BLACKLINE, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BLACKLINE, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	128	177	228	289	352	426	523	590	653	700
Cost of revenue	30.2	41.5	50.9	59	69	97.9	129	147	162	173
Gross profit	97.8	134	177	230	283	328	394	443	491	527
Research and development	21.1	23.9	30.8	43	56.5	77.3	109	103	101	109
Selling and marketing	72	104	129	159	175	203	257	243	248	259
General and administrative	27.9	36.8	47.2	56.1	71.6	86.5	80.2	71.5	122	119
Operating income	-23.2	-30.4	-29.8	-27.9	-19.9	-38.6	-56.2	14.3	18.5	25.6
Interest expense	5.94	0.01	0	8.65	23.3	62.9	5.85	5.9	8.76	10.1
Interest income	0	1.07	2.14	6.13	4.5	0.7	14.6	52.1	49.8	32.8
Other non-operating income	-11.8	-2.43	2.13	-2.52	-18.8	-62.2	8.79	46.2	106	22.7
Pre-tax income	-35	-32.8	-27.7	-30.4	-38.7	-101	-47.4	60.5	125	48.2
Income tax	-8.66	0.57	1.07	1.73	0.7	0.14	-13.5	1.45	-43.1	21
Net income to minority interests			-0.06	-1.44	-1.35	-0.91	-0.37	0.89	1.95	3.09
Net income	-26.3	-33.4	-28.7	-32.5	-46.9	-115	-29.4	52.8	161	24.5
EBITDA	-5.76	-10.4	-7.5	-6.63	1	-11.5	-13.4	64.4	68.9	72.1
EPS, basic	-0.62	-0.64	-0.53	-0.59	-0.83	-1.97	-0.49	0.87	2.59	0.40
EPS, diluted	-0.62	-0.64	-0.53	-0.59	-0.83	-1.97	-0.49	0.81	1.45	0.39
Shares, basic (weighted)	42.5	52.2	53.9	55.3	56.8	58.4	59.5	60.8	62.1	61.4
Shares, diluted (weighted)	42.5	52.2	53.9	55.3	56.8	58.4	59.5	72	73.5	65.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.1	31.1	46.2	120	367	540	201	271	886	390
Short-term investments	83.1	81.5	86.4	488	175	659	874	933	0	388
Receivables	42.3	61.9	74.9	103	111	125	151	172	178	218
Other current assets	6.61	14	14	12.8	20.2	23.9	23.7	31.2	28.3	28.9
Total current assets	164	188	222	723	674	1,348	1,250	1,407	1,092	1,025
Property, plant and equipment	11.3	12.8	13.5	13	13.2	16.3	19.8	14.9	11.8	13.3
Lease right-of-use assets				12.5	8.71	16.3	14.7	19.2	22.8	22.8
Goodwill	185	185	185	185	290	290	444	449	449	466
Intangible assets	54.1	40.8	27.8	17.5	46.7	36.2	90.9	79.1	59.5	49.4
Other non-current assets	1.45	26.8	36.5	52.9	65.4	87.9	92.8	93.4	90.9	94.3
Total assets	420	461	493	1,015	1,114	1,818	1,944	2,101	1,825	1,760
Accounts payable	7.17	7.25	3.44	7.4	3.15	7.47	15	8.62	8.46	15.5
Accrued liabilities	11.6	11.9	17.1	20.8	21.7	32.2	39	33.3	41.8	39.3
Deferred revenue	80.4	104	129	163	191	242	279	320	339	369
Total current liabilities	108	134	159	207	242	323	368	643	422	695
Lease liabilities				10.6	7.36	13.2	9.29	15.7	20.3	19.9
Other non-current liabilities	2.32	3.12	2.98		0	0.12	6.23	3.61	0.71	0.59
Total liabilities	129	144	170	611	679	1,464	1,808	1,810	1,342	1,388
Paid-in capital	378	420	452	561	623	626	386	475	495	357
Retained earnings	-87.3	-103	-133	-164	-202	-302	-273	-215	-49	-24.8
Other comprehensive income	-0.04	-0.06	0.05	0.38	0.38	0.3	-1.47	0.21	-0.36	-0.3
Shareholders' equity	308	316	319	399	422	325	112	261	447	332
Total equity	308	316	319	399	422	325	112	261	447	332
Total liabilities and equity	420	461	493	1,015	1,114	1,818	1,944	2,101	1,825	1,760
Shares outstanding	51.3	53	54.7	55.9	57.7	59	60	61.5	62.8	59.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.3	-33.4	-28.8	-32.1	-39.4	-101	-33.9	59.1	168	27.3
Depreciation and amortization	17.4	20	22.3	21.3	20.9	27.1	42.8	50.1	50.3	46.5
Stock-based compensation	6.53	16	20.9	34.1	49.7	65.9	75.9	78	83.3	92.6
Deferred income tax	-9.5	0.09	0.21	1.31	-0.38	-0.82	-14.4	-1.53	-54.8	15
Change in receivables	-15.5	-20.2	-13.2	-28	-5.73	-14.3	-23	-20.9	-7.55	-38.2
Change in payables	3.54	-0.03	-4.01	3.24	-4.36	4	4.38	-5.1	-1.12	5.35
Cash from operations	-4.81	6.42	16.1	29.7	54.7	80.1	56	127	191	170
Capital expenditures	-1.72	-4	-6.28	-4.63	-6.51	-8.73	-11	-5.95	-2.13	-8.07
Acquisitions	-31.5		0	0	-119	0	-158	-11.4	0	-16.2
Purchases of investments	-83.2	-76.6	-123	-566	-266	-1,181	-1,600	-1,343	-396	-748
Sales and maturities of investments		78.2	111	150	526	697	1,392	1,320	1,023	373
Cash from investing	-120	-7.03	-16	-408	174	-507	-396	-62.5	924	-425
Debt issued	34.3
Debt repaid							0	0	-250	0
Stock issued	3.08	10.3	14	10.6	20.6	11.4	4.69	19.8	7.59	5.22
Share buybacks									0	-236
Cash from financing	131	9.59	14.5	453	18.9	599	1.44	6.15	-500	-240
Exchange rate effect			0.27	0.26	0.22	-0.31	-0.62	-0.12	-0.35	-0.09
Net change in cash	6.91	8.99	15	74	247	172	-339	70.2	615	-496
Free cash flow	-6.53	2.42	9.86	25.1	48.2	71.4	45	121	189	161
Interest paid	8.65	0.01	0	0	0.6	0.51	0.31	0.31	3.82	6.75
Income taxes paid	0.18	0.87	0.59	1.01	0.62	0.89	1.12	3.1	11.5	6.52

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $27.99 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	75.6%	Gross profit / revenue.
Operating margin	4.3%	Operating income / revenue.
EBITDA margin	9.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	24.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.8%	Cash from operations / revenue.
Effective tax rate	41.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.4%	Net income / average total assets.
Return on invested capital (ROIC)	25.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	16.0%	Research and development expense / revenue.
Stock-based pay / revenue	13.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	37.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	4.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	135.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-84.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-73.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-11.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	44.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	53.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-25.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	43.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-10.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.72x	Current assets / current liabilities.
Quick ratio	1.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.21x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.8%	Total liabilities / total assets.
Interest coverage	3.18x	Operating income / interest expense.
Working capital	$313.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	34.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$191.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	47.1x	Revenue / average property, plant and equipment.
Receivables turnover	3.85x	Revenue / average receivables.
Days sales outstanding	95 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
FCF conversion	507.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.68	Revenue / diluted weighted shares.
FCF per share	$2.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.65	Cash from operations / diluted weighted shares.
Book value per share	$5.42	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.28	Tangible book value / shares outstanding.
Cash per share	$9.04	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	130.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.63B	Share price x shares outstanding.
Enterprise value	$1.10B	Market cap + total debt - cash - short-term investments.
P/E	46.8x	Market cap / net income. Only when net income is positive.
P/S	2.22x	Market cap / revenue.
P/B	5.15x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.95x	Market cap / cash from operations, when positive.
EV/Sales	1.50x	Enterprise value / revenue.
EV/EBIT	34.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.22x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.9%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	14.2%	(Dividends paid + share buybacks) / market cap.

What was BLACKLINE, INC.'s revenue in fiscal 2025?

BLACKLINE, INC. reported revenue of $700.4M for fiscal 2025, 7.2% higher than the year before.

Was BLACKLINE, INC. profitable in fiscal 2025?

Yes. Net income was $24.5M, a net margin of 3.5%.

How much free cash flow did BLACKLINE, INC. generate in fiscal 2025?

Cash from operations of $169.6M minus capital expenditures of $8.1M left free cash flow of $161.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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