Filing Flows › Blackbaud (BLKB) › Q1 2025
Blackbaud (BLKB) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Blackbaud (BLKB) reported revenue of $270M for the first quarter 2025 (Q1 2025), -3% from a year earlier and -11% from the quarter before. Operating margin was 7.3%, net earnings $4.9M (1.8% of revenue).
Blackbaud, Q1 2025: revenue $270M (-3% year over year), operating margin 7.3%, net earnings $4.9M, operating cash flow $1.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $270M | -11% | -3% |
| Gross profit | $155M | -5% | +3% |
| Operating profit | $19.7M | — | +84% |
| Net earnings | $4.9M | — | -7% |
| Operating cash flow | $1.4M | -98% | -98% |
| Free cash flow | $700K | -99% | -99% |
What changed
Revenue was $269.9M in Q1 2025, down 3% year over year and down 11% from the previous quarter. Contractual recurring was the largest line at 65% of revenue. Contractual recurring lost $14.9M year over year (down 8%), 172% of the total change.
Gross margin was 57.5%, up 3.4 points from a year earlier. Operating profit was $19.7M, a 7.3% margin (up 3.5 points year over year). Operating expenses fell 3% while revenue fell 3%. The fastest-growing cost line was General & admin (+25%). Net earnings were $4.9M, down 7% year over year. The effective tax rate was 12.9%.
Operating cash flow was $1.4M (down 98% year over year), 29% of net earnings. Non-cash charges added back $21.6M of depreciation and amortization and $22.2M of share-based compensation. Working capital and other items used $47.3M. Capital expenditures of $688K left free cash flow of $700K.
Questions
What was Blackbaud's revenue in the first quarter 2025?
Blackbaud (BLKB) reported revenue of $270M for the first quarter 2025 (Q1 2025), -3% from a year earlier and -11% from the quarter before.
Was Blackbaud profitable in the first quarter 2025?
Operating profit was $19.7M (7.3% of revenue) and net earnings $4.9M.
Source: Blackbaud 10-Q on SEC EDGAR.