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Dec 31, 2025
Blackbaud Q4 2025 Earnings Report
Blackbaud reported a decrease in GAAP total revenue and GAAP recurring revenue, but an increase in non-GAAP organic revenue and non-GAAP organic recurring revenue for the fourth quarter of 2025.
Key Takeaways
Blackbaud concluded Q4 2025 with mixed financial results, showing a GAAP total revenue of $295.3 million, a 2.3% decrease year-over-year, primarily due to the divestiture of EVERFI. However, non-GAAP organic revenue increased by 4.3%. The company achieved a GAAP net income of $36.7 million, or $0.76 per diluted share, and a non-GAAP net income of $56.9 million, or $1.19 per diluted share.
GAAP total revenue for Q4 2025 was $295.3 million, a 2.3% decrease from Q4 2024, primarily due to the divestiture of EVERFI.
Non-GAAP organic revenue for Q4 2025 increased by 4.3% year-over-year.
GAAP net income for Q4 2025 was $36.7 million, resulting in diluted EPS of $0.76.
Non-GAAP adjusted EBITDA reached $104.5 million, with a margin of 35.4%, an increase of 160 basis points.
Revenue by Segment
Forward Guidance
Blackbaud provided its 2026 full-year financial guidance, expecting GAAP revenue between $1.173 billion and $1.179 billion, non-GAAP adjusted EBITDA between $430 million and $438 million, non-GAAP diluted EPS between $5.15 and $5.25, and non-GAAP free cash flow between $280 million and $290 million.
Positive Outlook
- GAAP revenue is projected to be between $1.173 billion and $1.179 billion.
- Non-GAAP adjusted EBITDA is expected to be between $430 million and $438 million.
- Non-GAAP diluted earnings per share are anticipated to be between $5.15 and $5.25.
- Non-GAAP free cash flow is forecasted to be between $280 million and $290 million.
- The company expects to repurchase between 5.0% and 10.0% of its outstanding common stock in 2026.
Challenges Ahead
- The forward-looking non-GAAP financial measures are not reconciled to their most directly comparable GAAP measures due to unreasonable efforts to estimate and quantify various necessary GAAP components.
- Future circumstances might differ from the assumptions on which forward-looking statements are based.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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