BlackBerry Limited
- Open
- 7.84
- Day high
- 7.85
- Day low
- 7.59
- Prev close
- 7.83
- Volume
- 8.4M
- Mkt cap
- $4.5B
- P/E (TTM)
- 76.1
- EPS (TTM)
- $0.10
- P/B
- 5.9
- P/S
- 7.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.4M over the last 3 months (0 open-market buys, 13 sales)
- 🏛Institutions accumulating (13F)
BlackBerry Limited (BB) is a Technology company listed on NYSE. The stock is up 103% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 13 sales (SEC Form 4). Drillr has 1 published research article covering BB.
BlackBerry Limited (BB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 25, 2026 | $0.03 | $0.04 | +33.3% | $157M | +12.5% |
| Dec 18, 2025 | $0.04 | $0.05 | +25.0% | $142M | -1.9% |
| Sep 25, 2025 | $0.01 | $0.04 | +300.0% | $130M | -5.8% |
| Jun 24, 2025 | $0.01 | $0.02 | +42.9% | $122M | -1.0% |
| Dec 19, 2024 | $-0.01 | $0.02 | +300.0% | $143M | +4.2% |
| Sep 26, 2024 | $-0.01 | $-0.01 | -100.0% | $145M | -24.4% |
| Apr 3, 2024 | $0.01 | $0.03 | +193.8% | $171M | +10.8% |
| Dec 20, 2023 | $0.00 | $0.01 | +137.0% | $175M | +1.5% |
| Dec 20, 2022 | $-0.07 | $-0.05 | +28.6% | $169M | +1.0% |
| Jun 23, 2022 | $-0.05 | $-0.05 | -7.4% | $168M | +5.9% |
| Mar 31, 2022 | $0.00 | $0.01 | +123.7% | $185M | +4.0% |
| Dec 21, 2021 | $-0.07 | $0.12 | +267.3% | $184M | +3.8% |
BB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Bahash Lisadirector | Grant | 9,816 | — |
| Sep 1, 2026 | DISBROW LISA Sdirector | Grant | 10,123 | — |
| Sep 1, 2026 | BRACE PHILIP Gdirector | Grant | 9,663 | — |
| Sep 1, 2026 | Mainz Barrydirector | Grant | 9,433 | — |
| Sep 1, 2026 | O'Neill Loridirector | Grant | 9,663 | — |
| Sep 1, 2026 | Lynch Richard J.director | Grant | 11,810 | — |
| Sep 1, 2026 | Wouters Waynedirector | Grant | 9,663 | — |
| Jul 15, 2026 | Kurtz Philip S.officer: CLO & Corp. Secretary | Sell | 30,000 | $11.32 |
| Jul 10, 2026 | Armstrong-Owen Jenniferofficer: Sr VP & Chief People Officer | Option | 7,636 | — |
| Jul 10, 2026 | Foote Timofficer: Chief Financial Officer | Option | 19,089 | — |
| Jul 10, 2026 | GIAMATTEO JOHN JOSEPHdirector, officer: CEO & President, Secure Comm. | Sell | 4,800 | $11.27 |
| Jul 10, 2026 | GIAMATTEO JOHN JOSEPHdirector, officer: CEO & President, Secure Comm. | Sell | 120,200 | $11.45 |
| Jul 10, 2026 | Armstrong-Owen Jenniferofficer: Sr VP & Chief People Officer | Sell | 3,296 | $10.92 |
| Jul 10, 2026 | GIAMATTEO JOHN JOSEPHdirector, officer: CEO & President, Secure Comm. | Option | 61,082 | — |
| Jul 10, 2026 | GIAMATTEO JOHN JOSEPHdirector, officer: CEO & President, Secure Comm. | Sell | 27,012 | $10.92 |
Source: BB SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full BB insider & 13F page →BlackBerry Limited company profile
Overview
BlackBerry Limited (TSX:BB) is a Canadian technology company founded in 1984 and headquartered in Waterloo, Canada. Once synonymous with secure mobile communications through its iconic smartphones, BlackBerry has undergone a dramatic transformation over the past decade. The company pivoted away from consumer hardware to become an enterprise-focused software provider specializing in cybersecurity solutions and embedded operating systems for connected devices. Today, BlackBerry operates as a pure-play software company serving enterprises and governments worldwide with intelligent security software and Internet of Things (IoT) solutions.
Business
BlackBerry operates in the enterprise software infrastructure sector, focusing on two primary business segments that generate the majority of its revenue: QNX (IoT Division) represents approximately 44% of total revenue and provides embedded operating systems and software platforms primarily for the automotive industry. The QNX Neutrino operating system is a real-time operating system (RTOS) designed for safety-critical applications where system failures could result in injury or death. In automotive applications, QNX powers advanced driver assistance systems (ADAS), digital cockpits, and infotainment systems. The software is embedded in over 215 million vehicles worldwide and serves as the foundation for autonomous driving capabilities. Beyond automotive, QNX extends into medical devices, industrial automation, and rail systems where reliability and safety are paramount. Secure Communications (Cybersecurity Division) accounts for approximately 51% of revenue and offers enterprise security solutions including endpoint protection, unified endpoint management, and critical event management systems. Key products include BlackBerry UEM (Unified Endpoint Management) for managing and securing mobile devices across organizations, AtHoc for emergency communications and crisis management, and SecuSUITE for encrypted voice and messaging primarily used by government agencies. These solutions help organizations secure their digital infrastructure and manage communications during critical events. Licensing and Other represents the remaining 5% of revenue, primarily consisting of patent licensing fees from BlackBerry's portfolio of approximately 38,000 worldwide patents and legacy service fees from discontinued products.
Revenue model
BlackBerry generates revenue through multiple business models across its segments. The QNX division operates on a royalty-based model where automotive manufacturers pay licensing fees for each vehicle that incorporates QNX software, typically targeting $25 per vehicle. This creates recurring revenue streams as vehicles are produced over multi-year design cycles. The division also earns revenue from professional services and development platform licensing. The Secure Communications division primarily uses a subscription-based software-as-a-service model, generating Annual Recurring Revenue (ARR) of approximately $208 million. Customers pay recurring fees for software licenses, maintenance, and managed services. Government agencies and large enterprises represent the primary customer base, with contracts often spanning multiple years. Several factors influence BlackBerry's margins and profitability. Positive margin drivers include the high-margin nature of software licensing (QNX achieves 80-84% gross margins), the recurring revenue model that provides predictable cash flows, and the company's recent cost reduction efforts that eliminated over $150 million in operating expenses. The automotive industry's shift toward software-defined vehicles creates opportunities for higher content per vehicle and expanded royalty streams. Margin pressures come from intense competition in cybersecurity markets, customer churn in the cybersecurity division, and the cyclical nature of automotive production that can impact QNX royalty volumes. Economic downturns affecting enterprise IT spending and the commoditization of certain security software categories also pose challenges to maintaining pricing power.
Competitive moat
BlackBerry possesses a moderate competitive moat built primarily around its specialized expertise in safety-critical software and established customer relationships in regulated industries. In the QNX division, the company benefits from significant switching costs and regulatory barriers. Once automotive manufacturers integrate QNX into their vehicle architectures, replacing it requires extensive re-engineering, testing, and regulatory recertification that can take years and cost millions of dollars. The software's proven track record in safety-critical applications and compliance with automotive safety standards (ISO 26262) creates high barriers for competitors. The company's patent portfolio of 38,000 worldwide patents provides some defensive protection, though its licensing value has diminished over time. In government and regulated markets, BlackBerry's security clearances and established relationships create modest competitive advantages. However, the moat faces several challenges. In cybersecurity, BlackBerry competes against well-funded rivals like CrowdStrike, Microsoft, and Palo Alto Networks that offer broader security platforms and have greater resources for innovation and marketing. The commoditization of endpoint security reduces differentiation opportunities. In the automotive sector, major technology companies like Google, Microsoft, and Amazon are investing heavily in connected vehicle platforms, potentially challenging QNX's dominance. Additionally, some automotive manufacturers are developing in-house software capabilities, which could reduce their reliance on third-party providers like BlackBerry over the long term. The moat is further weakened by BlackBerry's limited scale compared to larger technology competitors and its dependence on legacy relationships rather than cutting-edge innovation in rapidly evolving markets.
Risks & safety
BlackBerry presents a moderate margin of safety with reasonable financial stability but elevated valuation metrics following its recent transformation. • Liquidity and Solvency: Strong balance sheet with $267 million in cash and short-term investments, current ratio of 1.72, and manageable debt levels (debt-to-equity ratio of 0.33). The company achieved positive operating cash flow of $42 million and free cash flow of $40 million in fiscal 2025, indicating improved cash generation. • Valuation Metrics: Mixed signals with EV/EBITDA of 75x reflecting the company's recent return to profitability but suggesting expensive valuation. Price-to-book ratio of 3.87x appears elevated for a mature technology company. However, these metrics may normalize as the company scales its profitable operations. • Other Considerations: Recent completion of the Cylance asset sale to Arctic Wolf provides additional financial flexibility. The company's recurring revenue base (approximately 90% of total revenue) offers some predictability, though cybersecurity ARR has been declining. The $865 million QNX royalty backlog provides visibility into future revenue streams.
Recent development
BlackBerry has undergone significant strategic transformation over the past few years, fundamentally reshaping its business model and operational structure. The most significant development was the divestiture of the Cylance cybersecurity business to Arctic Wolf, completed in fiscal 2025. This transaction allowed BlackBerry to focus resources on its two core profitable segments while reducing operational complexity. The company implemented aggressive cost reduction initiatives, eliminating over $150 million in operating expenses and achieving its first profitable year in over a decade. Management separated the IoT and cybersecurity divisions into distinct operating units, providing clearer financial visibility and enabling more focused strategic execution. In the QNX division, BlackBerry launched the next-generation QNX SDP 8.0 operating system and expanded beyond automotive into adjacent markets including medical devices, industrial automation, and rail systems. The company secured significant design wins with major automotive manufacturers and achieved record royalty backlogs of $865 million. Strategic partnerships with Microsoft Azure and middleware providers enhanced the platform's cloud capabilities and developer ecosystem. The Secure Communications division focused on higher-margin opportunities in government and regulated markets, securing contract expansions with agencies like the Malaysian government and strengthening its position in critical event management through AtHoc. The division also improved its dollar-based net retention rates and reduced customer churn through enhanced product offerings and managed services. Recent product launches include the QNX General Embedded Development Platform to accelerate adoption in non-automotive markets and enhanced integration capabilities for the company's unified endpoint management solutions.
BB company profile · for informational purposes only — not investment advice.
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