Filing Flows › Blackbaud (BLKB) › Q4 2025
Blackbaud (BLKB) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Blackbaud (BLKB) reported revenue of $295M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and +5% from the quarter before. Operating margin was 20.0%, net earnings $36.7M (12.4% of revenue).
Blackbaud, Q4 2025: revenue $295M (-2% year over year), operating margin 20.0%, net earnings $36.7M, operating cash flow $58.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $295M | +5% | -2% |
| Gross profit | $172M | +3% | +6% |
| Operating profit | $59.1M | +8% | — |
| Net earnings | $36.7M | -23% | — |
| Operating cash flow | $58.0M | -58% | -21% |
| Free cash flow | $55.0M | -59% | -25% |
What changed
Revenue was $295.3M in Q4 2025, down 2% year over year and up 5% from the previous quarter. Contractual recurring was the largest line at 62% of revenue.
Gross margin was 58.4%, up 4.6 points from a year earlier. Operating profit was $59.1M, a 20.0% margin (up 141.6 points year over year). Operating expenses fell 79% while revenue fell 2%. Net earnings were $36.7M. The effective tax rate was 20.0%.
Operating cash flow was $58.0M (down 21% year over year), 158% of net earnings. Non-cash charges added back $21.6M of depreciation and amortization and $21.8M of share-based compensation. Working capital and other items used $22.1M. Capital expenditures of $3.0M left free cash flow of $55.0M.
Questions
What was Blackbaud's revenue in the fourth quarter 2025?
Blackbaud (BLKB) reported revenue of $295M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and +5% from the quarter before.
Was Blackbaud profitable in the fourth quarter 2025?
Operating profit was $59.1M (20.0% of revenue) and net earnings $36.7M.
Source: Blackbaud 10-K on SEC EDGAR.