BLACKBERRY Ltd BB
Founded in 1984, the Company equips, leading automakers, governments and regulated industries with secure, reliable software that drives productivity, resilience and mission-critical performance. Based in Waterloo, Ontario, the Company has two core divisions, QNX and Secure Communications, each addressing large and growing market opportunities.
The Company's QNX division develops safe, reliable software for embedded systems across technology-driven industries, including automotive, medical devices, robotics, and industrial automation. The world's leading automotive OEMs and Tier 1 suppliers rely on QNX® technology, which enables more than 275 million vehicles.
The Company's Secure Communications division delivers operational resiliency with a government-grade portfolio of secure, certified solutions for mobile fortification, critical communications and crisis management.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $549.1M | $534.9M | $759.1M | $526.3M | $718.0M | $893.0M | $1.04B | $904.0M | $932.0M | $1.31B |
| Cost of revenue | $130.9M | $140.0M | $268.4M | $159.7M | $251.0M | $250.0M | $277.0M | $206.0M | $262.0M | $692.0M |
| Gross profit | $418.2M | $394.9M | $490.7M | $366.6M | $467.0M | $643.0M | $763.0M | $698.0M | $670.0M | $617.0M |
| R&D | $113.6M | $108.8M | $127.1M | $134.2M | $219.0M | $215.0M | $259.0M | $219.0M | $239.0M | $306.0M |
| SG&A | $128.8M | $159.7M | $187.2M | $172.0M | $114.0M | $344.0M | $493.0M | $409.0M | $476.0M | $553.0M |
| Total operating expenses | $369.9M | $394.1M | $479.7M | $573.4M | $469.0M | $1.75B | $912.0M | $638.0M | $387.0M | $1.80B |
| Operating income | $48.3M | $800.0K | $11.0M | -$206.8M | -$2.0M | -$1.11B | -$149.0M | $60.0M | $283.0M | -$1.18B |
| Pre-tax income | $59.0M | $8.5M | $29.8M | -$201.8M | $19.0M | -$1.11B | -$148.0M | $77.0M | $406.0M | -$1.21B |
| Income tax | $5.8M | $17.0M | $24.2M | $13.7M | $7.0M | $9.0M | $4.0M | $16.0M | $1.0M | $2.0M |
| Net income | $53.2M | -$79.0M | -$130.2M | -$734.4M | $12.0M | -$1.10B | -$152.0M | $93.0M | $405.0M | -$1.21B |
| EPS, basic | 0.09 | -0.13 | -0.22 | -1.27 | 0.02 | -1.97 | -0.27 | 0.17 | 0.76 | -2.30 |
| EPS, diluted | 0.09 | -0.13 | -0.22 | -1.35 | -0.31 | -1.97 | -0.32 | 0.00 | 0.74 | -2.30 |
| Shares, diluted (wtd. avg.) | $597.6M | $591.5M | $592.5M | $639.5M | $631.4M | $561.3M | $614.4M | $616.5M | $545.9M | $525.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $274.7M | $266.7M | $175.1M | $322.3M | $406.2M | $218.0M | $426.0M | $582.0M | $855.0M | $785.0M |
| Short-term investments | $85.2M | $71.1M | $62.0M | $131.0M | $334.0M | $525.0M | $532.0M | $368.0M | $1.44B | $644.0M |
| Receivables | $156.0M | $173.7M | $198.7M | $120.0M | $138.0M | $182.0M | $215.0M | $233.0M | $151.0M | $200.0M |
| Inventory | — | — | — | — | — | — | — | — | $3.0M | $26.0M |
| Total current assets | $568.2M | $591.5M | $507.5M | $743.0M | $1.04B | $1.01B | $1.20B | $1.23B | $2.54B | $1.72B |
| Property, plant and equipment | $12.3M | $13.4M | $21.2M | $25.0M | $41.0M | $48.0M | $70.0M | $85.0M | $64.0M | $91.0M |
| Goodwill | $479.1M | $472.4M | $474.5M | $489.0M | $844.0M | $849.0M | $1.44B | $1.46B | $569.0M | $559.0M |
| Other intangibles | $40.1M | $47.3M | $57.5M | $203.0M | $522.0M | $771.0M | $915.0M | $1.07B | $477.0M | $602.0M |
| Total assets | $1.25B | $1.30B | $1.40B | $1.68B | $2.57B | $2.82B | $3.89B | $3.97B | $3.78B | $3.30B |
| Accounts payable | $5.5M | $31.1M | $16.8M | $24.0M | $22.0M | $20.0M | $31.0M | $48.0M | $46.0M | $128.0M |
| Total current liabilities | $268.1M | $344.3M | $356.9M | $729.0M | $397.0M | $429.0M | $1.12B | $510.0M | $411.0M | $621.0M |
| Long-term debt | $196.5M | $195.3M | $194.1M | $0 | — | — | — | — | — | — |
| Total liabilities | $499.2M | $575.7M | $619.9M | $822.0M | $1.01B | $1.31B | $1.36B | $1.33B | $1.27B | $1.24B |
| Retained earnings | -$2.17B | -$2.24B | -$2.16B | -$2.03B | -$1.29B | -$1.31B | -$198.0M | -$32.0M | -$45.0M | -$438.0M |
| Total equity | $746.0M | $719.9M | $775.1M | $856.8M | $1.56B | $1.50B | $2.53B | $2.64B | $2.50B | $2.06B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $50.3M | $16.5M | -$3.5M | -$262.2M | -$28.0M | $82.0M | $26.0M | $100.0M | $704.0M | -$224.0M |
| Depreciation and amortisation | $17.8M | $44.7M | $58.5M | $104.7M | $176.0M | $198.0M | $212.0M | $149.0M | $177.0M | $239.0M |
| Stock-based compensation | $23.2M | $25.6M | $33.1M | $33.9M | $36.0M | $44.0M | $63.0M | $67.0M | $49.0M | $60.0M |
| Capital expenditure | $3.8M | $3.1M | $7.1M | $7.3M | $8.0M | $8.0M | $12.0M | $17.0M | $15.0M | $17.0M |
| Investing cash flow | $15.6M | $60.7M | $46.6M | $175.2M | $207.0M | -$65.0M | -$188.0M | -$375.0M | -$630.0M | $724.0M |
| Financing cash flow | -$58.2M | $3.1M | -$165.1M | $6.0M | $10.0M | -$227.0M | $7.0M | $5.0M | -$10.0M | -$721.0M |
| Buybacks | $60.7M | $0 | $0 | — | — | — | $0 | $0 | $18.0M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001070235-26-000039.
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