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Feb 28, 2025
BlackBerry Q4 2025 Earnings Report
BlackBerry beat revenue, EPS, and cash flow expectations across all business segments.
Key Takeaways
BlackBerry posted a strong Q4, exceeding guidance across revenue, adjusted EPS, and operating cash flow, supported by strong performance from QNX, Secure Communications, and Licensing divisions. Despite a GAAP net loss, the company reported positive adjusted net income and EPS.
Total revenue reached $141,700,000, beating the high end of guidance.
Adjusted EPS came in at $0.03, ahead of expectations.
GAAP net loss was $7,400,000 but adjusted net income was $17,700,000.
Sale of Cylance to Arctic Wolf improved cash position and balance sheet.
Revenue by Segment
Forward Guidance
BlackBerry expects a decline in Q1 FY26 revenue, reflecting seasonality and transition post-Cylance divestiture, but guides for profitability and growth in QNX and Licensing for the full year.
Positive Outlook
- QNX full-year revenue expected to grow to $250M–$270M
- Full-year adjusted EBITDA guided between $69M–$84M
- Licensing expected to contribute $24M in FY26
- Secure Communications EBITDA to reach up to $44M
- Operating cash flow projected at $35M for FY26
Challenges Ahead
- Q1 FY26 revenue expected to decline to $107M–$115M
- Q1 adjusted EBITDA guidance ranges from breakeven to $7M
- Q1 operating cash flow projected negative: -$20M to -$30M
- Non-GAAP EPS for Q1 expected between ($0.01) and breakeven
Historical Earnings Impact
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Avg. Return Before/After Earnings
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