BLACKBAUD INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BLACKBAUD 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	732	788	849	900	913	928	1,058	1,107	1,155	1,128
Cost of revenue	339	362	382	418	428	443	505	508	523	465
Gross profit	392	427	467	482	485	485	553	599	631	663
Research and development	89.9	89.9	98.8	106	100	125	157	147	154	138
Selling and marketing	150	170	193	224	210	186	221	212	197	178
General and administrative	81.3	94.9	106	113	135	146	200	190	143	155
Operating expenses	324	358	407	455	448	460	581	553	903	473
Operating income	68.2	68.2	59.4	27.1	37.2	24.9	-28.5	46.4	-271	191
Interest expense	10.6	12.1	15.9	20.6	17.3	18	35.8	39.9	55.6	68
Interest income	0.58	0.99	2.01	2.8	1.66	0.39	1.75	8.82	9.85	7.89
Other non-operating income	-0.87	1.1	-0.91	1.26	1.06	1.43	2.33	4.08	4.22	3.95
Pre-tax income	57.4	58.3	44.6	10.6	21.6	7.08	-55.6	19.3	-312	132
Income tax	11.9	-15.3	-0.22	-1.32	13.9	1.39	-10.2	16.3	-12.9	16.8
Net income	45.4	73.6	44.8	11.9	7.72	5.7	-45.4	3.02	-300	115
EBITDA	139	142	139	113	130	107	73.9	156	-150	277
EPS, basic	1.96	3.16	1.90	0.50	0.32	0.24	-1.76	0.06	-5.92	2.41
EPS, diluted	1.92	3.08	1.86	0.50	0.32	0.24	-1.76	0.06	-5.92	2.37
Shares, basic (weighted)	23.1	23.3	23.6	23.8	24.1	23.7	25.8	52.5	50.6	47.7
Shares, diluted (weighted)	23.7	23.9	24	24.2	24.3	24.1	25.8	53.7	50.6	48.5
Dividend per share	0.96	0.96	0.96	0.96	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	16.9	29.8	30.9	31.8	35.8	55.1	31.7	31.3	67.6	38.9
Receivables	88.3	95.7	86.6	88.9	95.4	103	103	102	83.5	80.5
Other current assets	54.2	62	59.8	67.9	78.4	95.5	81.7	99.4	81.6	89.3
Total current assets	508	799	598	735	819	851	919	930	977	930
Property, plant and equipment	50.3	42.2	40	35.5	105	111	107	98.7	91.9	85.1
Lease right-of-use assets			0	104	22.7	53.9	45.9	36.9	26.6	4.63
Goodwill	438	530	545	634	636	1,059	1,050	1,054	1,053	1,057
Intangible assets	254	315	292	318	278	698	635	582	133	107
Other non-current assets	52.1	57.2	65.4	65.2	72.6	77.3	94.3	51	67.2	56.2
Total assets	1,310	1,798	1,615	1,993	2,045	2,972	2,993	2,912	2,496	2,391
Accounts payable	23.3	24.7	34.5	47.7	27.8	22.1	42.6	25.2	50.8	27.3
Deferred revenue	244	275	296	314	312	374	382	391	359	369
Short-term debt	4.38	8.58	7.5	7.5	12.8	18.7	18.8	19.3	23.9	22.7
Total current liabilities	680	975	806	989	1,013	1,110	1,231	1,196	1,252	1,182
Long-term debt	338	430	380	460	518	937	840	760	1,051	1,087
Lease liabilities			0	95.6	17.4	53.4	44.9	40.1	34.2	4.61
Other non-current liabilities	8.53	5.63	9.39	5.74	10.9	1.34	4.29	10.3	4.8	11.7
Total liabilities	1,063	1,462	1,242	1,596	1,619	2,255	2,249	2,103	2,369	2,306
Total debt	344	440	389	468	534	961	862	781	1,078	1,110
Paid-in capital	310	351	399	458	545	969	1,075	1,203	1,291	1,392
Retained earnings	174	225	246	235	237	242	197	200	-99.5	15.5
Treasury stock	-215	-239	-267	-291	-353	-501	-537	-592	-1,060	-1,316
Other comprehensive income	-0.6	-0.64	-5.11	-5.29	-2.5	6.52	8.94	-1.69	-4.87	-5.95
Shareholders' equity	269	336	374	397	426	717	744	810	127	85.1
Total equity	269	336	374	397	426	717	744	810	127	85.1
Total liabilities and equity	1,310	1,798	1,615	1,993	2,045	2,972	2,993	2,912	2,496	2,391
Shares outstanding							26.5	53.6	49.2	46.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	45.4	73.6	44.8	11.9	7.72	5.7	-45.4	3.02	-300	115
Depreciation and amortization	70.5	73.9	79.6	85.7	92.7	82.4	102	109	122	86.2
Stock-based compensation	32.6	40.6	48.3	58.6	87.3	120	110	128	105	92.9
Deferred income tax	5.42	-17.8	-0.62	-3.6	8.84	-2.43	-26.6	-24.4	-69.5	-0.18
Change in receivables	-13	-15.8	2.17	-6.57	-18.4	-6.53	-7.34	-3.24	4.73	-0.94
Cash from operations	154	176	201	182	148	214	204	200	296	266
Capital expenditures	-17.7	-10.2	-14.7	-11.5	-29.7	-11.7	-12.3	-4.69	-7.44	-7.77
Acquisitions	-3.38	-147	-44.9	-109	0	-419	-20.9	-0.01	0	-0.7
Cash from investing	-47.4	-185	-97.8	-167	-71.8	-471	-85.5	-64.4	-73.4	-74.9
Debt issued	227	775	271	424	749	582	211	293	1,441	405
Debt repaid	-294	-679	-322	-345	-748	-153	-311	-375	-1,145	-370
Stock issued	0.02	0.02	0.01	0.01	0	0	0
Share buybacks			0	0	-41	-108	0	-18.8	-418	-217
Dividends paid	-22.8	-23.1	-23.3	-23.6	-5.96	0	0
Cash from financing	-8.55	279	-292	111	-10.7	264	-25.7	-143	-139	-247
Exchange rate effect	-0.11
Net change in cash	100	270	-190	127	67.7	6.79	82.2	-5.67	81.3	-50.5
Free cash flow	136	166	187	171	118	202	192	195	289	258
Interest paid	9.61	10.6	15.3	19.9	15.7	16.4	33.4	38.1	51.9	65.6
Income taxes paid	-1.34	-5.61	-7.14	0.38	3.56	10.1	9.67	35.6	60.7	28.1

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 $43.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.6%	Gross profit / revenue.
Operating margin	19.8%	Operating income / revenue.
EBITDA margin	27.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.9%	Pre-tax income / revenue.
Net margin	13.1%	Net income / revenue.
FCF margin	28.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.6%	Cash from operations / revenue.
Effective tax rate	11.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	224.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	16.9%	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	12.4%	Research and development expense / revenue.
Stock-based pay / revenue	7.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.3%	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	6.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	38.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 3y	55.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	71.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 5y	49.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-10.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.2%	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	12.4%	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	-10.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.4%	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	16.9%	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	-32.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-51.5%	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	-27.6%	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	-4.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.2%	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	3.2%	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	-4.1%	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	23.4%	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	14.8%	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	0.83x	Current assets / current liabilities.
Quick ratio	0.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	17.2x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.3%	Total debt / total assets.
Liabilities / assets	97.4%	Total liabilities / total assets.
Net debt	$1.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.58x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.43x	Operating income / interest expense.
Working capital	-$232.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.08B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Receivables turnover	8.51x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
FCF conversion	218.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.36	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	$25.58	Revenue / diluted weighted shares.
FCF per share	$7.33	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.57	Cash from operations / diluted weighted shares.
Book value per share	$1.47	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.78	Tangible book value / shares outstanding.
Cash per share	$0.76	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	68.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.96B	Share price x shares outstanding.
Enterprise value	$3.08B	Market cap + total debt - cash - short-term investments.
P/E	13.0x	Market cap / net income. Only when net income is positive.
P/S	1.71x	Market cap / revenue.
P/B	29.2x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	5.96x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.77x	Market cap / cash from operations, when positive.
EV/Sales	2.68x	Enterprise value / revenue.
EV/EBIT	13.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.88x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.35x	Enterprise value / free cash flow, when both are positive.
FCF yield	16.8%	Free cash flow / market cap.
Earnings yield	7.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.5%	(Dividends paid + share buybacks) / market cap.

What was BLACKBAUD INC's revenue in fiscal 2025?

BLACKBAUD INC reported revenue of $1.13B for fiscal 2025, 2.3% lower than the year before.

Was BLACKBAUD INC profitable in fiscal 2025?

Yes. Net income was $115.0M, a net margin of 10.2%.

How much free cash flow did BLACKBAUD INC generate in fiscal 2025?

Cash from operations of $265.6M minus capital expenditures of $7.8M left free cash flow of $257.8M.

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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