Detailed financial statements for BlackBerry Limited (BB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
BlackBerry Limited stands as a global technology company, delivering intelligent security solutions, software, and comprehensive services to government bodies and businesses worldwide. Its operational structure is divided into three primary segments: Cybersecurity, Internet of Things (IoT), and Licensing & Other ventures. Within its Cybersecurity division, the company offers the sophisticated BlackBerry Cyber Suite.
Analysis Summary
BlackBerry Limited reported revenue of $549.1M in the most recent fiscal year, growing at a 5-year CAGR of -9.3%.
Trailing-twelve-month margins: gross margin 77.9%, operating margin 13.8%, net margin 13.1%. Free cash flow grew at 4.5% CAGR over 5 years.
At $8.42 (closing price, October 30, 2026), BB trades at a P/E of 66.19 and an ROE of 10.62%. Market capitalisation stands at $4.9B.
Balance sheet quality for BB: debt-to-equity ratio of 0.28, current ratio of 2.38 over the last 12 months, net cash position of $144.6M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $47.3M represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.31B | $932.0M | $904.0M | $1.04B | $893.0M | $718.0M | $526.3M | $759.1M | $534.9M | $549.1M |
| Cost of Revenue | $692.0M | $262.0M | $206.0M | $277.0M | $250.0M | $251.0M | $159.7M | $268.4M | $140.0M | $130.9M |
| Gross Profit | $617.0M | $670.0M | $698.0M | $763.0M | $643.0M | $467.0M | $366.6M | $490.7M | $394.9M | $418.2M |
| Research & Development | $306.0M | $239.0M | $219.0M | $259.0M | $215.0M | $219.0M | $134.2M | $127.1M | $108.8M | $113.6M |
| Selling, General & Admin | $553.0M | $476.0M | $409.0M | $493.0M | $344.0M | $297.0M | $274.6M | $291.2M | $255.2M | $242.8M |
| Operating Expenses | $1.80B | $387.0M | $638.0M | $912.0M | $1.75B | $681.0M | $573.4M | $479.7M | $394.1M | $367.8M |
| Operating Income | -$1.18B | $283.0M | $60.0M | -$149.0M | -$1.11B | -$214.0M | -$206.8M | $11.0M | $800,000 | $50.4M |
| EBITDA | -$189.0M | -$21.0M | $83.0M | $29.0M | $100.0M | -$38.0M | -$90.7M | $93.9M | $59.2M | $82.8M |
| Interest Expense | 0 | 0 | 0 | 0 | $15.8M | $5.9M | $6.4M | $5.6M | $6.0M | $6.0M |
| Pre-tax Income | -$1.21B | $406.0M | $77.0M | -$148.0M | -$1.11B | $19.0M | -$201.8M | $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 | -$1.21B | $405.0M | $93.0M | -$152.0M | -$1.10B | $12.0M | -$734.4M | -$130.2M | -$79.0M | $53.2M |
| EPS | -$2.30 | $0.76 | $0.17 | -$0.27 | -$1.97 | $0.02 | -$1.22 | -$0.22 | -$0.13 | $0.09 |
| EPS (Diluted) | -$2.30 | $0.74 | $0.15 | -$0.25 | -$1.97 | $0.02 | -$1.35 | -$0.22 | -$0.13 | $0.09 |
| Shares Outstanding (Diluted) | 525.3 M | 545.9 M | 616.5 M | 614.4 M | 561.3 M | 631.4 M | 639.5 M | 592.5 M | 591.5 M | 597.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $141.8M | $156.0M | $152.9M | $163.3M |
| Gross Profit | $109.9M | $121.4M | $119.7M | $127.1M |
| Operating Income | $11.9M | $23.8M | $15.4M | $33.6M |
| EBITDA | $16.5M | $41.9M | $19.5M | $40.8M |
| Net Income | $13.7M | $24.3M | $8.5M | $33.9M |
| EPS | $0.02 | $0.04 | $0.01 | $0.06 |
| EPS (Diluted) | $0.02 | $0.04 | $0.01 | $0.05 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $734.0M | $816.0M | $548.0M | $377.0M | $214.0M | $378.0M | $295.0M | $175.0M | $266.7M | $274.7M |
| Short-term Investments | $644.0M | $1.44B | $368.0M | $532.0M | $525.0M | $334.0M | $131.0M | $62.0M | $71.1M | $85.2M |
| Receivables | $258.0M | $248.0M | $261.0M | $235.0M | $217.0M | $172.0M | $135.0M | $223.7M | $223.7M | $166.1M |
| Inventory | $26.0M | $3.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.69B | $2.55B | $1.19B | $1.20B | $1.01B | $1.04B | $743.0M | $508.0M | $591.5M | $568.2M |
| Property, Plant & Equipment | $91.0M | $64.0M | $85.0M | $194.0M | $111.0M | $91.0M | $69.0M | $53.0M | $35.4M | $29.0M |
| Goodwill | $559.0M | $569.0M | $1.46B | $1.44B | $849.0M | $844.0M | $595.0M | $474.5M | $472.4M | $479.1M |
| Intangible Assets | $602.0M | $477.0M | $1.07B | $915.0M | $771.0M | $522.0M | $203.0M | $57.5M | $47.3M | $40.1M |
| Total Assets | $3.26B | $3.78B | $3.93B | $3.89B | $2.82B | $2.57B | $1.68B | $1.40B | $1.30B | $1.25B |
| Accounts Payable | $128.0M | $46.0M | $48.0M | $31.0M | $20.0M | $22.0M | $24.0M | $17.0M | $31.1M | $5.5M |
| Short-term Debt | 0 | 0 | 0 | $606.0M | 0 | 0 | $367.0M | 0 | 0 | 0 |
| Total Current Liabilities | $621.0M | $411.0M | $510.0M | $1.12B | $429.0M | $397.0M | $729.0M | $356.9M | $344.3M | $268.1M |
| Long-term Debt | $591.0M | $782.0M | $665.0M | 0 | $720.0M | $507.0M | 0 | $194.1M | $195.3M | $196.5M |
| Total Liabilities | $1.21B | $1.27B | $1.29B | $1.36B | $1.31B | $1.01B | $822.0M | $619.0M | $575.7M | $499.2M |
| Retained Earnings | -$438.0M | -$45.0M | -$32.0M | -$198.0M | -$1.31B | -$1.29B | -$2.03B | -$2.16B | -$2.24B | -$2.17B |
| Total Equity | $2.06B | $2.50B | $2.64B | $2.53B | $1.50B | $1.56B | $857.0M | $776.0M | $719.9M | $746.0M |
| Total Debt | $591.0M | $782.0M | $665.0M | $757.0M | $843.0M | $601.0M | $443.0M | $252.0M | $239.0M | $215.3M |
| Net Debt | -$787.0M | -$1.48B | -$251.0M | -$152.0M | $104.0M | -$111.0M | $17.0M | $14.9M | -$98.8M | -$144.6M |
| Working Capital | $1.07B | $2.14B | $684.0M | $75.0M | $577.0M | $646.0M | $14.0M | $151.1M | $247.2M | $300.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $270.3M | $274.7M | $271.0M | $266.2M |
| Total Assets | $1.22B | $1.25B | $1.24B | $1.26B |
| Total Liabilities | $477.3M | $499.2M | $490.0M | $471.4M |
| Total Equity | $741.1M | $746.0M | $750.7M | $791.6M |
| Total Debt | $228.4M | $215.3M | $221.1M | $221.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.21B | $405.0M | $93.0M | -$152.0M | -$1.10B | $12.0M | -$734.4M | -$130.2M | -$79.0M | $53.2M |
| Depreciation & Amortization | $239.0M | $177.0M | $149.0M | $212.0M | $198.0M | $176.0M | $104.7M | $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 |
| Change in Working Capital | -$98.0M | -$112.0M | -$15.0M | -$58.0M | -$56.0M | $1.0M | $6.2M | -$154.3M | $34.5M | -$36.5M |
| Operating Cash Flow | -$224.0M | $704.0M | $100.0M | $26.0M | $82.0M | -$28.0M | -$262.2M | -$3.5M | $16.5M | $51.1M |
| Capital Expenditure | -$69.0M | -$45.0M | -$49.0M | -$44.0M | -$44.0M | -$39.0M | -$40.9M | -$20.9M | -$10.1M | -$3.9M |
| Acquisitions | -$5.0M | 0 | -$1.40B | $1.0M | 0 | 0 | 0 | 0 | 0 | $38.7M |
| Stock Repurchased | 0 | -$18.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$61.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$293.0M | $659.0M | $51.0M | -$18.0M | $38.0M | -$67.0M | -$303.1M | -$24.4M | $6.4M | $47.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $18.2M | $46.8M | $4.6M | $29.3M |
| Capital Expenditure | -$898,453 | -$1.2M | -$2.9M | -$1.2M |
| Free Cash Flow | $17.3M | $45.6M | $1.7M | $28.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.1M | $5.5M | $6.5M | $7.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -28.8% | -3.0% | +15.0% | -14.1% | -19.6% | -26.7% | +44.2% | -29.5% | +2.7% | |
| Net Income Growth (YoY) | +133.6% | -77.0% | -263.4% | -626.3% | +101.1% | -6,220.0% | +82.3% | +39.3% | +167.3% | |
| EPS Growth (YoY) | +133.0% | -77.6% | -258.8% | -629.6% | +101.1% | -5,909.5% | +82.0% | +40.9% | +169.2% | |
| Shares Change (YoY) | +3.9% | +12.9% | -0.3% | -8.6% | +12.5% | +1.3% | -7.3% | -0.2% | +1.0% | |
| FCF Growth (YoY) | +324.9% | -92.3% | -135.3% | +311.1% | -276.3% | -352.4% | +91.9% | +126.2% | +638.4% | |
| 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% | -29.8% | -39.3% | 1.4% | 0.1% | 9.2% |
| EBITDA Margin | -14.4% | -2.3% | 9.2% | 2.8% | 11.2% | -5.3% | -17.2% | 12.4% | 11.1% | 15.1% |
| Net Margin | -92.1% | 43.5% | 10.3% | -14.6% | -123.6% | 1.7% | -139.5% | -17.2% | -14.8% | 9.7% |
| FCF Margin | -22.4% | 70.7% | 5.6% | -1.7% | 4.3% | -9.3% | -57.6% | -3.2% | 1.2% | 8.6% |
| Effective Tax Rate | 0.2% | 0.2% | -20.8% | -2.7% | 0.8% | 36.8% | -6.8% | 81.2% | 200.0% | 9.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.56 | $1.21 | $0.08 | -$0.03 | $0.07 | -$0.11 | -$0.47 | -$0.04 | $0.01 | $0.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 525.3 M | 532.9 M | 540.5 M | 553.9 M | 561.3 M | 570.6 M | 578.7 M | 584.5 M | 591.5 M | 592.3 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 10.62% |
| Return on Invested Capital | 7.19% |
| Return on Assets | 6.37% |
| Gross Margin | 77.87% |
| Operating Margin | 13.79% |
| Net Margin | 13.09% |
Financial Health
| Debt / Equity | 0.28 |
| Current Ratio | 2.38 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.84 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3.03 | 15.97 | 51.18 | -19.15 | -5.54 | 327.14 | -3.18 | -12.64 | -36.23 | 37.67 |
| P/B | 1.78 | 2.58 | 1.78 | 1.13 | 4.07 | 2.52 | 2.62 | 2.09 | 3.87 | 2.69 |
| P/S | 2.79 | 6.94 | 5.20 | 2.75 | 6.86 | 5.46 | 4.27 | 2.14 | 5.21 | 3.66 |
| 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% | -29.8% | -39.3% | 1.4% | 0.1% | 9.2% |
| Net Margin | -92.1% | 43.5% | 10.3% | -14.6% | -123.6% | 1.7% | -139.5% | -17.2% | -14.8% | 9.7% |
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