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Blackbaud cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$139M in Q3 2026 · $332M over twelve months

Operating cash flow$142M
Capital spending−$3.2M
Free cash flow+$139M
Cash / net income3.1×
Cash conversion cycle4 days

Analysis

In Q3 2026, Blackbaud generated $142M of operating cash flow and spent $3.2M on capital projects, leaving free cash flow of $139M. That is $2.8M more than in Q3 2025 ($136M).

Over the twelve months to Sep 30, 2026, operating cash flow was $342M; the largest uses were buybacks ($214M), other investing ($62.0M), net borrowing (+) / repaid (−) ($32.4M); besides operations, cash came from other financing ($9.5M); the cash balance rose by $6.5M.

Operating cash flow was $142M against net income of $46.1M — 3.1× profit, cash ran ahead of reported earnings. The largest differences: receivables +$56.6M, deferred revenue −$21.8M, depreciation & amortization +$21.3M.

Its cash conversion cycle was 4 days (receivables 33 + inventory 0 − payables 30).

Free cash flow

Blackbaud: free cash flow by quarterBlackbaud: free cash flow by quarter$73.4MQ4 2024$700KQ1 2025$66.3MQ2 2025$136MQ3 2025$55.0MQ4 2025$49.8MQ1 2026$88.6MQ2 2026$139MQ3 2026
Operating cash flow less capital spending.
Blackbaud: operating cash flow against capital spendingBlackbaud: operating cash flow against capital spendingOperating cash flowCapital spending$73.6M$208KQ4 2024$1.4M$688KQ1 2025$66.9M$623KQ2 2025$139M$3.5MQ3 2025$58.0M$3.0MQ4 2025$51.5M$1.7MQ1 2026$91.1M$2.4MQ2 2026$142M$3.2MQ3 2026
Latest (Q3 2026): Operating cash flow $142M, Capital spending $3.2M.

Capital allocation, year by year

Blackbaud: where the cash came from (up) and went (down), by fiscal yearBlackbaud: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $214MFY2021: Net borrowing $429MFY2021: Capital spending −$11.7MFY2021: Acquisitions −$419MFY2021: Buybacks −$108M$643MFY2021FY2022: Operating cash flow $204MFY2022: Net borrowing −$99.7MFY2022: Asset sales $6.4MFY2022: Capital spending −$12.3MFY2022: Acquisitions −$20.9M$210MFY2022FY2023: Operating cash flow $200MFY2023: Net borrowing −$81.4MFY2023: Capital spending −$4.7MFY2023: Acquisitions −$13KFY2023: Buybacks −$18.8M$200MFY2023FY2024: Operating cash flow $296MFY2024: Net borrowing $297MFY2024: Asset sales −$1.2MFY2024: Capital spending −$7.4MFY2024: Buybacks −$418M$593MFY2024FY2025: Operating cash flow $266MFY2025: Net borrowing $34.7MFY2025: Capital spending −$7.8MFY2025: Acquisitions −$700KFY2025: Buybacks −$217M$300MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($762M) and acquisitions ($441M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$35.7M
Debt$1.1B
Net debt$1.1B
Due within a year$22.7M

Blackbaud funds itself: free cash flow was $332M over the last twelve months, and $35.7M of cash and investments stands against $1.1B of debt ($22.7M due within a year, 1.6× covered by cash).

Blackbaud: debt maturities by year (FY2025)Blackbaud: debt maturities by year (FY2025)$22.7MYear 1$22.2MYear 2$22.4MYear 3$999MYear 4$2.8MYear 5$41.4MAfter year 5
Principal due in each year as disclosed in the annual report, against $35.7M of cash and investments now.

Where the cash came from and went

Blackbaud: sources (+) and uses (−) of cash, Q3 2026Blackbaud: sources (+) and uses (−) of cash, Q3 2026Other financing−$418MCash drawn (+) / kept (−)$417MOperating cash flow$142MNet borrowing (+) / repaid (−)−$106MBuybacks−$18.3MOther investing−$12.5MCapital spending−$3.2MTaxes on employees’ shares−$377KExchange rates−$284K
Blackbaud: sources (+) and uses (−) of cash, TTM to Q3 2026Blackbaud: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$342MBuybacks−$214MOther investing−$62.0MNet borrowing (+) / repaid (−)−$32.4MTaxes on employees’ shares−$26.4MCapital spending−$10.3MOther financing$9.5MCash drawn (+) / kept (−)−$6.5MExchange rates−$457K

From profit to cash

Blackbaud: net income to operating cash flow, Q3 2026Blackbaud: net income to operating cash flow, Q3 2026Net income$46.1MDepreciation & amortization$21.3MStock-based pay$21.1MDeferred taxes−$4.5MReceivables$56.6MPayables$4.9MDeferred revenue−$21.8MPrepaid and other assets$2.6MOperating cash flow$142M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202633—304
Q2 202633—33-0
Q1 202625—29-4
Q4 202525—28-3
Q3 202537—370
Q2 202536—360
Q1 202527—38-11
Q4 202428—31-4

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$142M−$3.2M−$18.3M−$106M$417M$139M
Q2 2026$91.1M−$2.4M−$29.5M−$36.3M−$428M$88.6M
Q1 2026$51.5M−$1.7M−$82.1M$64.9M$306M$49.8M
Q4 2025$58.0M−$3.0M−$83.8M$44.6M−$302M$55.0M
Q3 2025$139M−$3.5M−$30.1M−$94.6M$454M$136M
Q2 2025$66.9M−$623K−$3.2M−$46.0M−$455M$66.3M
Q1 2025$1.4M−$688K−$100M$131M$353M$700K
Q4 2024$73.6M−$208K−$92.6M$73.5M−$347M$73.4M

Blackbaud: income statement and cash flow

Blackbaud, Q3 2026: revenue $293M (+4% year over year), operating margin 20.5%. The chart follows the revenue to costs, profit and cash.

Blackbaud: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.