BlackBerry
BBNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $9.14 Prior regular-session close from the quote source.
- $9.34–$9.86 Regular-session low and high so far today.
- 16.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Dec 17 projected Projected for 2026-12-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $3.12–$13.59 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own BB if its mission-critical software foothold with automakers, governments, and regulated industries turns from a long restructuring story into durable, cash-generative growth.
BB price history
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Investment thesis
What must happen next
BlackBerry’s position in secure, reliable software for automakers, governments, and regulated industries remains relevant enough that mission-critical demand can convert into recurring or repeat software revenue rather than continuing the company’s historical erosion.HoldingMateriality: High
FY2026 annual GAAP revenue was $549.1 million, up from $534.9 million in FY2025. If this holds, BlackBerry has a real growth base; if it breaks, the turnaround becomes a shrinking niche with limited operating leverage.
Watch: Automakers shift embedded software architecture toward in-house platforms, Android Automotive, Linux-based stacks, or other real-time operating systems instead of BlackBerry QNX-like solutions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP revenue was $549.1 million, up from $534.9 million in FY2025.
Open source ↗BlackBerry’s specialized security and embedded-software mix retains enough pricing power and product value that revenue growth does not require sacrificing software gross economics.StrengtheningMateriality: High
FY2026 annual GAAP gross profit was $418.2 million, up from $394.9 million in FY2025. If margins hold, even modest growth can create material operating leverage; if pricing weakens, revenue gains may not translate into owner value.
Watch: Automotive OEMs or Tier 1 suppliers force lower software royalty rates as software-defined vehicle platforms scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP gross profit was $418.2 million, up from $394.9 million in FY2025.
Open source ↗Management’s sharper focus and cost discipline can convert a relatively stable software revenue base into sustained GAAP operating profit, rather than a one-year benefit from cuts.StrengtheningMateriality: Medium
FY2026 annual GAAP operating income was $48.3 million, up from $0.8 million in FY2025. This determines whether BlackBerry is a cash-producing software company or a perpetual restructuring story.
Watch: BlackBerry must materially increase R&D or sales spending to defend QNX-like embedded software against automotive platform competitors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2026 annual GAAP operating income was $48.3 million, up from $0.8 million in FY2025.
Open source ↗BlackBerry’s balance sheet provides enough runway to fund product investment and customer support without forcing distressed financing while the turnaround is tested.StrengtheningMateriality: Medium
Cash was $274.7 million at FY2026 year-end, up from $266.7 million at FY2025 year-end. If the balance sheet stays solid, shareholders keep more of the upside; if cash erodes, dilution or strategic retreat could consume the turnaround value.
Watch: A renewed product-investment cycle consumes cash before automotive or cybersecurity revenue scales.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $274.7 million at FY2026 year-end, up from $266.7 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
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Original research
BlackBerry’s position in secure, reliable software for automakers, governments, and regulated industries remains relevant enough that mission-critical demand can convert into recurring or repeat software revenue rather than continuing the company’s historical erosion. If this holds, BlackBerry has a real growth base; if it breaks, the turnaround becomes a shrinking niche with limited operating leverage.
BlackBerry’s specialized security and embedded-software mix retains enough pricing power and product value that revenue growth does not require sacrificing software gross economics. If margins hold, even modest growth can create material operating leverage; if pricing weakens, revenue gains may not translate into owner value.
Management’s sharper focus and cost discipline can convert a relatively stable software revenue base into sustained GAAP operating profit, rather than a one-year benefit from cuts. This determines whether BlackBerry is a cash-producing software company or a perpetual restructuring story.
BlackBerry’s balance sheet provides enough runway to fund product investment and customer support without forcing distressed financing while the turnaround is tested. If the balance sheet stays solid, shareholders keep more of the upside; if cash erodes, dilution or strategic retreat could consume the turnaround value.
All standing thesis claims
Original report summary
its mission-critical software foothold with automakers, governments, and regulated industries turns from a long restructuring story into durable, cash-generative growth.
Bull case and bear case
Bull case and bear case for BLACKBERRY
Where the evidence on BLACKBERRY stands: Holding on the latest evidence (Oct 14, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
BlackBerry’s position in secure, reliable software for automakers, governments, and regulated industries remains relevant enough that mission-critical demand can convert into recurring or repeat software revenue rather than continuing the company’s historical erosion.
BlackBerry’s specialized security and embedded-software mix retains enough pricing power and product value that revenue growth does not require sacrificing software gross economics.
Management’s sharper focus and cost discipline can convert a relatively stable software revenue base into sustained GAAP operating profit, rather than a one-year benefit from cuts.
BlackBerry’s balance sheet provides enough runway to fund product investment and customer support without forcing distressed financing while the turnaround is tested.
Bear case: what would count against it
Automakers shift embedded software architecture toward in-house platforms, Android Automotive, Linux-based stacks, or other real-time operating systems instead of BlackBerry QNX-like solutions.
Automotive OEMs or Tier 1 suppliers force lower software royalty rates as software-defined vehicle platforms scale.
BlackBerry must materially increase R&D or sales spending to defend QNX-like embedded software against automotive platform competitors.
Thesis-Break Engine
What has broken in BLACKBERRY’s thesis
Each break OptimistFi flagged on BLACKBERRY, dated — with what has historically followed the same kind of break across the market, not a forecast for BLACKBERRY.
- Analyst downgradecondition set before this filing
Across all companies, this kind of break has happened 12,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
Several kinds of break have stacked on BLACKBERRY at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
BLACKBERRY filed an SEC 8-K on 2026-09-24: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
BLACKBERRY filed an SEC 8-K on 2026-09-22: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
BLACKBERRY filed an SEC 8-K on 2026-06-25: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Automakers shift embedded software architecture toward in-house platforms, Android Automotive, Linux-based stacks, or other real-time operating systems instead of BlackBerry QNX-like solutions.
- Automotive OEMs or Tier 1 suppliers force lower software royalty rates as software-defined vehicle platforms scale.
- BlackBerry must materially increase R&D or sales spending to defend QNX-like embedded software against automotive platform competitors.
- A renewed product-investment cycle consumes cash before automotive or cybersecurity revenue scales.
BB news
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Financial statements
BB income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
BB: quick answers
- When does BLACKBERRY (BB) report earnings next?
- BLACKBERRY's next results are projected for December 17, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on September 24, 2026. Earnings calendar
- What is BB's short interest?
- As of October 30, 2026, 37.9M BB shares were sold short, 6.46% of its shares outstanding, up 7.8% from the count before. At the stock's average daily volume that is 3.0 days to cover. FINRA publishes the count twice a month. BB short interest history