Filing Flows › Blackbaud (BLKB) › Q3 2025
Blackbaud (BLKB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Blackbaud (BLKB) reported revenue of $281M for the third quarter 2025 (Q3 2025), -2% from a year earlier and -0.3% from the quarter before. Operating margin was 19.4%, net earnings $47.5M (16.9% of revenue).
Blackbaud, Q3 2025: revenue $281M (-2% year over year), operating margin 19.4%, net earnings $47.5M, operating cash flow $139M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $281M | -0.3% | -2% |
| Gross profit | $167M | -0.5% | +6% |
| Operating profit | $54.6M | -5% | +33% |
| Net earnings | $47.5M | +79% | +160% |
| Operating cash flow | $139M | +108% | +34% |
| Free cash flow | $136M | +105% | +32% |
What changed
Revenue was $281.1M in Q3 2025, down 2% year over year and roughly flat from the previous quarter. Contractual recurring was the largest line at 65% of revenue. Contractual recurring lost $11.7M year over year (down 6%), 215% of the total change.
Gross margin was 59.6%, up 4.7 points from a year earlier. Operating profit was $54.6M, a 19.4% margin (up 5.1 points year over year). Operating expenses fell 3% while revenue fell 2%. The fastest-growing cost line was General & admin (+13%). Net earnings were $47.5M, up 160% year over year. The effective tax rate was -15.7%.
Operating cash flow was $139.2M (up 34% year over year), 293% of net earnings. Non-cash charges added back $21.3M of depreciation and amortization and $21.7M of share-based compensation. Working capital and other items added $48.8M. Capital expenditures of $3.5M left free cash flow of $135.7M.
Questions
What was Blackbaud's revenue in the third quarter 2025?
Blackbaud (BLKB) reported revenue of $281M for the third quarter 2025 (Q3 2025), -2% from a year earlier and -0.3% from the quarter before.
Was Blackbaud profitable in the third quarter 2025?
Operating profit was $54.6M (19.4% of revenue) and net earnings $47.5M.
Source: Blackbaud 10-Q on SEC EDGAR.