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BlackBerry

BB NYSE Systems Software Financials FY2017–FY2026

BlackBerry's revenue rose 2.6% to $549 million in fiscal 2026. Its operating margin was 8.8%, up from 0.1% a year earlier. Free cash flow was $46 million, up 247.0%. It paid out $61 million in dividends and buybacks, 131% of free cash flow. The diluted share count rose 1.0%.

Last close · Oct 23, 2026

$8.92

3.8%
Value it Compare
Revenue Total sales reported in the income statement.
$549M
2.7% vs prior year
Operating margin Operating income as a share of revenue.
8.8%
8.7 pts
Net income Profit after all expenses, interest and tax.
$53.2M
Free cash flow Cash from operations minus capital spending.
$46.5M
247.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.5%
7.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
74.3x
On $0.12 EPS (TTM)

What BlackBerry does

BlackBerry, based in Waterloo, Ontario, sells software in two main areas: QNX, the basic operating software that runs computers built into cars, medical devices, robots and factory equipment, and secure communications software for governments and regulated businesses. BlackBerry says QNX software is in more than 275 million vehicles.

It reports three divisions. QNX, which licenses its software to carmakers, their suppliers and other equipment makers, had revenue of $268 million in the year to February 2026. Secure Communications, which sells encrypted calling and messaging, tools to manage and secure staff phones and computers, and emergency alert systems, to governments and businesses, had $258.9 million. Licensing, which earns money from its patents, had $22.2 million. BlackBerry says QNX competes mainly with other makers of such software, including free open-source Linux systems, and that all its businesses face many rivals in fast-changing markets.

BlackBerry had 1,749 employees, contractors and student workers in 15 countries in February 2026, with 57% in Canada and 14% in the United States. Its sales cycles with carmakers and governments can be long.

Legal name
BlackBerry Limited
Fiscal year ends
February 28, 2026
Latest annual report
10-K · Apr 9, 2026
Accession · CIK
0001070235-26-000039
0001070235

Revenue and margins

BlackBerry had $549M of revenue in fiscal 2026, up 2.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $46.5M in fiscal 2026, 8.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

BlackBerry returned $60.7M to shareholders in fiscal 2026, 131% of free cash flow. The diluted share count rose 1.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value BlackBerry yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $163M and divides by 597.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 74.3x · peers 37.5x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably BlackBerry can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $712M$427M$237M$338M$360M
Debt incl. finance leases —$0.0M$194M$195M$197M
Net debt / EBITDA ——−0.6x−3.1x−2.5x
Debt / equity —0.0x0.3x0.3x0.3x
Interest coverage −0.3x−32.3x2.0x0.1x8.1x
Current ratio 2.6x1.0x1.4x1.7x2.1x
Quick ratio 2.6x1.0x1.4x1.7x2.1x
Total assets $2.6B$1.7B$1.4B$1.3B$1.2B
Total liabilities $1.0B$822M$620M$576M$499M
Shareholders' equity $1.6B$857M$775M$720M$746M
Net debt (− = net cash) —−$427M−$43.0M−$143M−$163M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.3M

4 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 22, 2026 John Joseph GiamatteoCEO & President, Secure Comm., Director Sold 99,000 $8.74 $0.9M Form 4
Oct 21, 2026 John Joseph GiamatteoCEO & President, Secure Comm., Director Sold 151,000 $9.40 $1.4M Form 4
Oct 9, 2026 Jennifer Armstrong-OwenSr VP & Chief People Officer Sold 3,379 $8.36 $0.0M Form 4
Oct 9, 2026 John Joseph GiamatteoCEO & President, Secure Comm., Director Sold 27,004 $8.36 $0.2M Form 4
Oct 9, 2026 Philip S. KurtzCLO & Corp. Secretary Sold 6,164 $8.45 $0.1M Form 4
Oct 9, 2026 Tim FooteChief Financial Officer Sold 8,441 $8.36 $0.1M Form 4
Jul 14, 2026 Philip S. KurtzCLO & Corp. Secretary Sold 30,000 $11.32 $0.3M Form 4
Jul 9, 2026 Jennifer Armstrong-OwenSr VP & Chief People Officer Sold 3,296 $10.92 $0.0M Form 4
Jul 9, 2026 John Joseph GiamatteoCEO & President, Secure Comm., Director Sold 152,012 $11.35 $1.7M Form 4
Jul 9, 2026 Philip S. KurtzCLO & Corp. Secretary Sold 6,414 $11.07 $0.1M Form 4
Jul 9, 2026 Tim FooteChief Financial Officer Sold 8,235 $10.92 $0.1M Form 4
Jul 8, 2026 John Joseph GiamatteoCEO & President, Secure Comm., Director Sold 125,000 $11.00 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✕ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✓ ✕
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 5 / 96 / 96 / 9
Accruals ratio −8.2%−7.1%0.2%
Altman Z'' −2.97−3.06−2.26

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
BlackBerry BB $5.8B 2.7% 8.8% 8.5% 7.5% 74.3x 6
Qualys QLYS $7.6B 10.1% 33.2% 45.5% 169.1% 37.5x 6 Compare →
CommVault Systems CVLT $7.1B 18.9% 6.3% 20.0% — 107.9x 6 Compare →
Rubrik RBRK $26.5B 48.5% −26.2% 19.2% — — 5 Compare →
UiPath PATH $7.4B 12.7% 3.5% 21.9% 13.7% 21.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $1.3B $932M $904M $1.0B $893M $718M $526M $759M $535M $549M
Gross profit $617M $670M $698M $763M $643M $467M $367M $491M $395M $418M
Research and development $306M $239M $219M $259M $215M $219M $134M $127M $109M $114M
Operating income −$1.2B $283M $60.0M −$149M −$1.1B −$2.0M −$207M $11.0M $0.8M $48.3M
Interest expense $0.0M $0.0M $24.0M $23.0M $15.0M $6.0M $6.4M $5.6M $6.0M $6.0M
Pretax income −$1.2B $406M $77.0M −$148M −$1.1B $19.0M −$202M $29.8M $8.5M $59.0M
Income tax −$2.0M $1.0M −$16.0M $4.0M −$9.0M $7.0M $13.7M $24.2M $17.0M $5.8M
Net income −$1.2B $405M $93.0M −$152M −$1.1B $12.0M −$734M −$130M −$79.0M $53.2M
Diluted EPS −$2.30 $0.74 $0.00 −$0.32 −$1.97 −$0.31 −$1.35 −$0.22 −$0.13 $0.09
Diluted shares 0.53B 0.55B 0.62B 0.61B 0.56B 0.63B 0.64B 0.59B 0.59B 0.60B
Cash flow
Cash from operations −$224M $704M $100M $26.0M $82.0M −$28.0M −$262M −$3.5M $16.5M $50.3M
Capital expenditure $17.0M $15.0M $17.0M $12.0M $8.0M $8.0M $7.3M $7.1M $3.1M $3.8M
Free cash flow −$241M $689M $83.0M $14.0M $74.0M −$36.0M −$270M −$10.6M $13.4M $46.5M
Depreciation and amortization $239M $177M $149M $212M $198M $176M $105M $58.5M $44.7M $17.8M
Stock-based compensation $60.0M $49.0M $67.0M $63.0M $44.0M $36.0M $33.9M $33.1M $25.6M $23.2M
Acquisitions $5.0M $0.0M $1.4B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $18.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $60.7M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $18.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $60.7M
Balance sheet
Cash and short-term investments $1.4B $2.3B $916M $909M $739M $712M $427M $237M $338M $360M
Total debt — — — — — — $0.0M $194M $195M $197M
Finance lease liabilities $0.0M $0.0M $0.0M $1.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.7B $2.5B $1.2B $1.2B $1.0B $1.0B $743M $508M $592M $568M
Current liabilities $621M $411M $510M $1.1B $429M $397M $729M $357M $344M $268M
Inventory $26.0M $3.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $91.0M $64.0M $85.0M $70.0M $48.0M $41.0M $25.0M $21.2M $13.4M $12.3M
Total assets $3.3B $3.8B $4.0B $3.9B $2.8B $2.6B $1.7B $1.4B $1.3B $1.2B
Total liabilities $1.2B $1.3B $1.3B $1.4B $1.3B $1.0B $822M $620M $576M $499M
Shareholders' equity $2.1B $2.5B $2.6B $2.5B $1.5B $1.6B $857M $775M $720M $746M
Margins
Gross margin 47.1% 71.9% 77.2% 73.4% 72.0% 65.0% 69.7% 64.6% 73.8% 76.2%
Operating margin −90.2% 30.4% 6.6% −14.3% −124.0% −0.3% −39.3% 1.5% 0.2% 8.8%
EBITDA margin −72.0% 49.4% 23.1% 6.1% −101.8% 24.2% −19.4% 9.2% 8.5% 12.0%
Net margin −92.1% 43.5% 10.3% −14.6% −123.6% 1.7% −139.5% −17.2% −14.8% 9.7%
FCF margin −18.4% 73.9% 9.2% 1.4% 8.3% −5.0% −51.2% −1.4% 2.5% 8.5%
Returns
Return on capital — — — — — — — 1.0% 0.1% 7.5%
Return on capital employed −32.9% 9.4% 1.8% −4.8% −42.9% −0.1% −13.3% 1.1% 0.1% 5.0%
Return on equity −45.8% 17.8% 3.6% −5.9% −54.8% 0.8% −60.9% −16.0% −10.6% 7.3%
Return on assets −27.3% 11.5% 2.4% −3.9% −32.9% 0.5% −34.6% −8.5% −5.9% 4.2%
Growth
Revenue growth −39.4% −28.8% −3.0% 15.0% −14.1% −19.6% −26.7% 44.2% −29.5% 2.7%
Net income growth — — −77.0% −263.4% — — −6,220.0% — — —
EPS growth — — −100.0% — — — — — — —
FCF growth −207.1% — −88.0% −83.1% 428.6% −148.7% — — — 247.0%
Share count change −19.4% 3.9% 12.9% −0.3% −8.6% 12.5% 1.3% −7.4% −0.2% 1.0%
Financial health
Net debt / EBITDA — — — — — — — −0.6x −3.1x −2.5x
Debt / equity — — — — — — 0.0x 0.3x 0.3x 0.3x
Interest coverage — — 2.5x −6.5x −73.8x −0.3x −32.3x 2.0x 0.1x 8.1x
Current ratio 2.8x 6.2x 2.4x 1.1x 2.3x 2.6x 1.0x 1.4x 1.7x 2.1x
Quick ratio 2.7x 6.2x 2.4x 1.1x 2.3x 2.6x 1.0x 1.4x 1.7x 2.1x
Capital allocation
Capex / revenue 1.3% 1.6% 1.9% 1.2% 0.9% 1.1% 1.4% 0.9% 0.6% 0.7%
Stock comp / revenue 4.6% 5.3% 7.4% 6.1% 4.9% 5.0% 6.4% 4.4% 4.8% 4.2%
Payouts / FCF — 2.6% 0.0% 0.0% 0.0% — — — 0.0% 130.5%
Quality scores
Piotroski F-score — — — — — — — 5.0 6.0 6.0
Altman Z'' 1.1 6.2 3.4 1.7 −1.6 1.6 −3.6 −3.0 −3.1 −2.3
Accruals ratio −22.2% −8.5% −0.2% −4.5% −35.4% 1.5% −22.2% −8.2% −7.1% 0.2%

Source: SEC EDGAR XBRL filings (CIK 0001070235). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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