BlackBerry Limited reported USD 143.9 million of revenue in QQ4 2025, a year-over-year decline of 16.8% but a modest quarter-over-quarter gain of 0.63%. The gross margin stood at 73.6%, producing a gross profit of USD 105.9 million. Despite the topline pressures, the company delivered an operating loss of USD -6.2 million and a net loss of USD -7.0 million, translating to negative earnings per share of USD -0.0118. A silver lining is evidenced by cash generation: operating cash flow USD 41.5 million and free cash flow USD 40.4 million, alongside a solid cash balance of USD 280.3 million and a net cash position of USD -27.7 million (net debt). These cash flow dynamics underpin BlackBerry’s ability to fund strategic initiatives while maintaining liquidity.
From a profitability standpoint, YoY improvements in operating income and net income are reported within a negative earnings context, with operating income improving by about 88.9% year over year but remaining negative, and net income improving by about 87.5% YoY while still negative. On a per-share basis, diluted EPS of USD -0.0118 reflects the ongoing profitability challenge despite positive cash generation. The balance sheet remains sturdy, with total assets of USD 1.296 billion and a strong liquidity position supported by cash, short-term investments, and limited net debt. Investors should monitor the sustainability of free cash flow, the trajectory of licensing and cybersecurity revenue, and the contribution from strategic assets like Cylance, QNX, and related platforms.