BlackBerry (BB)
Market Price (10/7/2026): $9.65 | Market Cap: $5.7 BilSector: Information Technology | Industry: Systems Software
BlackBerry (BB)
Market Price (10/7/2026): $9.65Market Cap: $5.7 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Megatrend and thematic driversMegatrends include Cybersecurity, and Electric Vehicles & Autonomous Driving. Themes include Software Security, Endpoint Protection, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 72x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x, P/EPrice/Earnings or Price/(Net Income) is 94x Stock price has recently run up significantly6M Rtn6 month market price return is 175% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% Key risksBB key risks include [1] intense competition from larger, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Electric Vehicles & Autonomous Driving. Themes include Software Security, Endpoint Protection, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 72x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x, P/EPrice/Earnings or Price/(Net Income) is 94x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 175% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.2% |
| Key risksBB key risks include [1] intense competition from larger, Show more. |
Qualitative Assessment
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Updated on 10/1/2026
BlackBerry (BB) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Sharp correction following an unsustainable rally. BlackBerry's stock experienced a significant surge of nearly 297% between April 1 and June 30, 2026, which some attributed to a "meme frenzy" and possibly over-optimistic sentiment. This preceded a "sharp 38% dip in July," indicating a market correction and profit-taking after an extended, potentially unjustified, run-up.
2. Analyst concerns over stretched valuation despite strong Q2 FY2027 results. Although BlackBerry (whose fiscal Q2 2027 ended August 31, 2026) reported a strong beat on September 24, 2026, with revenue increasing 26% year-over-year to $163.3 million and adjusted EBITDA growing 81% to $47.0 million, analysts raised concerns about the stock's elevated valuation. For instance, Morningstar noted that the stock's valuation was "elevated" after more than doubling in 2026, suggesting that the current market price would necessitate faster growth rates than projected. Several analyst ratings remained neutral, with consensus price targets around the current trading levels, indicating limited perceived upside.
Show more
BlackBerry (BB) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Sharp correction following an unsustainable rally. BlackBerry's stock experienced a significant surge of nearly 297% between April 1 and June 30, 2026, which some attributed to a "meme frenzy" and possibly over-optimistic sentiment. This preceded a "sharp 38% dip in July," indicating a market correction and profit-taking after an extended, potentially unjustified, run-up.
2. Analyst concerns over stretched valuation despite strong Q2 FY2027 results. Although BlackBerry (whose fiscal Q2 2027 ended August 31, 2026) reported a strong beat on September 24, 2026, with revenue increasing 26% year-over-year to $163.3 million and adjusted EBITDA growing 81% to $47.0 million, analysts raised concerns about the stock's elevated valuation. For instance, Morningstar noted that the stock's valuation was "elevated" after more than doubling in 2026, suggesting that the current market price would necessitate faster growth rates than projected. Several analyst ratings remained neutral, with consensus price targets around the current trading levels, indicating limited perceived upside.
Show more
Updated on 10/1/2026
BlackBerry (BB) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Sharp correction following an unsustainable rally. BlackBerry's stock experienced a significant surge of nearly 297% between April 1 and June 30, 2026, which some attributed to a "meme frenzy" and possibly over-optimistic sentiment. This preceded a "sharp 38% dip in July," indicating a market correction and profit-taking after an extended, potentially unjustified, run-up.
2. Analyst concerns over stretched valuation despite strong Q2 FY2027 results. Although BlackBerry (whose fiscal Q2 2027 ended August 31, 2026) reported a strong beat on September 24, 2026, with revenue increasing 26% year-over-year to $163.3 million and adjusted EBITDA growing 81% to $47.0 million, analysts raised concerns about the stock's elevated valuation. For instance, Morningstar noted that the stock's valuation was "elevated" after more than doubling in 2026, suggesting that the current market price would necessitate faster growth rates than projected. Several analyst ratings remained neutral, with consensus price targets around the current trading levels, indicating limited perceived upside.
3. Mixed performance across business segments and reduced Secure Communications outlook. While the QNX segment delivered record quarterly revenue of $80.3 million, up 27% year-over-year, and secured its largest design win in QNX history, the Secure Communications segment showed slower growth. BlackBerry subsequently lowered its full-year fiscal 2027 revenue outlook for Secure Communications, citing government timing and geopolitical uncertainty, which tempered overall investor sentiment despite the strength in IoT.
Show less
BlackBerry (BB) stock has lost about 25% since 6/30/2026 because of the following key factors:
1. Sharp correction following an unsustainable rally. BlackBerry's stock experienced a significant surge of nearly 297% between April 1 and June 30, 2026, which some attributed to a "meme frenzy" and possibly over-optimistic sentiment. This preceded a "sharp 38% dip in July," indicating a market correction and profit-taking after an extended, potentially unjustified, run-up.
2. Analyst concerns over stretched valuation despite strong Q2 FY2027 results. Although BlackBerry (whose fiscal Q2 2027 ended August 31, 2026) reported a strong beat on September 24, 2026, with revenue increasing 26% year-over-year to $163.3 million and adjusted EBITDA growing 81% to $47.0 million, analysts raised concerns about the stock's elevated valuation. For instance, Morningstar noted that the stock's valuation was "elevated" after more than doubling in 2026, suggesting that the current market price would necessitate faster growth rates than projected. Several analyst ratings remained neutral, with consensus price targets around the current trading levels, indicating limited perceived upside.
3. Mixed performance across business segments and reduced Secure Communications outlook. While the QNX segment delivered record quarterly revenue of $80.3 million, up 27% year-over-year, and secured its largest design win in QNX history, the Secure Communications segment showed slower growth. BlackBerry subsequently lowered its full-year fiscal 2027 revenue outlook for Secure Communications, citing government timing and geopolitical uncertainty, which tempered overall investor sentiment despite the strength in IoT.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -24.3% change in BB stock from 6/30/2026 to 10/6/2026 was primarily driven by a -24.3% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.65 | 9.58 | -24.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 580 | 580 | 0.0% |
| Net Income Margin (%) | 10.3% | 10.3% | 0.0% |
| P/E Multiple | 124.1 | 94.0 | -24.3% |
| Shares Outstanding (Mil) | 587 | 587 | 0.0% |
| Cumulative Contribution | -24.3% |
Market Drivers
6/30/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BB | -24.3% | |
| Market (SPY) | 4.3% | 44.4% |
| Sector (XLK) | 6.0% | 65.0% |
Fundamental Drivers
The 195.7% change in BB stock from 3/31/2026 to 10/6/2026 was primarily driven by a 156.3% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.24 | 9.58 | 195.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 535 | 580 | 8.5% |
| Net Income Margin (%) | 4.0% | 10.3% | 156.3% |
| P/E Multiple | 89.0 | 94.0 | 5.6% |
| Shares Outstanding (Mil) | 591 | 587 | 0.7% |
| Cumulative Contribution | 195.7% |
Market Drivers
3/31/2026 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BB | 195.7% | |
| Market (SPY) | 20.1% | 32.3% |
| Sector (XLK) | 52.2% | 43.6% |
Fundamental Drivers
The 96.3% change in BB stock from 9/30/2025 to 10/6/2026 was primarily driven by a 79.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.88 | 9.58 | 96.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 537 | 580 | 8.1% |
| P/S Multiple | 5.4 | 9.7 | 79.6% |
| Shares Outstanding (Mil) | 593 | 587 | 1.1% |
| Cumulative Contribution | 96.3% |
Market Drivers
9/30/2025 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BB | 96.3% | |
| Market (SPY) | 17.9% | 35.0% |
| Sector (XLK) | 43.9% | 44.0% |
Fundamental Drivers
The 103.4% change in BB stock from 9/30/2023 to 10/6/2026 was primarily driven by a 145.0% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.71 | 9.58 | 103.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 695 | 580 | -16.5% |
| P/S Multiple | 4.0 | 9.7 | 145.0% |
| Shares Outstanding (Mil) | 584 | 587 | -0.5% |
| Cumulative Contribution | 103.4% |
Market Drivers
9/30/2023 to 10/6/2026| Return | Correlation | |
|---|---|---|
| BB | 103.4% | |
| Market (SPY) | 88.5% | 39.2% |
| Sector (XLK) | 150.8% | 41.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BB Return | 41% | -65% | 9% | 7% | 0% | 140% | 37% |
| Peers Return | 47% | -16% | 30% | 28% | 0% | -19% | 67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| BB Win Rate | 50% | 33% | 50% | 33% | 50% | 50% | |
| Peers Win Rate | 72% | 39% | 61% | 69% | 50% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BB Max Drawdown | -68% | -66% | -40% | -41% | -53% | -41% | |
| Peers Max Drawdown | -10% | -32% | -19% | -14% | -22% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, MSI, GEN, DRK, GYGY. See BB 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 10/6/2026 (YTD)
How Low Can It Go
| Event | BB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -51.0% | -18.8% |
| % Gain to Breakeven | 104.2% | 23.1% |
| Time to Breakeven | 393 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.8% | -7.8% |
| % Gain to Breakeven | 14.7% | 8.5% |
| Time to Breakeven | 14 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 471 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.3% | -6.7% |
| % Gain to Breakeven | 19.4% | 7.1% |
| Time to Breakeven | 24 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.4% | 32.4% |
| Time to Breakeven | 1326 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.8% | -33.7% |
| % Gain to Breakeven | 112.1% | 50.9% |
| Time to Breakeven | 255 days | 140 days |
In The Past
BlackBerry's stock fell -51.0% during the 2025 US Tariff Shock. Such a loss loss requires a 104.2% gain to breakeven.
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| Event | BB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -51.0% | -18.8% |
| % Gain to Breakeven | 104.2% | 23.1% |
| Time to Breakeven | 393 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.7% | -9.5% |
| % Gain to Breakeven | 40.3% | 10.5% |
| Time to Breakeven | 471 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.4% | 32.4% |
| Time to Breakeven | 1326 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.8% | -33.7% |
| % Gain to Breakeven | 112.1% | 50.9% |
| Time to Breakeven | 255 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.9% | -19.2% |
| % Gain to Breakeven | 56.0% | 23.8% |
| Time to Breakeven | 757 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.2% | -12.2% |
| % Gain to Breakeven | 26.9% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.9% | -6.8% |
| % Gain to Breakeven | 69.1% | 7.3% |
| Time to Breakeven | 595 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -63.6% | -0.2% |
| % Gain to Breakeven | 174.8% | 0.2% |
| Time to Breakeven | 2604 days | 1 days |
In The Past
BlackBerry's stock fell -51.0% during the 2025 US Tariff Shock. Such a loss loss requires a 104.2% 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 BlackBerry (BB)
BlackBerry (BB) is a Canadian company that provides intelligent security software and services to enterprises and governments worldwide. Having evolved from its legacy mobile phone business, BlackBerry has strategically pivoted to focus on securing various digital environments. The company operates through three primary segments: Cybersecurity, Internet of Things (IoT), and Licensing and Other.
In its Cybersecurity segment, BlackBerry offers a comprehensive suite of AI and machine learning-based solutions designed to protect, detect, and respond to threats across endpoints and user identities. Key offerings include the BlackBerry Cyber Suite, which provides endpoint protection (EPP), endpoint detection and response (EDR), managed detection and response (MDR), and zero-trust network access (ZTNA). Additionally, it provides unified endpoint management (UEM) solutions, secure communication platforms for governments, and critical event management systems to secure an organization's digital assets, communications, and operations.
The IoT segment is centered around BlackBerry QNX, a highly reliable embedded operating system and related products predominantly used in safety-critical systems, such as those found in the automotive industry for infotainment and advanced driver assistance. This segment also includes solutions for embedded software security testing (BlackBerry Jarvis), cryptography, and an intelligent vehicle data platform (BlackBerry IVY) aimed at extracting insights from vehicle data. Complementing these, the Licensing and Other segment monetizes BlackBerry's extensive portfolio of intellectual property, which consists of tens of thousands of global patents.
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BlackBerry is like CrowdStrike (for its AI-powered enterprise cybersecurity) and also the "Intel Inside" for the secure operating systems of modern cars and critical embedded systems.
Alternatively, BlackBerry is like SentinelOne (for its advanced AI-driven cybersecurity) merged with Qualcomm (for its significant intellectual property licensing business).
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- BlackBerry Protect: An AI-powered endpoint protection and mobile threat defense solution.
- BlackBerry Optics: An endpoint detection and response (EDR) solution providing visibility into and prevention of malicious activity.
- BlackBerry Guard: A managed detection and response (MDR) solution for cybersecurity.
- BlackBerry Gateway: An AI-empowered Zero Trust Network Access (ZTNA) solution.
- BlackBerry Persona: A User and Entity Behavior Analytics (UEBA) solution that validates user identity in real time.
- BlackBerry UEM (Unified Endpoint Management): A central software component of its secure communications platform.
- BlackBerry Dynamics: A development platform and secure container for mobile applications.
- BlackBerry AtHoc and BlackBerry Alert: Secure and networked critical event management solutions.
- SecuSUITE for Government: A multi-OS secure voice and text messaging solution for government entities.
- BBM Enterprise: An enterprise-grade secure instant messaging solution.
- BlackBerry QNX: An embedded system solution including the Neutrino operating system and QNX CAR platform, primarily for automotive.
- BlackBerry Jarvis: A cloud-based binary static application security testing platform.
- BlackBerry Certicom: Cryptography and management products.
- BlackBerry Radar: An asset monitoring solution for logistics and supply chain.
- BlackBerry IVY: An intelligent vehicle data platform.
- Cybersecurity Consulting Services: Expert advisory and implementation services for cybersecurity.
- Enterprise Consulting Services: Advisory services related to enterprise technology and operations.
- Patent Licensing: The business of licensing BlackBerry's extensive portfolio of intellectual property.
- Legacy Service Access: Fees generated from access to older BlackBerry services.
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Major Customers of BlackBerry (BB)
BlackBerry primarily sells its intelligent security software and services to other companies (enterprises) and governments worldwide. The company's customer base can be categorized as follows:- Enterprises: These include a wide range of businesses across various industries that utilize BlackBerry's cybersecurity solutions (e.g., BlackBerry Protect, Optics, Guard, Gateway, Persona), Unified Endpoint Management Suite (UEM, Dynamics), and secure communication platforms (BBM Enterprise).
- Governments: Governments globally are a key customer segment for BlackBerry, particularly for their secure communication and critical event management solutions like SecuSUITE for Government, BlackBerry AtHoc, and BlackBerry Alert.
- Automotive Original Equipment Manufacturers (OEMs): The company's IoT segment, specifically BlackBerry QNX and BlackBerry IVY, targets automotive manufacturers for embedded operating systems (QNX Neutrino OS, QNX CAR platform) and intelligent vehicle data platforms.
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John Giamatteo, Chief Executive Officer
John Giamatteo was appointed as BlackBerry's Chief Executive Officer in December 2023. He brings over 30 years of experience in global high technology companies, with expertise in P&L, go-to-market strategies, marketing, and customer relationships. Prior to joining BlackBerry, he served as President and Chief Revenue Officer at McAfee for over six years. He also held the position of Chief Operating Officer at AVG Technologies and leadership roles at Solera, RealNetworks, Inc., and Nortel Corporation.
Tim Foote, Chief Financial Officer
Tim Foote is the Chief Financial Officer of BlackBerry. He joined the company following BlackBerry's acquisition of Good Technology in 2015 and has over two decades of experience in senior finance leadership across public and private multinational companies. His previous roles at BlackBerry include managing international finance operations, Vice President of Investor Relations, and CFO for the Cybersecurity division. He is a Chartered Accountant and holds an MBA from Imperial College Business School, London.
Jennifer Armstrong-Owen, Chief People Officer
Jennifer Armstrong-Owen serves as BlackBerry's Chief People Officer.
John Dimitropoulos, Senior Vice President and Chief Strategy Officer
John Dimitropoulos (JD) is BlackBerry's Senior Vice President and Chief Strategy Officer. He possesses over 30 years of extensive international experience within the telecoms, media, and technology sectors. Throughout his career, JD has been actively involved in and led numerous international acquisitions and divestments in Europe, Asia, and the United States for various US-based tech companies. He also assisted McAfee with Corporate Development and Sales Channel optimization.
Jesse Harold, Senior Vice President, Chief Information Officer and Chief Information Security Officer
Jesse Harold is the Senior Vice President, Chief Information Officer, and Chief Information Security Officer at BlackBerry. He is responsible for the technology operations of the company's Cybersecurity and IoT SaaS portfolio, IT services, and Cloud and business transformation enablement. He also oversees all aspects of BlackBerry's information and product security. Jesse joined BlackBerry's Core Network Engineering team in 2008.
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Key Risks to BlackBerry (BB)
- Reliance on Patent Licensing and Intellectual Property Value: BlackBerry's "Licensing and Other" segment heavily depends on the monetization of its extensive patent portfolio, which consisted of approximately 38,000 worldwide patents and applications as of February 28, 2022. The value, enforceability, and potential expiration of these patents, or challenges in securing new licensing agreements, pose a significant risk to the company's revenue streams from this segment.
- Intense Competition and Rapid Technological Obsolescence in Cybersecurity and IoT Markets: BlackBerry operates in highly dynamic and competitive markets for cybersecurity software and services, and IoT embedded systems. The company's ability to maintain and grow market share for its BlackBerry Cyber Suite, Spark Unified Endpoint Management Suite, QNX, and IVY platforms is continuously challenged by rapid technological advancements, evolving customer needs, and fierce competition from numerous established and emerging players. Failure to innovate, adapt quickly to new threats and market demands, or differentiate its offerings effectively could lead to a loss of competitiveness and reduced revenue.
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The increasing adoption of Android Automotive OS by major automakers presents an emerging threat to BlackBerry's QNX CAR platform and embedded system solutions within the automotive sector. As car manufacturers integrate Android Automotive OS for infotainment and broader in-vehicle experiences, it could reduce the demand or scope for BlackBerry's traditional operating system offerings in this segment, potentially pushing QNX to more specialized, lower-level safety-critical systems and diminishing its overall market opportunity in the connected car.
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Here are the addressable market sizes for BlackBerry's main products and services:
- Overall Cybersecurity Market: The global cybersecurity market size was valued at between USD 301.91 billion and USD 326.2 billion in 2025. It is projected to reach USD 339.96 billion in 2026.
- Endpoint Protection Platform (EPP): The global Endpoint Protection Platform market size was valued at USD 19.51 billion in 2025 and is projected to grow to USD 21.64 billion in 2026.
- Endpoint Detection and Response (EDR): The global Endpoint Detection and Response market size is projected to expand from USD 5.11 billion in 2025 to USD 6.33 billion in 2026.
- Managed Detection and Response (MDR): The global Managed Detection and Response market size is estimated at USD 3.40 billion in 2025 and is predicted to increase to USD 3.92 billion in 2026.
- Zero Trust Network Access (ZTNA): The global Zero Trust Network Access market size was USD 48.26 billion in 2025 and is projected to grow to USD 59.89 billion in 2026.
- User and Entity Behavior Analytics (UEBA): The global User and Entity Behavior Analytics market size is expected to grow from USD 3.19 billion in 2025 to USD 4.27 billion in 2026.
- Unified Endpoint Management (UEM): The global Unified Endpoint Management market size was valued at approximately USD 8.48 billion in 2025 and is projected to grow to USD 10.49 billion in 2026.
- Secure Mobile Communications (including SecuSUITE for Government and BBM Enterprise): The global secure mobile communications market is projected to reach US$ 28.5 billion in 2026. The global end-to-end encrypted communication market was valued at USD 7.41 billion in 2025.
- Overall Internet of Things (IoT) Market: The global Internet of Things market size was valued at USD 864.32 billion in 2025 and is projected to grow to USD 1,055.02 billion in 2026.
- Automotive Software (including BlackBerry QNX): The global automotive software market size was valued at USD 36.07 billion in 2025 and is projected to grow to USD 41.12 billion in 2026.
- BlackBerry AtHoc and BlackBerry Alert (Critical Event Management Solutions): null
- BlackBerry Jarvis (Cloud-based binary static application security testing platform): null
- BlackBerry Certicom (Cryptography and management products): null
- BlackBerry Radar (Asset monitoring solution): null
- BlackBerry IVY (Intelligent vehicle data platform): null
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BlackBerry Limited (BB) is poised for future revenue growth over the next two to three years, primarily driven by advancements in its Internet of Things (IoT) and Cybersecurity segments. The company's strategic focus on these high-growth areas, supported by strong market demand and product innovation, is expected to fuel its financial performance.
Here are 3-5 expected drivers of BlackBerry's future revenue growth:
- Conversion of QNX Royalty Backlog and Increased Content per Vehicle: BlackBerry anticipates significant revenue growth from the conversion of its substantial QNX royalty backlog, which stood at approximately $865 million as of March 2026. As global automotive production ramps up and the industry continues its shift towards software-defined vehicles (SDVs) and electric vehicles (EVs), the demand for BlackBerry's QNX real-time operating system in digital cockpits, Advanced Driver-Assistance Systems (ADAS), and safety-certified systems is expected to increase. This will lead to higher QNX content per vehicle and drive royalty revenue. The launch of QNX OS 8.0 and QNX Hypervisor 8.0 is also positioned to capture a larger share of the growing automotive software market.
- Commercialization and Broader Adoption of BlackBerry IVY: The BlackBerry IVY intelligent vehicle data platform, co-developed with Amazon Web Services (AWS), is expected to be a significant future revenue driver as it moves from pilot programs to commercial deployment across multiple Original Equipment Manufacturers (OEMs) by 2026. IVY aims to enable automakers and developers to monetize vehicle data services by providing secure, efficient data processing and machine learning at the edge. Strategic partnerships in the automotive sector are crucial for IVY's expansion and adoption.
- Re-acceleration and Expansion of AI-driven Cybersecurity Solutions: BlackBerry is focused on re-accelerating its Cybersecurity segment by relaunching and expanding its Cylance-branded AI prevention, Extended Detection and Response (XDR), and Managed Detection and Response (MDR) solutions, including CylanceENDPOINT and CylanceGUARD. The increasing sophistication of AI-driven cyberattacks and the accelerating pace of digital transformation are driving higher demand and increased budgets for advanced cybersecurity solutions across enterprises and governments. Improving net retention and Annual Recurring Revenue (ARR) through bundling and MDR expansion are key strategic objectives.
- Growth of Secure Communications and Geographical Expansion: Within the Cybersecurity portfolio, BlackBerry expects growth from its Secure Communications products, specifically BlackBerry AtHoc (critical event management), BlackBerry UEM (Unified Endpoint Management), and SecuSUITE for Government (secure voice and text messaging). The company is also pursuing geographical expansion, particularly in the Asia-Pacific (APAC) region, to broaden its customer base and diversify revenue streams for its secure communications division.
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Share Repurchases
- BlackBerry announced a Normal Course Issuer Bid (NCIB) in May 2025, authorizing the repurchase of up to 27,855,153 common shares, representing approximately 4.7% of its public float as of May 5, 2025. This program is set to run from May 12, 2025, to May 11, 2026.
- Under the May 2025 buyback plan, BlackBerry repurchased 2,569,959 shares for $10 million by June 2025.
- In the third quarter of fiscal year 2026 (ended November 30, 2025), the company returned $5 million to shareholders by repurchasing approximately 1.2 million shares.
Share Issuance
- BlackBerry's share repurchases are intended to counteract the dilutive impact of shares issued under its equity incentive plan, indicating ongoing issuance through such plans.
- The number of shares outstanding has seen minor fluctuations; for instance, it was 0.596 billion at the end of November 2025, compared to 0.639 billion at the end of February 2023.
Inbound Investments
- BlackBerry has focused on strengthening its balance sheet and achieving profitability and positive cash flow, rather than securing large third-party inbound equity investments in the past 3-5 years.
Outbound Investments
- BlackBerry has not reported significant outbound investments (acquisitions of other companies) within the last 3-5 years. The company sold its Cylance business to Arctic Wolf in December 2024.
Capital Expenditures
- For the third quarter of fiscal year 2026 (ended November 30, 2025), capital expenditures were $900,000.
- In the last twelve months leading up to August 26, 2025, capital expenditure was reported as $2 million, reflecting an 88% decrease since 2019.
- BlackBerry's capital expenditures in fiscal year 2025 were $3.1 million. The company continues to invest in the growth of its QNX business, with R&D focused on software innovations for autonomous and connected vehicles.
Peer Outperformance in Systems Software
BB has outperformed 74% of its 69 Systems Software peers over 5Y. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that BB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
90%
of 89 industry peers · 99.6% return
3Y
81%
of 75 industry peers · 154.1% return
5Y
74%
of 69 industry peers · -0.2% return
No Systems Software peer with a comparable growth profile has beaten BB by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is BB'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 |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 58.0% | 192.2% | 380.9% | TTMI 911% · FLEX 788% · SANM 472% |
| Semiconductor Materials & Equipment | 27 | 88.5% | 113.4% | 129.1% | AXTI 947% · LRCX 532% · KLAC 528% |
| Technology Distributors | 9 | 44.2% | 91.7% | 105.0% | CLMB 420% · AVT 230% · SNX 180% |
| Electronic Components | 26 | 37.7% | 79.8% | 76.0% | CLS 4129% · BELFA 1425% · COHR 488% |
| Communications Equipment | 36 | 3.5% | 95.1% | 72.7% | AAOI 1786% · LITE 1236% · FEIM 982% |
| Semiconductors | 55 | 25.0% | 64.1% | 38.2% | POET 1793% · MU 1418% · NVDA 1040% |
| Technology Hardware, Storage & Peripherals | 20 | 20.5% | 121.1% | 35.2% | DELL 1072% · SMCI 1065% · STX 1035% |
| Internet Services & Infrastructure | 6 | -9.4% | 39.9% | 22.4% | DOCN 54% · VRSN 42% · GDDY 40% |
| Electronic Equipment & Instruments | 26 | -18.6% | 32.7% | -3.4% | PI 236% · KEYS 138% · VPG 119% |
| IT Consulting & Other Services | 28 | -23.1% | -8.4% | -19.4% | CHRN 507268% · APLD 922% · TSSI 845% |
| Application Software | 125 | -27.5% | -15.3% | -44.5% | VIDA 1509900% · INLX 4618% · PLTR 709% |
| Systems Software ← | 70 | -16.0% | 27.0% | -52.2% | QNC 616% · PAYS 434% · PANW 410% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.20 |
| Mkt Cap | 13.6 |
| Rev LTM | 2,830 |
| Op Inc LTM | 1,119 |
| FCF LTM | 804 |
| FCF 3Y Avg | 1,660 |
| CFO LTM | 821 |
| CFO 3Y Avg | 1,679 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.3% |
| Rev Chg 3Y Avg | 12.8% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 20.8% |
| Op Inc Chg 3Y Avg | 18.5% |
| Op Mgn LTM | 18.1% |
| Op Mgn 3Y Avg | 25.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 24.0% |
| FCF/Rev LTM | 15.3% |
| FCF/Rev 3Y Avg | 21.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 13.6 |
| P/S | 6.2 |
| P/Op Inc | 24.6 |
| P/EBIT | 23.3 |
| P/E | 29.4 |
| P/CFO | 21.5 |
| Total Yield | 3.8% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.3% |
| 3M Rtn | -10.7% |
| 6M Rtn | 11.7% |
| 12M Rtn | -3.7% |
| 3Y Rtn | 52.3% |
| 1M Excs Rtn | -6.6% |
| 3M Excs Rtn | -14.5% |
| 6M Excs Rtn | -6.4% |
| 12M Excs Rtn | -19.8% |
| 3Y Excs Rtn | -28.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| QNX | 268 | 236 | 215 | 206 | 178 |
| Secure Communications | 259 | 273 | 284 | 288 | 477 |
| Licensing | 22 | 26 | 260 | 32 | 718 |
| Total | 549 | 535 | 759 | 526 | 1,373 |
| $ Mil | 2017 |
|---|---|
| Service Access Fees (SAF) | 224 |
| Software and Services | 149 |
| Mobility Solutions | -4 |
| Debentures fair value adjustment | -24 |
| Impairment of goodwill | -57 |
| Adjustments-Revenue | -65 |
| Adjustments-Cost of goods sold | -167 |
| Loss on sale, disposal and abandonment of long-lived assets | -169 |
| Impairment of long-lived assets | -501 |
| Operating expenses | -567 |
| Total | -1,181 |
Price Behavior
Price Behavior
| Market Price | $9.58 | |
| Market Cap ($ Bil) | 5.6 | |
| First Trading Date | 02/04/1999 | |
| Distance from 52W High | -25.2% | |
| 50 Days | 200 Days | |
| DMA Price | $8.36 | $6.40 |
| DMA Trend | up | down |
| Distance from DMA | 14.5% | 49.7% |
| 3M | 1YR | |
| Volatility | 59.4% | 61.3% |
| Downside Capture | 265.81 | 159.65 |
| Upside Capture | 136.15 | 211.43 |
| Correlation (SPY) | 45.9% | 35.2% |
BB 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 | 1.42 | 2.01 | 2.48 | 2.00 | 1.66 | 1.53 |
| Up Beta | 10.42 | 3.73 | 4.57 | 0.72 | 0.75 | 1.32 |
| Down Beta | 2.84 | 1.33 | 1.88 | 2.44 | 1.85 | 1.40 |
| Up Capture | 77% | 167% | 108% | 533% | 364% | 605% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 20 | 27 | 69 | 122 | 357 |
| Down Capture | -99% | 130% | 275% | 126% | 137% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 9 | 20 | 35 | 54 | 121 | 360 |
[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 BB | |
|---|---|---|---|---|
| BB | 113.5% | 61.5% | 1.46 | - |
| Sector ETF (XLK) | 42.7% | 26.5% | 1.31 | 44.2% |
| Equity (SPY) | 17.5% | 13.0% | 0.96 | 35.3% |
| Gold (GLD) | 6.9% | 29.6% | 0.23 | 8.9% |
| Commodities (DBC) | 46.1% | 20.8% | 1.71 | -1.3% |
| Real Estate (VNQ) | 2.1% | 13.7% | -0.10 | 4.5% |
| Bitcoin (BTCUSD) | -29.8% | 44.3% | -0.67 | 14.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BB | |
|---|---|---|---|---|
| BB | -0.8% | 58.3% | 0.21 | - |
| Sector ETF (XLK) | 22.7% | 25.9% | 0.77 | 48.5% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 47.1% |
| Gold (GLD) | 18.7% | 18.9% | 0.80 | 11.0% |
| Commodities (DBC) | 10.3% | 19.5% | 0.40 | 7.4% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.04 | 33.2% |
| Bitcoin (BTCUSD) | 16.0% | 52.2% | 0.47 | 23.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BB | |
|---|---|---|---|---|
| BB | 1.9% | 60.9% | 0.29 | - |
| Sector ETF (XLK) | 25.2% | 25.0% | 0.91 | 42.2% |
| Equity (SPY) | 15.6% | 17.9% | 0.74 | 40.5% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 6.6% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 14.3% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 29.7% |
| Bitcoin (BTCUSD) | 64.1% | 66.2% | 1.04 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/24/2026 | 4.2% | 7.9% | |
| 6/25/2026 | 20.0% | 48.6% | -0.9% |
| 4/9/2026 | 8.2% | 16.4% | 72.8% |
| 12/18/2025 | 1.6% | -6.3% | -10.1% |
| 9/25/2025 | 8.9% | 12.2% | 8.0% |
| 6/24/2025 | 0.2% | 6.0% | -8.3% |
| 4/2/2025 | -9.1% | -23.1% | -9.7% |
| 12/19/2024 | -1.0% | 31.2% | 35.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 14 | 13 |
| # Negative | 8 | 10 | 10 |
| Median Positive | 2.2% | 7.1% | 8.0% |
| Median Negative | -2.2% | -7.9% | -9.9% |
| Max Positive | 20.0% | 48.6% | 72.8% |
| Max Negative | -15.5% | -23.1% | -31.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/24/2026 | 4.2% | 7.9% | |
| 6/25/2026 | 20.0% | 48.6% | -0.9% |
| 4/9/2026 | 8.2% | 16.4% | 72.8% |
| 12/18/2025 | 1.6% | -6.3% | -10.1% |
| 9/25/2025 | 8.9% | 12.2% | 8.0% |
| 6/24/2025 | 0.2% | 6.0% | -8.3% |
| 4/2/2025 | -9.1% | -23.1% | -9.7% |
| 12/19/2024 | -1.0% | 31.2% | 35.9% |
| 9/26/2024 | 6.3% | 1.7% | 1.3% |
| 6/26/2024 | -1.3% | 9.4% | 7.6% |
| 4/3/2024 | 0.4% | 10.7% | 1.4% |
| 12/20/2023 | -2.6% | -15.7% | -14.5% |
| 9/7/2023 | -15.5% | -0.5% | -31.6% |
| 6/28/2023 | -0.8% | 1.8% | -8.1% |
| 3/7/2023 | 3.4% | 6.3% | 29.1% |
| 12/20/2022 | 1.0% | -20.0% | 1.5% |
| 9/27/2022 | 2.4% | -3.2% | -8.0% |
| 6/23/2022 | 0.9% | 4.1% | 11.5% |
| 3/31/2022 | -1.7% | -8.8% | -24.6% |
| 12/21/2021 | 4.2% | 6.3% | 0.1% |
| 9/22/2021 | 2.0% | 4.5% | 21.8% |
| 6/24/2021 | -3.5% | -7.0% | -22.5% |
| 3/30/2021 | 1.5% | -2.3% | 1.1% |
| 12/17/2020 | 0.2% | -14.0% | 49.9% |
| SUMMARY STATS | |||
| # Positive | 16 | 14 | 13 |
| # Negative | 8 | 10 | 10 |
| Median Positive | 2.2% | 7.1% | 8.0% |
| Median Negative | -2.2% | -7.9% | -9.9% |
| Max Positive | 20.0% | 48.6% | 72.8% |
| Max Negative | -15.5% | -23.1% | -31.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 06/25/2026 | 10-Q |
| 02/28/2026 | 04/09/2026 | 10-K |
| 11/30/2025 | 12/19/2025 | 10-Q |
| 08/31/2025 | 09/25/2025 | 10-Q |
| 05/31/2025 | 06/25/2025 | 10-Q |
| 02/28/2025 | 04/02/2025 | 10-K |
| 11/30/2024 | 12/20/2024 | 10-Q |
| 08/31/2024 | 09/27/2024 | 10-Q |
| 05/31/2024 | 06/27/2024 | 10-Q |
| 02/29/2024 | 04/04/2024 | 10-K |
| 11/30/2023 | 12/21/2023 | 10-Q |
| 08/31/2023 | 09/29/2023 | 10-Q |
| 05/31/2023 | 06/30/2023 | 10-Q |
| 02/28/2023 | 03/31/2023 | 10-K |
| 11/30/2022 | 12/21/2022 | 10-Q |
| 08/31/2022 | 09/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 06/25/2026 | 10-Q |
| 02/28/2026 | 04/09/2026 | 10-K |
| 11/30/2025 | 12/19/2025 | 10-Q |
| 08/31/2025 | 09/25/2025 | 10-Q |
| 05/31/2025 | 06/25/2025 | 10-Q |
| 02/28/2025 | 04/02/2025 | 10-K |
| 11/30/2024 | 12/20/2024 | 10-Q |
| 08/31/2024 | 09/27/2024 | 10-Q |
| 05/31/2024 | 06/27/2024 | 10-Q |
| 02/29/2024 | 04/04/2024 | 10-K |
| 11/30/2023 | 12/21/2023 | 10-Q |
| 08/31/2023 | 09/29/2023 | 10-Q |
| 05/31/2023 | 06/30/2023 | 10-Q |
| 02/28/2023 | 03/31/2023 | 10-K |
| 11/30/2022 | 12/21/2022 | 10-Q |
| 08/31/2022 | 09/28/2022 | 10-Q |
| 05/31/2022 | 06/24/2022 | 10-Q |
| 02/28/2022 | 04/01/2022 | 10-K |
| 11/30/2021 | 12/22/2021 | 10-Q |
| 08/31/2021 | 09/23/2021 | 10-Q |
| 05/31/2021 | 06/25/2021 | 10-Q |
| 02/28/2021 | 03/31/2021 | 10-K |
| 11/30/2020 | 12/18/2020 | 10-Q |
| 08/31/2020 | 09/24/2020 | 10-Q |
| 05/31/2020 | 06/25/2020 | 10-Q |
| 02/29/2020 | 04/07/2020 | 10-K |
| 11/30/2019 | 12/20/2019 | 6-K |
| 08/31/2019 | 09/25/2019 | 6-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2027 Earnings Reported 9/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Operating cash flow | Reported | 20.00 Mil | 25.00 Mil | 30.00 Mil | 400.0% | Higher New | Guidance: 5.00 Mil for Q2 2027 | |
| Q3 2027 Total BlackBerry revenue | Reported | 143.00 Mil | 148.50 Mil | 154.00 Mil | 4.2% | Higher New | Guidance: 142.50 Mil for Q2 2027 | |
| Q3 2027 QNX revenue | Reported | 82.00 Mil | 85.00 Mil | 88.00 Mil | 17.2% | Higher New | Guidance: 72.50 Mil for Q2 2027 | |
| Q3 2027 Secure Communications revenue | Reported | 55.00 Mil | 57.50 Mil | 60.00 Mil | -4.2% | Lower New | Guidance: 60.00 Mil for Q2 2027 | |
| Q3 2027 Licensing revenue | Reported | 6.00 Mil | -40.0% | Lower New | Guidance: 10.00 Mil for Q2 2027 | |||
| Q3 2027 Total Company adjusted EBITDA | Reported | 28.00 Mil | 32.50 Mil | 37.00 Mil | 30.0% | Higher New | Guidance: 25.00 Mil for Q2 2027 | |
| Q3 2027 QNX segment adjusted EBITDA | Reported | 27.00 Mil | 29.50 Mil | 32.00 Mil | ||||
| Q3 2027 Secure Communications segment adjusted EBITDA | Reported | 6.00 Mil | 8.00 Mil | 10.00 Mil | ||||
| Q3 2027 Licensing segment adjusted EBITDA | Reported | 5.00 Mil | ||||||
| Q3 2027 Adjusted basic EPS | Reported | 0.04 | 0.05 | 0.05 | 28.6% | Higher New | Guidance: 0.04 for Q2 2027 | |
| 2027 Operating cash flow | Reported | 115.00 Mil | 15.0% | Raised | Guidance: 100.00 Mil for 2027 | |||
| 2027 Total BlackBerry revenue | Reported | 616.00 Mil | 626.00 Mil | 636.00 Mil | 3.0% | Raised | Guidance: 607.50 Mil for 2027 | |
| 2027 QNX revenue | Reported | 315.00 Mil | 320.00 Mil | 325.00 Mil | 5.4% | Raised | Guidance: 303.50 Mil for 2027 | |
| 2027 Secure Communications revenue | Reported | 260.00 Mil | 265.00 Mil | 27.00 Mil | -3.6% | Lowered | Guidance: 275.00 Mil for 2027 | |
| 2027 Licensing revenue | Reported | 41.00 Mil | 41.4% | Raised | Guidance: 29.00 Mil for 2027 | |||
| 2027 Total Company adjusted EBITDA | Reported | 141.00 Mil | 149.50 Mil | 158.00 Mil | 15.9% | Raised | Guidance: 129.00 Mil for 2027 | |
| 2027 QNX segment adjusted EBITDA | Reported | 95.00 Mil | 100.00 Mil | 105.00 Mil | ||||
| 2027 Secure Communications segment adjusted EBITDA | Reported | 50.00 Mil | 54.00 Mil | 58.00 Mil | ||||
| 2027 Licensing segment adjusted EBITDA | Reported | 36.00 Mil | ||||||
| 2027 Adjusted basic EPS | Reported | 0.19 | 0.21 | 0.22 | 13.9% | Raised | Guidance: 0.18 for 2027 | |
Prior: Q1 2027 Earnings Reported 6/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Operating cash flow | Reported | 0 | 5.00 Mil | 10.00 Mil | 0.0% | Same New | Actual: 5.00 Mil for Q1 2027 | |
| Q2 2027 Total BlackBerry revenue | Reported | 137.00 Mil | 142.50 Mil | 148.00 Mil | 4.8% | Higher New | Actual: 136.00 Mil for Q1 2027 | |
| Q2 2027 QNX revenue | Reported | 70.00 Mil | 72.50 Mil | 75.00 Mil | 16.9% | Higher New | Actual: 62.00 Mil for Q1 2027 | |
| Q2 2027 Secure Communications revenue | Reported | 57.00 Mil | 60.00 Mil | 63.00 Mil | -11.8% | Lower New | Actual: 68.00 Mil for Q1 2027 | |
| Q2 2027 Licensing revenue | Reported | 10.00 Mil | 66.7% | Higher New | Actual: 6.00 Mil for Q1 2027 | |||
| Q2 2027 Total Company adjusted EBITDA | Reported | 20.00 Mil | 25.00 Mil | 30.00 Mil | 38.9% | Higher New | Actual: 18.00 Mil for Q1 2027 | |
| Q2 2027 Non-GAAP basic EPS | Reported | 0.03 | 0.04 | 0.04 | 40.0% | Higher New | Actual: 0.03 for Q1 2027 | |
| 2027 Operating cash flow | Reported | 100.00 Mil | 0.0% | Affirmed | Guidance: 100.00 Mil for 2027 | |||
| 2027 Total BlackBerry revenue | Reported | 594.00 Mil | 607.50 Mil | 621.00 Mil | 1.7% | Raised | Guidance: 597.50 Mil for 2027 | |
| 2027 QNX revenue | Reported | 295.00 Mil | 303.50 Mil | 312.00 Mil | 1.7% | Raised | Guidance: 298.50 Mil for 2027 | |
| 2027 Secure Communications revenue | Reported | 270.00 Mil | 275.00 Mil | 280.00 Mil | 0.0% | Affirmed | Guidance: 275.00 Mil for 2027 | |
| 2027 Licensing revenue | Reported | 29.00 Mil | 20.8% | Raised | Guidance: 24.00 Mil for 2027 | |||
| 2027 Total Company adjusted EBITDA | Reported | 119.00 Mil | 129.00 Mil | 139.00 Mil | 7.5% | Raised | Guidance: 120.00 Mil for 2027 | |
| 2027 Non-GAAP basic EPS | Reported | 0.16 | 0.18 | 0.2 | 5.9% | Raised | Guidance: 0.17 for 2027 | |
Q4 2026 Earnings Reported 4/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Operating cash flow | Reported | 0 | 5.00 Mil | 10.00 Mil | -88.2% | Lowered | Guidance: 42.50 Mil for Q4 2026 | |
| Q1 2027 Total BlackBerry revenue | Reported | 132.00 Mil | 136.00 Mil | 140.00 Mil | -4.9% | Lowered | Guidance: 143.00 Mil for Q4 2026 | |
| Q1 2027 QNX revenue | Reported | 60.00 Mil | 62.00 Mil | 64.00 Mil | ||||
| Q1 2027 Secure Communications revenue | Reported | 66.00 Mil | 68.00 Mil | 70.00 Mil | ||||
| Q1 2027 Licensing revenue | Reported | 6.00 Mil | ||||||
| Q1 2027 QNX segment adjusted EBITDA | Reported | 4.00 Mil | 6.00 Mil | 8.00 Mil | ||||
| Q1 2027 Secure Communications segment adjusted EBITDA | Reported | 14.00 Mil | 16.00 Mil | 18.00 Mil | ||||
| Q1 2027 Licensing segment adjusted EBITDA | Reported | 5.00 Mil | ||||||
| Q1 2027 Total Company adjusted EBITDA | Reported | 14.00 Mil | 18.00 Mil | 22.00 Mil | ||||
| Q1 2027 Non-GAAP basic EPS | Reported | 0.02 | 0.03 | 0.03 | -37.5% | Lowered | Guidance: 0.04 for Q4 2026 | |
| 2027 Operating cash flow | Reported | 100.00 Mil | 119.8% | Higher New | Actual: 45.50 Mil for 2026 | |||
| 2027 Total BlackBerry revenue | Reported | 584.00 Mil | 597.50 Mil | 611.00 Mil | 11.5% | Higher New | Actual: 536.00 Mil for 2026 | |
| 2027 QNX revenue | Reported | 290.00 Mil | 298.50 Mil | 307.00 Mil | ||||
| 2027 Secure Communications revenue | Reported | 270.00 Mil | 275.00 Mil | 280.00 Mil | ||||
| 2027 Licensing revenue | Reported | 24.00 Mil | ||||||
| 2027 QNX segment adjusted EBITDA | Reported | 69.00 Mil | 75.00 Mil | 81.00 Mil | ||||
| 2027 Secure Communications segment adjusted EBITDA | Reported | 57.00 Mil | 61.00 Mil | 65.00 Mil | ||||
| 2027 Licensing segment adjusted EBITDA | Reported | 20.00 Mil | ||||||
| 2027 Total Company adjusted EBITDA | Reported | 110.00 Mil | 120.00 Mil | 130.00 Mil | ||||
| 2027 Non-GAAP basic EPS | Reported | 0.15 | 0.17 | 0.19 | 13.3% | Higher New | Actual: 0.15 for 2026 | |
Q3 2026 Earnings Reported 12/18/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Operating Cash Flow | Reported | 40.00 Mil | 42.50 Mil | 45.00 Mil | ||||
| Q4 2026 Revenue | Reported | 138.00 Mil | 143.00 Mil | 148.00 Mil | ||||
| Q4 2026 EPS | Reported | 0.03 | 0.04 | 0.05 | ||||
| 2026 Operating Cash Flow | Reported | 43.00 Mil | 45.50 Mil | 48.00 Mil | 21.3% | Raised | Guidance: 37.50 Mil for 2026 | |
| 2026 Revenue | Reported | 531.00 Mil | 536.00 Mil | 541.00 Mil | 1.1% | Raised | Guidance: 530.00 Mil for 2026 | |
| 2026 EPS | Reported | 0.14 | 0.15 | 0.16 | 15.4% | Raised | Guidance: 0.13 for 2026 | |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 10052026 | 9.20 | 29,272 | 269,302 | 6,977,427 | Form |
| 2 | Foote, Tim | Chief Financial Officer | Direct | Sell | 10052026 | 9.20 | 3,269 | 30,075 | 560,915 | Form |
| 3 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 10052026 | 9.20 | 2,590 | 23,828 | 1,008,752 | Form |
| 4 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 10022026 | 9.18 | 4,168 | 38,262 | 627,591 | Form |
| 5 | Wall, John Christopher | President, QNX | Direct | Sell | 10022026 | 9.18 | 3,474 | 31,891 | 127,822 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 10052026 | 9.20 | 29,272 | 269,302 | 6,977,427 | Form |
| 2 | Foote, Tim | Chief Financial Officer | Direct | Sell | 10052026 | 9.20 | 3,269 | 30,075 | 560,915 | Form |
| 3 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 10052026 | 9.20 | 2,590 | 23,828 | 1,008,752 | Form |
| 4 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 10022026 | 9.18 | 4,168 | 38,262 | 627,591 | Form |
| 5 | Wall, John Christopher | President, QNX | Direct | Sell | 10022026 | 9.18 | 3,474 | 31,891 | 127,822 | Form |
| 6 | Foote, Tim | Chief Financial Officer | Direct | Sell | 10022026 | 9.14 | 16,672 | 152,382 | 519,728 | Form |
| 7 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 10022026 | 9.14 | 30,000 | 274,200 | 595,544 | Form |
| 8 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 7152026 | 11.32 | 30,000 | 339,600 | 1,077,189 | Form |
| 9 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 7102026 | 11.35 | 152,012 | 1,725,357 | 7,800,336 | Form |
| 10 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 7102026 | 10.92 | 3,296 | 35,992 | 1,158,514 | Form |
| 11 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 7102026 | 11.07 | 6,414 | 71,003 | 1,385,499 | Form |
| 12 | Foote, Tim | Chief Financial Officer | Direct | Sell | 7102026 | 10.92 | 8,235 | 89,926 | 803,002 | Form |
| 13 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 7102026 | 11.00 | 125,000 | 1,375,000 | 8,934,706 | Form |
| 14 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 7062026 | 11.22 | 28,272 | 317,212 | 10,515,900 | Form |
| 15 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 7062026 | 11.22 | 2,556 | 28,678 | 1,141,646 | Form |
| 16 | Foote, Tim | Chief Financial Officer | Direct | Sell | 7062026 | 12.39 | 25,878 | 320,691 | 723,371 | Form |
| 17 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 7062026 | 11.56 | 4,195 | 48,494 | 1,394,876 | Form |
| 18 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 4072026 | 3.56 | 29,908 | 106,472 | 337,855 | Form |
| 19 | Foote, Tim | Chief Financial Officer | Direct | Sell | 4072026 | 3.56 | 6,762 | 24,073 | 271,546 | Form |
| 20 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 4072026 | 3.56 | 4,079 | 14,521 | 418,243 | Form |
| 21 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 4072026 | 3.56 | 2,888 | 10,281 | 349,453 | Form |
| 22 | Foote, Tim | Chief Financial Officer | Direct | Sell | 4072026 | 3.56 | 2,468 | 8,786 | 289,015 | Form |
| 23 | Giamatteo, John Joseph | CEO & President, Secure Comm. | Direct | Sell | 4072026 | 3.56 | 27,066 | 96,355 | 3,200,960 | Form |
| 24 | Giamatteo, John Joseph | CEO & President, Cybersecurity | Direct | Sell | 1062026 | 3.82 | 231,765 | 885,342 | 2,289,139 | Form |
| 25 | Foote, Tim | Chief Financial Officer | Direct | Sell | 1062026 | 3.82 | 28,600 | 109,252 | 159,011 | Form |
| 26 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 1062026 | 3.82 | 3,227 | 12,327 | 200,447 | Form |
| 27 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 1062026 | 3.89 | 11,121 | 43,261 | 428,273 | Form |
| 28 | Foote, Tim | Chief Financial Officer | Direct | Sell | 10062025 | 4.62 | 3,155 | 14,576 | 183,456 | Form |
| 29 | Giamatteo, John Joseph | CEO & President, Cybersecurity | Direct | Sell | 10062025 | 4.62 | 28,343 | 130,945 | 2,624,918 | Form |
| 30 | Eriksson, Mattias | President of IoT | Direct | Sell | 10062025 | 4.62 | 5,914 | 27,323 | 1,345,991 | Form |
| 31 | Kurtz, Philip S | CLO & Corp. Secretary | Direct | Sell | 10062025 | 4.61 | 4,345 | 20,030 | 454,076 | Form |
| 32 | Armstrong-Owen, Jennifer | Sr VP & Chief People Officer | Direct | Sell | 10062025 | 4.62 | 2,630 | 12,151 | 228,939 | Form |
Investor Activity (13F)
Updated Oct 7, 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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Core Cache Last Updated: 10/6/2026