BLACKBAUD INC — Form 8-K
Filed October 28, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Blackbaud reported Q3 2026 GAAP revenue of $292.6M (+4.1% YoY) with recurring revenue at 98.1% of total. Non-GAAP adjusted EBITDA reached $111.1M with 38.0% margin (+260 bps). The company reaffirmed full-year 2026 guidance: $1.173–1.179B revenue, $430–438M adjusted EBITDA, $5.15–5.25 non-GAAP diluted EPS, and $280–290M free cash flow. Blackbaud has repurchased 7% of outstanding shares YTD and reduced leverage from 2.7x to 2.3x; it expects 7–10% total share repurchases in 2026.
Why this rating
Steady organic growth (4.1%) and margin expansion (EBITDA +260 bps) are solid for a $1.7B company, but modest absolute growth rate. Guidance reaffirmation signals confidence but no upside surprise. Share buybacks and deleveraging are shareholder-friendly but routine capital allocation.
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