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Blackberry Ltd (BB) stock

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NYSE: BB NYSE Systems Software Next results ~December 17, 2026

C+ Fundamentals grade

Blackberry Ltd is a US-listed company in the systems software industry. Its financial year ends in February.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.7

Valuation models combined (3)

Base case. Range ~$3.4–$4.1. Weighted average of 3 models (forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Blackberry Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 45 sales by directors and officers, last 12 monthsInsider trades
  • Funds188 adding, 85 cuttingOf 36 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Blackberry files

Where Blackberry stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $614m, up 14.4% on a year earlier, faster than the 8.8% growth a quarter earlier. Free-cash-flow margin rose to 15.0% from 5.7% a year earlier. Operating margin widened to 13.6% from 4.7%. The diluted share count is up 2.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 6 of our 6 financial-health checks. Our valuation models combined value is $4.72 a share.

Source: 10-Q filed September 24, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 17, 2026 (estimated)

Blackberry Ltd's trailing-twelve-month revenue grew 14.4% year on year, with a free-cash-flow margin of 15.0%.

Current signal Revenue growth accelerating: TTM revenue growth rose to 14.4% (+5.6pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.6 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 9.0 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Share dilution. Diluted shares rose 2.2% in a year.
  • High earnings multiple. The shares trade at 61 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 65% and a beta of 1.9 against the S&P 500.

Latest results: FY2027 Q2

Filed September 24, 2026
Earnings per share
$0.07 against an average estimate of $0.04: beat by 75.0%
Revenue
$163m, up 26.0% on a year earlier
Share reaction
-2.0% in the first session after the results on September 24, 2026, against +0.5% for the S&P 500
Next report
December 17, 2026; average EPS estimate $0.05

Blackberry's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.8%
  • 1 week-12.7%
  • 1 month-13.8%
  • This year+111.6%
  • 1 year+64.3%
  • 5 years-31.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$614M
Operating margin
13.6%
Net margin
13.1%
EPS (TTM, diluted)
$0.13

Growth

Revenue growth
+14.4%
Change in growth rate
+5.6 pts
Share count change
+2.2%

Cash

Free cash flow (TTM)
$92.1M
FCF margin
15.0%
Stock pay % of revenue
4.2%

Earnings

Last results
September 24, 2026
Next results (est.)
December 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Results
  4. Announcement
  5. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Blackberry Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Blackberry Ltd as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.5 ~$1.2–$1.8 Left out: out of range vs price (0.19x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.9 ~$2.8–$8.1 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.1 ~$4.0–$9.3 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$3.4 ~$2.8–$4.0 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.7 ~$3.4–$4.1 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Blackberry Ltd with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$7.81$6.96$12.14$8.70$5.17$10.05$6.87$3.88$2.78$4.71$3.39$8.02
Market value$5.1bn$3.7bn$6.6bn$5.4bn$3.2bn$5.6bn$4.3bn$2.5bn$1.6bn$2.8bn$2.0bn$4.9bn
+ Net debt (− = net cash)−$957m−$734m−$816m−$548m−$377m−$214m−$378m−$296m$19m−$71m−$78m−$69m
Enterprise value$4.1bn$2.9bn$5.8bn$4.8bn$2.8bn$5.4bn$4.0bn$2.2bn$1.7bn$2.7bn$1.9bn$4.8bn
Multiples
Price / sales 2.4x2.8x7.1x5.9x3.1x6.3x6.0x4.7x2.2x5.2x3.7x8.0x
Price / earnings ——16.4x57.7x——n/m———38.1x60.7x
Price / free cash flow 22.6x—9.6x64.6xn/m76.2x———n/m43.6x53.0x
EV / EBITDA 10.5x—12.6x23.0x44.4x—22.8x—24.0x59.7x29.5x50.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

43 /100

Weak moat

How hard Blackberry's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.1% of total assets over 6 years.

  • Pricing power 12 / 20

    Gross margin has been a median 65.9%, moving by 14.0 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -2.5%; its worst year was -82.2%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 7 of 10 years, at a median 6.7% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 7.6% over five years; stock-based pay has been a median 4.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 17, 2026, after the close. Analysts expect revenue of $149m and EPS of $0.05 (range $0.04 to $0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.21 +29% $626m +14%
Next $0.24 +15% $688m +10%

Next year's EPS estimate has moved +3.1% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.1% on 90 days ago. In the last 30 days, 7 analysts raised Blackberry Ltd's forecast and 0 cut it.

Consensus EPS forecast Blackberry Ltd, last 90 days
$0.18 $0.20 $0.22 $0.24 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.19 Current fiscal year, 60 days ago: $0.19 Current fiscal year, 30 days ago: $0.19 Current fiscal year, 7 days ago: $0.19 Current fiscal year, Now: $0.21 $0.21 Next fiscal year, 90 days ago: $0.23 Next fiscal year, 60 days ago: $0.23 Next fiscal year, 30 days ago: $0.23 Next fiscal year, 7 days ago: $0.23 Next fiscal year, Now: $0.24 $0.24

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.19$0.23
60 days ago $0.19$0.23
30 days ago $0.19$0.23
7 days ago $0.19$0.23
Now $0.21$0.24

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $0.04 $0.07 +75.0%
May 2026 $0.03 $0.04 +50.0%
Feb 2026 $0.04 $0.06 +38.5%
Nov 2025 $0.04 $0.05 +36.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

8 analysts, Oct 2026
Buy225%
Hold450%
Sell225%

Monthly trend

  1. Oct 2026114118
  2. Sep 2026114118
  3. Aug 2026114118
  4. Jul 2026114118

Counts of recommendations published by analysts covering Blackberry Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.0%
of tradable shares
Days to cover
1.87
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
55%
of shares
Held by insiders
0.3%
of shares
Employees
1,749
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +64.3%

$4.88 on October 31, 2025 to $8.02

ThenNowEffect
Revenue (last 12 months) $537m $614m +14.4%
P/S multiple 5.4x 8.0x +46.8%
Share count 596m 609m −2.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +114.4%

$3.74 on November 3, 2023 to $8.02

ThenNowEffect
Revenue (last 12 months) $695m $614m −11.7%
P/S multiple 3.3x 8.0x +141.5%
Share count 612m 609m +0.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BB+41%−65%+9%+7%+0%+112%
Industry peers (median)+21%−40%+33%+23%−1%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BB50%33%50%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BB−68%−66%−40%−41%−53%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 92% from January 27, 2021 to August 7, 2024. Getting back needed a 1090% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.15 – $12.81
From 52-week high
−37.4%
vs 50-day average
−4.8%
vs 200-day average
+16.5%
Volatility (1 year)
65%
Beta vs S&P 500
1.85

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±12.9%
After a week
8 up, 4 down
typical move ±14.7%
After a month
6 up, 6 down
typical move ±16.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 24, 2026 −2.0% +0.5% +9.5% +6.4%
June 25, 2026 +32.3% −0.6% +33.5% −2.3%
April 9, 2026 +8.8% +0.5% +32.9% +80.5%
December 18, 2025 −11.5% +1.7% −6.8% −10.8%
September 25, 2025 +16.2% +0.1% +11.2% +11.9%
June 24, 2025 +12.7% +1.2% +0.5% −8.3%
April 2, 2025 −15.8% −4.3% −11.8% −6.4%
December 19, 2024 +22.6% +1.2% +29.9% +38.5%
September 26, 2024 +5.4% +0.3% −2.9% 0.0%
June 26, 2024 +9.4% +0.3% +11.2% +10.7%
April 3, 2024 +2.9% −1.1% +10.7% +4.3%
December 20, 2023 −15.0% −0.5% −15.4% −15.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Blackberry Ltd in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Blackberry Ltd
$500M $600M $700M $800M $900M FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $678.3M Revenue (TTM), FY24 Q4: $810.1M Revenue (TTM), FY25 Q1: $560.5M Revenue (TTM), FY25 Q2: $554.7M Revenue (TTM), FY25 Q3: $546.3M Revenue (TTM), FY25 Q4: $534.9M Revenue (TTM), FY26 Q1: $533.2M Revenue (TTM), FY26 Q2: $536.6M Revenue (TTM), FY26 Q3: $534.8M Revenue (TTM), FY26 Q4: $549.1M Revenue (TTM), FY27 Q1: $580.3M Revenue (TTM), FY27 Q2: $614M $614M

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $678.3M
FY24 Q4 $810.1M
FY25 Q1 $560.5M
FY25 Q2 $554.7M
FY25 Q3 $546.3M
FY25 Q4 $534.9M
FY26 Q1 $533.2M
FY26 Q2 $536.6M
FY26 Q3 $534.8M
FY26 Q4 $549.1M
FY27 Q1 $580.3M
FY27 Q2 $614M
Revenue growth, TTM YoY Blackberry Ltd
-50% 0% 50% 100% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -1.7% Revenue growth, TTM YoY, FY24 Q4: 53.9% Revenue growth, TTM YoY, FY25 Q1: -23.4% Revenue growth, TTM YoY, FY25 Q2: -20.2% Revenue growth, TTM YoY, FY25 Q3: -19.5% Revenue growth, TTM YoY, FY25 Q4: -34.0% Revenue growth, TTM YoY, FY26 Q1: -4.9% Revenue growth, TTM YoY, FY26 Q2: -3.3% Revenue growth, TTM YoY, FY26 Q3: -2.1% Revenue growth, TTM YoY, FY26 Q4: 2.7% Revenue growth, TTM YoY, FY27 Q1: 8.8% Revenue growth, TTM YoY, FY27 Q2: 14.4% 14.4%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -1.7%
FY24 Q4 53.9%
FY25 Q1 -23.4%
FY25 Q2 -20.2%
FY25 Q3 -19.5%
FY25 Q4 -34.0%
FY26 Q1 -4.9%
FY26 Q2 -3.3%
FY26 Q3 -2.1%
FY26 Q4 2.7%
FY27 Q1 8.8%
FY27 Q2 14.4%
Operating margin (TTM) Blackberry Ltd
-10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: -3.1% Operating margin (TTM), FY24 Q4: -6.7% Operating margin (TTM), FY25 Q1: -10.0% Operating margin (TTM), FY25 Q2: -1.2% Operating margin (TTM), FY25 Q3: -1.0% Operating margin (TTM), FY25 Q4: 0.1% Operating margin (TTM), FY26 Q1: 2.9% Operating margin (TTM), FY26 Q2: 4.7% Operating margin (TTM), FY26 Q3: 3.3% Operating margin (TTM), FY26 Q4: 8.8% Operating margin (TTM), FY27 Q1: 10.6% Operating margin (TTM), FY27 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 -3.1%
FY24 Q4 -6.7%
FY25 Q1 -10.0%
FY25 Q2 -1.2%
FY25 Q3 -1.0%
FY25 Q4 0.1%
FY26 Q1 2.9%
FY26 Q2 4.7%
FY26 Q3 3.3%
FY26 Q4 8.8%
FY27 Q1 10.6%
FY27 Q2 13.6%
FCF margin (TTM) Blackberry Ltd
-30% -20% -10% 0% 10% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: -0.7% FCF margin (TTM), FY24 Q4: -1.3% FCF margin (TTM), FY25 Q1: -22.1% FCF margin (TTM), FY25 Q2: -15.1% FCF margin (TTM), FY25 Q3: -8.3% FCF margin (TTM), FY25 Q4: 2.5% FCF margin (TTM), FY26 Q1: 2.1% FCF margin (TTM), FY26 Q2: 5.7% FCF margin (TTM), FY26 Q3: 8.0% FCF margin (TTM), FY26 Q4: 8.5% FCF margin (TTM), FY27 Q1: 11.6% FCF margin (TTM), FY27 Q2: 15.0% 15.0%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 -0.7%
FY24 Q4 -1.3%
FY25 Q1 -22.1%
FY25 Q2 -15.1%
FY25 Q3 -8.3%
FY25 Q4 2.5%
FY26 Q1 2.1%
FY26 Q2 5.7%
FY26 Q3 8.0%
FY26 Q4 8.5%
FY27 Q1 11.6%
FY27 Q2 15.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 40-F, 40-F/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Blackberry took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $549M
  2. Other income $10.7M · 1.9%
  3. Cost of revenue $131M · 23.8%
  4. Gross profit $418M · 76.2%
  5. Research and development $114M · 20.7%
  6. Selling, general and admin $243M · 44.2%
  7. Other operating costs $13.5M · 2.5%
  8. Operating income $48.3M · 8.8%
  9. Income tax $5.8M · 1.1%
  10. Net income $53.2M · 9.7%

Shares of revenue. Source: Blackberry's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Feb 2010 2011 Feb 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Feb 2015 2016 Feb 2016 2017 Feb 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Feb 2021 2022 Feb 2022 2023 Feb 2023 2024 Feb 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 15.0 19.9 18.4 11.1 6.8 3.3 2.2 1.3 0.9 0.9 1.0 0.9 0.7 0.5 0.8 0.5 0.5 0.6
Gross profit 6.6 8.8 6.6 3.4 −0.0 1.6 0.9 0.6 0.7 0.7 0.8 0.6 0.5 0.4 0.5 0.4 0.4 0.5
EBITDA 3.9 5.6 3.0 0.7 −5.9 0.3 0.4 −0.9 0.5 0.2 0.1 −0.9 0.2 −0.1 0.1 0.0 0.1 0.1
Operating income 3.2 4.6 1.5 −1.2 −7.2 −0.4 −0.2 −1.2 0.3 0.1 −0.1 −1.1 −0.0 −0.2 0.0 0.0 0.0 0.1
Net income 2.5 3.4 1.2 −0.6 −5.9 −0.3 −0.2 −1.2 0.4 0.1 −0.2 −1.1 0.0 −0.7 −0.1 −0.1 0.1 0.1
Diluted EPS $4.31 $6.34 $2.22 −$1.23 −$11.18 −$0.58 −$0.86 −$2.30 $0.74 $0.00 −$0.32 −$1.97 −$0.31 −$1.35 −$0.22 −$0.13 $0.09 $0.13
Growth (year on year)
Revenue +35.1% +33.1% −7.5% −39.9% −38.5% −51.0% −35.2% −39.4% −28.8% −3.0% +15.0% −14.1% −19.6% −26.7% +44.2% −29.5% +2.7% +14.4%
EBITDA +26.4% +44.3% −45.7% −77.4% −962.8% — +45.0% −339.7% — −54.6% −69.9% <−999% — −158.7% — −34.5% +45.3% +119.1%
Operating income +19.0% +43.2% −67.7% −182.5% — — — — — −78.8% −348.3% — — — — — — +234.8%
Net income +29.8% +38.8% −65.9% −155.5% — — — — — −77.0% −263.4% — — — — — — —
Diluted EPS +30.6% +47.1% −65.0% −155.4% — — — — — −100.0% — — — — — — — —
Margins
Gross margin 44.0% 44.3% 35.7% 31.0% −0.6% 48.1% 43.6% 47.1% 71.9% 77.2% 73.4% 72.0% 65.0% 69.7% 64.6% 73.8% 76.2% 77.9%
EBITDA margin 25.8% 27.9% 16.4% 6.2% −86.5% 8.1% 18.2% −72.0% 49.4% 23.1% 6.1% −101.8% 24.2% −19.4% 9.2% 8.5% 12.0% 15.7%
Operating margin 21.7% 23.3% 8.1% −11.2% −105.1% −12.7% −10.3% −90.2% 30.4% 6.6% −14.3% −124.0% −0.3% −39.3% 1.4% 0.1% 8.8% 13.6%
Net margin 16.4% 17.1% 6.3% −5.8% −86.2% −9.1% −9.6% −92.1% 43.5% 10.3% −14.6% −123.6% 1.7% −139.5% −17.2% −14.8% 9.7% 13.1%
Free-cash-flow margin 13.5% 14.9% 10.9% 17.0% −6.5% 21.8% 10.4% −18.4% 73.9% 9.2% 1.3% 8.3% −5.0% −51.2% −1.4% 2.5% 8.5% 15.0%
Cash flow
Cash from operations 3.0 4.0 2.9 2.3 −0.2 0.8 0.3 −0.2 0.7 0.1 0.0 0.1 −0.0 −0.3 −0.0 0.0 0.1 0.1
Capital spending 1.0 1.0 0.9 0.4 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 2.0 3.0 2.0 1.9 −0.4 0.7 0.2 −0.2 0.7 0.1 0.0 0.1 −0.0 −0.3 −0.0 0.0 0.0 0.1
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 2.0 2.9 1.9 1.8 −0.5 0.7 0.2 −0.3 0.6 0.0 −0.0 0.0 −0.1 −0.3 −0.0 −0.0 0.0 0.1
Balance sheet
Cash 1.6 1.8 1.5 1.5 1.6 1.2 1.0 0.7 0.8 0.5 0.4 0.2 0.4 0.3 0.2 0.3 0.3 0.3
Total debt 0.0 0.0 0.0 0.0 1.6 1.7 — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0.2
Net debt (negative = net cash) −1.6 −1.8 −1.5 −1.5 0.0 0.5 −1.0 −0.7 −0.8 −0.5 −0.4 −0.2 −0.4 −0.3 0.0 −0.1 −0.1 −0.1
Diluted shares 570m 538m 524m 524m 525m 528m 651m 525m 546m 616m 614m 561m 631m 639m 592m 591m 598m 609m
Returned to shareholders
Buybacks 0.8 2.1 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 — — — 0.0 0.0 0.1 0.0
Total returned 0.8 2.1 0.2 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 — — — 0.0 0.0 0.1 0.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 6 checks passed · August 31, 2026
What it owns · $1.3bn
Short-term assets $562mLonger-term assets $701m
What it owes, and who funded it · $1.3bn
Short-term liabilities $237mLonger-term liabilities $235mShareholders' equity $792m
  • Short-term assets cover short-term liabilities $562m of assets due within a year against $236m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $562m short-term assets against $235m of longer-dated liabilities.
  • More cash than debt $266m of cash against $197m of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $98m of operating cash flow against $197m of debt.
  • Operating profit covers interest at least five times over Operating income of $84m against $6m of interest.

From Blackberry Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$40.7M
Returned to shareholders
44%
of free cash flow
Buybacks, last 3 fiscal years
$60.7M
Diluted share count
+2.2%
year over year
Total shareholder yield
0.9%
dividends 0.0% + buybacks 0.9% of market value
R&D spending
21.0%
of revenue
Days sales outstanding
84 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated BB CINT NYAX TENB GTLB DLO Median
Revenue, last 12 months $614m $490m $400m $1.0bn $1.1bn $1.1bn $1.1bn
Revenue growth, last 12 months 14.4% 11.5% 27.5% 9.9% 23.0% 46.6% 16.9%
Revenue growth, 3-year average −4.1% — — 12.0% 28.1% — 16.1%
Revenue growth, latest quarter 26.0% — — 8.6% 21.3% — 19.6%
Gross margin 77.9% 32.0% 48.2% 78.1% 85.8% 36.8% 69.6%
Operating margin 13.6% 13.4% 9.4% 3.6% −8.5% 20.1% 3.7%
Operating margin, 3-year average 5.7% — — −0.9% −15.3% — 4.0%
Net margin 13.1% 8.3% 8.9% 0.6% −5.0% 18.0% 2.4%
Cash from operations / revenue 16.0% 12.4% 10.1% 25.8% 21.2% 38.0% 16.6%
Free-cash-flow margin 15.0% 8.5% 8.7% 25.3% 20.3% 37.8% 15.0%
Free-cash-flow margin, 3-year average 1.9% — — 23.6% 11.5% — 18.8%
Stock pay / revenue 4.2% 1.0% 1.8% 17.2% 21.8% 2.2% 8.2%
Change in share count 2.2% −2.7% 5.3% −1.9% 4.2% −1.1% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 14.4% 16.9% 20 of 37
Change in growth rate Growth +5.6pp -0.3pp 11 of 37
Gross margin Profitability 77.9% 70.4% 11 of 32
Operating margin Profitability 13.6% 3.8% 8 of 34
Net margin Profitability 13.1% 2.4% 9 of 37
Free-cash-flow margin Cash generation 15.0% 17.3% 19 of 34
Stock pay as % of revenue Cash generation 4.2% 8.5% 15 of 36
Long-term debt as % of assets Balance sheet 15.6% 4.3% 15 of 23
Change in share count Balance sheet 2.2% 3.1% 16 of 34
Days sales outstanding Balance sheet 84 days 72 days 19 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 28, 2026
Segments
Line of business Revenue Share YoY
QNX $268M 48.8% ▲ 13.6%
Secure Communications $259M 47.1% ▼ 5.0%
Licensing $22.2M 4.0% ▼ 15.6%
Geography
Region Revenue Share YoY
North America $245M 44.7% ▼ 1.4%
EMEA $194M 35.3% ▲ 2.7%
Other Regions $110M 20.1% ▲ 12.9%

From Blackberry Ltd's 10-K filed April 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.8B
Institutions reporting
283
Shares held vs prior quarter
▲ 12.6%
Positions opened / closed
96 / 34

Top buyers and sellers, Q2 2026: 188 institutions bought and 85 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+20.1M shares) and the biggest seller Fairfax Financial Holdings Ltd/ Can (−35.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Legal & General Group PLC $481M 38.1M 12.7% ▲ 9.2%
Voya Investment Management LLC $353M 27.9M 9.4% ▲ 8.8%
T. Rowe Price Investment Management, Inc. $254M 20.1M 6.7% New
First Trust Advisors LP $242M 19.1M 6.4% ▲ 16.0%
Vanguard Capital Management LLC $216M 17.1M 5.7% ▲ 2.4%
D. E. Shaw & Co., Inc. $168M 13.3M 4.5% ▲ 3509.2%
Price T Rowe Associates Inc $162M 12.8M 4.3% New
Hood River Capital Management LLC $148M 11.7M 3.9% ▼ 1.7%
Two Sigma Investments, LP $136M 10.7M 3.6% ▲ 2977.0%
Jane Street Group, LLC $117M 9.3M 3.1% ▲ 63.6%
Citadel Advisors LLC $115M 9.1M 3.1% ▲ 258.9%
Renaissance Technologies LLC $104M 8.2M 2.7% ▲ 131.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Blackberry Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.5M 45 trades by 5 insiders · 0% under pre-set plans
Net ▼ $9.5M net selling
Insider Date Trade Shares Price Value
Giamatteo John Joseph CEO & President, Secure Comm. October 22, 2026 Sell 99,000 $8.74 $865,260
Giamatteo John Joseph CEO & President, Secure Comm. October 21, 2026 Sell 151,000 $9.40 $1.4M
Kurtz Philip S. CLO & Corp. Secretary October 9, 2026 Sell 6,164 $8.45 $52,086
Giamatteo John Joseph CEO & President, Secure Comm. October 9, 2026 Sell 27,004 $8.36 $225,753
Foote Tim Chief Financial Officer October 9, 2026 Sell 8,441 $8.36 $70,567
Armstrong-Owen Jennifer Sr VP & Chief People Officer October 9, 2026 Sell 3,379 $8.36 $28,248
Armstrong-Owen Jennifer Sr VP & Chief People Officer October 2, 2026 Sell 2,590 $9.20 $23,828
Wall John Christopher President, QNX October 2, 2026 Sell 3,474 $9.18 $31,891
Foote Tim Chief Financial Officer October 2, 2026 Sell 3,269 $9.20 $30,075
Giamatteo John Joseph CEO & President, Secure Comm. October 2, 2026 Sell 29,272 $9.20 $269,302
Kurtz Philip S. CLO & Corp. Secretary October 2, 2026 Sell 4,168 $9.18 $38,262
Foote Tim Chief Financial Officer October 1, 2026 Sell 16,672 $9.14 $152,382

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 17, 2026 estimated from the company's past filing pattern, not announced

  • September 24, 2026
  • June 25, 2026
  • April 9, 2026
  • December 18, 2025
  • September 25, 2025
  • June 24, 2025

Recent SEC filings

Data status

When each part of this page on Blackberry Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Blackberry Ltd in brief

What does Blackberry Ltd do?
Blackberry Ltd is a US-listed company in the systems software industry. Its financial year ends in February.
What is Blackberry Ltd's stock ticker?
Blackberry Ltd trades under the ticker BB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Blackberry Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Blackberry Ltd reported revenue of $614M, 14.4% higher than a year earlier, according to its SEC filings.
What is Blackberry Ltd's free cash flow?
Blackberry Ltd's free-cash-flow margin is 15.0% of revenue over the trailing twelve months, ranking 19 of the 34 systems software companies we cover.
Who are Blackberry Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Legal & General Group PLC, Voya Investment Management LLC and T. Rowe Price Investment Management, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Blackberry Ltd buying back stock, and does it pay a dividend?
Blackberry Ltd spent $40.7M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.2% over the year.
What is Blackberry Ltd's market cap?
On November 2, 2026, Blackberry Ltd's market capitalisation was about $4.9B, with a price-to-earnings ratio of 60.7 and net debt of -$69.1M. Market figures come from third-party market data and may be delayed.
How much debt does Blackberry Ltd have?
Blackberry Ltd's debt-to-equity ratio is 24.9%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Blackberry Ltd's competitors?
In our Systems Software peer group, the companies closest to Blackberry Ltd are CI&T Inc, Nayax Ltd., Tenable Holdings, Inc., Gitlab Inc. and Dlocal Ltd. The side-by-side comparison below sets their revenue, margins and growth against Blackberry Ltd's.
Are insiders buying or selling Blackberry Ltd stock?
Over the last 12 months, Blackberry Ltd's directors and officers reported 0 open-market purchases and 45 sales on Form 4. The insider trading page charts every trade.
When is Blackberry Ltd's next earnings date?
Around December 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Blackberry Ltd announces its own schedule.