BlackBerry Limited (BB) financials

NYSE · Technology · Software - Infrastructure · 1,749 employees · CEO John Joseph Giamatteo

Price: $8.42 -8.38%
Market cap: $4.94B
Enterprise value: $4.9B
Last report: Q2 '27 filed 2026-09-24
Next report: 2026-12-17 EPS est. $0.05

Revenue (TTM)$614M+14.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)13.8%+8.8 pp vs a year agoOperating income $84.7M

Net income (TTM)$80.4M+3,595.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$92.7M+273.8% vs a year agoCapex $6.21M

Diluted EPS (TTM)$0.13+2,695.9% vs a year agoSum of the last 4 quarters

Net cash$157M+177.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $4.94B
Revenue: $614M
Revenue growth: +15%
Profit margin: 13.1%
P/E: 61.2×
P/S: 8.1×
EV / EBITDA: 41.2×
Free cash flow: $92.7M
Net income: $80.4M
Revenue estimate: $632M
Earnings: 2026-12-17
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-24): revenue beat by 13.2%, EPS beat by 75.0%Revenue $163M vs $144M expected (+13.2%); EPS $0.07 vs $0.04 (+75.0%).
Revenue growth accelerating: 26.0% year on yearQ2 '27 revenue $163M, against an average of 8.9% over the four quarters before.
Operating margin 13.8% (TTM), +8.8 pp on a year agoOperating income grew 216.0% while revenue grew 14.0%.
Capex 1.0% of revenue (a year ago 1.6%)$6.21M invested in the last 4 quarters (-28.6% on a year earlier). Free cash flow $92.7M = 115.3% of net income.
Returned $41.1M to shareholders = 44.3% of free cash flowBuybacks $41.1M (a year earlier $30M), dividends $0, stock-based pay $25.6M (TTM).
Diluted share count up 8.5% in a year650M diluted shares in Q2 '27, 599M a year earlier.
Net cash $157MCash + short-term investments $378M, debt incl. leases $221M; a year ago net cash $56.5M.

Last quarter: Q2 '27

Quarter ended 2026-08-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '27	Year ago	Change
Revenue	$163M	$130M	+26.0%
Gross margin	77.8%	74.5%	+3.3 pp
Operating income	$33.6M	$11.5M	+192.2%
Operating margin	20.6%	8.9%	+11.7 pp
Net income	$33.9M	$13.3M	+154.9%
Diluted EPS	$0.05	$0.02	+125.2%
Operating cash flow	$29.3M	$3.9M	+651.3%
Capex	$1.2M	$2.2M	-45.5%
Free cash flow	$28.1M	$1.7M	+1,552.9%
R&D	$33.2M	$25.6M	+29.7%
Stock-based compensation	$7.5M	$5.9M	+27.1%

Reported vs consensus

2026-09-24

	Actual	Consensus	vs consensus
Revenue	$163M	$144M	+13.2%
EPS (as estimated)	$0.07	$0.04	+75.0%

From the report of 2026-09-24 for Q2 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '27	y/y	Share	TTM	TTM y/y
Secure Communication	$60.9M	+1.7%	37.3%	$274M	+24.5%
QNX	$80.3M	+27.3%	49.2%	$300M	–
Licensing and Other	$22.1M	+234.8%	13.5%	$40M	+39.9%

Revenue by region

share of total

Segment	Q2 '27	y/y	Share	TTM	TTM y/y
North America	$72.6M	+16.5%	44.5%	$275M	+20.0%
EMEA	$58.3M	+46.1%	35.7%	$214M	+21.0%
Other Regions	$32.4M	+18.2%	19.8%	$125M	+37.2%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $98.9M
Capex: -$6.21M
Buybacks: -$41.1M
Dividends: $0
Acquisitions: $38.7M
Net debt issued: $0
Stock-based compensation: $25.6M
Free cash flow: $92.7M
Returned to shareholders / FCF: 44.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	61.2×	182.4× 2 of 5 years	37.7× – 327.1×
EV / EBITDA	41.2×	29.4× 3 of 5 years	18.1× – 46.6×
EV / Sales	8.0×	4.3×	2.2× – 5.8×
Price / FCF	53.3×	238.9× 2 of 5 years	42.5× – 435.3×
Price / Book	6.2×	2.8×	2.1× – 3.9×
FCF yield	1.9%	-2.8%	-13.5% – 2.4%
Return on invested capital	7.2%	-3.4%	-15.4% – 4.7%
Return on equity	10.6%	-21.1%	-85.7% – 7.1%

Analysts

Consensus target $10.43 (+23.9%)
range $8.00 – $13.00 · rating Hold

Strong buy0

Buy2

Hold12

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$632M	+15.1%	$0.21	+134.3%	39.9×	3
FY2028	$691M	+9.4%	$0.24	+13.0%	35.3×	4
FY2029	$735M	+6.3%	$0.29	+21.2%	29.1×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 241 figures BlackBerry Limited tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$0	–	–
	–	–	–	$22.1M	–	–
	–	–	–	-$300K	–	–
	–	–	–	$700K	–	–
Accounts Payable, Current	$8.6M	$4M	+115.0%	$5.5M	$31.1M	-82.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$141M	$125M	+12.8%	$156M	$174M	-10.2%
Accounts Receivable, after Allowance for Credit Loss, Noncurrent	$67.5M	$41.7M	+61.9%	$46.6M	$66.3M	-29.7%
Accounts Receivable, Allowance for Credit Loss	$3.5M	$5.4M	-35.2%	$3.4M	$6.6M	-48.5%
Accounts Receivable, Allowance for Credit Loss, Current	$1.3M	–	–	$3.4M	$6.6M	-48.5%
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$0	-$200K	+100.0%	-$2.4M	$5.3M	-145.3%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$300K2026-02-28	–	–	$800K	$4.7M	-83.0%
Accrued Bonuses	$20.3M	$16.8M	+20.8%	$36.5M	$31.4M	+16.2%
Accrued Liabilities, Current	$102M	$83.9M	+21.0%	$112M	$126M	-11.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$87.2M	$84.2M	+3.6%	$85.9M	$84.5M	+1.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$13.3M	-$12M	-10.8%	-$11.2M	-$19.2M	+41.7%
Advertising Expense	–	–	–	$12M	$16.8M	-28.6%
Amortization of Intangible Assets	$2.4M	$3.4M	-29.4%	$12.4M	$16.7M	-25.7%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$7.5M	$5.9M	+27.1%	$23.1M	$25.6M	-9.8%
Assets	$1.26B	$1.18B	+6.7%	$1.25B	$1.3B	-3.9%
Assets, Current	$562M	$507M	+10.8%	$568M	$592M	-3.9%
Capital Expenditures Incurred but Not yet Paid	$200K	$0	–	–	–	–
Cash and Cash Equivalents, at Carrying Value	$266M	$276M	-3.7%	$275M	$267M	+3.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$280M	$291M	-3.5%	$289M	$280M	+3.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$9.3M	-$1.9M	+589.5%	$8.6M	$79.8M	-89.2%
Common Stock, Shares, Issued	587M	590M	-0.6%	587M	596M	-1.5%
Common Stock, Shares, Outstanding	587M	590M	-0.6%	587M	596M	-1.5%
Common Stock, Value, Issued	$2.93B	$2.95B	-0.8%	$2.92B	$2.98B	-1.7%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$33.4M	$14.1M	+136.9%	$61.2M	-$83.9M	+172.9%
Contract with Customer, Performance Obligation Satisfied in Previous Period	$2.3M	$0	–	$2.3M	$2.4M	-4.2%
Conversion of Stock, Shares Converted	–	–	–	51.5M	51.5M	0.0%
Cost of Revenue	$36.2M	$33M	+9.7%	$131M	$140M	-6.5%
Current Federal Tax Expense (Benefit)	–	–	–	-$200K	-$400K	+50.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$6M	$17.4M	-65.5%
Debt Conversion, Converted Instrument, Amount	$0	$0	–	$1K	$1K	0.0%
Debt Securities, Available-for-sale	$206M2026-02-28	$128M	+60.9%	$206M	$128M	+60.9%
Debt Securities, Available-for-sale, Amortized Cost	$206M2026-02-28	$138M	+49.2%	$206M	$138M	+49.2%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$280M	$152M	+84.0%	$206M	$128M	+60.9%
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	$0	$0	–	–	–	–
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$02026-02-28	$0	–	$0	$0	–
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$280M	$152M	+84.0%	$206M	$128M	+60.9%
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost	$02026-02-28	$10M	-100.0%	$0	$10M	-100.0%
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value	$02026-02-28	$0	–	$0	$0	–
Debt Securities, Available-for-sale, Realized Gain (Loss)	$0	$0	–	$0	$0	–
Deferred Revenue, Current	$117M	$129M	-9.3%	$139M	$162M	-14.2%
Deferred Revenue, Noncurrent	$11.8M	$6.7M	+76.1%	$14.1M	$5.6M	+151.8%
Deferred Tax Assets, Gross	$1.51B2026-02-28	$1.52B	-0.3%	$1.51B	$1.52B	-0.3%
Deferred Tax Assets, Net of Valuation Allowance	$02026-02-28	$600K	-100.0%	$0	$600K	-100.0%
Deferred Tax Assets, Operating Loss Carryforwards	$500M2026-02-28	$475M	+5.2%	$500M	$475M	+5.2%
Deferred Tax Assets, Other Tax Carryforwards	$133M2026-02-28	$141M	-5.6%	$133M	$141M	-5.6%
Deferred Tax Assets, Property, Plant and Equipment	$267M2026-02-28	$263M	+1.5%	$267M	$263M	+1.5%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$19.5M2026-02-28	$21.3M	-8.5%	$19.5M	$21.3M	-8.5%
Deferred Tax Assets, Valuation Allowance	$1.51B	–	–	$1.51B	$1.52B	-0.3%
Deferred Tax Liabilities, Gross	$02026-02-28	$600K	-100.0%	$0	$600K	-100.0%
Deferred Tax Liabilities, Net	$02026-02-28	$0	–	$0	$0	–
Deferred Tax Liabilities, Property, Plant and Equipment	$02026-02-28	$600K	-100.0%	$0	$600K	-100.0%
Depreciation	–	–	–	$5.4M	$7.6M	-28.9%
Depreciation, Depletion and Amortization	$4.1M	$4.6M	-10.9%	$17.8M	$44.7M	-60.2%
Depreciation, Depletion and Amortization, Nonproduction	$2.5M	$3.1M	-19.4%	$11.4M	$17.7M	-35.6%
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	–	–	–	$0	$10.4M	-100.0%
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	–	–	–	$0	$10.2M	-100.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-31, 10-Q 2026-05-31, 10-K 2026-02-28, 10-Q 2025-11-30, 10-Q 2025-08-31, 10-Q 2025-05-31, 10-K 2025-02-28, 10-Q 2024-11-30, 10-Q 2024-08-31

Data as of 2026-11-02