Continuing Operations	5.40	5.25	22	18	-331	4.32	26	47	37	31	35
Total Pre-Tax Income	26	3.79	30	30	-378	4.87	40	41	46	38	46
Total Operating Income	32	11	42	41	-367	20	57	55	59	51	62
Total Gross Profit	159	153	163	157	164	155	168	167	172	167	178
Total Revenue	295	279	287	287	302	270	282	281	295	281	291
Operating Revenue	295	279	287	287	302	270	282	281	295	281	291
Total Cost of Revenue	136	126	125	129	138	115	114	114	123	115	112
Operating Cost of Revenue	136	126	125	129	138	115	114	114	123	115	112
Total Operating Expenses	127	142	120	116	532	135	111	113	113	115	116
Selling, General & Admin Expense	35	48	33	28	36	57	33	31	34	30	34
Marketing Expense	52	51	47	50	50	45	44	44	45	47	46
Research & Development Expense	39	43	39	38	39	34	34	37	34	37	35
Amortization Expense	0.78	0.90	0.90	0.92	0.82	0.53	0.57	0.57	0.56	0.59	0.59
Total Other Income / (Expense), net	-6.06	-6.93	-12	-11	-11	-15	-17	-14	-13	-14	-16
Interest Expense	8.47	10	16	14	16	17	18	17	16	16	18
Other Income / (Expense), net	2.41	3.35	3.31	3.00	4.90	2.11	1.12	3.25	2.53	2.40	1.98
Income Tax Expense	21	-1.46	7.88	12	-47	0.54	14	-6.45	9.13	6.67	11
Basic Earnings per Share	$0.10	$0.10	$0.43	$0.36	($6.54)	$0.09	$0.55	$1.00	$0.77	$0.68	$0.79
Weighted Average Basic Shares Outstanding	52.55M	52.05M	50.75M	50.41M	50.56M	48.43M	47.78M	47.68M	47.68M	45.56M	44.76M
Diluted Earnings per Share	$0.10	$0.10	$0.42	$0.35	($6.52)	$0.09	$0.55	$0.98	$0.75	$0.67	$0.79
Weighted Average Diluted Shares Outstanding	53.72M	53.41M	51.68M	51.63M	50.56M	49.45M	48.25M	48.50M	48.47M	46.35M	44.88M
Weighted Average Basic & Diluted Shares Outstanding	53.48M	51.63M	51.63M	50.72M	49.24M	48.52M	48.51M	47.83M	45.93M	45.93M	45.39M

This table details how cash moves in and out of Blackbaud's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	115	100	270	-190	127	68	6.79	82	-5.67	81	-51
Net Cash From Operating Activities	129	154	176	201	182	148	214	204	200	296	266
Net Cash From Continuing Operating Activities	129	154	176	201	182	148	214	204	200	296	266
Net Income / (Loss) Continuing Operations	26	45	74	45	12	7.72	5.70	-45	3.02	-300	115
Consolidated Net Income / (Loss)	26	45	74	45	12	7.72	5.70	-45	3.02	-300	115
Depreciation Expense	56	70	74	80	86	93	82	102	109	122	86
Amortization Expense	0.90	0.96	0.84	0.75	0.75	0.78	1.57	2.36	1.78	2.54	2.48
Non-Cash Adjustments To Reconcile Net Income	34	36	53	53	72	103	142	122	137	519	92
Changes in Operating Assets and Liabilities, net	13	1.27	-25	23	12	-57	-18	23	-52	-48	-30
Net Cash From Investing Activities	-141	-47	-185	-98	-167	-72	-471	-86	-64	-73	-75
Net Cash From Continuing Investing Activities	-141	-47	-185	-98	-167	-72	-471	-86	-64	-73	-75
Purchase of Property, Plant & Equipment	-34	-44	-39	-52	-58	-72	-52	-71	-64	-67	-62
Acquisitions	-107	-3.38	-147	-45	-109	0.00	-419	-21	-0.01	-1.18	-13
Other Investing Activities, net	-	0.00	0.00	-0.50	0.50	-	0.00	0.00	-0.25	-5.03	0.00
Net Cash From Financing Activities	130	-8.55	279	-292	111	-11	264	-26	-143	-139	-247
Net Cash From Continuing Financing Activities	130	-8.55	279	-292	111	-11	264	-26	-143	-139	-247
Repayment of Debt	-151	-198	-455	-511	-345	-752	-156	-311	-375	-1,151	-370
Repurchase of Common Equity	-	-	-	0.00	0.00	-41	-108	-1.34	-19	-418	-217
Issuance of Debt	312	227	775	271	424	749	582	211	293	1,441	405
Other Financing Activities, net	-9.39	-15	-17	-29	55	40	-54	75	-43	-12	-65
Effect of Exchange Rate Changes	-2.70	2.62	-0.55	-2.01	0.98	2.25	0.30	-10	2.05	-1.96	6.25
Cash Interest Paid	7.21	9.61	11	15	20	16	16	33	38	52	66
Cash Income Taxes Paid	-4.80	-1.34	-5.61	-7.14	0.38	3.56	10	9.67	36	61	28

This table details how cash moves in and out of Blackbaud's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	338	-345	448	-368	347	-353	455	-454	302	-306	428
Net Cash From Operating Activities	-3.35	65	54	104	74	1.39	67	139	58	51	91
Net Cash From Continuing Operating Activities	-3.35	65	54	104	74	1.39	67	139	58	51	91
Net Income / (Loss) Continuing Operations	5.40	5.25	22	21	-331	4.32	26	47	37	31	35
Consolidated Net Income / (Loss)	5.40	5.25	22	21	-331	4.32	26	47	37	31	35
Depreciation Expense	28	30	30	31	30	22	22	21	22	21	21
Amortization Expense	0.39	0.35	0.64	0.80	0.75	0.70	0.65	0.59	0.54	0.49	0.78
Non-Cash Adjustments To Reconcile Net Income	32	35	27	20	437	18	30	22	22	25	26
Changes in Operating Assets and Liabilities, net	-69	-6.51	-26	32	-64	-43	-12	48	-23	-26	8.26
Net Cash From Investing Activities	-15	-15	-26	-16	-17	-26	-15	-16	-18	-14	-24
Net Cash From Continuing Investing Activities	-15	-15	-26	-16	-17	-26	-15	-16	-18	-14	-24
Purchase of Property, Plant & Equipment	-15	-13	-21	-16	-17	-14	-15	-16	-17	-14	-16
Net Cash From Financing Activities	354	-395	420	-461	296	-330	398	-576	261	-343	362
Net Cash From Continuing Financing Activities	354	-395	420	-461	296	-330	398	-576	261	-343	362
Repayment of Debt	-81	-79	-894	-114	-65	-86	-102	-129	-53	-75	-106
Repurchase of Common Equity	-19	-263	-	-63	-93	-100	-3.18	-30	-84	-82	-30
Issuance of Debt	117	340	872	92	138	216	56	35	98	140	70
Other Financing Activities, net	336	-392	442	-376	315	-361	447	-451	300	-326	428
Effect of Exchange Rate Changes	2.36	-0.86	0.34	4.05	-5.48	1.67	5.54	-1.44	0.48	-0.43	-0.22

This table presents Blackbaud's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,223	1,310	1,798	1,615	1,993	2,045	2,972	2,993	2,912	2,496	2,391
Total Current Assets	399	508	799	598	735	819	851	919	930	977	930
Cash & Equivalents	15	17	30	31	32	36	55	32	31	68	39
Restricted Cash	255	354	612	421	546	610	598	702	697	744	721
Accounts Receivable	80	89	96	87	89	95	103	103	102	84	81
Prepaid Expenses	49	48	62	60	68	78	96	82	99	82	89
Plant, Property, & Equipment, net	53	50	42	40	36	105	111	107	99	92	85
Total Noncurrent Assets	772	752	956	977	1,223	1,120	2,009	1,967	1,884	1,427	1,376
Goodwill	436	438	530	545	634	636	1,059	1,050	1,054	1,053	1,057
Intangible Assets	314	291	369	367	419	389	819	776	742	281	262
Other Noncurrent Operating Assets	21	23	57	65	170	95	131	140	88	94	56
Total Liabilities & Shareholders' Equity	1,223	1,310	1,798	1,615	1,993	2,045	2,972	2,993	2,912	2,496	2,391
Total Liabilities	1,013	1,063	1,462	1,242	1,596	1,619	2,255	2,249	2,104	2,369	2,306
Total Current Liabilities	566	680	975	806	989	1,013	1,110	1,231	1,197	1,252	1,182
Short-Term Debt	4.38	4.38	8.58	7.50	7.50	13	19	19	19	24	23
Accounts Payable	19	23	25	35	48	28	22	43	25	51	27
Accrued Expenses	57	54	54	47	73	52	100	86	64	76	43
Current Deferred Revenue	230	245	275	296	314	312	374	382	393	359	369
Other Current Liabilities	255	354	612	421	546	608	594	701	696	742	720
Total Noncurrent Liabilities	446	383	487	436	607	605	1,145	1,018	906	1,117	1,124
Long-Term Debt	404	338	430	380	460	518	937	840	760	1,051	1,087
Noncurrent Deferred Revenue	7.12	6.44	3.64	2.56	1.80	4.68	4.25	2.82	2.40	2.02	2.78
Noncurrent Deferred & Payable Income Tax Liabilities	28	30	48	44	45	54	148	126	93	25	22
Other Noncurrent Operating Liabilities	7.62	8.53	5.63	9.39	101	28	55	49	50	39	12
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	211	248	336	374	397	426	717	744	809	127	85
Total Preferred & Common Equity	211	248	336	374	397	426	717	744	809	127	85
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	211	248	336	374	397	426	717	744	809	127	85
Common Stock	276	311	351	399	458	545	969	1,075	1,203	1,292	1,392
Retained Earnings	135	153	225	246	235	237	242	197	199	-99	16
Treasury Stock	-200	-215	-239	-267	-291	-353	-501	-537	-592	-1,060	-1,316
Accumulated Other Comprehensive Income / (Loss)	-0.83	-0.46	-0.64	-5.11	-5.29	-2.50	6.52	8.94	-1.69	-4.87	-5.95

This table presents Blackbaud's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,639	3,093	2,603	2,549	3,043	2,601	2,102	2,629	2,104	2,109	2,594
Total Current Assets	579	1,045	579	577	1,079	656	627	1,154	639	642	1,119
Cash & Equivalents	24	29	31	26	30	0.00	37	42	38	34	34
Restricted Cash	366	765	363	360	804	0.00	424	876	423	426	853
Accounts Receivable	100	169	103	96	153	0.00	78	145	83	76	135
Prepaid Expenses	89	82	82	95	92	88	88	91	95	106	97
Plant, Property, & Equipment, net	105	105	101	96	98	0.00	85	83	85	85	85
Total Noncurrent Assets	1,955	1,944	1,923	1,876	1,866	0.00	1,390	1,392	1,380	1,382	1,390
Goodwill	1,052	1,053	1,051	1,053	1,053	0.00	1,054	1,058	1,057	1,056	1,056
Intangible Assets	768	761	750	727	715	0.00	276	274	267	256	252
Other Noncurrent Operating Assets	135	130	122	95	97	0.00	59	60	57	70	82
Total Liabilities & Shareholders' Equity	2,639	3,093	2,603	2,549	3,043	2,601	2,102	2,629	2,104	2,109	2,594
Total Liabilities	1,920	2,332	1,803	2,015	2,465	2,056	2,069	2,541	1,996	2,075	2,527
Total Current Liabilities	864	1,361	938	863	1,349	962	864	1,380	929	867	1,351
Short-Term Debt	19	19	19	19	24	0.00	23	23	23	23	23
Accounts Payable	47	41	39	49	44	0.00	46	43	49	47	35
Accrued Expenses	73	103	101	75	52	50	45	41	53	38	38
Current Deferred Revenue	361	435	416	360	427	410	326	399	383	334	404
Other Current Liabilities	364	764	362	359	802	0.00	423	875	422	425	852
Total Noncurrent Liabilities	1,056	971	866	1,152	1,116	68	1,205	1,161	1,067	1,208	1,176
Long-Term Debt	859	827	723	1,021	998	0.00	1,182	1,136	1,042	1,163	1,127
Noncurrent Deferred Revenue	6.96	3.52	3.02	6.83	2.32	0.00	6.03	2.18	1.77	6.05	2.77
Noncurrent Deferred & Payable Income Tax Liabilities	131	91	94	82	75	68	9.60	9.77	9.25	27	33
Other Noncurrent Operating Liabilities	58	48	45	43	41	0.00	7.17	13	14	11	13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	720	761	800	534	577	1,467	33	88	108	40	72
Total Preferred & Common Equity	720	761	800	534	577	545	33	88	108	35	67
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	720	761	800	534	577	1,467	33	88	108	40	72
Common Stock	1,105	1,139	1,171	1,184	1,209	1,227	1,320	1,347	1,370	1,416	1,438
Retained Earnings	182	184	193	204	226	247	-79	-53	-21	47	82
Treasury Stock	-568	-571	-572	-856	-857	0.00	-1,199	-1,200	-1,231	-1,424	-1,452
Accumulated Other Comprehensive Income / (Loss)	0.40	8.84	8.14	1.22	0.18	-6.89	-8.30	-6.29	-9.20	1.43	4.47

This table displays calculated financial ratios and metrics derived from Blackbaud's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.03%	14.69%	7.77%	7.62%	6.11%	1.42%	1.59%	14.05%	4.47%	4.53%	-2.27%
EBITDA Growth	11.52%	36.75%	4.19%	-3.02%	-16.47%	12.55%	-17.63%	-22.10%	98.71%	-178.04%	317.49%
EBIT Growth	-0.49%	50.88%	3.69%	-14.08%	-48.44%	24.67%	-35.51%	-178.82%	391.15%	-544.63%	177.78%
NOPAT Growth	-3.01%	66.59%	59.31%	-30.61%	-48.86%	-56.46%	50.68%	-199.52%	123.13%	-4,206.24%	187.60%
Net Income Growth	-9.34%	77.02%	62.17%	-39.10%	-73.44%	-35.19%	-26.16%	-896.89%	104.01%	-15,658.90%	138.38%
EPS Growth	-11.29%	74.55%	60.42%	-39.61%	-73.12%	-36.00%	-25.00%	-833.33%	103.41%	-18,766.67%	140.03%
Operating Cash Flow Growth	10.56%	18.88%	14.75%	14.24%	-9.39%	-18.92%	44.41%	-4.57%	-2.09%	48.26%	-10.28%
Free Cash Flow Firm Growth	94.17%	3,906.30%	-5.74%	-167.70%	146.06%	-123.33%	-5,386.25%	119.12%	-89.56%	1,826.98%	-56.24%
Invested Capital Growth	11.97%	-37.04%	-39.43%	132.91%	-7.52%	9.04%	227.20%	-14.86%	-1.05%	-52.84%	11.30%
Revenue Q/Q Growth	3.75%	3.28%	2.37%	0.45%	1.88%	0.52%	0.57%	2.61%	1.87%	0.63%	-0.63%
EBITDA Q/Q Growth	5.55%	19.88%	-5.19%	-3.31%	-7.96%	-1.67%	-6.26%	-5.26%	44.78%	-150.16%	332.58%
EBIT Q/Q Growth	8.43%	42.88%	-12.11%	-7.93%	-28.27%	-10.49%	-17.58%	-79.50%	689.12%	-281.51%	190.22%
NOPAT Q/Q Growth	7.60%	35.04%	29.59%	-35.57%	-6.45%	-61.96%	931.63%	-45.60%	308.67%	-356.09%	202.13%
Net Income Q/Q Growth	6.63%	48.18%	26.59%	-37.85%	-40.21%	-65.95%	757.97%	-45.51%	107.33%	-634.38%	145.96%
EPS Q/Q Growth	5.77%	47.69%	25.20%	-38.00%	-39.02%	-65.96%	1,300.00%	-41.94%	106.25%	-649.02%	148.87%
Operating Cash Flow Q/Q Growth	6.89%	9.84%	-0.33%	5.58%	-1.72%	-12.72%	2.44%	-12.75%	-8.03%	35.12%	-5.54%
Free Cash Flow Firm Q/Q Growth	94.22%	476.97%	183.41%	-332.94%	738.94%	82.43%	-2,116.57%	123.98%	-76.68%	79.77%	109.30%
Invested Capital Q/Q Growth	-4.48%	-51.62%	-71.05%	-46.52%	-52.69%	-56.13%	51.32%	-28.17%	-25.14%	-62.28%	-38.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.25%	53.64%	54.10%	55.02%	53.53%	53.13%	52.23%	52.24%	54.57%	55.32%	58.78%
EBITDA Margin	15.98%	19.05%	18.42%	16.60%	13.07%	14.50%	11.76%	8.03%	15.27%	-11.40%	25.56%
Operating Margin	7.32%	9.32%	8.65%	7.00%	3.01%	4.08%	2.68%	-2.69%	4.04%	-23.41%	16.91%
EBIT Margin	7.06%	9.29%	8.93%	7.13%	3.47%	4.26%	2.70%	-1.87%	5.21%	-22.15%	17.70%
Profit (Net Income) Margin	4.02%	6.21%	9.34%	5.28%	1.32%	0.85%	0.61%	-4.29%	0.16%	-24.51%	10.19%
Tax Burden Percent	69.41%	79.17%	126.21%	100.49%	112.50%	35.70%	80.45%	81.70%	10.32%	90.88%	87.24%
Interest Burden Percent	82.07%	84.42%	82.83%	73.73%	33.92%	55.56%	28.23%	281.08%	30.65%	121.74%	65.97%
Effective Tax Rate	30.59%	20.83%	-26.21%	-0.49%	-12.50%	64.30%	19.55%	0.00%	89.68%	0.00%	12.76%
Return on Invested Capital (ROIC)	9.84%	19.03%	48.88%	27.01%	10.26%	4.45%	3.01%	-2.11%	0.53%	-29.93%	40.35%
ROIC Less NNEP Spread (ROIC-NNEP)	4.68%	3.30%	59.60%	38.11%	31.53%	9.41%	-12.15%	-14.00%	-2.64%	-89.58%	23.57%
Return on Net Nonoperating Assets (RNNOA)	3.10%	0.79%	-23.66%	-14.38%	-7.17%	-2.57%	-2.01%	-4.10%	-0.30%	-29.64%	68.16%
Return on Equity (ROE)	12.94%	19.82%	25.22%	12.63%	3.09%	1.88%	1.00%	-6.22%	0.23%	-59.57%	108.52%
Cash Return on Invested Capital (CROIC)	-1.46%	64.50%	98.00%	-52.84%	18.07%	-4.20%	-103.36%	13.94%	1.59%	41.87%	29.65%
Operating Return on Assets (OROA)	4.16%	5.36%	4.53%	3.55%	1.73%	1.93%	1.00%	-0.66%	1.95%	-9.47%	8.18%
Return on Assets (ROA)	2.37%	3.58%	4.74%	2.63%	0.66%	0.38%	0.23%	-1.52%	0.06%	-10.47%	4.71%
Return on Common Equity (ROCE)	12.94%	19.82%	25.22%	12.63%	3.09%	1.88%	1.00%	-6.22%	0.23%	-59.57%	108.52%
Return on Equity Simple (ROE_SIMPLE)	12.18%	18.34%	21.90%	12.00%	3.00%	1.81%	0.79%	-6.10%	0.23%	-199.43%	0.00%
Net Operating Profit after Tax (NOPAT)	32	54	86	60	31	13	20	-20	4.61	-189	166
NOPAT Margin	5.08%	7.38%	10.91%	7.04%	3.39%	1.46%	2.16%	-1.88%	0.42%	-16.39%	14.75%
Net Nonoperating Expense Percent (NNEP)	5.16%	15.74%	-10.71%	-11.10%	-21.27%	-4.96%	15.16%	11.89%	3.17%	59.65%	16.79%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-1.24%	0.29%	-15.56%	13.93%
Cost of Revenue to Revenue	47.75%	46.36%	45.90%	44.98%	46.47%	46.87%	47.77%	47.76%	45.43%	44.68%	41.22%
SG&A Expenses to Revenue	11.93%	11.12%	12.03%	12.53%	12.60%	14.77%	15.77%	18.89%	17.18%	12.35%	13.70%
R&D to Revenue	13.27%	12.28%	11.40%	11.64%	11.79%	10.97%	13.43%	14.83%	13.87%	13.90%	12.24%
Operating Expenses to Revenue	44.93%	44.31%	45.45%	48.01%	50.52%	49.05%	49.54%	54.93%	50.53%	78.73%	41.88%
Earnings before Interest and Taxes (EBIT)	45	68	70	61	31	39	25	-20	58	-256	200
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	102	139	145	141	118	132	109	85	169	-132	288
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.29	12.08	13.34	8.11	9.85	6.70	5.31	4.20	5.77	26.40	35.61
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.72	4.09	5.69	3.57	4.34	3.12	4.10	2.95	4.22	3.24	2.68
Price to Earnings (P/E)	117.32	65.85	60.93	67.62	328.25	369.72	667.78	0.00	2,565.40	0.00	26.34
Dividend Yield	0.75%	0.76%	0.51%	0.77%	0.60%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.85%	1.52%	1.64%	1.48%	0.30%	0.27%	0.15%	0.00%	0.04%	0.00%	3.80%
Enterprise Value to Invested Capital (EV/IC)	9.04	13.51	32.25	9.59	13.28	8.78	4.03	3.74	5.49	9.90	7.78
Enterprise Value to Revenue (EV/Rev)	4.93	4.05	5.43	3.50	4.22	3.00	4.43	3.07	4.27	3.47	2.99
Enterprise Value to EBITDA (EV/EBITDA)	30.88	21.25	29.49	21.07	32.28	20.68	37.67	38.25	27.96	0.00	11.71
Enterprise Value to EBIT (EV/EBIT)	69.89	43.59	60.81	49.04	121.72	70.41	163.77	0.00	81.99	0.00	16.91
Enterprise Value to NOPAT (EV/NOPAT)	97.06	54.83	49.78	49.70	124.37	205.98	205.05	0.00	1,023.57	0.00	20.30
Enterprise Value to Operating Cash Flow (EV/OCF)	24.35	19.28	24.30	14.74	20.81	18.51	19.23	15.94	23.64	13.56	12.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	16.18	24.83	0.00	70.60	0.00	0.00	24.68	343.34	15.15	27.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.94	1.38	1.30	1.04	1.18	1.25	1.33	1.15	0.96	7.57	13.05
Long-Term Debt to Equity	1.92	1.37	1.28	1.02	1.16	1.22	1.31	1.13	0.94	7.40	12.78
Financial Leverage	0.66	0.24	-0.40	-0.38	-0.23	-0.27	0.17	0.29	0.11	0.33	2.89
Leverage Ratio	5.46	5.53	5.32	4.81	4.68	4.91	4.39	4.08	3.80	5.69	23.06
Compound Leverage Factor	4.48	4.67	4.41	3.54	1.59	2.73	1.24	11.47	1.17	6.92	15.21
Debt to Total Capital	65.96%	58.04%	56.58%	50.88%	54.07%	55.48%	57.15%	53.59%	49.09%	88.33%	92.88%
Short-Term Debt to Total Capital	0.71%	0.74%	1.11%	0.99%	0.87%	1.34%	1.12%	1.17%	1.21%	1.96%	1.90%
Long-Term Debt to Total Capital	65.25%	57.30%	55.47%	49.89%	53.20%	54.14%	56.03%	52.41%	47.87%	86.37%	90.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	34.04%	41.96%	43.42%	49.12%	45.93%	44.52%	42.85%	46.41%	50.91%	11.67%	7.12%
Debt to EBITDA	4.00	2.46	3.02	2.75	3.97	4.01	8.77	10.11	4.62	-8.16	3.85
Net Debt to EBITDA	1.35	-0.20	-1.40	-0.46	-0.94	-0.86	2.78	1.47	0.30	-2.00	1.21
Long-Term Debt to EBITDA	3.96	2.43	2.96	2.70	3.91	3.91	8.60	9.89	4.50	-7.98	3.77
Debt to NOPAT	12.59	6.34	5.09	6.48	15.30	39.94	47.72	-43.08	169.07	-5.68	6.67
Net Debt to NOPAT	4.25	-0.52	-2.36	-1.08	-3.63	-8.59	15.14	-6.26	11.07	-1.39	2.10
Long-Term Debt to NOPAT	12.45	6.26	4.99	6.36	15.05	38.97	46.79	-42.14	164.90	-5.55	6.53
Altman Z-Score	2.42	2.42	2.47	2.17	1.98	1.62	1.36	1.13	1.76	0.90	1.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.70	0.75	0.82	0.74	0.74	0.81	0.77	0.75	0.78	0.78	0.79
Quick Ratio	0.17	0.16	0.13	0.15	0.12	0.13	0.14	0.11	0.11	0.12	0.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.81	183	173	-117	54	-13	-689	132	14	265	122
Operating Cash Flow to CapEx	378.81%	348.73%	457.27%	384.70%	312.64%	205.93%	409.68%	286.92%	311.31%	440.43%	428.29%
Free Cash Flow to Firm to Interest Expense	-0.60	17.29	14.26	-7.35	2.61	-0.73	-38.25	3.68	0.34	4.76	1.80
Operating Cash Flow to Interest Expense	16.01	14.52	14.57	12.67	8.85	8.56	11.87	5.69	5.00	5.32	3.91
Operating Cash Flow Less CapEx to Interest Expense	11.78	10.35	11.39	9.37	6.02	4.40	8.97	3.71	3.39	4.11	2.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.58	0.51	0.50	0.50	0.45	0.37	0.35	0.37	0.43	0.46
Accounts Receivable Turnover	8.10	8.66	8.54	9.31	10.26	9.91	9.37	10.30	10.80	12.46	13.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.44	14.22	17.05	20.63	23.83	12.98	8.57	9.67	10.73	12.12	12.75
Accounts Payable Turnover	19.88	15.97	15.09	12.89	10.18	11.34	17.76	15.64	14.83	13.59	11.90
Days Sales Outstanding (DSO)	45.08	42.15	42.73	39.20	35.56	36.83	38.98	35.45	33.79	29.28	26.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.36	22.86	24.19	28.32	35.86	32.19	20.55	23.34	24.62	26.86	30.67
Cash Conversion Cycle (CCC)	26.72	19.29	18.54	10.88	-0.30	4.63	18.43	12.11	9.17	2.42	-4.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	348	219	133	309	286	312	1,021	869	860	405	434
Invested Capital Turnover	1.94	2.58	4.48	3.84	3.02	3.05	1.39	1.12	1.28	1.83	2.74
Increase / (Decrease) in Invested Capital	37	-129	-86	177	-23	26	709	-152	-9.14	-454	44
Enterprise Value (EV)	3,147	2,961	4,283	2,968	3,798	2,739	4,108	3,250	4,720	4,013	3,378
Market Capitalization	3,009	2,990	4,487	3,032	3,909	2,853	3,805	3,125	4,669	3,749	3,029
Book Value per Share	$4.49	$5.20	$6.99	$7.70	$8.07	$8.60	$14.88	$14.01	$15.02	$2.80	$1.78
Tangible Book Value per Share	($11.52)	($10.13)	($11.70)	($11.08)	($13.35)	($12.09)	($24.10)	($20.39)	($18.33)	($23.50)	($25.80)
Total Capital	619	590	775	761	864	957	1,673	1,603	1,588	1,217	1,195
Total Debt	408	342	438	387	467	531	956	859	780	1,075	1,110
Total Long-Term Debt	404	338	430	380	460	518	937	840	760	1,051	1,087
Net Debt	138	-28	-203	-64	-111	-114	303	125	51	264	349
Capital Expenditures (CapEx)	34	44	39	52	58	72	52	71	64	67	62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-433	-538	-808	-652	-825	-827	-893	-1,027	-977	-1,063	-990
Debt-free Net Working Capital (DFNWC)	-163	-168	-167	-200	-247	-182	-240	-293	-248	-252	-229
Net Working Capital (NWC)	-167	-172	-175	-208	-254	-194	-259	-312	-267	-276	-252
Net Nonoperating Expense (NNE)	6.77	8.61	12	15	19	5.58	14	25	2.79	94	51
Net Nonoperating Obligations (NNO)	138	-28	-203	-64	-111	-114	303	125	51	264	349
Total Depreciation and Amortization (D&A)	57	71	75	80	86	94	84	105	111	124	89
Debt-free, Cash-free Net Working Capital to Revenue	-67.91%	-73.60%	-102.52%	-76.81%	-91.58%	-90.54%	-96.22%	-97.10%	-88.36%	-92.03%	-87.70%
Debt-free Net Working Capital to Revenue	-25.52%	-22.94%	-21.14%	-23.59%	-27.41%	-19.88%	-25.87%	-27.71%	-22.45%	-21.80%	-20.33%
Net Working Capital to Revenue	-26.21%	-23.54%	-22.23%	-24.47%	-28.24%	-21.28%	-27.88%	-29.49%	-24.19%	-23.87%	-22.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.56	$0.90	$1.41	$0.95	$0.25	$0.16	$0.12	($0.88)	$0.03	($5.60)	$2.41
Adjusted Weighted Average Basic Shares Outstanding	45.62M	46.13M	46.67M	47.21M	47.70M	48.18M	47.41M	51.57M	52.55M	50.56M	47.68M
Adjusted Diluted Earnings per Share	$0.55	$0.88	$1.38	$0.93	$0.25	$0.16	$0.12	($0.88)	$0.03	($5.60)	$2.37
Adjusted Weighted Average Diluted Shares Outstanding	46.50M	47.32M	47.78M	48.05M	48.31M	48.70M	48.23M	51.57M	53.72M	50.56M	48.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.97M	47.53M	48.08M	48.57M	49.14M	48.38M	51.97M	53.22M	53.48M	49.24M	45.93M
Normalized Net Operating Profit after Tax (NOPAT)	32	54	48	45	23	26	20	-20	31	-189	166
Normalized NOPAT Margin	5.08%	7.38%	6.12%	5.28%	2.56%	2.87%	2.18%	-1.88%	2.83%	-16.39%	14.75%
Pre Tax Income Margin	5.79%	7.84%	7.40%	5.26%	1.18%	2.37%	0.76%	-5.25%	1.60%	-26.97%	11.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.58	6.42	5.82	3.81	1.51	2.25	1.39	-0.55	1.44	-4.60	2.94
NOPAT to Interest Expense	4.02	5.10	7.11	3.76	1.48	0.77	1.11	-0.56	0.12	-3.40	2.45
EBIT Less CapEx to Interest Expense	1.35	2.26	2.64	0.51	-1.32	-1.91	-1.50	-2.54	-0.16	-5.81	2.03
NOPAT Less CapEx to Interest Expense	-0.21	0.94	3.93	0.46	-1.35	-3.39	-1.78	-2.54	-1.49	-4.61	1.54
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	87.75%	50.24%	31.33%	51.99%	198.24%	77.23%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	87.75%	50.24%	31.33%	51.99%	198.24%	608.54%	1,902.70%	-2.95%	1,034.67%	-147.63%	188.88%

This table displays calculated financial ratios and metrics derived from Blackbaud's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	45,933,454.00	45,932,106.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	45,933,454.00	45,932,106.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.68	0.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.37%	6.68%	5.99%	3.28%	2.45%	-3.08%	-2.06%	-1.90%	-2.09%	4.15%	3.04%
EBITDA Growth	485.43%	124.44%	155.96%	40.18%	-626.32%	0.83%	4.78%	4.88%	125.39%	69.58%	5.85%
EBIT Growth	323.43%	277.15%	1,377.93%	69.00%	-1,143.10%	60.21%	27.32%	30.98%	117.09%	146.86%	9.49%
NOPAT Growth	161.05%	313.09%	14,921.87%	150.64%	-3,967.59%	19.89%	20.93%	151.75%	118.49%	142.00%	24.65%
Net Income Growth	125.40%	135.68%	935.82%	127.81%	-6,226.39%	-7.22%	19.15%	159.66%	110.62%	620.31%	33.60%
EPS Growth	124.39%	135.71%	950.00%	135.29%	-6,620.00%	0.00%	28.57%	180.00%	111.05%	644.44%	43.64%
Operating Cash Flow Growth	-123.77%	196.34%	1.17%	-18.78%	2,297.13%	-97.85%	24.39%	33.92%	-21.16%	3,607.42%	36.02%
Free Cash Flow Firm Growth	-88.79%	-77.72%	-78.29%	39.91%	1,150.01%	1,126.87%	494.29%	-167.45%	-98.52%	-86.06%	-90.15%
Invested Capital Growth	-1.05%	-1.66%	-5.99%	-6.39%	-52.84%	-34.51%	-56.99%	261.49%	11.30%	-2.21%	0.16%
Revenue Q/Q Growth	6.26%	-5.34%	2.88%	-0.19%	5.41%	-10.45%	3.96%	-0.08%	4.99%	-4.76%	3.36%
EBITDA Q/Q Growth	12.18%	-29.32%	71.86%	2.87%	-521.21%	113.54%	78.58%	-0.54%	4.99%	-10.54%	14.22%
EBIT Q/Q Growth	25.34%	-59.50%	222.78%	3.13%	-873.67%	106.22%	156.51%	0.02%	6.53%	-12.59%	18.87%
NOPAT Q/Q Growth	-39.54%	123.28%	108.37%	-10.90%	-1,032.99%	106.92%	110.17%	68.91%	-25.12%	-10.39%	11.48%
Net Income Q/Q Growth	-40.12%	-2.83%	315.63%	-5.79%	-1,710.18%	101.47%	433.80%	82.80%	-22.87%	-14.99%	13.55%
EPS Q/Q Growth	-41.18%	0.00%	320.00%	-4.76%	-1,730.00%	101.53%	440.00%	81.48%	-23.47%	-10.67%	17.91%
Operating Cash Flow Q/Q Growth	-102.62%	2,029.50%	-16.72%	93.16%	-29.21%	-98.11%	4,722.84%	107.96%	-58.33%	-11.29%	76.94%
Free Cash Flow Firm Q/Q Growth	-78.13%	120.84%	128.58%	26.74%	95.39%	116.75%	10.72%	-329.98%	100.29%	1,784.69%	-21.58%
Invested Capital Q/Q Growth	-25.14%	38.12%	-35.57%	40.51%	-62.28%	91.79%	-57.68%	116.14%	-38.93%	75.05%	-56.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.96%	54.81%	56.59%	55.53%	54.38%	57.58%	59.62%	59.57%	58.34%	59.24%	61.31%
EBITDA Margin	21.35%	15.94%	26.63%	27.44%	-109.67%	16.58%	28.48%	28.36%	28.36%	26.63%	29.43%
Operating Margin	10.95%	3.84%	14.65%	15.28%	-121.48%	7.55%	20.15%	19.41%	20.01%	18.30%	21.34%
EBIT Margin	11.77%	5.04%	15.80%	16.33%	-119.86%	8.33%	20.54%	20.57%	20.87%	19.15%	22.02%
Profit (Net Income) Margin	1.83%	1.88%	7.59%	7.16%	-109.44%	1.80%	9.23%	16.89%	12.41%	11.08%	12.17%
Tax Burden Percent	20.56%	138.42%	73.45%	62.85%	87.56%	87.07%	65.95%	115.71%	80.06%	82.37%	76.17%
Interest Burden Percent	75.60%	26.94%	65.39%	69.80%	104.28%	24.81%	68.15%	70.99%	74.28%	70.22%	72.53%
Effective Tax Rate	79.44%	-38.42%	26.55%	37.15%	0.00%	12.93%	34.05%	-15.71%	19.94%	17.63%	23.83%
Return on Invested Capital (ROIC)	2.88%	4.98%	15.53%	9.92%	-155.31%	7.67%	27.71%	188.32%	43.83%	22.33%	56.66%
ROIC Less NNEP Spread (ROIC-NNEP)	1.46%	3.30%	7.94%	8.33%	-202.22%	5.82%	22.39%	190.72%	40.35%	20.80%	51.89%
Return on Net Nonoperating Assets (RNNOA)	0.17%	3.00%	1.43%	5.45%	-66.91%	14.35%	14.44%	-157.93%	116.72%	417.40%	161.26%
Return on Equity (ROE)	3.05%	7.99%	16.95%	15.37%	-222.22%	22.02%	42.14%	30.39%	160.55%	439.73%	217.92%
Cash Return on Invested Capital (CROIC)	1.59%	4.64%	13.41%	13.25%	41.87%	23.12%	48.19%	-184.83%	29.65%	27.13%	60.57%
Operating Return on Assets (OROA)	4.41%	2.18%	5.87%	7.21%	-51.22%	4.11%	8.26%	9.93%	9.64%	10.36%	9.68%
Return on Assets (ROA)	0.69%	0.81%	2.82%	3.16%	-46.77%	0.89%	3.71%	8.15%	5.73%	5.99%	5.35%
Return on Common Equity (ROCE)	3.05%	7.99%	16.95%	15.37%	-222.22%	22.02%	42.14%	30.39%	160.55%	439.73%	217.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.08%	7.18%	9.74%	0.00%	-854.71%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.64	15	31	28	-257	18	37	63	47	42	47
NOPAT Margin	2.25%	5.31%	10.76%	9.61%	-85.03%	6.57%	13.29%	22.46%	16.02%	15.07%	16.26%
Net Nonoperating Expense Percent (NNEP)	1.42%	1.68%	7.58%	1.59%	46.90%	1.85%	5.32%	-2.40%	3.48%	1.53%	4.77%
Return On Investment Capital (ROIC_SIMPLE)	0.42%	-	-	-	-21.12%	1.44%	3.00%	5.38%	3.96%	3.46%	3.86%
Cost of Revenue to Revenue	46.04%	45.19%	43.41%	44.47%	45.62%	42.42%	40.38%	40.43%	41.66%	40.76%	38.69%
SG&A Expenses to Revenue	11.98%	17.10%	11.64%	8.94%	11.87%	20.94%	11.68%	11.04%	11.53%	10.76%	11.85%
R&D to Revenue	13.08%	15.33%	13.60%	13.73%	13.02%	12.40%	11.94%	13.23%	11.44%	13.13%	11.99%
Operating Expenses to Revenue	43.00%	50.97%	41.94%	40.24%	175.86%	50.03%	39.47%	40.16%	38.33%	40.95%	39.97%
Earnings before Interest and Taxes (EBIT)	35	14	45	47	-362	23	58	58	62	54	64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	45	76	79	-331	45	80	80	84	75	86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.77	7.48	6.81	8.03	26.40	92.09	35.42	28.83	35.61	44.52	18.78
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.22	3.56	3.45	3.81	3.24	2.66	2.73	2.75	2.68	1.56	1.19
Price to Earnings (P/E)	2,565.40	183.43	94.83	82.50	0.00	0.00	0.00	0.00	26.34	12.51	9.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.04%	0.55%	1.05%	1.21%	0.00%	0.00%	0.00%	0.00%	3.80%	7.99%	11.08%
Enterprise Value to Invested Capital (EV/IC)	5.49	3.91	5.38	4.56	9.90	4.89	10.20	5.23	7.78	3.29	4.92
Enterprise Value to Revenue (EV/Rev)	4.27	4.14	3.62	4.27	3.47	3.31	2.94	3.28	2.99	2.19	1.41
Enterprise Value to EBITDA (EV/EBITDA)	27.96	24.01	17.16	18.66	0.00	0.00	0.00	0.00	11.71	7.83	5.01
Enterprise Value to EBIT (EV/EBIT)	81.99	58.39	33.80	34.77	0.00	0.00	0.00	0.00	16.91	10.78	6.84
Enterprise Value to NOPAT (EV/NOPAT)	1,023.57	130.72	72.15	66.30	0.00	0.00	0.00	0.00	20.30	13.05	8.11
Enterprise Value to Operating Cash Flow (EV/OCF)	23.64	19.16	16.95	22.38	13.56	16.33	13.65	13.24	12.72	7.92	4.78
Enterprise Value to Free Cash Flow (EV/FCFF)	343.34	83.63	38.92	33.27	15.15	16.72	12.73	0.00	27.62	11.98	8.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	1.95	1.77	1.84	7.57	36.34	13.17	9.84	13.05	29.78	15.88
Long-Term Debt to Equity	0.94	1.91	1.73	1.79	7.40	35.64	12.92	9.63	12.78	29.20	15.57
Financial Leverage	0.11	0.91	0.18	0.65	0.33	2.46	0.64	-0.83	2.89	20.07	3.11
Leverage Ratio	3.80	4.14	4.58	3.87	5.69	8.20	8.53	2.99	23.06	57.68	32.57
Compound Leverage Factor	2.88	1.12	3.00	2.70	5.93	2.03	5.81	2.12	17.13	40.50	23.63
Debt to Total Capital	49.09%	66.07%	63.90%	64.77%	88.33%	97.32%	92.95%	90.78%	92.88%	96.75%	94.08%
Short-Term Debt to Total Capital	1.21%	1.23%	1.49%	1.54%	1.96%	1.88%	1.81%	1.93%	1.90%	1.89%	1.85%
Long-Term Debt to Total Capital	47.87%	64.84%	62.41%	63.23%	86.37%	95.44%	91.13%	88.85%	90.98%	94.86%	92.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	50.91%	33.93%	36.10%	35.23%	11.67%	2.68%	7.06%	9.22%	7.12%	3.25%	5.92%
Debt to EBITDA	4.62	5.37	4.26	3.81	-8.16	-9.18	-9.07	-8.58	3.85	3.72	3.55
Net Debt to EBITDA	0.30	3.38	0.78	2.02	-2.00	-5.67	-1.89	-4.86	1.21	2.27	0.81
Long-Term Debt to EBITDA	4.50	5.27	4.16	3.72	-7.98	-9.00	-8.89	-8.40	3.77	3.64	3.48
Debt to NOPAT	169.07	29.26	17.89	13.54	-5.68	-6.60	-6.72	-6.53	6.67	6.19	5.75
Net Debt to NOPAT	11.07	18.38	3.29	7.18	-1.39	-4.08	-1.40	-3.70	2.10	3.79	1.31
Long-Term Debt to NOPAT	164.90	28.71	17.48	13.21	-5.55	-6.48	-6.59	-6.39	6.53	6.07	5.64
Altman Z-Score	1.74	1.63	1.38	1.77	0.76	1.28	1.11	1.39	1.23	1.04	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.67	0.80	0.68	0.78	0.73	0.84	0.69	0.79	0.74	0.83
Quick Ratio	0.11	0.14	0.14	0.14	0.12	0.13	0.14	0.13	0.10	0.13	0.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	16	35	80	101	197	428	473	-1,089	3.16	60	47
Operating Cash Flow to CapEx	-22.00%	484.73%	254.10%	666.05%	430.73%	10.16%	433.56%	871.43%	342.65%	355.72%	577.09%
Free Cash Flow to Firm to Interest Expense	1.86	3.39	5.07	7.14	12.72	25.23	25.71	-64.91	0.20	3.71	2.66
Operating Cash Flow to Interest Expense	-0.40	6.29	3.42	7.35	4.75	0.08	3.64	8.30	3.66	3.21	5.18
Operating Cash Flow Less CapEx to Interest Expense	-2.19	4.99	2.08	6.25	3.64	-0.72	2.80	7.35	2.59	2.31	4.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.43	0.37	0.44	0.43	0.49	0.40	0.48	0.46	0.54	0.44
Accounts Receivable Turnover	10.80	11.44	7.08	11.44	12.46	13.17	7.66	0.00	13.76	14.82	8.20
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	10.73	11.15	11.24	11.74	12.12	12.67	12.60	0.00	12.75	13.40	13.62
Accounts Payable Turnover	14.83	10.59	12.00	12.34	13.59	10.60	11.39	0.00	11.90	9.96	11.87
Days Sales Outstanding (DSO)	33.79	31.91	51.54	31.90	29.28	27.72	47.68	0.00	26.53	24.63	44.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.62	34.45	30.42	29.58	26.86	34.45	32.04	0.00	30.67	36.64	30.74
Cash Conversion Cycle (CCC)	9.17	-2.54	21.12	2.33	2.42	-6.73	15.63	0.00	-4.13	-12.01	13.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	860	1,187	765	1,075	405	778	329	711	434	761	330
Invested Capital Turnover	1.28	0.94	1.44	1.03	1.83	1.17	2.09	8.38	2.74	1.48	3.49
Increase / (Decrease) in Invested Capital	-9.14	-20	-49	-73	-454	-410	-436	1,152	44	-17	0.53
Enterprise Value (EV)	4,720	4,646	4,120	4,902	4,013	3,800	3,356	3,723	3,378	2,499	1,623
Market Capitalization	4,669	3,993	3,932	4,372	3,749	3,055	3,115	3,120	3,029	1,773	1,361
Book Value per Share	$15.02	$10.26	$11.18	$10.54	$2.80	$0.67	$1.84	$2.23	$1.78	$0.87	$1.58
Tangible Book Value per Share	($18.33)	($23.95)	($23.07)	($23.59)	($23.50)	($26.35)	($26.04)	($25.05)	($25.80)	($27.69)	($26.91)
Total Capital	1,588	1,574	1,599	1,545	1,217	1,239	1,247	1,173	1,195	1,226	1,222
Total Debt	780	1,040	1,022	1,001	1,075	1,206	1,159	1,065	1,110	1,186	1,150
Total Long-Term Debt	760	1,021	998	977	1,051	1,182	1,136	1,042	1,087	1,163	1,127
Net Debt	51	653	188	531	264	745	241	603	349	726	263
Capital Expenditures (CapEx)	15	13	21	16	17	14	15	16	17	14	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-977	-653	-1,080	-753	-1,063	-674	-1,121	-729	-990	-662	-1,097
Debt-free Net Working Capital (DFNWC)	-248	-266	-246	-283	-252	-213	-204	-268	-229	-201	-210
Net Working Capital (NWC)	-267	-286	-270	-307	-276	-236	-226	-291	-252	-224	-232
Net Nonoperating Expense (NNE)	1.25	9.59	9.11	7.00	74	13	11	16	11	11	12
Net Nonoperating Obligations (NNO)	51	653	188	531	264	745	241	603	349	721	257
Total Depreciation and Amortization (D&A)	28	30	31	32	31	22	22	22	22	21	22
Debt-free, Cash-free Net Working Capital to Revenue	-88.36%	-58.12%	-94.81%	-65.57%	-92.03%	-58.79%	-98.25%	-64.23%	-87.70%	-58.06%	-95.54%
Debt-free Net Working Capital to Revenue	-22.45%	-23.71%	-21.60%	-24.63%	-21.80%	-18.58%	-17.84%	-23.60%	-20.33%	-17.66%	-18.25%
Net Working Capital to Revenue	-24.19%	-25.43%	-23.68%	-26.71%	-23.87%	-20.62%	-19.81%	-25.59%	-22.33%	-19.70%	-20.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.10	$0.43	$0.41	($6.54)	$0.10	$0.54	$1.00	$0.77	$0.68	$0.79
Adjusted Weighted Average Basic Shares Outstanding	52.55M	52.05M	50.75M	50.41M	50.56M	48.43M	47.78M	47.68M	47.68M	45.56M	44.76M
Adjusted Diluted Earnings per Share	$0.10	$0.10	$0.42	$0.40	($6.52)	$0.10	$0.54	$0.98	$0.75	$0.67	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	53.72M	53.41M	51.68M	51.63M	50.56M	49.45M	48.25M	48.50M	48.47M	46.35M	44.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.48M	51.63M	51.63M	50.72M	49.24M	48.52M	48.51M	47.83M	45.93M	45.93M	45.39M
Normalized Net Operating Profit after Tax (NOPAT)	23	7.50	31	28	-257	18	37	38	47	42	47
Normalized NOPAT Margin	7.67%	2.69%	10.76%	9.61%	-85.03%	6.57%	13.29%	13.59%	16.02%	15.07%	16.26%
Pre Tax Income Margin	8.90%	1.36%	10.33%	11.40%	-124.99%	2.07%	14.00%	14.60%	15.50%	13.45%	15.97%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.10	1.37	2.89	3.31	-23.37	1.33	3.14	3.45	3.89	3.36	3.64
NOPAT to Interest Expense	0.78	1.44	1.97	1.95	-16.58	1.05	2.03	3.76	2.99	2.64	2.69
EBIT Less CapEx to Interest Expense	2.30	0.07	1.54	2.21	-24.47	0.52	2.30	2.49	2.82	2.46	2.74
NOPAT Less CapEx to Interest Expense	-1.01	0.15	0.62	0.84	-17.68	0.24	1.19	2.81	1.92	1.74	1.79
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1,034.67%	1,292.91%	678.69%	649.62%	-147.63%	-90.10%	-92.58%	-90.32%	188.88%	140.51%	149.71%

Financials Breakdown Chart

Key Financial Trends

Blackbaud’s latest quarter shows a mixed picture: solid operating profitability and cash generation, but a highly leveraged balance sheet and a sharp drop in equity that investors should not ignore.

For Q1 2026, Blackbaud generated $281.1 million in revenue, up modestly from $279.3 million in Q1 2025 and roughly in line with recent quarters. Net income improved sharply to $31.1 million from $4.3 million a year ago, and operating cash flow came in at $51.5 million. That said, the company ended the quarter with $2.07 billion in liabilities against only $39.8 million in equity, leaving the balance sheet highly stretched.

Operating income remains healthy: Q1 2026 operating income was $51.4 million, showing the core business is still profitable.
Net income improved meaningfully year over year: Profit rose to $31.1 million versus $4.3 million in Q1 2025.
Cash from operations was solid: Blackbaud generated $51.5 million in operating cash flow in Q1 2026.
Revenue was stable: Q1 2026 revenue of $281.1 million was slightly above Q1 2025 and close to recent quarterly levels.
Gross margin remained strong: Gross profit of $166.6 million on $281.1 million of revenue suggests the business still has decent pricing power.
Deferred revenue remains a meaningful source of visibility: Current deferred revenue totaled $334.0 million, which supports future recognized revenue.
Share count has trended lower than a year ago: Basic weighted average shares in Q1 2026 were 45.6 million, down from 48.4 million in Q1 2025.
Debt load is still very high: Blackbaud carried $1.16 billion of long-term debt and $23.2 million of short-term debt in Q1 2026.
Equity is extremely thin: Total shareholders’ equity was only $39.8 million versus $2.07 billion of total liabilities.
Cash fell sharply during the quarter: Cash and equivalents declined to $34.1 million from $38.3 million at the end of Q3 2025, while financing outflows were heavy.

Looking over the last four years, Blackbaud has shown recovery from the weak 2022 period into a much more profitable 2025–2026 stretch. Revenue has been relatively steady in the high-$200 million range per quarter, but earnings have swung dramatically, helped by cost control and lower share counts. The most important takeaway is that operations look better than the balance sheet. Blackbaud can still generate cash, but its debt-heavy structure leaves less room for error if growth slows or margins weaken.

Bottom line: Blackbaud appears operationally stable and profitable, but the capital structure remains a major risk. Retail investors may want to focus on whether the company can continue paying down debt while sustaining cash flow growth.

08/13/26 10:52 PM ETAI Generated. May Contain Errors.

Blackbaud Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Blackbaud's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Blackbaud's net income appears to be on an upward trend, with a most recent value of $114.97 million in 2025, rising from $25.65 million in 2015. The previous period was -$299.52 million in 2024. See where experts think Blackbaud is headed by visiting Blackbaud's forecast page.

Blackbaud's total operating income in 2025 was $190.75 million, based on the following breakdown:

Total Gross Profit: $663.29 million
Total Operating Expenses: $472.54 million

Over the last 10 years, Blackbaud's total revenue changed from $637.94 million in 2015 to $1.13 billion in 2025, a change of 76.9%.

Blackbaud's total liabilities were at $2.31 billion at the end of 2025, a 2.7% decrease from 2024, and a 127.7% increase since 2015.

In the past 10 years, Blackbaud's cash and equivalents has ranged from $15.36 million in 2015 to $67.63 million in 2024, and is currently $38.91 million as of their latest financial filing in 2025.

Over the last 10 years, Blackbaud's book value per share changed from 4.49 in 2015 to 1.78 in 2025, a change of -60.4%.

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Financial statements for NASDAQ:BLKB last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Blackbaud (BLKB) Financials

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Blackbaud Financials - Frequently Asked Questions

When does Blackbaud's financial year end?

How has Blackbaud's net income changed over the last 10 years?

What is Blackbaud's operating income?

How has Blackbaud's revenue changed over the last 10 years?

How much debt does Blackbaud have?

How much cash does Blackbaud have?

How has Blackbaud's book value per share changed over the last 10 years?

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