Blackbaud, Inc. · NASDAQ:BLKB
Blackbaud — Q4 2025 Earnings Presentation
43 slides from Blackbaud's earnings presentation, Feb 10, 2026
Slide 1: Blackbaud
Blackbaud Ticker: BLKB February 10, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this presentation consist of, among other th
Slide 3: Historical Financials and Non-GAAP Financial Measures
Historical Financials and Non-GAAP Financial Measures Use of Non-GAAP Financial Measures: The Company has provided in this presentation financial information that has not been prepared in accordance with GAAP. The Company uses these non-GAAP financial measures internally in analyzing its financial r
Slide 4: Blackbaud Investment Pillars
Blackbaud Investment Pillars Rich Market Innovation Driving Attractive Purposeful Opportunity Product Value Financial Model Capital Allocation • Global market • AI empowering • Enviable recurring • Multi-year, leadership customers revenue stream programmatic share • Significant available • Embedd
Slide 5: Business Overview
Business Overview
Slide 6: Blackbaud is the world's leading provider of AI-powered solutions for social impact
Blackbaud is the world’s leading provider of AI-powered solutions for social impact Cloud Software Data Intelligence Services Expertise We build, integrate and Using exclusive data, We drive impact through With over four decades implement vertical- analytics and expertise, dedicated customer of expe
Slide 7: AI-powered solutions serving the specific needs of the diverse social impact market
AI-powered solutions serving the specific needs of the diverse social impact market Arts & Cultural Companies Faith Communities Organizations Healthcare Higher Education Foundations Organizations Institutions Individual Change K-12 Schools Nonprofits Agents
Slide 8: Our core competencies expand what is possible for purpose-driven organizations
Our core competencies expand what is possible for purpose-driven organizations Fundraising & AI & Data Intelligence Financial Management Organizational & Engagement • Agents for Good • Fund Accounting Program Management • Fundraising • Insights • Financial Aid • Education Management • Peer-to-Peer F
Slide 9: Most comprehensive solution set that accelerates impact
Most comprehensive solution set that accelerates impact • Blackbaud is the leading provider of AI-powered solutions wholly dedicated to Fundraising, Financial Organizational & Relationship Management, Grant Corporate Social Payment Services Program powering social impact Management & Engagement & Aw
Slide 10: Fueling accelerated impact for our customers
Fueling accelerated impact for our customers rolling fundraising average year-over-year increase in giving of lapsed donors recaptured by achieved by leveraging Blackbaud and volunteering by using using Prospect Insights in Enterprise Fundraising CRMTM YourCause® CSRconnect® and Blackbaud Raiser's E
Slide 11: Large and underpenetrated total addressable market $10B+
Large and underpenetrated total addressable market Financial Management, Grant and Award Management Revenue Penetration: <10% $1.5B Fundraising, Relationship Management and Engagement Organizational and $3.5B Revenue Penetration: <20% $10B+ Program Management $1.5B Revenue Penetration: <10% Blackbau
Slide 12: Q4 2025 Performance & FY26 Financial Guidance
Q4 2025 Performance & FY26 Financial Guidance
Slide 13: Q4 2025 Performance
Q4 2025 Performance Non-GAAP Organic Revenue Year over Year Profitability Year over Year +160bps 11% growth $302.1M $12.2M $295.3M 35.4% $1.19 ($19.1M) 33.8% $1.07 4.3% Organic Revenue Growth Less: Non-GAAP Q4 revenue from Plus: organic Q4 Q4 2024 Q4 2025 Q4 2024 Q4 2025 2024 divested revenue increa
Slide 14: 2026 total company guidance
2026 total company guidance ($ in millions, except per Implied Growth Low Midpoint High share amounts) at Midpoint Total Revenue $1,173 $1,176 $1,179 4.25% Non-GAAP $430 $434 $438 7% Adjusted EBITDA Non-GAAP $5.15 $5.20 $5.25 17% EPS Non-GAAP $280 $285 $290 37% Free Cash Flow Assumptions included in
Slide 15: Anticipated impact of larger up for renewal cohort on FY26 revenue growth outlook
Anticipated impact of larger up for renewal cohort on FY26 revenue growth outlook Renewal Cohort Sizes ~40% Increase YoY • Dollar value of renewal cohorts fluctuate from year to year based on mix of contracts up for renewal. • Blackbaud’s 2026 contractual recurring renewal cohort is approximately 40
Slide 16: Long-term Aspirational Goals
Long-term Aspirational Goals
Slide 17: Blackbaud is an ideal platform for compounding profitable growth
Blackbaud is an ideal platform for compounding profitable growth Clear market leader with Durable and proven Sustained competitive Track record of delivering the most comprehensive operating model with advantage via improved financial set of purpose-built and resilient end markets and commitment to
Slide 18: Significant financial progress since 2020
Significant financial progress since 2020 Total Revenue Non-GAAP Adjusted EBITDA 4% CAGR $1,176M 10% CAGR $434M $913M $242M FY20 FY26 Guidance Midpoint FY20 FY26 Guidance Midpoint Non-GAAP Diluted EPS Non-GAAP Free Cash Flow 10% CAGR $5.20 25% CAGR $285M $2.94 $76M FY20 FY26 Guidance Midpoint FY20 F
Slide 19: Executing on defined initiatives to drive strong financial results
Executing on defined initiatives to drive strong financial results FY26 ($ in millions, except FY25 CAGR Targets: • Goal of achieving Rule of 45 by 2030. Guidance per share amounts) Actuals ‘26 – ’30 Midpoint • New product offerings such as Agents for Good represent potential upside to current long-
Slide 20: Blackbaud's revenue growth model
Blackbaud’s revenue growth model Contractual Transactional One-time Total Recurring Recurring Services Revenue (Software) (Payments) and Other Revenue Mix 64% 34% 2% 100% (% of FY25 Total) Historical Growth 4% 8% (19%) 4% CAGR (FY20-FY25) • Bookings (new logo) • New unit (new logo) • Small component
Slide 21: Revenue driver: proven "land and expand" model underpinned by product development and innovation
Revenue driver: proven “land and expand” model underpinned by product development and innovation New Logo New Product Cross-sell / Upsell Approximately half of Blackbaud’s Agents for Approximately half of direct sales force focused Good strategy brings net direct sales force focused on new customer
Slide 22: Revenue driver: mission critical products drive strong retention rates
Revenue driver: mission critical products drive strong retention rates Gross Dollar Retention Rate 91% 92% 92% 92% 3+ years Typical contract 90% 90% (~20% on 4+ years) term length Mid to high Contract price single-digit increase at renewal Mid to high Embedded annual single-digit price escalators 20
Slide 23: Revenue driver: diverse transactional revenue streams deliver high single-digit growth
Revenue driver: diverse transactional revenue streams deliver high single-digit growth Event-Based Usage Tuition Management Products: Blackbaud Tuition Management 5% Growth Drivers: New customers, private school enrollment growth, pricing optimization 20% $384M FY25 Revenue Donation Processing Produ
Slide 24: Profit driver: multiple initiatives underway to deliver high-single digit EBITDA growth and margin expansion
Profit driver: multiple initiatives underway to deliver high-single digit EBITDA growth and margin expansion AI & Other Vendor Efficiency Gains 40%+ Data Center Optimization Platform Closures Workforce Modernization Currently piloting Strategy Reduce overall AI tools in all aspects of 940 bps 35.9%
Slide 25: Capital allocation: strong free cash flow generation to fund investments and fuel disciplined capital allocation strategy
Capital allocation: strong free cash flow generation to fund investments and fuel disciplined capital allocation strategy Non-GAAP free cash flow1 $300 25% CAGR $285M 2026 Free Cash Flow guidance $245M $250 assumes $10m to $15m of non- $214M 2 recurring net benefit. $208M • Positive cash tax impact
Slide 26: Capital allocation: executing on stock repurchase program to meaningfully reduce common stock outstanding
Capital allocation: executing on stock repurchase program to meaningfully reduce common stock outstanding 54.0M 53.6M 13% net reduction since Q4 2023 10.0M Percentage of cumulative FCF 51.6M 51.6M allocated to stock repurchase 52.0M 50.9M 8.0M between 2023 and 2025 49.2M 50.0M 48.5M 48.5M 6.0M 48.1M
Slide 27: Capital allocation: long-term capital allocation strategy focused on maximizing shareholder value
Capital allocation: long-term capital allocation strategy focused on maximizing shareholder value Stock Repurchases Debt Repayment Accretive M&A • Blackbaud has reduced • Manage debt balance and Target acquisition opportunities common stock outstanding related interest expense to with high synergy v
Slide 28: Blackbaud Investment Pillars
Blackbaud Investment Pillars Rich Market Innovation Driving Attractive Purposeful Opportunity Product Value Financial Model Capital Allocation • Global market • AI empowering • Enviable recurring • Multi-year, leadership customers revenue stream programmatic share • Significant available • Embedd
Slide 29: Thank you.
Thank you.
Slide 30: Appendix
Appendix
Slide 31: Unaudited Historical Financial Information and Non-GAAP Financial Measures Being Presented
Unaudited Historical Financial Information and Non-GAAP Financial Measures Being Presented Reclassifications to the unaudited historical financial information In order to provide comparability between periods presented, our “recurring“ and “one-time services and other" revenue lines have been combin
Slide 32: Historical Consolidated Balance Sheets (Unaudited)
Historical Consolidated Balance Sheets (Unaudited) (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Assets Current assets: Cash and cash equivalents $ 26,376 $ 30,438 $ 34,633 $ 67,628 $ 37,243 $ 41,566 $ 38,255 $ 38,914 Restricted cash 356,493 800,670 428,095 741,884 4
Slide 33: Historical Consolidated Statements of Comprehensive Income (Unaudited)
Historical Consolidated Statements of Comprehensive Income (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenue $ 278,576 $ 287,337 $ 286,598 $ 302,113 $ 1,154,624 $ 269,936 $ 282,030 $ 281,143 $ 295,25
Slide 34: Historical Consolidated Statements of Cash Flows (Unaudited)
Historical Consolidated Statements of Cash Flows (Unaudited) 3 months ended 6 months ended 9 months ended 12 months ended 3 months ended 6 months ended 9 months ended 12 months ended (in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Cash flows from oper
Slide 35: Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024(1) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025(1) GAAP Revenue $ 278,576 $ 287,337 $ 286,598 $ 302,113 $ 1,154,624 $ 269,936 $ 282,030
Slide 36: Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) 3 months ended 6 months ended 9 months ended 12 months ended 3 months ended 6 months ended 9 months ended 12 months ended (in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 06/30/2025 09/30/2025 12/31/2025 G
Slide 37: Historical Revenue by Type (Unaudited)
Historical Revenue by Type (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Revenue Contractual recurring $ 190,357 $ 193,645 $ 194,724 $ 195,814 $ 774,540 $ 175,465 $ 180,128 $ 182,984 $ 183,243 $ 721,820
Slide 38: Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited)
Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited) (dollars in thousands) Years ended Three months ended Year ended Three months ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 12/31/2024 09/30/2024 06/30/2024 03/31/2024 GAAP revenue
Slide 39: Reconciliations of Non-GAAP Organic Revenue Growth and Rule of 40 (Unaudited)
Reconciliations of Non-GAAP Organic Revenue Growth and Rule of 40 (Unaudited) (dollars in thousands) Three months ended Years ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP net income $ 36,689 $ (346,364) $ 114,970 $ (299,524) Non-GAAP adjustments: Add: Interest, net 13,942 13,638 60,078 45,
Slide 40: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, 2025 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business disposition-related Security Incident- adjustments (in thousands, except per share amo
Slide 41: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Year Ended December 31, 2025 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business Employee disposition-related Security Incident- adjustments (in thousands, except per share am
Slide 42: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, 2024 Amortization of Stock-based intangibles from Acquisition and EVERFI impairment Non-GAAP compensation business Employee disposition-related Security Incident- and disposition adju
Slide 43: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Year Ended December 31, 2024 Amortization of Stock-based intangibles from Acquisition and EVERFI impairment Non-GAAP compensation business Employee disposition-related Security Incident- and disposition adjustments