Start here if you're new
what it is
BlackBerry sells security software for cars and companies, with about 1,820 employees.
how it gets paid
Last year Blackberry made $535M in revenue.
why growth slowed
Revenue fell 29.5% last year. Revenue jumped 177% from a year earlier. Gross margin was 75.5%.
what just happened
BlackBerry posted $0.05 a share on $393M revenue in the latest quarter.
At a glance
C++ balance sheet — some cracks in the foundation
40/100 earnings predictability — expect surprises
55.7x trailing p/e — you're paying up for this one
13.5% return on capital — nothing to write home about
xvary composite: 28/100 — weak
What they do
BlackBerry sells security software for cars and companies, with about 1,820 employees.
QNX sits in car software and embedded systems. Once engineers build around it, switching means reworking the product. BlackBerry said QNX set an all-time revenue record, and the company still posted $393M in quarterly revenue. That leaves your bet tied to sticky systems, not hype.
How they make money
$535M
annual revenue · revenue declined -29.5% last year
total revenue
$535M
29.5%
The products that matter
embedded operating system
QNX
$68.7M quarter · +10%
QNX generated a record $68.7M in Q3 FY2026 revenue, up 10% from a year ago. That makes it the one segment on this page with visible operating momentum.
record quarter
secure communications software
BlackBerry Secure Communications
$216M ARR
This business holds $216M in annual recurring revenue. That gives you a subscription-like base, but the page offers little evidence that the base is accelerating.
recurring base
licensing and legacy revenue
Other & Licensing
$251M · 47% of mix shown
$251M is still tied to other and licensing revenue. That is a reminder that the cleaner QNX-plus-cybersecurity story is not the whole business yet.
still material
Key numbers
$535M
annual revenue
That is the whole business size, and it fell 29.5% vs. prior year.
0.1%
operating margin
You are looking at a business that keeps about 1 cent of every $10 after operating costs.
$3.34
share price
At this price, the market is paying for a turnaround, not comfort.
55.7x
trailing p/e
Price divided by last year's profit per share is 55.7 times, so you pay a lot for tiny earnings.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $196M (9% of capital)
- net profit margin 16.6% — keeps 17 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
C++ — net profit margin looks solid but balance sheet grade needs watching.
Total return vs. market
You invested $10,000 in BB 3 years ago → it's now worth $8,220.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
BlackBerry posted $0.05 a share on $393M revenue in the latest quarter.
Revenue jumped 177% from a year earlier. Gross margin was 75.5%, so the quarter made money before overhead took its cut.
$393M
revenue
$0.05
profit per share
75.5%
gross margin
the number that mattered
The $0.05 profit per share beat the $0.02 estimate by $0.03, which is a 150% beat.
-
blackberry likely posted a strong earnings turnaround in fiscal 2025.
-
blackberry posted earnings of $0.02 a share in the fiscal third quarter (year ends february 28th), on par with our estimate and well above the year-ago result, on a better-than-anticipated 1% dip in the top line.
-
the qnx division was definitely the fair-haired boy during the interim, as it recorded an all-time revenue record, driven by increased usage in the automotive industry.to wit, at the end of november, more than 275 million vehicles on the road are powered by qnx's embedded technology.
-
this provided a counterbalance to the uninspiring results reported by the secure communications and licensing segments, which were down by 10% and 9% vs. prior year, respectively.all told, we look for the company to post fiscal 2025 earnings of about $0.06 a share, with a significant jump likely in the cards for the coming fiscal year, due in part, to the pending transition to adjusted earnings per share.
-
nevertheless, investors do not seem enthused about the company's prospects at the moment.
source: company earnings report, 2026
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What could go wrong
the #1 risk is QNX not growing fast enough to offset a flat-to-down company revenue base.
med
The QNX burden gets too heavy
QNX produced $68.7M in the quarter and grew 10% from a year ago. That is the good news. The bad news is that one segment this size cannot carry the full equity story by itself for long.
If QNX growth slows while the rest of the company stays flat, the market will treat BlackBerry as a stalled software roll-up, not a turnaround.
med
Guidance already tells you growth is scarce
FY2026 revenue guidance is $504M–$534M. Compared with the $535M revenue base referenced on this page, management is guiding to somewhere between slight decline and no growth.
That leaves very little room for multiple expansion. Flat revenue and a weak composite score of 28 / 100 is how stocks stay stuck.
med
Cybersecurity looks stable, not strong
Secure Communications holds $216M of ARR. ARR is useful because it makes revenue more predictable. It is less useful if it never turns into faster growth.
A recurring base without acceleration can support the floor, but it rarely drives a re-rating on its own.
A company guiding to $504M–$534M of revenue with only $68.7M of quarterly QNX momentum and $216M of cybersecurity ARR still needs to prove that stabilization can become growth.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
full-year revenue vs. $504M–$534M guidance
If BlackBerry lands near the top end, the turnaround story lives another quarter. If it misses, the market will hear "show me" all over again.
segment momentum
whether QNX can keep the 10% pace
QNX is the part of the business doing the heavy lifting. You want to see another quarter that looks more like acceleration than a one-off spike.
cybersecurity
whether $216M of ARR starts moving again
Recurring revenue is good. Recurring stagnation is less charming. If this line stays flat, QNX has to do even more work.
next catalyst
the next quarter after this beat
One earnings beat can happen. Two in a row with improving mix is how you start rebuilding trust.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this can still underperform from here.
risk profile
high risk
stability score 5 — the setup still allows for large drawdowns.
chart momentum
top 20%
technical score 2 — the chart looks better than the fundamentals, which is a strange but very real combination.
earnings predictability
40 / 100
Expect noise. This is not the kind of company where the quarter arrives and nobody is surprised.
source: institutional data
Institutional activity
90 buyers vs. 91 sellers in 3q2025. total institutional holdings: 0.3B shares.
source: institutional data
Price targets
3-5 year target range
$1
$5
$3
current price
$3
target midpoint · 10% from current · 3-5yr high: $11 (+215% · 33% ann'l return)
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