BlackBerry

BB · NYSE · Information Technology · Financials, fiscal 2017 to 2026

BB · Last close · October 26, 2026

$9.19

BlackBerry's revenue rose 2.6% to $549 million in fiscal 2026. Its operating margin was 8.8%, up from 0.1% a year earlier. Free cash flow was $46 million, up 247.0%. It paid out $61 million in dividends and buybacks, 131% of free cash flow. The diluted share count rose 1.0%.

BlackBerry Limited Latest fiscal year ended February 28, 2026 10-K filed April 9, 2026 · 0001070235-26-000039 Updated October 23, 2026

Revenue

$549M

2.6%

Operating margin

8.8%

8.7 pts

Net income

$53M

Free cash flow

$46M

247.0%

Return on capital

7.5%

7.5 pts

Market cap

$6.0B

Oct 26 close

P/E

76.6x

On $0.12 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What BlackBerry does

BlackBerry, based in Waterloo, Ontario, sells software in two main areas: QNX, the basic operating software that runs computers built into cars, medical devices, robots and factory equipment, and secure communications software for governments and regulated businesses. BlackBerry says QNX software is in more than 275 million vehicles.

It reports three divisions. QNX, which licenses its software to carmakers, their suppliers and other equipment makers, had revenue of $268 million in the year to February 2026. Secure Communications, which sells encrypted calling and messaging, tools to manage and secure staff phones and computers, and emergency alert systems, to governments and businesses, had $258.9 million. Licensing, which earns money from its patents, had $22.2 million. BlackBerry says QNX competes mainly with other makers of such software, including free open-source Linux systems, and that all its businesses face many rivals in fast-changing markets.

BlackBerry had 1,749 employees, contractors and student workers in 15 countries in February 2026, with 57% in Canada and 14% in the United States. Its sales cycles with carmakers and governments can be long.

Its biggest risks, as it describes them

Failing to keep or grow its customer base enough to grow revenue and stay profitable.
Falling behind rivals in developing and pricing new products and features.
Changes in what governments buy, or how they buy it, could hurt its secure communications sales.
Long and unpredictable sales cycles that take much time and money.
A breach of its own network security, or a leak of confidential or personal data, could badly harm its business.

From BlackBerry's annual report on Form 10-K, filed April 9, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2026, earnings per share fell 23.2% a year and net income 22.4% a year, as new shares raised the share count by 9% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value BlackBerry yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from BlackBerry's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from BlackBerry's fiscal 2026 free cash flow of $46M, net cash of $163M at February 28, 2026 and 598 million diluted shares, from its filings. The scenarios are fitted to BlackBerry: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Systems Software), plus 1 point as a smaller company, worth $6.0B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at February 28, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to BlackBerry's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 12% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $9.19
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from BlackBerry's earnings per share of $0.12 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 39×, the middle of BlackBerry's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Qualys, CommVault Systems, UiPath.

Earnings growth in the years ahead (% a year) Starts at BlackBerry's revenue growth over the last 3 years, 1.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $9.19
Value at this multiple, against the last close: —
BlackBerry's P/E at the last close: 76.6×

Company	Last close	Earnings per share	P/E today
CommVault SystemsCVLT	$167.73	$1.57	106.8×
BlackBerryBB	$9.19	$0.12	76.6×
QualysQLYS	$225.15	$5.78	39.0×
UiPathPATH	$14.30	$0.67	21.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	712	427	237	338	360
Debt incl. finance leases	—	0	194	195	196
Net debt (negative means net cash)	—	−427	−43	−142	−163
Net debt to EBITDA	—	—	−0.6x	−3.1x	−2.5x
Debt to equity	—	0.0x	0.2x	0.3x	0.3x
Interest coverage	−0.3x	−32.3x	2.0x	0.1x	8.1x
Current ratio	2.6x	1.0x	1.4x	1.7x	2.1x
Quick ratio	2.6x	1.0x	1.4x	1.7x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought BlackBerry shares on the open market, and 4 insiders sold $8.7 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	John Joseph GiamatteoCEO & President, Secure Comm., Director	Sold	99,000	$8.74	$865,260	Form 4
Oct 21, 2026	John Joseph GiamatteoCEO & President, Secure Comm., Director	Sold	151,000	$9.40	$1.4 million	Form 4
Oct 9, 2026	John Joseph GiamatteoCEO & President, Secure Comm., Director	Sold	27,004	$8.36	$225,753	Form 4
Oct 9, 2026	Tim FooteChief Financial Officer	Sold	8,441	$8.36	$70,567	Form 4
Oct 9, 2026	Philip S. KurtzCLO & Corp. Secretary	Sold	6,164	$8.45	$52,086	Form 4
Oct 9, 2026	Jennifer Armstrong-OwenSr VP & Chief People Officer	Sold	3,379	$8.36	$28,248	Form 4
Jul 14, 2026	Philip S. KurtzCLO & Corp. Secretary	Sold	30,000	$11.32	$339,600	Form 4
Jul 9, 2026	John Joseph GiamatteoCEO & President, Secure Comm., Director	Sold	152,012	$11.35	$1.7 million	Form 4
Jul 9, 2026	Tim FooteChief Financial Officer	Sold	8,235	$10.92	$89,926	Form 4
Jul 9, 2026	Philip S. KurtzCLO & Corp. Secretary	Sold	6,414	$11.07	$71,003	Form 4
Jul 9, 2026	Jennifer Armstrong-OwenSr VP & Chief People Officer	Sold	3,296	$10.92	$35,992	Form 4
Jul 8, 2026	John Joseph GiamatteoCEO & President, Secure Comm., Director	Sold	125,000	$11.00	$1.4 million	Form 4

The latest 12 of 28 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Fail	Pass
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	5 of 9	6 of 9	6 of 9
Accruals ratio	−8.2%	−7.1%	0.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put BlackBerry side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
BlackBerry	FY26	2.6%	8.8%	8.5%	7.5%	−2.5x	6
Qualys	FY25	10.1%	33.2%	45.5%	169.1%	−1.9x	6	Compare
CommVault Systems	FY26	18.9%	6.2%	20.0%	—	−0.2x	6	Compare
Rubrik	FY26	48.5%	−26.2%	19.2%	—	—	5	Compare
UiPath	FY26	12.7%	3.5%	21.9%	13.7%	−20.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	1,309	932	904	1,040	893	718	526	759	535	549
Revenue growth	−39.4%	−28.8%	−3.0%	15.0%	−14.1%	−19.6%	−26.7%	44.2%	−29.5%	2.6%
Gross profit	617	670	698	763	643	467	367	491	395	418
Research and development	306	239	219	259	215	219	134	127	109	114
Operating income	−1,181	283	60	−149	−1,107	−2	−207	11	1	48
Net income	−1,206	405	93	−152	−1,104	12	−734	−130	−79	53
Diluted EPS (US$)	−2.30	0.74	0.00	−0.32	−1.97	−0.31	−1.35	−0.22	−0.13	0.09
Diluted shares (millions)	525	546	616	614	561	631	640	592	592	598
Cash flow
Cash from operations	−224	704	100	26	82	−28	−262	−4	16	50
Capital expenditure	17	15	17	12	8	8	7	7	3	4
Free cash flow	−241	689	83	14	74	−36	−270	−11	13	46
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	18	0	0	0	0	0	0	0	61
Acquisitions	5	0	1,402	0	0	0	0	0	0	0
Stock-based compensation	60	49	67	63	44	36	34	33	26	23
Balance sheet at fiscal year end
Cash and short-term investments	1,378	2,259	916	909	739	712	427	237	338	360
Debt incl. finance leases	—	—	—	—	—	—	0	194	195	196
Total assets	3,296	3,780	3,968	3,888	2,818	2,567	1,679	1,395	1,296	1,245
Total liabilities	1,239	1,275	1,332	1,359	1,314	1,011	822	620	576	499
Shareholders' equity	2,057	2,505	2,636	2,529	1,504	1,556	857	775	720	746
Margins and ratios
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%	−0.3%	−39.3%	1.4%	0.1%	8.8%
Net margin	−92.1%	43.5%	10.3%	−14.6%	−123.6%	1.7%	−139.5%	−17.1%	−14.8%	9.7%
Free cash flow margin	−18.4%	73.9%	9.2%	1.4%	8.3%	−5.0%	−51.2%	−1.4%	2.5%	8.5%
Return on capital	—	—	—	—	—	—	—	0.9%	0.1%	7.5%
Return on equity	−45.8%	17.8%	3.6%	−5.9%	−54.8%	0.8%	−60.9%	−16.0%	−10.6%	7.3%
Return on assets	−27.3%	11.4%	2.4%	−3.9%	−32.9%	0.5%	−34.6%	−8.5%	−5.9%	4.2%
Net debt to EBITDA	—	—	—	—	—	—	—	−0.6x	−3.1x	−2.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: BlackBerry's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with BlackBerry.