At a glance
Blackbaud Inc is worth $2.36B, about 22 times its fiscal 2025 earnings. Revenue fell 2.3% to $1.13B in fiscal 2025, with 10.2% kept as profit; over 5 years it has grown 4.3% a year. It pays no dividend; it spent $762.4M buying back its shares over FY2021–FY2025. The stock returned −18.1% over the past year with dividends reinvested and −5.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.3% in the 2020 crash (S&P 500: 33.7%) and 44.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 14 months after the lows.
The business in plain English
Blackbaud sells cloud software and payment services built for organizations that do social good. Customers include nonprofits, foundations, schools and other education institutions, and companies that run giving and volunteering programs. Its tools cover fundraising, donor relationships, school tuition, financial management and corporate grantmaking, and include the Raiser's Edge NXT fundraising system. Founded in 1982, the company is adding artificial intelligence (AI) features, including a chat assistant and a set of AI agents, launched in October 2025, that can carry out multi-step tasks.
Recurring fees bring in nearly all revenue. In fiscal 2025 (ended December 31, 2025), revenue was $1.13 billion. Contractual recurring revenue, mostly software subscriptions on three-year contracts with built-in yearly price increases, made up 64%. Transactional recurring revenue, fees tied to activity on its platforms, made up 34%. About 55% of that came from processing donations, about 20% from the JustGiving giving site and about 20% from collecting tuition for K-12 private schools. One-time services made up 2%.
The business is mainly American: the United States supplied 84.5% of fiscal 2025 revenue, the United Kingdom 9.6% and other countries 5.9%. To cut costs, Blackbaud is building out a staff center in Hyderabad, India, and plans to close its last two private data centers as it moves to public cloud.
Price history
The interactive chart needs JavaScript.
BLKB -18.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Contractual recurring | $721.8M | 64% |
| Transactional recurring | $384.3M | 34.1% |
| One-time Services and Other | $22.2M | 2% |
By geography
| United States | $953.0M | 84.5% |
| United Kingdom | $108.8M | 9.6% |
| Other countries | $66.6M | 5.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $292.6M, up 4.1% from a year earlier, and net income was $46.1M (-3.0%).
- For fiscal 2025, revenue was $1.13B (-2.3% year over year; +4.3% a year from FY2020 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.3% watch |
|---|---|
| Operating margin | 16.9% good |
| Free cash flow margin | 22.8% good |
| Return on equity (FY2025) | 135.2% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-1.01B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $913.2M | $7.7M | $118.3M |
| FY2021 | $927.7M | $5.7M | $202.0M |
| FY2022 | $1.06B | $-45.4M | $191.6M |
| FY2023 | $1.11B | $3.0M | $194.9M |
| FY2024 | $1.15B | $-299.5M | $288.5M |
| FY2025 | $1.13B | $115.0M | $257.8M |
Valuation snapshot
| Market value | $2.36B |
|---|---|
| P/E ratio | 22.2 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Blackbaud’s market value went from $3.05B at the end of 2016 to $2.36B on Oct 28, 2026, down 22%; since the end of 2025 it is down 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.36B | -22.0% |
| 2025 | $3.03B | -19.2% |
| 2024 | $3.75B | -19.7% |
| 2023 | $4.67B | +49.4% |
| 2022 | $3.13B | -17.9% |
| 2021 | $3.80B | +33.4% |
| 2020 | $2.85B | -27.1% |
| 2019 | $3.92B | +28.2% |
| 2018 | $3.05B | -32.8% |
| 2017 | $4.54B | +49.2% |
| 2016 | $3.05B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BLKB price data to Oct 28, 2026 | -17.1% | -18.1% | -7.0% | -5.9% | -1.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -17.1% |
| 2025 | -14.3% |
| 2024 | -14.7% |
| 2023 | +47.3% |
| 2022 | -25.5% |
| 2021 | +37.2% |
| 2020 | -27.6% |
| 2019 | +27.3% |
| 2018 | -33.1% |
| 2017 | +48.5% |
| 2016 | -2.1% |
| 2015 | +53.6% |
| 2014 | +16.4% |
| 2013 | +67.4% |
| 2012 | -16.0% |
| 2011 | +9.0% |
| 2010 | +11.7% |
| 2009 | +79.6% |
| 2008 | -50.8% |
| 2007 | +9.4% |
| 2006 | +54.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.8% over that stretch · deepest drop along the way 68.3%, back to its old high 21.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.1% over that stretch · deepest drop along the way 48.3%, back to its old high 10.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.5% over that stretch · deepest drop along the way 44.5%, back to its old high 14.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($4.8M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 25, 2026 | Michael P Gianoni President and CEO, Director | sell | $805K |
| Aug 6, 2026 | Kevin P. Gregoire EVP, Chief Operating Officer | sell | $735K |
| Feb 23, 2026 | Kevin McDearis EVP & Chief Technology Officer | sell (plan) | $695K |
| Feb 24, 2026 | David J Benjamin EVP, Chief Commercial Officer | sell | $681K |
| Feb 27, 2026 | Jon W Olson SVP and General Counsel | sell | $482K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.3% | Jun 30, 2026 |
| Morgan Stanley | 10.1% | May 31, 2026 |
| Vanguard Portfolio Management | 6.62% | Mar 31, 2026 |
| JANUS HENDERSON GROUP PLC | 4.3% | Mar 31, 2025 |
ETFs with the most weight in BLKB
| SKYY First Trust Cloud Computing ETF | 0.78% |
| VFMV Vanguard U.S. Minimum Volatility ETF | 0.51% |
| XT iShares Exponential Technologies ETF | 0.49% |
| FLQS Franklin U.S. Small Cap Multifactor Index ETF | 0.42% |
| KOMP SPDR S&P Kensho New Economies Composite ETF | 0.28% |
| NUSC Nuveen ESG Small-Cap ETF | 0.25% |
| IWO iShares Russell 2000 Growth ETF | 0.22% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.21% |
What could go wrong
- A heavy contract renewal year. About 40% of customer contracts were due for renewal in 2026, with about 40% more recurring revenue at stake than in 2025. The company warned it could lose more revenue to customers who leave.
- Security breaches of donor and payment data. Blackbaud holds sensitive donor data and processes payments. Its 10-K cites a past security incident as an example of how breaches can bring lawsuits, government investigations, penalties and lost customer trust.
- Heavy debt from share buybacks. Total debt was about $1.04 billion against $36 million of cash as of September 30, 2026. The company says leverage is elevated mainly from buybacks, and its loan terms restrict dividends and acquisitions.
- Government funding cuts hit nonprofit customers. Changes to U.S. federal or state grant and funding programs could hurt nonprofit customers' operations, which could lead them to cut spending on Blackbaud's software and services.
- A slowdown in charitable giving. About a third of revenue comes from fees on donations, tuition and events. A recession or drop in giving could shrink those volumes and tighten customers' budgets.
- AI and new rivals could erode sales. Barriers to entry are low in parts of this market, and larger software firms could move in. New AI tools could make existing products obsolete, while building AI features demands heavy investment.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Bylaws or fiscal year changed
- Executive or board change
- Other company announcement
For income and retirement investors
Blackbaud pays no dividend. It paid $0.12 a share for fiscal 2020, then nothing from fiscal 2021 through 2025; the yield was 0% as of October 28, 2026. An income investor would get no cash payments, so any return depends on the share price, and drawing income would mean selling shares. The company instead spent about $762 million on buybacks (purchases of its own stock) over fiscal 2021–2025, and the share count fell 6.6% between October 2021 and October 2026. It says buybacks are the main reason its debt is elevated, and its credit agreement limits dividends and buybacks. The shares have fallen hard in downturns: 68% in the 2008 financial crisis, 48% in the 2020 COVID crash and 45% in the 2022 bear market, taking roughly 11 to 21 months from the low to regain their earlier peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Blackbaud make money?
Mostly from recurring fees paid by nonprofits, schools, foundations and companies. In fiscal 2025, revenue was $1.13 billion. About 64% came from software subscriptions and related contracts, usually three years long with yearly price increases built in. About 34% came from transaction fees, mainly from processing donations, running the JustGiving giving site and collecting tuition for K-12 private schools. One-time services made up 2%. The United States supplied 84.5% of revenue and the United Kingdom 9.6%.
Does Blackbaud pay a dividend?
No. Blackbaud paid a dividend of $0.12 a share for fiscal 2020, then paid none from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. The company has put cash into share buybacks instead, spending about $762 million over fiscal 2021–2025, and its credit agreement limits dividend payments. Investors looking for regular cash income would not get it from this stock.
Is Blackbaud profitable?
Yes, in its latest full year. In fiscal 2025, Blackbaud earned net income of $115 million, or $2.37 per diluted share, after a net loss of $299.5 million in fiscal 2024. Free cash flow, the cash left after running the business and paying for investments in it, was $257.8 million. Profits have been uneven: net income was near zero or negative in fiscal 2021 through 2023. In the quarter ended September 30, 2026, net income was $46.1 million, down 3% from a year earlier.
How much debt does Blackbaud have?
About $1.04 billion as of September 30, 2026, against roughly $36 million in cash and investments. Shareholders' equity, what is left after subtracting liabilities from assets, was just $119.5 million. That small base makes return on equity look unusually high, at 135.2% for fiscal 2025. The company says its debt load is elevated mainly because of share buybacks, and it may borrow more for acquisitions. Its credit agreement limits dividends, buybacks and acquisitions.
How has Blackbaud stock performed over the long term?
It has lost value over one, five and ten years, based on share price as of October 28, 2026. The shares fell 18.1% over one year, an average of 5.9% a year over five years and 1.2% a year over ten years. They were down 17.1% for 2026 through that date, despite a 46.1% gain over the prior three months. The swings are large: the stock fell as much as 60.9% from a high within the year to that date, and lost about 15% in 2024 and 14% in 2025.