Blackbaud (BLKB)
Market Price (10/2/2026): $42.56 | Market Cap: $1.9 BilSector: Information Technology | Industry: Application Software
Blackbaud (BLKB)
Market Price (10/2/2026): $42.56Market Cap: $1.9 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 15% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Digital Payments. | Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -119% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.32 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% Key risksBLKB key risks include [1] significant regulatory fines and legal settlements stemming from its major 2020 data breach and [2] the ongoing operational burden of mandated cybersecurity enhancements and external compliance evaluations. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 15% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Cloud Computing, and Fintech & Digital Payments. Themes include Software as a Service (SaaS), and Digital Payments. |
| Weak multi-year price returns2Y Excs Rtn is -83%, 3Y Excs Rtn is -119% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.32 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59% |
| Key risksBLKB key risks include [1] significant regulatory fines and legal settlements stemming from its major 2020 data breach and [2] the ongoing operational burden of mandated cybersecurity enhancements and external compliance evaluations. |
Qualitative Assessment
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Updated on 10/1/2026
Blackbaud (BLKB) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance. Blackbaud reported better-than-expected financial results for its fiscal Q2 2026 (ended June 30, 2026), with non-GAAP diluted earnings per share (EPS) of $1.33, surpassing the Zacks Consensus Estimate of $1.23 by 8.13%. Additionally, non-GAAP free cash flow surged 46% year over year to $75 million. Following these results, management raised its full-year 2026 guidance, projecting performance in the upper half of ranges for revenue and adjusted EBITDA, and at or above the high end for EPS and free cash flow.
2. Significant AI-Powered Product Innovation and Strategic Launches. Blackbaud aggressively rolled out new AI-powered solutions and a unified platform, signaling strong forward momentum and competitive advantage. Key announcements include the unveiling of "Platform for Good™," a unified operating system, and "Lantern™," the first domain-specific language model purpose-built for fundraising, both introduced at bbcon 2026 on September 29, 2026. Earlier in fiscal Q3 2026, at its K–12 User Conference in July 2026, the company announced "AI Premium Features for Raiser's Edge NXT" and the "Development Agent," an autonomous AI tool for advancement teams. Blackbaud also launched its initial Agentic AI product, a fundraising development agent, into general availability ahead of schedule, demonstrating strong engagement and bookings.
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Blackbaud (BLKB) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance. Blackbaud reported better-than-expected financial results for its fiscal Q2 2026 (ended June 30, 2026), with non-GAAP diluted earnings per share (EPS) of $1.33, surpassing the Zacks Consensus Estimate of $1.23 by 8.13%. Additionally, non-GAAP free cash flow surged 46% year over year to $75 million. Following these results, management raised its full-year 2026 guidance, projecting performance in the upper half of ranges for revenue and adjusted EBITDA, and at or above the high end for EPS and free cash flow.
2. Significant AI-Powered Product Innovation and Strategic Launches. Blackbaud aggressively rolled out new AI-powered solutions and a unified platform, signaling strong forward momentum and competitive advantage. Key announcements include the unveiling of "Platform for Good™," a unified operating system, and "Lantern™," the first domain-specific language model purpose-built for fundraising, both introduced at bbcon 2026 on September 29, 2026. Earlier in fiscal Q3 2026, at its K–12 User Conference in July 2026, the company announced "AI Premium Features for Raiser's Edge NXT" and the "Development Agent," an autonomous AI tool for advancement teams. Blackbaud also launched its initial Agentic AI product, a fundraising development agent, into general availability ahead of schedule, demonstrating strong engagement and bookings.
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Updated on 10/1/2026
Blackbaud (BLKB) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance. Blackbaud reported better-than-expected financial results for its fiscal Q2 2026 (ended June 30, 2026), with non-GAAP diluted earnings per share (EPS) of $1.33, surpassing the Zacks Consensus Estimate of $1.23 by 8.13%. Additionally, non-GAAP free cash flow surged 46% year over year to $75 million. Following these results, management raised its full-year 2026 guidance, projecting performance in the upper half of ranges for revenue and adjusted EBITDA, and at or above the high end for EPS and free cash flow.
2. Significant AI-Powered Product Innovation and Strategic Launches. Blackbaud aggressively rolled out new AI-powered solutions and a unified platform, signaling strong forward momentum and competitive advantage. Key announcements include the unveiling of "Platform for Good™," a unified operating system, and "Lantern™," the first domain-specific language model purpose-built for fundraising, both introduced at bbcon 2026 on September 29, 2026. Earlier in fiscal Q3 2026, at its K–12 User Conference in July 2026, the company announced "AI Premium Features for Raiser's Edge NXT" and the "Development Agent," an autonomous AI tool for advancement teams. Blackbaud also launched its initial Agentic AI product, a fundraising development agent, into general availability ahead of schedule, demonstrating strong engagement and bookings.
3. Correction of Undervaluation and Positive Analyst Re-evaluation. The stock was identified as significantly undervalued by InvestingPro's Fair Value models at $26.77 on June 17, 2026. This led to a substantial market correction, with Blackbaud's stock surging over 72% in two months to reach $46.20 by August 13, 2026. This re-rating was further supported by analysts, with Raymond James raising its price target, citing margin strength.
4. Strategic Capital Allocation through Share Repurchases and New Revenue Streams. Blackbaud continued its aggressive share repurchase program, buying back over 6% of its outstanding shares in fiscal Q2 2026, contributing to a approximately 15% reduction in total shares outstanding since fiscal Q4 2023. The company had approximately $850 million remaining under its repurchase authorization. Additionally, Blackbaud introduced a new platform fee on online giving transactions, which commenced in fiscal Q3 2026 and is expected to contribute to revenue growth, particularly in fiscal Q4.
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Blackbaud (BLKB) stock has gained about 45% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Guidance. Blackbaud reported better-than-expected financial results for its fiscal Q2 2026 (ended June 30, 2026), with non-GAAP diluted earnings per share (EPS) of $1.33, surpassing the Zacks Consensus Estimate of $1.23 by 8.13%. Additionally, non-GAAP free cash flow surged 46% year over year to $75 million. Following these results, management raised its full-year 2026 guidance, projecting performance in the upper half of ranges for revenue and adjusted EBITDA, and at or above the high end for EPS and free cash flow.
2. Significant AI-Powered Product Innovation and Strategic Launches. Blackbaud aggressively rolled out new AI-powered solutions and a unified platform, signaling strong forward momentum and competitive advantage. Key announcements include the unveiling of "Platform for Good™," a unified operating system, and "Lantern™," the first domain-specific language model purpose-built for fundraising, both introduced at bbcon 2026 on September 29, 2026. Earlier in fiscal Q3 2026, at its K–12 User Conference in July 2026, the company announced "AI Premium Features for Raiser's Edge NXT" and the "Development Agent," an autonomous AI tool for advancement teams. Blackbaud also launched its initial Agentic AI product, a fundraising development agent, into general availability ahead of schedule, demonstrating strong engagement and bookings.
3. Correction of Undervaluation and Positive Analyst Re-evaluation. The stock was identified as significantly undervalued by InvestingPro's Fair Value models at $26.77 on June 17, 2026. This led to a substantial market correction, with Blackbaud's stock surging over 72% in two months to reach $46.20 by August 13, 2026. This re-rating was further supported by analysts, with Raymond James raising its price target, citing margin strength.
4. Strategic Capital Allocation through Share Repurchases and New Revenue Streams. Blackbaud continued its aggressive share repurchase program, buying back over 6% of its outstanding shares in fiscal Q2 2026, contributing to a approximately 15% reduction in total shares outstanding since fiscal Q4 2023. The company had approximately $850 million remaining under its repurchase authorization. Additionally, Blackbaud introduced a new platform fee on online giving transactions, which commenced in fiscal Q3 2026 and is expected to contribute to revenue growth, particularly in fiscal Q4.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 43.7% change in BLKB stock from 6/30/2026 to 10/1/2026 was primarily driven by a 32.8% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.62 | 42.55 | 43.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,140 | 1,148 | 0.8% |
| Net Income Margin (%) | 12.4% | 13.1% | 5.5% |
| P/E Multiple | 9.5 | 12.6 | 32.8% |
| Shares Outstanding (Mil) | 46 | 45 | 1.8% |
| Cumulative Contribution | 43.7% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| BLKB | 43.7% | |
| Market (SPY) | 2.3% | -10.4% |
| Sector (XLK) | 3.8% | -38.8% |
Fundamental Drivers
The 10.2% change in BLKB stock from 3/31/2026 to 10/1/2026 was primarily driven by a 28.8% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.61 | 42.55 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,128 | 1,148 | 1.8% |
| Net Income Margin (%) | 10.2% | 13.1% | 28.8% |
| P/E Multiple | 15.7 | 12.6 | -19.6% |
| Shares Outstanding (Mil) | 47 | 45 | 4.6% |
| Cumulative Contribution | 10.2% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| BLKB | 10.2% | |
| Market (SPY) | 17.8% | -9.4% |
| Sector (XLK) | 49.0% | -22.2% |
Fundamental Drivers
The -33.8% change in BLKB stock from 9/30/2025 to 10/1/2026 was primarily driven by a -38.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.31 | 42.55 | -33.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,141 | 1,148 | 0.7% |
| P/S Multiple | 2.7 | 1.7 | -38.4% |
| Shares Outstanding (Mil) | 48 | 45 | 6.8% |
| Cumulative Contribution | -33.8% |
Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| BLKB | -33.8% | |
| Market (SPY) | 15.6% | 7.4% |
| Sector (XLK) | 40.9% | -3.3% |
Fundamental Drivers
The -39.5% change in BLKB stock from 9/30/2023 to 10/1/2026 was primarily driven by a -52.1% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.32 | 42.55 | -39.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,069 | 1,148 | 7.4% |
| P/S Multiple | 3.5 | 1.7 | -52.1% |
| Shares Outstanding (Mil) | 53 | 45 | 17.6% |
| Cumulative Contribution | -39.5% |
Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| BLKB | -39.5% | |
| Market (SPY) | 84.9% | 24.5% |
| Sector (XLK) | 145.6% | 15.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLKB Return | 37% | -25% | 47% | -15% | -14% | -34% | -28% |
| Peers Return | 28% | -32% | 56% | 26% | -5% | -15% | 39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| BLKB Win Rate | 75% | 33% | 67% | 58% | 42% | 22% | |
| Peers Win Rate | 57% | 32% | 63% | 63% | 43% | 38% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| BLKB Max Drawdown | -20% | -45% | -17% | -22% | -32% | -58% | |
| Peers Max Drawdown | -17% | -43% | -16% | -21% | -32% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CRM, MSFT, ORCL, WDAY, TYL. See BLKB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)
How Low Can It Go
| Event | BLKB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.8% | -18.8% |
| % Gain to Breakeven | 16.1% | 23.1% |
| Time to Breakeven | 113 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.1% | -9.5% |
| % Gain to Breakeven | 15.1% | 10.5% |
| Time to Breakeven | 26 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.9% | -6.7% |
| % Gain to Breakeven | 14.9% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.5% | -24.5% |
| % Gain to Breakeven | 80.2% | 32.4% |
| Time to Breakeven | 430 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.3% | -33.7% |
| % Gain to Breakeven | 93.5% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.7% | -3.7% |
| % Gain to Breakeven | 13.2% | 3.9% |
| Time to Breakeven | 9 days | 6 days |
In The Past
Blackbaud's stock fell -13.8% during the 2025 US Tariff Shock. Such a loss loss requires a 16.1% gain to breakeven.
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Asset Allocation
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| Event | BLKB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.5% | -24.5% |
| % Gain to Breakeven | 80.2% | 32.4% |
| Time to Breakeven | 430 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.3% | -33.7% |
| % Gain to Breakeven | 93.5% | 50.9% |
| Time to Breakeven | 329 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.8% | -17.9% |
| % Gain to Breakeven | 26.2% | 21.8% |
| Time to Breakeven | 21 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -68.3% | -53.4% |
| % Gain to Breakeven | 215.4% | 114.4% |
| Time to Breakeven | 641 days | 1085 days |
In The Past
Blackbaud's stock fell -13.8% during the 2025 US Tariff Shock. Such a loss loss requires a 16.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Blackbaud (BLKB)
Blackbaud, Inc. (BLKB) is a leading provider of cloud software solutions designed primarily for organizations within the social impact sector. The company's core mission is to empower a diverse range of entities, from non-profits to educational institutions, with the digital tools necessary to manage their operations, engage with their communities, and effectively pursue their philanthropic and mission-driven objectives. Essentially, Blackbaud serves as a technology partner, providing the foundational software infrastructure that enables these organizations to create positive change.
The company offers a comprehensive suite of products and services spanning critical operational areas. Its main offerings include robust solutions for fundraising and relationship management, such as Blackbaud Raiser's Edge NXT and JustGiving, alongside financial management tools like Blackbaud Financial Edge NXT and Blackbaud Tuition Management. Blackbaud also provides marketing and engagement platforms, grant and award management systems, and specialized software for organizational and program management, encompassing student information systems for schools and church management platforms. Additionally, the company facilitates social responsibility initiatives for corporations, offers integrated payment processing services, and provides intelligence solutions for donor acquisition, prospect research, and performance benchmarking.
Blackbaud's extensive customer base includes a broad spectrum of organizations dedicated to public service and social good globally. This includes higher education institutions, K-12 schools, healthcare organizations, faith communities, arts and cultural organizations, and foundations. The company also caters to companies managing corporate social responsibility programs and supports individual change agents in their efforts. These cloud-based solutions are distributed through Blackbaud's direct sales force, serving as essential infrastructure for a wide ecosystem committed to making a tangible difference in the world.
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Here are 1-3 brief analogies to describe Blackbaud:
- Blackbaud is like Salesforce for non-profits, providing cloud-based fundraising and relationship management tools.
- Blackbaud is like Oracle or SAP for non-profits, offering a comprehensive suite of financial, grant, and organizational management software.
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Here are the major products and services offered by Blackbaud:
- Fundraising and Relationship Management Solutions: These software suites, including Blackbaud Raiser's Edge NXT and Blackbaud CRM, help organizations manage donors, cultivate relationships, and execute fundraising campaigns, often incorporating peer-to-peer and online giving platforms.
- Financial Management Solutions: This category encompasses cloud accounting software for nonprofits (Blackbaud Financial Edge NXT) and specialized tools for tuition billing and financial aid management for educational institutions.
- Marketing and Engagement Solutions: Platforms like Blackbaud Luminate Online and Blackbaud Online Express provide digital marketing, online giving, and event registration capabilities, alongside website management systems for schools.
- Grant and Award Management Solutions: Blackbaud Grantmaking assists foundations in managing their entire grant lifecycle, while Blackbaud Award Management streamlines scholarship and award application and administration processes.
- Organizational and Program Management Solutions: Blackbaud offers specialized systems for educational institutions (e.g., Student Information, Learning, and Enrollment Management Systems), cultural organizations (Blackbaud Altru), and faith communities (Blackbaud Church Management) to manage their operations.
- Social Responsibility Solutions: Through YourCause GrantsConnect and YourCause CSRconnect, Blackbaud provides platforms for corporations to manage grant programs, employee giving, and overall corporate social responsibility initiatives.
- Payment Services: This includes Blackbaud Merchant Services for secure payment processing and Blackbaud Purchase Cards to simplify organizational procurement.
- Intelligence for Good Solutions: These services leverage data analytics, prospect research, donor acquisition tools, data enrichment, and performance benchmarking to help organizations optimize their strategies.
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Blackbaud (BLKB) primarily provides cloud software solutions to a diverse range of organizations. Its major customer categories include:
- Higher education institutions
- K–12 schools
- Healthcare organizations
- Faith communities
- Arts and cultural organizations
- Foundations
- Companies (particularly for social responsibility and grant management solutions)
- Individual change agents (individuals engaged in philanthropic and advocacy efforts)
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- Microsoft (MSFT)
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Mike Gianoni, President, Chief Executive Officer, and Vice Chairman of the Board of Directors
Mike Gianoni assumed the role of President and CEO of Blackbaud in January 2014. He has an extensive background in the technology and financial sectors. Before joining Blackbaud, he held significant leadership positions at Fiserv, Inc., where he led their Financial Institutions Group and Investment Services division. He also served as executive vice president and general manager of CheckFree Investment Services and oversaw numerous divisions at DST, focusing on developing new platforms and strengthening operational controls.
Chad Anderson, Executive Vice President and Chief Financial Officer
Chad Anderson was promoted to Executive Vice President and Chief Financial Officer of Blackbaud in April 2025. He joined the company in March 2013. Prior to his appointment as CFO, Anderson served as Blackbaud's Chief Accounting Officer, overseeing accounting operations and financial compliance, and as corporate controller, responsible for global financial operations. Before his tenure at Blackbaud, he held executive roles at Brightpoint Inc., including vice president of finance for international operations and CFO of the Europe, Middle East, and Africa region.
Sudip Datta, Chief Product Officer
Sudip Datta joined Blackbaud as Chief Product Officer in April 2022, overseeing the company's global product portfolio, lifecycle management, roadmaps, and strategy. He brings over 25 years of experience in enterprise software. Before Blackbaud, Datta led the Artificial Intelligence for IT Operations (AIOps) and Observability business at Broadcom Inc. and served as vice president of products at Oracle, where he drove revenue growth through both organic and inorganic initiatives. He also began his career at Fujitsu-ICL and is an advisor to early-stage startups.
Margaret "Maggie" Driscoll, Chief People & Culture Officer
Margaret "Maggie" Driscoll joined Blackbaud in January 2020 as Chief People & Culture Officer. She has 30 years of progressive experience in strategic human resources. Before Blackbaud, she spent over 15 years as Managing Director, Global Human Resources at the Bank of New York Mellon (BNY Mellon). She also led human resources for CCBN, a company that was successfully sold to Thomson Reuters Financial Services in January 2004, and for Cbridge/eXcelon, a technology and business consultant company.
Catherine LaCour, Chief Marketing Officer
Catherine LaCour serves as Chief Marketing Officer for Blackbaud, responsible for global brand and marketing, corporate communications, and strategic go-to-market and retention functions. She has over 25 years of experience in marketing and business development. Prior to her current role, she held leadership positions at Regent Education. She also oversees the Blackbaud Institute, which focuses on research and insights for the social impact sector.
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The key risks to Blackbaud's business include:
- Cybersecurity Threats and Data Breaches: Blackbaud faces significant and proven risks related to cybersecurity threats and data breaches. The company experienced a ransomware attack in 2020, which led to settlements with the U.S. Federal Trade Commission (FTC) and multiple state attorneys general, incurring substantial financial penalties and reputational damage. The FTC criticized Blackbaud's "shoddy security" and "lax" practices, which resulted in hackers accessing sensitive personal information of millions of consumers.
- Competition and Technological Disruption, particularly from AI: Blackbaud operates in a highly competitive software market and faces threats from rapid technological changes, including the emergence of artificial intelligence (AI). The company competes with both specialized software developers and larger general business software vendors like Microsoft, Oracle, and Salesforce, who possess vast resources and may introduce nonprofit-specific versions of their products. There is a risk that AI disruption could impact Blackbaud's core CRM capabilities if the company fails to continuously innovate and adapt to meet evolving customer needs.
- Dependence on the Philanthropic Sector and Macroeconomic Sensitivity: Blackbaud's business model is heavily reliant on the philanthropic sector, making it vulnerable to economic downturns and shifts in donor behavior. Fluctuations in charitable giving can directly impact the company's financial performance. A recessionary environment could lead to a reduction in nonprofit donations, posing a significant risk to Blackbaud's revenue.
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Blackbaud (BLKB) operates within a substantial total addressable market (TAM) across its diverse segments, estimated to exceed $10 billion globally. The company serves a wide array of organizations including higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, and companies.
Addressable Market Sizes for Blackbaud's Main Products and Services:
- Non-Profit Software Market: The global non-profit software market is projected to expand from USD 4.56 billion in 2025 to USD 7.24 billion by 2031, growing at a CAGR of 7.9% between 2026 and 2031. North America accounted for 38.59% of this market's revenue in 2025.
- Fundraising and Relationship Management Solutions (Non-Profit Fundraising Software Market): The global non-profit fundraising software market is expected to grow from USD 3.7 billion in 2023 to USD 9.5 billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.89%. Fundraising and donation management alone constituted 44.74% of the non-profit software market size in 2025. North America is anticipated to hold the largest share of this market.
- Grant and Award Management Solutions (Grant Management Software Market): The global grant management software market was valued at USD 2.73 billion in 2024 and is expected to reach USD 7.12 billion by 2034, with a CAGR of 10.1%. Another estimate places the global market at USD 3.07 billion in 2025, growing to USD 8.09 billion by 2035 at a CAGR of 10.17%. In the U.S. specifically, this market generated USD 792.4 million in 2024 and is projected to reach USD 1,609.6 million by 2033.
- Social Responsibility Solutions (Corporate Social Responsibility (CSR) Software Market): The global corporate social responsibility software market was estimated at USD 973.7 million in 2024 and is projected to reach USD 1,720.1 million by 2030, growing at a CAGR of 10.1% from 2025 to 2030. North America led this market in 2023, holding approximately 35% of the revenue share.
- Education Technology (EdTech) Market (K-12 and Higher Education): The global education technology market was estimated at USD 163.49 billion in 2024 and is projected to reach USD 348.41 billion by 2030, exhibiting a CAGR of 13.3% from 2025 to 2030. North America held the largest revenue share of 35.62% in 2024. The global K-12 education technology (EdTech) market alone is projected to reach USD 295.6 billion in 2025 and is expected to grow to USD 908.1 billion by 2034. Higher education accounts for nearly 28% of the EdTech market globally.
- Faith-Based Non-Profit Applications Market (Church Management Software): The worldwide faith-based non-profit applications market is expected to reach USD 2.2 billion by 2029, up from USD 1.7 billion in 2024, with a CAGR of 5.7%. The global church management software market was valued at USD 272.17 million in 2024 and is projected to reach USD 414.55 million by 2032. North America dominates the church management software market, accounting for approximately 40%–42% of global deployments.
- Arts and Cultural Organizations Software (Art Gallery Software and Performing Arts Software): The global arts and culture services market was estimated at approximately USD 350 billion in 2023. The global art gallery software market size was USD 19584.2 million in 2024 and is expected to grow to USD 33563.88 million by 2031. Another source values the global art gallery software market at USD 2.3 billion in 2024, anticipating it to reach USD 5.4 billion by 2033. The performing arts software market is expected to reach USD 136 million by 2025.
- Payment Services (Nonprofit Payment Gateway Software): The global nonprofit payment gateway software market is estimated to be USD 0.46 billion in 2026, projected to reach USD 0.91 billion by 2035. The broader global market size for nonprofit organizations, which relies on payment processing, was valued at $289.25 billion in 2023 and is expected to reach $394.42 billion by 2030.
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For Blackbaud (BLKB), several key drivers are expected to fuel future revenue growth over the next two to three years:
- AI Innovation and New Product Launches: Blackbaud is aggressively investing in artificial intelligence, integrating generative and agentic AI capabilities across its product portfolio. The company has launched solutions like Blackbaud AI chat and AI-driven fundraising agents under the "Agents for Good" banner, with more AI products in development. These innovations are expected to create new recurring revenue streams, particularly through multiyear subscriptions tied to donation flows processed via Blackbaud's integrated payments, and enhance existing solutions to drive customer adoption and value.
- Renewal Price Increases and Contractual Recurring Growth: Blackbaud benefits from a strong contractual recurring revenue model with high retention rates. A modernized approach to renewal pricing, initiated in March 2023, has already contributed to robust organic revenue growth. The company anticipates continued growth from its recurring revenue streams.
- Growth in Transactional Recurring Revenue: The company has experienced significant growth in transactional recurring revenue, driven by both increased volume and improved rates. This trend is expected to continue, especially as new AI-powered products, such as the fundraising Development Agent, are designed to generate transactional volume through Blackbaud's integrated payment services.
- Expansion within an Underpenetrated Social Impact Market: Blackbaud operates as a market leader in providing cloud software solutions for social impact organizations, serving diverse sectors including nonprofits, education, and healthcare. The company identifies a total addressable market exceeding $10 billion, which remains largely underpenetrated. This extensive market offers substantial opportunities for Blackbaud to acquire new customers and expand its footprint.
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Share Repurchases
- Blackbaud reauthorized, expanded, and replenished its stock repurchase program to $1 billion in December 2025, increasing the total capacity from $800 million.
- Prior to the December 1, 2025 replenishment, Blackbaud repurchased 2,707,953 shares for $174.5 million during 2025.
- The company has reduced its common stock outstanding by more than 10% since instituting its current repurchase program in the fourth quarter of 2023.
- Blackbaud plans to devote at least 50% of its cumulative free cash flow from 2026-2030 to share buybacks.
Share Issuance
- The number of common stock shares issued increased from 70,943,373 at December 31, 2024, to 72,312,354 at December 31, 2025.
- Additional paid-in capital increased by approximately $100 million from December 31, 2024 ($1,291,442 thousand) to December 31, 2025 ($1,391,641 thousand).
- Net share settlement of employee stock compensation is incremental to the company's stock repurchase program.
Capital Expenditures
- For the full year 2025, capital expenditures were approximately $62 million, which included $7.767 million for the purchase of property and equipment and $54.236 million for capitalized software development costs.
- Capital expenditures for 2026 are expected to be approximately $60 million to $70 million, with $52 million to $62 million primarily focused on capitalized software development costs.
- Blackbaud invested $3.0 million in capital expenditures during the fourth quarter of 2025.
Peer Outperformance in Application Software
BLKB has trailed 69% of its 39 Application Software peers over 5Y. Among the peers that beat it is DBX. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that BLKB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
23%
of 40 industry peers · -34.1% return
3Y
21%
of 39 industry peers · -38.8% return
5Y
31%
of 39 industry peers · -41.5% return
Application Software peers with revenue growth within 4pp of BLKB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BLKB | Blackbaud | 2.5% | 12.6x | -34.1% | -38.8% | -41.5% | — |
| DBX | Dropbox | 1.5% | 17.3x | 15.4% | 24.8% | 15.8% | +57pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is BLKB's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Technology Hardware, Storage & Peripherals | 9 | 124.2% | 200.8% | 405.9% | STX 1191% · SMCI 1022% · DELL 1019% |
| Electronic Manufacturing Services | 9 | 68.5% | 189.6% | 331.5% | TTMI 899% · FLEX 742% · SANM 467% |
| Semiconductor Materials & Equipment | 20 | 105.5% | 128.6% | 129.7% | LRCX 528% · KLAC 528% · ONTO 331% |
| Communications Equipment | 14 | 45.2% | 173.4% | 123.6% | LITE 1125% · ANET 834% · CIEN 626% |
| Electronic Components | 8 | 80.4% | 119.9% | 94.5% | COHR 427% · GLW 392% · APH 380% |
| Technology Distributors | 8 | 47.5% | 80.2% | 89.7% | AVT 205% · SNX 173% · CNXN 116% |
| Semiconductors | 32 | 58.2% | 91.3% | 81.0% | MU 1483% · NVDA 1018% · AVGO 670% |
| Systems Software | 14 | 1.0% | 75.3% | 75.7% | PANW 389% · CRWD 327% · FTNT 200% |
| Electronic Equipment & Instruments | 13 | -5.3% | 52.3% | 30.9% | PI 228% · KEYS 126% · OSIS 105% |
| Internet Services & Infrastructure | 6 | -4.3% | 37.9% | 18.3% | DOCN 72% · VRSN 41% · GDDY 35% |
| Application Software ← | 40 | -18.5% | 7.3% | -26.1% | PLTR 681% · CDNS 129% · DDOG 91% |
| IT Consulting & Other Services | 9 | -17.4% | -30.1% | -37.0% | ADEA 187% · IBM 99% · CTSH -12% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Blackbaud Earnings Notes | 12/25/2025 | |
| Is Blackbaud Stock Built to Withstand a Pullback? | 10/17/2025 | |
| Blackbaud vs Alphabet: Which Is A Better Investment? | 08/18/2025 | |
| Blackbaud vs SS&C Technologies: Which Is A Better Investment? | 08/18/2025 | |
| How Does Blackbaud Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than BLKB Stock: Pay Less Than Blackbaud To Get More From MU, VST | 08/12/2025 | |
| Better Bet Than BLKB Stock: Pay Less Than Blackbaud To Get More From IDCC, MU | 08/12/2025 | |
| BLKB Dip Buy Analysis | 07/10/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 06/04/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 212.03 |
| Mkt Cap | 45.8 |
| Rev LTM | 10,155 |
| Op Inc LTM | 1,220 |
| FCF LTM | 2,844 |
| FCF 3Y Avg | 2,460 |
| CFO LTM | 3,081 |
| CFO 3Y Avg | 2,687 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.2% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 10.8% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 20.8% |
| Op Inc Chg 3Y Avg | 31.8% |
| Op Mgn LTM | 19.8% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 28.0% |
| FCF/Rev 3Y Avg | 25.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 45.8 |
| P/S | 4.5 |
| P/Op Inc | 24.7 |
| P/EBIT | 22.7 |
| P/E | 28.7 |
| P/CFO | 14.9 |
| Total Yield | 4.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.6% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.9% |
| 3M Rtn | 35.3% |
| 6M Rtn | 19.7% |
| 12M Rtn | -26.8% |
| 3Y Rtn | 3.1% |
| 1M Excs Rtn | -7.3% |
| 3M Excs Rtn | 32.8% |
| 6M Excs Rtn | 4.2% |
| 12M Excs Rtn | -42.7% |
| 3Y Excs Rtn | -76.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 1,128 | 1,155 | 1,107 | 1,058 | 928 |
| Total | 1,128 | 1,155 | 1,107 | 1,058 | 928 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2006 |
|---|---|---|---|---|---|
| General Markets Business Unit | 157 | 132 | 132 | 121 | |
| Enterprise Customer Business Unit | 137 | 112 | 103 | 74 | |
| International Business Unit | 5 | 4 | 8 | 6 | |
| Other | -0 | 2 | 1 | 1 | 0 |
| Corporate | -253 | -221 | -210 | -200 | |
| Target Analytics | 17 | 17 | 17 | ||
| Analytic Services | 4 | ||||
| Consulting &education services | 28 | ||||
| License Fees | 30 | ||||
| Maintenance and subcriptions | 79 | ||||
| Total | 47 | 46 | 52 | 19 | 141 |
Price Behavior
Price Behavior
| Market Price | $42.55 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 07/26/2004 | |
| Distance from 52W High | -37.4% | |
| 50 Days | 200 Days | |
| DMA Price | $44.10 | $42.68 |
| DMA Trend | down | up |
| Distance from DMA | -3.5% | -0.3% |
| 3M | 1YR | |
| Volatility | 55.6% | 48.3% |
| Downside Capture | -20.58 | 83.83 |
| Upside Capture | 169.44 | 20.97 |
| Correlation (SPY) | -10.1% | 7.2% |
BLKB Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.73 | 1.23 | -0.53 | -0.43 | 0.28 | 0.61 |
| Up Beta | 0.02 | 1.02 | -1.46 | -0.79 | -0.20 | 0.51 |
| Down Beta | -0.47 | -0.33 | -5.61 | -1.53 | 0.13 | 0.38 |
| Up Capture | 20% | 129% | 168% | 10% | 14% | 28% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 21 | 35 | 66 | 128 | 386 |
| Down Capture | 247% | 175% | -33% | -7% | 88% | 100% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 21 | 29 | 60 | 124 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLKB | |
|---|---|---|---|---|
| BLKB | -33.9% | 48.2% | -0.71 | - |
| Sector ETF (XLK) | 41.1% | 26.5% | 1.26 | -3.3% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | 7.4% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | -7.1% |
| Commodities (DBC) | 43.7% | 20.8% | 1.64 | 0.1% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | 5.8% |
| Bitcoin (BTCUSD) | -27.0% | 44.5% | -0.58 | 10.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLKB | |
|---|---|---|---|---|
| BLKB | -10.3% | 37.6% | -0.20 | - |
| Sector ETF (XLK) | 21.2% | 25.9% | 0.73 | 31.2% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 38.4% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | -1.0% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 4.2% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 31.8% |
| Bitcoin (BTCUSD) | 13.2% | 52.3% | 0.43 | 22.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLKB | |
|---|---|---|---|---|
| BLKB | -4.1% | 37.7% | 0.00 | - |
| Sector ETF (XLK) | 24.8% | 25.0% | 0.90 | 41.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 46.4% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | -0.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 12.5% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 38.7% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/31/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 17.4% | 26.6% | 31.1% |
| 4/29/2026 | 4.1% | -2.0% | -19.0% |
| 2/10/2026 | -1.2% | -1.9% | -6.7% |
| 10/29/2025 | 5.9% | -3.3% | -11.4% |
| 7/30/2025 | 11.0% | -2.1% | 3.2% |
| 4/30/2025 | -5.5% | -2.9% | -3.9% |
| 2/18/2025 | -11.2% | -13.7% | -20.0% |
| 10/30/2024 | -15.1% | -11.1% | -3.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 16 | 17 | 17 |
| Median Positive | 7.6% | 4.1% | 10.7% |
| Median Negative | -5.2% | -5.4% | -3.9% |
| Max Positive | 17.4% | 26.6% | 31.1% |
| Max Negative | -15.1% | -17.6% | -20.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | 17.4% | 26.6% | 31.1% |
| 4/29/2026 | 4.1% | -2.0% | -19.0% |
| 2/10/2026 | -1.2% | -1.9% | -6.7% |
| 10/29/2025 | 5.9% | -3.3% | -11.4% |
| 7/30/2025 | 11.0% | -2.1% | 3.2% |
| 4/30/2025 | -5.5% | -2.9% | -3.9% |
| 2/18/2025 | -11.2% | -13.7% | -20.0% |
| 10/30/2024 | -15.1% | -11.1% | -3.7% |
| 7/30/2024 | -1.2% | -6.1% | 1.9% |
| 4/30/2024 | -2.4% | 0.9% | -1.2% |
| 2/12/2024 | -14.8% | -16.5% | -10.7% |
| 10/31/2023 | 8.5% | 11.4% | 15.0% |
| 8/1/2023 | -1.1% | -2.7% | -0.1% |
| 5/3/2023 | -0.3% | 3.2% | 7.4% |
| 2/13/2023 | -5.4% | -5.4% | -10.1% |
| 11/1/2022 | 1.9% | 4.1% | 10.7% |
| 8/2/2022 | -6.1% | -8.5% | -14.7% |
| 5/3/2022 | -0.9% | -13.9% | 14.1% |
| 2/22/2022 | -5.4% | -1.3% | -3.3% |
| 11/3/2021 | 14.5% | 14.7% | -2.0% |
| 8/3/2021 | -1.3% | -2.1% | -0.4% |
| 4/28/2021 | -5.1% | -11.6% | -5.7% |
| 2/8/2021 | 6.7% | 0.7% | -0.1% |
| 10/28/2020 | -10.8% | -17.6% | -3.7% |
| SUMMARY STATS | |||
| # Positive | 8 | 7 | 7 |
| # Negative | 16 | 17 | 17 |
| Median Positive | 7.6% | 4.1% | 10.7% |
| Median Negative | -5.2% | -5.4% | -3.9% |
| Max Positive | 17.4% | 26.6% | 31.1% |
| Max Negative | -15.1% | -17.6% | -20.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.17 Bil | 1.18 Bil | 1.18 Bil | 0 | Affirmed | Guidance: 1.18 Bil for 2026 | |
| 2026 Non-GAAP adjusted EBITDA | Reported | 430.00 Mil | 434.00 Mil | 438.00 Mil | 0 | Affirmed | Guidance: 434.00 Mil for 2026 | |
| 2026 Interest expense | Reported | 62.00 Mil | 64.00 Mil | 66.00 Mil | ||||
| 2026 Non-GAAP diluted earnings per share | Reported | 5.15 | 5.2 | 5.25 | 0 | Affirmed | Guidance: 5.2 for 2026 | |
| 2026 Capital expenditures | Reported | 60.00 Mil | 65.00 Mil | 70.00 Mil | 0 | Affirmed | Guidance: 65.00 Mil for 2026 | |
| 2026 Non-GAAP free cash flow | Reported | 280.00 Mil | 285.00 Mil | 290.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.17 Bil | 1.18 Bil | 1.18 Bil | 0 | Affirmed | Guidance: 1.18 Bil for 2026 | |
| 2026 Non-GAAP adjusted EBITDA | Reported | 430.00 Mil | 434.00 Mil | 438.00 Mil | 0 | Affirmed | Guidance: 434.00 Mil for 2026 | |
| 2026 Non-GAAP diluted earnings per share | Reported | 5.15 | 5.2 | 5.25 | 0 | Affirmed | Guidance: 5.2 for 2026 | |
| 2026 Capital Expenditures | Reported | 60.00 Mil | 65.00 Mil | 70.00 Mil | 0 | Affirmed | Guidance: 65.00 Mil for 2026 | |
| 2026 Non-GAAP free cash flow | Reported | 280.00 Mil | 285.00 Mil | 290.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
| 2026 Stock Repurchases | Reported | 0.05 | 0.08 | 0.1 | ||||
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.17 Bil | 1.18 Bil | 1.18 Bil | 4.5% | Higher New | Actual: 1.12 Bil for 2025 | |
| 2026 Non-GAAP adjusted EBITDA | Reported | 430.00 Mil | 434.00 Mil | 438.00 Mil | ||||
| 2026 Interest expense | Reported | 62.00 Mil | 64.00 Mil | 66.00 Mil | -5.9% | Lower New | Actual: 68.00 Mil for 2025 | |
| 2026 Non-GAAP diluted earnings per share | Reported | 5.15 | 5.2 | 5.25 | 18.2% | Higher New | Actual: 4.4 for 2025 | |
| 2026 Capital expenditures | Reported | 60.00 Mil | 65.00 Mil | 70.00 Mil | 8.3% | Higher New | Actual: 60.00 Mil for 2025 | |
| 2026 Non-GAAP free cash flow | Reported | 280.00 Mil | 285.00 Mil | 290.00 Mil | 42.5% | Higher New | Actual: 200.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 1.12 Bil | 1.12 Bil | 1.13 Bil | 0 | Affirmed | Guidance: 1.12 Bil for 2025 | |
| 2025 Non-GAAP adjusted EBITDA margin | Reported | 35.4% | 35.8% | 36.2% | 0 | Affirmed | Guidance: 35.8% for 2025 | |
| 2025 Interest expense | Reported | 66.00 Mil | 68.00 Mil | 70.00 Mil | 1.5% | Raised | Guidance: 67.00 Mil for 2025 | |
| 2025 Non-GAAP diluted earnings per share | Reported | 4.3 | 4.4 | 4.5 | 0 | Affirmed | Guidance: 4.4 for 2025 | |
| 2025 Capital expenditures | Reported | 55.00 Mil | 60.00 Mil | 65.00 Mil | 0 | Affirmed | Guidance: 60.00 Mil for 2025 | |
| 2025 Non-GAAP adjusted free cash flow | Reported | 195.00 Mil | 200.00 Mil | 205.00 Mil | 2.6% | Raised | Guidance: 195.00 Mil for 2025 | |
| 2025 Stock repurchases | Reported | 0.05 | 0.06 | 0.07 | ||||
Insider Activity
Updated 9/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, Chad | Executive VP and CFO | Direct | Sell | 9022026 | 47.56 | 2,000 | 95,120 | 2,848,035 | Form |
| 2 | Benjamin, David J | EVP, Chief Commercial Officer | Direct | Sell | 9022026 | 48.27 | 2,086 | 100,699 | 3,429,260 | Form |
| 3 | Gianoni, Michael P | President and CEO | Direct | Sell | 8272026 | 47.35 | 17,000 | 804,984 | 20,042,397 | Form |
| 4 | Gregoire, Kevin P | EVP, Chief Operating Officer | Direct | Sell | 8072026 | 45.50 | 22,000 | 1,001,092 | 5,150,800 | Form |
| 5 | Anderson, Chad | Executive VP and CFO | Direct | Sell | 6032026 | 31.31 | 6,205 | 194,279 | 1,968,428 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Anderson, Chad | Executive VP and CFO | Direct | Sell | 9022026 | 47.56 | 2,000 | 95,120 | 2,848,035 | Form |
| 2 | Benjamin, David J | EVP, Chief Commercial Officer | Direct | Sell | 9022026 | 48.27 | 2,086 | 100,699 | 3,429,260 | Form |
| 3 | Gianoni, Michael P | President and CEO | Direct | Sell | 8272026 | 47.35 | 17,000 | 804,984 | 20,042,397 | Form |
| 4 | Gregoire, Kevin P | EVP, Chief Operating Officer | Direct | Sell | 8072026 | 45.50 | 22,000 | 1,001,092 | 5,150,800 | Form |
| 5 | Anderson, Chad | Executive VP and CFO | Direct | Sell | 6032026 | 31.31 | 6,205 | 194,279 | 1,968,428 | Form |
| 6 | Gregoire, Kevin P | EVP, Chief Operating Officer | Direct | Sell | 3062026 | 50.02 | 2,000 | 100,040 | 6,762,404 | Form |
| 7 | Olson, Jon W | SVP and General Counsel | Direct | Sell | 3032026 | 49.10 | 5,000 | 245,511 | 1,764,684 | Form |
| 8 | Olson, Jon W | SVP and General Counsel | Direct | Sell | 3032026 | 48.23 | 10,000 | 482,268 | 1,974,357 | Form |
| 9 | Benjamin, David J | EVP, Chief Commercial Officer | Direct | Sell | 2252026 | 47.47 | 14,349 | 681,108 | 3,470,999 | Form |
| 10 | McDearis, Kevin | EVP & Chief Technology Officer | Direct | Sell | 2252026 | 46.43 | 15,462 | 717,851 | 4,259,934 | Form |
| 11 | Benjamin, David J | EVP, Chief Commercial Officer | Direct | Sell | 2202026 | 49.41 | 7,990 | 394,771 | 4,644,510 | Form |
| 12 | Hollenbeck, Rupal S | Direct | Sell | 11252025 | 56.49 | 1,600 | 90,384 | 359,615 | Form | |
| 13 | Gianoni, Michael P | President and CEO | Direct | Sell | 11062025 | 57.68 | 5,000 | 288,409 | 21,514,423 | Form |
| 14 | Gianoni, Michael P | President and CEO | Direct | Sell | 11062025 | 60.29 | 5,000 | 301,429 | 22,787,158 | Form |
| 15 | Gianoni, Michael P | President and CEO | Direct | Sell | 11062025 | 62.41 | 5,000 | 312,062 | 23,903,040 | Form |
| 16 | Defiore, Deneen | Direct | Sell | 9032025 | 66.61 | 4,000 | 266,446 | 670,710 | Form |
Investor Activity (13F)
Updated Oct 2, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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