Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth Quarter 2025 February 10th, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements. These statements may relate to, but are not limited to, expectations of future operating results or financial performance of BlackLine, Inc. (“BlackLine” or the “Company”), the calculation of certain key financial and operating metri
Slide 3: Who We Are
WHO WE ARE Market Leader Champions of strategic accounting with Large & Underpenetrated $45B TAM and finance transformation O UR W I N N I NG A SP I RAT ION To inspire, power, and guide Durable Compelling digital finance transformation Land & Expand Model Business Model with Investment in Profitable
Slide 4: BlackLine At a Glance
BlackLine At a Glance Indispensable Platform for the CFO End-to-End Record-to-Report and Invoice-to-Cash Automation $45B AI-Powered Innovation Total Market Opportunity BlackLine’s data unification and analytics capabilities make it an $702M 10% YoY Growth ideal platform for building a trusted AI fou
Slide 5: The Office of the CFO
The Office of the CFO External Reporting Financial Planning Invoice-to-Cash Intercompany Internal Reporting Tax Mgmt. Treasury Mgmt. Financial Close Consolidation Financial Data By being positioned upstream within the Office of the CFO, BlackLine is uniquely able to ensure comprehensive control, enh
Slide 6: Market Leader with Large & Underpenetrated TAM
Market Leader with Large & Underpenetrated TAM BlackLine’s core finance and accounting process area – Record-to-Report and Invoice-to-Cash – constitute a large, underpenetrated, and strategic addressable market. Record-to-Report Invoice-to-Cash $34B $11B $45B Total Addressable Market Comprised of ov
Slide 7: The Future-Ready Platform for the Office of the CFO
The Future-Ready Platform for the Office of the CFO AI-powered solutions enable future-ready financial operations that are accurate, efficient, and intelligent. Business Processes Record-to-Report Invoice-to-Cash Audit & Compliance Hire-to-Retire Acquire-to-Retire & more… Studio360 Record-to-Report
Slide 8: Delivering Autonomous Finance with Verity
Delivering Autonomous Finance with Verity TM BlackLine’s AI strategy combines AI and automation to unlock unprecedented value for finance and accounting teams, delivering accurate, efficient, and intelligent financial operations. Agentic Experiences Deploy a 'digital workforce' of AI agents to auton
Slide 9: A New Digital Workforce for Finance that is Trustworthy & Auditable
A New Digital Workforce for Finance that is TM Trustworthy & Auditable Chief Financial Officer Vera Head of Financial Reporting Corporate Controller Director, Invoice-to-Cash Agent Supervisor Consolidations Manager Accounting Manager Credit Manager Financial Reporting Analyst Compliance Manager Cash
Slide 10: AI as a Competitive Advantage
AI as a Competitive Advantage Unique, Human-Enriched Operational Data Agency & Trust We offer what generic AI cannot: a governed, auditable, and transparent framework. This provides the control and "chain of Human Judgment Matching Pattern thought" that financial leaders require for confident, secur
Slide 11: Numerous Levers to Drive Sustained Growth
Numerous Levers to Drive Sustained Growth AI Monetization Partner Ecosystem Deploy a digital workforce of AI agents to AI Deepen and extend partner relationships automate complex financial tasks and unlock new premium service offerings New Customers New Markets Lead new customers on their Public Sec
Slide 12: Ideal Candidates for Digital Finance Transformation
Ideal Candidates for Digital Finance Transformation We have carefully defined our target markets and are targeting complex global enterprises and expanding our reach beyond smaller mid-market segments. We see robust new logo and expansion opportunities across our global enterprise and mid-market seg
Slide 13: Transforming the World's Largest Companies
Transforming the World’s Largest Companies We are focused on deepening and expanding our relationships with the world's largest and most complex organizations. 70%+ DOWJ 20%+ 60%+ 40 %+ Nikkei 225 50%+ Fortune 500 FTSE 100 CAC 40 60%+ 40%+ 30% + DAX 40 ASX 100 NASDAQ (Enterprise) PRIORITY OPPORTUNIT
Slide 14: Serving Market Leaders Across Diverse Industries
Serving Market Leaders Across Diverse Industries INDUSTRY BREADTH INDUSTRY DEPTH 8 4 8 2 8 of the of the of the of the of the Top 10 Top 10 Top 10 Top 10 Top 10 EXAMPLE: HEALTHCARE & LIFE SCIENCES MANUFACTURING RETAIL ENERGY FINANCIAL SERVICES HEALTHCARE & LIFE SCIENCES PHARMA & MEDTECH BIOTECH 8 9
Slide 15: Continuously Growing Our Customer Wallet Share
Continuously Growing Our Customer Wallet Share 685 customers with an ARR of $250k+ 85 52% $1M+ 71 64 48 CAGR in customers 36 spending $1M or more 21% 27 $250k+ 600 14 532 7 485 429 6 367 CAGR in customers 2 295 251 spending $250k-$1M 203 162 112 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 15
Slide 16: Growing Momentum in Platform Pricing
Growing Momentum in Platform Pricing As we successfully attract new customers and migrate existing ones to our platform pricing, we expect a growing portion of our ARR to come from this model, leading to a planned decrease in paid user counts. USER-BASED PRICING PLATFORM PRICING 11% 396k 397k 397k 3
Slide 17: Proven Enterprise Land & Expand Motion
Proven Enterprise Land & Expand Motion ARR by Customer Cohort (Enterprise Customers)1 ARR by Customer Cohort (All Customers)1 Growth Growth Cohort Multiple Cohort Multiple 2025 1.1x 2025 1.1x 2024 1.2x 2024 1.2x 2023 1.4x 2023 1.3x 2022 1.8x 2022 1.6x 2021 1.5x 2021 1.3x 2020 1.1x 2020 1.1x 2019 1.4
Slide 18: Financial Overview
Financial Overview Fourth Quarter & FY2025
Slide 19: Q4 2025 By the Numbers
Q4 2025 By the Numbers $$ $183M 8% YoY $702M 10% YoY $1.1B 23% YoY 105% Total Revenue Annual Recurring Revenue1 Total RPO Net Revenue Retention 80% 25% $45M Op Inc. 25% $45M Net Inc. 11% $20M FCF Gross Margin2 Operating Income Margin2 Net Income Margin2 Free Cash Flow Margin2 1 BlackLine defines AR
Slide 20: Visible Subscription Growth Model
Visible Subscription Growth Model Total Revenue Subscription & Support Revenue $M $M $663 $619 $700 $556 7%1 YoY $653 7%1 $491 Growth YoY Growth $399 $590 $523 $426 2021 2022 2023 2024 2025 Services Revenue $M $37 $34 $34 $32 10%1 $27 YoY Growth 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 20 1
Slide 21: Demonstrated Profitability
Demonstrated Profitability Non-GAAP Operating Income Margin1 Non-GAAP Net Income Margin1 25% 25% 22% 22% 19% 17% 9% 9% 9% 6% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 21 1 See appendix for GAAP financial measures and reconciliations.
Slide 22: Sustained Cash Flow Generation
Sustained Cash Flow Generation Free Cash Flow Margin Free Cash Flow $M $164 $135 25% 19% $99 17% 13% $56 5% $26 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 22 Note: Free cash flow defined as cash flows from operating activities less capex.
Slide 23: Target Model Framework
Target Model Framework Target Model 2023 2024 2025 Target Model Comments GTM execution, strategic solutions, partnership Total Revenue Growth 13% 11% 7% 13%-16% strategy, industry strategy, platform pricing, AI- driven product innovation, public sector GCP migration complete, closure of duplicative
Slide 24: Appendix
Appendix
Slide 25: Non-GAAP Reconciliations, Non-GAAP Gross Profit, and Free Cash Flow
NON-GAAP RECONCILIATIONS, NON-GAAP GROSS PROFIT, AND FREE CASH FLOW ($ IN 000’S) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2020 2021 2022 2023 2024 2025 Non-GAAP Revenues GAAP revenues $157,461 $160,506 $165,909 $169,460 $166,931 $172,025 $178,290 $183,181 $351,737 $425,706 $52
Slide 26: Non-GAAP Reconciliations, Non-GAAP Operating Income, and Non-GAAP Net Income
NON-GAAP RECONCILIATIONS, NON-GAAP OPERATING INCOME, AND NON-GAAP NET INCOME ($ IN 000’S) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2020 2021 2022 2023 2024 2025 Non-GAAP Income from Operations GAAP income (loss) from operations $1,748 $2,208 $8,363 $6,217 $3,575 $7,545 $7,609
Slide 27: Non-GAAP Reconciliations, Non-GAAP S&M, R&D, and G&A
NON-GAAP RECONCILIATIONS, NON-GAAP S&M, NON-GAAP R&D, AND NON-GAAP G&A ($ IN 000’S) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2020 2021 2022 2023 2024 2025 GAAP Sales and Marketing Expense $61,111 $60,248 $62,219 $64,769 $63,063 $64,712 $67,493 $63,662 $174,581 $202,620 $256,86
Slide 28: blackline.com
blackline.com go.blackline.com/linkedin go.blackline.com/youtube 28