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Sep 30, 2025
Blackbaud Q3 2025 Earnings Report
Blackbaud reported its third quarter 2025 financial results, highlighting strong performance driven by innovation and execution discipline.
Key Takeaways
Blackbaud delivered a strong third quarter in 2025, with GAAP revenue of $281.1 million and non-GAAP organic revenue growth of 5.2%. The company achieved a GAAP net income of $47.5 million and non-GAAP diluted EPS of $1.10, demonstrating significant improvements in profitability and cash flow compared to the previous year.
GAAP total revenue was $281.1 million, a 1.9% decrease year-over-year, primarily due to the divestiture of EVERFI.
Non-GAAP organic revenue increased by 5.2%, indicating strong underlying business growth.
GAAP diluted earnings per share rose significantly to $0.98, up $0.63 per share from the prior year.
Non-GAAP adjusted EBITDA reached $99.7 million, with a margin of 35.4%, reflecting a 220 basis point increase.
Revenue by Segment
Forward Guidance
Blackbaud reiterated its 2025 full-year financial guidance for revenue, adjusted EBITDA margin, and earnings per share, while raising guidance for adjusted free cash flow, reflecting confidence in continued strong performance.
Positive Outlook
- Reiterated GAAP revenue guidance of $1.120 billion to $1.130 billion for the full year 2025.
- Reiterated non-GAAP adjusted EBITDA margin guidance of 35.4% to 36.2% for the full year 2025.
- Reiterated non-GAAP diluted earnings per share guidance of $4.30 to $4.50 for the full year 2025.
- Raised non-GAAP adjusted free cash flow guidance to $195 million to $205 million for the full year 2025.
- Expected non-GAAP annualized effective tax rate of approximately 24.5%.
Challenges Ahead
- Interest expense for the year is expected to be approximately $66 million to $70 million.
- Fully diluted shares for the year are expected to be approximately 48.5 million to 49.5 million.
- Capital expenditures for the year are expected to be approximately $55 million to $65 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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