BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions. It also provides BlackBerry Technology Solutions (BTS); BlackBerry Certicom, a patented elliptic curve cryptography, which provides device security, anti-counterfeiting and product authentication solutions; BlackBerry Radar offers monitoring and telematics solutions; BlackBerry Professional; and cyber security consulting services. In addition, the company is involved in the patent licensing and legacy service access fees business. The company was formerly known as Research In Motion Limited and changed its name to BlackBerry Limited in July 2013. BlackBerry Limited was incorporated in 1984 and is headquartered in Waterloo, Canada.

BlackBerry looks like a company with a notable improvement in operational efficiency, but the market is already pricing in a great deal of optimism. Revenue increased to 153 million, while gross profit and gross margin remain strong at 127 million and 76%, respectively, which points to a high-quality revenue structure. Operating margin of 13.68% and net margin of 10.33% look respectable and better than many comparable companies in the sector, while the year-over-year trend is generally positive. ROE of 10.69% and ROA of 6.52% confirm that the business is already generating an acceptable return on capital and assets, although ROE is still below the industry median. Leverage is moderate: debt/equity of 0.25 and long-term debt of 197 million do not look critical, and the current ratio of 2.20 supports financial stability. However, the quick ratio is zero, which indicates weak immediate liquidity and increases sensitivity to short-term shocks. The most important limiting factor is the extremely high valuation multiples: P/E of 60, P/S of 8.95, P/B of 6.64, and P/FCF of 60.23 are significantly above the industry median, meaning the stock is already expensive relative to fundamentals. At the same time, EPS remains very low, and forward EPS is even weaker, which limits the potential for earnings-driven revaluation. Net income and operating income have improved, and equity has increased to 792 million, which supports the investment case, but this is not enough to justify such a high valuation without further acceleration in growth. The absence of dividends makes the story entirely dependent on business growth and multiple expansion rather than capital returns to shareholders. Overall, the fundamentals are more high-quality than cheap: operating metrics are improving, but the current price already reflects a substantial part of that progress. For an investor, this means a moderately positive business profile with elevated risk of a pullback due to an overstretched valuation.

BlackBerry Limited

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Medium index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

BlackBerry's margins, earnings, and capital are improving, but its valuation on a P/E, P/S, P/B, and P/FCF basis remains very high, which limits upside.

BlackBerry Limited BB reported second-quarter fiscal 2027 non-GAAP earnings of 7 cents per share, up 75% year over year. The figure beat the Zacks Consensus Estimate of 4 cents.
Revenues rose 26% year over year to $163.3 million and topped the consensus estimate by 14.2%. Record QNX revenue and a large licensing transaction supported the upside, while Secure Communications annual recurring revenue reached $221 million, up 4% year over year.
BlackBerry Limited Price, Consensus and EPS Surprise
BB’s QNX Revenue Sets Record
QNX revenue increased 27.3% year over year to $80.3 million, marking a quarterly record. Segment adjusted gross margin expanded 4 percentage points to 87%, while adjusted EBITDA rose 41.5% to $29 million, representing a 36% margin. Performance was broad-based across development licenses, professional services and royalties, with royalty revenue benefiting as earlier design wins moved into production.
QNX also secured its first Alloy Kore design win with Coretura, the commercial-vehicle software joint venture between Volvo Group and Daimler Truck. The award adds more than $100 million to QNX royalty backlog and is the largest design win in QNX history. Management said the Alloy Kore average selling price per instance is about three times the customer’s current QNX operating-system deployment.
BlackBerry’s Secure Communications Stays Profitable
Secure Communications revenue rose 1.7% year over year to $60.9 million. Segment adjusted gross margin fell 5 percentage points to 61%, reflecting lower-margin Secusmart device revenue. Adjusted EBITDA was $8 million, down 17.5%, with a 13% margin. Dollar-based net retention rate was 91% compared with 93% a year earlier.
The business continued to secure renewals and expansions across government, critical infrastructure and regulated sectors. Management said larger government opportunities can create quarter-to-quarter variability because of long sales cycles. It also cited greater uncertainty around deal timing amid geopolitical developments and Canada-U.S. trade tensions, though no material impact had emerged during the quarter.
BB’s Licensing Revenue Jumps on New Deal
Licensing revenue climbed to $22.1 million from $6.6 million a year ago, driven primarily by a new licensing arrangement. Segment adjusted EBITDA reached $20 million from $5.6 million in the prior-year quarter, reflecting the business’s high incremental operating leverage.
Following the strong quarter, BlackBerry raised its fiscal 2027 Licensing revenue outlook to approximately $41 million and adjusted EBITDA forecast to about $36 million. Management expects Licensing revenue to return to roughly $6 million in each of the third and fourth quarters, with adjusted EBITDA of around $5 million per quarter.
BlackBerry Expands Margins and Cash Flow
Adjusted gross margin improved to 78.2% from 75% a year earlier. Adjusted EBITDA increased 81% to $47 million and represented 29% of revenues.
Adjusted operating expenses rose to $84.8 million from $74.8 million, while higher-margin QNX royalties and licensing aided operating leverage.
Operating cash flow improved to $29.3 million from $3.4 million in the year-ago quarter. Free cash flow reached $28.1 million, up from $2.6 million.
BlackBerry ended the quarter with $447.1 million in cash and investments compared with $432.4 million on Feb. 28, 2026.
BB Raises Fiscal 2027 Outlook
BlackBerry raised fiscal 2027 revenue guidance to $616-$636 million and adjusted EBITDA guidance to $141-$158 million. The company also lifted its adjusted basic earnings forecast to 19-22 cents per share and operating cash flow outlook to approximately $115 million.
For the third quarter of fiscal 2027, BB expects revenues of $143-$154 million and adjusted EBITDA of $28-$37 million.
Basic earnings are projected at 4-5 cents per share, while operating cash flow is expected between $20 million and $30 million.
BlackBerry Lifts QNX, Revises Secure Comms View
The company raised its fiscal 2027 QNX revenue outlook to $315-$325 million and adjusted EBITDA guidance to $95-$105 million.
For the third quarter, QNX revenue is expected to be between $82 million and $88 million, with adjusted EBITDA of $27-$32 million. Management cited strong core automotive momentum and conversion of the royalty backlog into production revenue.
For Secure Communications, BlackBerry revised fiscal 2027 revenue guidance to $260-$270 million and adjusted EBITDA guidance to $50-$58 million.
Third-quarter revenue is expected at $55-$60 million, with adjusted EBITDA of $6-$10 million, reflecting a more cautious view of the timing of larger government opportunities.
BB’s Zacks Rank
At present, BlackBerry carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Performances
NetApp, Inc. NTAP delivered a record first quarter of fiscal 2027, with non-GAAP earnings of $2.58 per share, up 66.5% year over year. The figure beat the Zacks Consensus Estimate of $2.13 by 21.1%. Net revenues rose 29.9% to $2,025 million and surpassed the $1,843 million consensus mark by 9.9%. Strong AI and modernization spending, accelerated purchases and pricing benefits supported growth. Billings increased 36.1% to $2,057 million.
Ciena Corporation CIEN reported third-quarter fiscal 2026 adjusted earnings of $2.11 per share, which soared 215% year over year and beat the Zacks Consensus Estimate of $1.74. Quarterly revenues rose 37% to $1.67 billion and topped the $1.65 billion consensus mark. AI-driven networking demand remained the key growth engine. Cloud provider revenues accounted for 53% of total sales and jumped 82% year over year, underscoring the scale of hyperscaler spending behind Ciena’s record quarter.
Autodesk ADSK reported second-quarter fiscal 2027 non-GAAP earnings of $3.30 per share, up 26% year over year, aided by operating leverage and benefits from sales optimization. The figure surpassed the Zacks Consensus Estimate of $3.12 by 5.77%. Revenues increased 16% year over year to $2.05 billion, beating the Zacks Consensus Estimate of $2.01 billion by 1.84%. Strength in construction and emerging markets supported results, while net revenue retention approximated the top end of the 100-110% range in constant currency.
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NetApp, Inc. (NTAP) : Free Stock Analysis Report

BB Q2 Earnings Top, Sales Up Y/Y on QNX Strength, FY27 Outlook Raised

BlackBerry Limited BB used its fiscal second-quarter 2027earnings callto emphasize improving operating leverage, record QNX performance and stronger cash generation. Management also raised its full-year company revenue and adjusted EBITDA outlook after a strong first half.
CEO John Giamatteo said QNX’s automotive momentum, the first Alloy Kore design win and growing physical AI opportunities broaden the company’s growth avenues. Management remained more cautious on Secure Communications because of uncertainty around the timing of government transactions.
BB Results Top Consensus Estimates
BlackBerry reported adjusted earnings of 7 cents per share, exceeding the Zacks Consensus Estimate of 4 cents. Revenues of $163.3 million also surpassed the consensus estimate of $143 million. Revenues increased 26% year over year.
BlackBerry Limited Price, Consensus and EPS Surprise
CFO Tim Foote said adjusted EBITDA reached $47 million, representing 29% of revenues, while adjusted gross margin expanded three percentage points year over year to 78%. GAAP net income was $34 million.
Foote attributed the operating leverage to revenue growth, gross-margin expansion and disciplined expense management, with higher-margin QNX royalties and licensing providing particular support.
BlackBerry Raises Its Full-Year Outlook
BlackBerry raised its fiscal 2027 revenue forecast to $616-$636 million, up $19 million at the midpoint from its prior outlook. Adjusted EBITDA guidance rose $21 million at the midpoint to $141-$158 million.
For the fiscal third quarter, management expects revenues of $143-$154 million and adjusted EBITDA of $28-$37 million. Adjusted basic earnings are projected to be 4-5 cents per share.
The full-year operating cash flow forecast was raised by $15 million to approximately $115 million. Second-quarter operating cash flow was $29 million, while free cash flow reached $28 million.
BB Sees QNX Growth Broadening
QNX delivered record quarterly revenues of $80 million, up 27% year over year. Giamatteo said strength spanned development licenses, professional services and royalties, while first-half design-win value exceeded BlackBerry’s previous record for any full fiscal year.
Management highlighted the transition toward software-defined vehicles and centralized computing architectures as important drivers. Foote said newer and larger design wins are beginning to enter production, allowing the previously reported QNX backlog to convert into revenues.
BlackBerry raised full-year QNX revenue guidance to $315-$325 million. The company expects fiscal third-quarter QNX revenues of $82-$88 million and adjusted EBITDA of $27-$32 million.
BlackBerry Lands Its First Alloy Kore Win
Giamatteo highlighted Coretura’s selection of Alloy Kore as a major commercial milestone. The Volvo Group-Daimler Truck joint venture plans to use the platform across multiple software domains in next-generation commercial vehicles.
Management estimates future royalties from the award at more than $100 million, making it QNX’s largest design win. Giamatteo said the average selling price per instance is approximately three times higher than the customer’s existing QNX operating-system deployment.
During Q&A, a CIBC Capital Markets analyst asked about the Alloy Kore pipeline. Giamatteo said engagements span global automakers and Tier 1 suppliers, with particularly active discussions in Europe and Asia.
BB Balances Physical AI With Secure Comms Caution
Giamatteo described physical AI as an early-stage opportunity for QNX. BlackBerry secured a design win with Uber and reported engagement with more than 20 companies around NVIDIA-based platforms, including robotics and autonomous-system developers.
Secure Communications revenues totaled $61 million, up 2% year over year. ARR was approximately $221 million, up 4%, while dollar-based net retention remained relatively stable at 91%.
Management reduced full-year Secure Communications revenue guidance to $260-$270 million. In Q&A, executives stressed that they had not seen a material deterioration but were taking a more cautious view of government-deal timing amid geopolitical and trade uncertainty.
BlackBerry Keeps Capital Allocation Disciplined
Foote said BlackBerry ended the quarter with approximately $447 million of cash and investments and about $247 million of net cash. Capital priorities remain organic QNX investment, disciplined share repurchases and selective acquisitions.
Management’s broader message centered on profitable growth, cash generation and continued investment in QNX. The company intends to prioritize core automotive, Alloy Kore and general embedded markets while maintaining a high strategic and financial threshold for acquisitions.
Zacks Rank and Style Scores Signal
BB currently carries a Zacks Rank #3 (Hold), alongside an A Growth Score, F Value Score, C Momentum Score and C VGM Score. The A Growth Score indicates comparatively favorable growth characteristics under the Style Scores framework, while the other scores are less favorable. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Rank #3 indicates a neutral near-term earnings-estimate-revision signal. BB’s mixed Style Scores likewise provide varied signals across growth, value and momentum factors. The Zacks Rank can change as analysts revise estimates following the newly reported results.
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This article originally published on Zacks Investment Research (zacks.com).

BB Q2 Earnings Call Highlights QNX Momentum and Higher Outlook

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BlackBerry (BB) Q2 2027 Earnings Call Transcript

(RTTNews) - BlackBerry Limited (BB) Thursday reported second-quarter net income of $33.9 million or $0.05 per share, compared with $13.3 million or $0.02 per share a year earlier.
Adjusted net income increased 79% year-over-year to $43.2 million or $0.07 from $24.2 million or $0.04 per share last year.
Revenue for the quarter increased 26% year-over-year to $163.3 million from $129.6 million last year.
QNX revenue increased 27% to $80.3 million, with adjusted EBITDA rising 41% to $29.0 million. QNX also secured its first Alloy Kore design win, described by BlackBerry as the largest in its history, adding more than $100 million to its royalty backlog.
Secure Communications revenue increased 2% to $60.9 million, while Licensing revenue was $22.1 million.
BlackBerry raised its fiscal 2027 revenue outlook to $616 million-$636 million from its previous guidance of $594 - $621 million, with adjusted earnings per share projected to be $0.19-$0.22, up from $0.16-$0.20.
For the third quarter, the company expects revenues of $143 to $154 million and adjusted earnings per share of $0.04 - $0.05.
"Our strong second quarter performance provides further evidence that BlackBerry's profitable growth model is working, with revenue, profitability, and cash flow generation all exceeding our expectations," said John J. Giamatteo, CEO, BlackBerry.

BlackBerry Q2 Profit Rises, Raises Full-Year Outlook

BlackBerry (NYSE:BB), a security software and vehicle-embedded systems provider, closed at $8.72, up 4.06%. The stock rose after premarket Q2 results beat estimates and management lifted full-year fiscal 2027 guidance. Investors are next watching automotive software demand and QNX growth. Trading volume reached 43.2M shares, coming in about 134% above its three-month average of 18.4M shares. BlackBerry IPO'd in 1999 and has grown 354% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,704, down 0.03%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,939, up 0.01%. In cybersecurity and embedded software for automotive, enterprise, and government customers, sector rivals Palo Alto Networks (NASDAQ:PANW) closed at $389.92, down 0.86%, and CrowdStrike Holdings (NASDAQ:CRWD) closed at $259.67, down 1.07%, after recent AI-security and guidance updates kept the group in focus.
What this means for investors
BlackBerry reported Q2 earnings that soared past analysts' expectations on Thursday, with sales and adjusted EBITDA rising 26% and 81%, respectively. The company's "crown jewel," QNX unit, delivered 27% sales growth and continues to dominate the automotive software niche.
However, it will likely be QNX's expansion beyond this automotive focus that could prove to be the deal-breaker for BB stock's investment thesis over the long haul, as the safety-first operating system moves into areas such as autonomous vehicles, robotics, robotic surgical systems, and physical AI more broadly.
As a leader in this corner of the "Internet of Things" world, BlackBerry is a stock that I'll keep a close eye on, but at 46 times forward earnings, I'm not rushing out to buy more shares just yet.
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Stock Market Today, Sept. 24: BlackBerry Lifts Fiscal 2027 Guidance on Record QNX Revenue

The NASDAQ 100 Pre-Market Indicator is down -301.84 to 30,168.45. The total Pre-Market volume is currently 113,119,719 shares traded.
The following are the most active stocks for the pre-market session:
ProShares UltraPro Short QQQ (SQQQ) is +0.992 at $35.13, with 6,838,646 shares traded. This represents a 5.34% increase from its 52 Week Low.
ProShares UltraPro QQQ (TQQQ) is -2.28 at $76.38, with 5,523,660 shares traded. This represents a 104.66% increase from its 52 Week Low.
Greenland Energy Company (GLND) is +0.22 at $3.13, with 3,317,475 shares traded. As reported by Zacks, the current mean recommendation for GLND is in the "strong buy range".
Intel Corporation (INTC) is -3.55 at $119.05, with 3,279,034 shares traded. INTC's current last sale is 104.89% of the target price of $113.5.
iShares Bitcoin Trust ETF (IBIT) is -0.57 at $47.31, with 3,166,452 shares traded. This represents a 44.06% increase from its 52 Week Low.
BlackBerry Limited (BB) is +0.04 at $8.42, with 2,766,691 shares traded. BB's current last sale is 88.63% of the target price of $9.5.
Nokia Corporation (NOK) is -0.3799 at $10.25, with 2,684,259 shares traded. As reported by Zacks, the current mean recommendation for NOK is in the "buy range".
Direxion Daily TSLA Bull 2X ETF (TSLL) is -0.2003 at $10.19, with 2,613,191 shares traded. This represents a 52.2% increase from its 52 Week Low.
IonQ, Inc. (IONQ) is -1.32 at $41.22, with 1,892,398 shares traded. As reported by Zacks, the current mean recommendation for IONQ is in the "buy range".
BitMine Immersion Technologies, Inc. (BMNR) is -0.4605 at $27.00, with 1,234,327 shares traded. As reported by Zacks, the current mean recommendation for BMNR is in the "buy range".
Snap Inc. (SNAP) is -0.09 at $5.20, with 1,221,887 shares traded. SNAP's current last sale is 74.29% of the target price of $7.
Oracle Corporation (ORCL) is -4.08 at $140.48, with 1,025,674 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Aug 2027. The consensus EPS forecast is $1.88. As reported by Zacks, the current mean recommendation for ORCL is in the "buy range".

Pre-Market Most Active for Sep 24, 2026 : SQQQ, TQQQ, GLND, INTC, IBIT, BB, NOK, TSLL, IONQ, BMNR, SNAP, ORCL

BlackBerry Limited BB is strengthening its position in software-defined vehicles (SDVs) as its QNX business and Alloy Kore platform gain traction in the commercial vehicle market. Vector, a leading ecosystem partner for software-defined systems, and BlackBerry’s QNX division announced that Coretura, an SDV platform company founded by Daimler Truck and Volvo Group, has selected Alloy Kore as the foundational software layer for its next-generation software-defined commercial vehicles. The agreement marks the first design win for Alloy Kore and supports Coretura’s efforts to establish a common software foundation for commercial vehicles.
Coretura is developing an SDV platform based on one platform and one standard. As part of its architecture, the company selected Alloy Kore as the safety-certified software platform foundation targeted at high-performance computing (HPC) in commercial vehicles. The platform is designed to help vehicle manufacturers develop, deploy and continuously enhance vehicle capabilities through software updates, while enabling engineering teams to focus on applications that provide differentiation.
Alloy Kore combines a safety-certified real-time operating system with a pre-integrated set of common automotive system services into a scalable software foundation for HPC. By bringing these capabilities together, the platform is designed to reduce integration requirements, accelerate development cycles and streamline certification efforts. This allows original equipment manufacturers to focus more of their engineering resources on application-level differentiation.
Coretura selected Alloy Kore through the Vector Distribution, a ready-to-use implementation of the platform. Built on the Alloy Kore architecture, the distribution combines the automotive operating system foundation with Vector’s middleware, communication and integration capabilities for high-performance computing environments. For Coretura, this provides a validated and production-ready software environment that can be adapted to the requirements of its commercial vehicle platform while maintaining a consistent software foundation across development programs.
The design win also aligns with BlackBerry’s strategy of expanding QNX beyond its traditional operating system role toward a broader platform position. On its first-quarter fiscal 2027earnings call BlackBerry stated that Alloy Kore could increase software content per vehicle, expand average selling prices and support backlog growth as programs move into production.
For the fiscal second quarter, BlackBerry expects QNX revenue of $70-$75 million and adjusted EBITDA of $16-$21 million, while total company revenue is expected to range between $137 million and $148 million. BlackBerry is slated to release its second-quarter fiscal 2027 results on Sept. 24, 2026.
Taking a look at BB’s Competitors
CrowdStrike CRWD remains supported by sustained cybersecurity demand as enterprises consolidate tools on Falcon and expand adoption through Falcon Flex. AI security, cloud, identity and next-generation SIEM broaden the platform opportunity, while recurring subscriptions, partner reach and cash generation support continued investment and cross-sell. Record net new ARR and deeper Flex adoption point to healthy demand and improving customer expansion. At the same time, fiscal 2027 revenue growth is expected to be below CrowdStrike’s earlier hypergrowth years, while sales, R&D and stock-based compensation remain elevated. For fiscal 2027, revenues are projected between $5.991 billion and $6.011 billion, with ARR of $6.60 billion to $6.61 billion.
Aptiv PLC APTV is being supported by smart architecture capabilities, portfolio diversification and strong capital allocation. Its Engineered Components business benefited from higher volumes and operating execution, delivering 3% adjusted revenue growth and a 22.4% adjusted EBITDA margin in the second quarter of 2026. Non-automotive revenue increased 12%, supported by growth in robotics, drones, energy storage and commercial vehicles. Aptiv secured its first commercial robotics award and a drone program with more than $500 million in lifetime revenue. The company is also expanding through acquisitions in optical solutions and automotive capabilities. Lower interest expense, share repurchases and available liquidity further support its financial position.
BB Price Performance, Valuation & Estimates
Shares of BlackBerry have soared 166.9% in the past six months compared with the Internet-Software industry’s 30% growth.
Regarding the price/book ratio, BB is trading at 6.74, higher than the industry’s multiple of 5.36.
The Zacks Consensus Estimate for BB earnings for fiscal 2027 has been unchanged over the past 60 days.
Image Source: Zacks Investment Research
BlackBerry currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).

BlackBerry Expands SDV Reach With Alloy Kore Design Win

BlackBerry Limited BB is set to report second-quarter fiscal 2027 results on Sept. 24.
The Zacks Consensus Estimate for the bottom line currently stands at 4 cents and has remained unchanged over the past 60 days. The company expects non-GAAP EPS to be in the range of 3-4 cents.
The company expects fiscal second-quarter revenues to be in the $137-$148 million range. The Zacks Consensus Estimate for revenues currently stands at $143 million.
BlackBerry’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with the average beat being 94.6%.
What Our Model Unveils for BB
Our proven model does not conclusively predict an earnings beat for BlackBerry this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that is not the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
BB has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Catalysts for BB’s Q2 Earnings
BlackBerry enters this earnings season from a position of improving operational strength along with growing momentum across its QNX and Secure Communications divisions. The company expects fiscal second-quarter revenues of $70-$75 million for QNX. Adjusted EBITDA is projected between $16 million and $21 million.
QNX is likely to have benefited from continued adoption across software-defined vehicles, centralized compute, digital cockpits and advanced driver assistance systems. Beyond automotive, General Embedded Markets is a fast-growing opportunity, expanding QNX’s reach into robotics, industrial automation and medical devices, while Physical AI represents another significant growth avenue.
In August, QNX announced support for the Hailo-8 AI Accelerator on QNX SDP 8.0. This will expand the hardware options available to customers building AI-powered edge systems. Before that, QNX OS for Safety (built on QNX SDP 8.0) was selected by Momenta, a Physical AI company, and XHEART as the operating-system foundation for their Physical AI-defined autonomous driving platform.
In the last reported quarter, QNX revenues surged 26% year over year to $72 million, driven by broad-based strength, particularly in development licenses, professional services and royalties. Development-license revenues reached their highest level in eight quarters. This metric serves as an early indicator of future royalty streams, reflecting customer investments in new software platforms that will take years to reach production. Management emphasized that these tools are tied to new platforms, including its SDP 8 architecture, which positions the company for multi-year revenue visibility.
BlackBerry Limited Price, Consensus and EPS Surprise
Alloy Kore will also remain a key investor focus. The platform is expected to significantly increase software content per vehicle, boost average selling price by multiples and drive backlog. While still early, management remains positive about securing a design win within the current fiscal year.
Nonetheless, QNX’s automotive exposure remains a factor to watch. The QNX platform remains exposed to vehicle production cycles and OEM spending, which, in turn, are dependent on macro conditions. Newer opportunities such as Physical AI and Alloy Kore remain at relatively early stages, with design wins and backlog likely to precede a more meaningful build-up in royalty revenues.
Secure Communications business continues to stabilize. Its revenues increased 24% year over year to $74 million in the last reported quarter. The segment has been witnessing improved performance anchored by government demand, recurring revenues and customer retention. Rising demand for digital sovereignty and cybersecurity modernization by governments across the globe has been creating a powerful tailwind.
BlackBerry expects fiscal second-quarter Secure Communications revenues of $57-$63 million. Adjusted EBITDA is anticipated between $5 million and $10 million.
Management specifically cautioned that large government transactions have long sales cycles and do not occur every quarter, making the exceptional fiscal first-quarter growth and profitability unlikely to repeat in a straight line. The fiscal first-quarter performance benefited materially from the expansion and multi-year extension of BlackBerry's agreement with Shared Services Canada.
BlackBerry Limited Revenue (Quarterly)
Underlying metrics such as annual recurring revenues (“ARR”) and customer retention indicate a steady base. ARR grew more than 5% to $220 million, with a healthy dollar-based net retention rate, or DBNRR, at 92%.
Licensing should be another positive contributor. BlackBerry raised its fiscal second-quarter Licensing revenue expectation to approximately $10 million, well above the $6.6 million reported a year ago.
The quality of BlackBerry's revenue mix will be critical to fiscal second-quarter profitability. QNX's adjusted gross margin reached 86% in the fiscal first quarter. Management noted that QNX royalties carry high incremental margins, and expects increasing royalty contribution over time to support margin expansion, operating leverage and cash generation.
For the fiscal second quarter, BlackBerry expects adjusted EBITDA of $20-$30 million and operating cash flow between breakeven and $10 million.
BB Stock vs. Industry
BB’s shares are up 157% in the past six months, significantly outpacing the Internet Software industry’s 19% growth. The broader Zacks Computer & Technology sector and the S&P 500 composite have gained 26.2% and 16%, respectively.
Image Source: Zacks Investment Research
The company has also outperformed some of its peers as well. BlackBerry faces increasing competitive pressures in both QNX and cybersecurity businesses. Within QNX, it faces Aptiv PLC’s APTV Wind River (VxWorks) and Alphabet’s Android Automotive OS. BlackBerry operates alongside CrowdStrike CRWD, Palo Alto Networks PANW and a host of other companies in the broader cybersecurity market.
CRWD and PANW have gained 141.4% and 126.7%, respectively, while APTV has declined 38.6% over the same period.
Valuation After Recent Gains
BB is trading at a forward 12-month price-to-earnings multiple of 42.23, higher than the industry’s multiple of 29.2.
Image Source: Zacks Investment Research
APTV, PANW and CrowdStrike are trading at forward 12-month price/earnings multiple of 6.89X, 86.75X and 167.85X, respectively.
Investment Outlook: Hold or Fold?
BlackBerry’s improving fundamentals and QNX momentum provide a solid backdrop heading into the fiscal second-quarter report.
However, the stock’s sharp run-up and premium valuation leave limited room for execution missteps.
Existing investors may prefer to stay invested, while new investors are better off waiting for clearer evidence that earnings growth can keep pace with the recent share-price gains.
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This article originally published on Zacks Investment Research (zacks.com).

BlackBerry to Report Q2 Results: Should Investors Hold or Fold?

The NASDAQ 100 Pre-Market Indicator is down -9.84 to 30,472.51. The total Pre-Market volume is currently 113,532,151 shares traded.
The following are the most active stocks for the pre-market session:
Grab Holdings Limited (GRAB) is +0.14 at $3.05, with 12,288,142 shares traded. As reported in the last short interest update the days to cover for GRAB is 8.284295; this calculation is based on the average trading volume of the stock.
Greenland Energy Company (GLND) is +0.09 at $2.97, with 8,228,791 shares traded. As reported by Zacks, the current mean recommendation for GLND is in the "strong buy range".
Nokia Corporation (NOK) is -0.25 at $10.69, with 5,419,435 shares traded. As reported by Zacks, the current mean recommendation for NOK is in the "buy range".
SoFi Technologies, Inc. (SOFI) is +1.1808 at $18.15, with 4,751,858 shares traded. SOFI's current last sale is 98.11% of the target price of $18.5.
ProShares UltraPro Short QQQ (SQQQ) is +0.0009 at $34.60, with 4,258,608 shares traded., following a 52-week high recorded in prior regular session.
ProShares UltraPro QQQ (TQQQ) is unchanged at $78.91, with 4,086,048 shares traded. This represents a 111.44% increase from its 52 Week Low.
Intel Corporation (INTC) is -1.497 at $120.28, with 4,079,373 shares traded. INTC's current last sale is 105.98% of the target price of $113.5.
Circle Internet Group, Inc. (CRCL) is +1.76 at $96.25, with 1,792,633 shares traded. CRCL's current last sale is 100.26% of the target price of $96.
BlackBerry Limited (BB) is +0.59 at $9.12, with 1,602,846 shares traded.BB is scheduled to provide an earnings report on 9/24/2026, for the fiscal quarter ending Aug2026. The consensus earnings per share forecast is 0.03 per share, which represents a 3 percent increase over the EPS one Year Ago
BitMine Immersion Technologies, Inc. (BMNR) is -0.34 at $27.91, with 1,587,095 shares traded. As reported by Zacks, the current mean recommendation for BMNR is in the "buy range".
Novo Nordisk A/S (NVO) is -0.33 at $39.47, with 1,551,079 shares traded. NVO's current last sale is 85.8% of the target price of $46.
DigitalBridge Group, Inc. (DBRG) is +0.06 at $15.98, with 1,332,171 shares traded. DBRG's current last sale is 99.88% of the target price of $16.

Pre-Market Most Active for Sep 22, 2026 : GRAB, GLND, NOK, SOFI, SQQQ, TQQQ, INTC, CRCL, BB, BMNR, NVO, DBRG

BlackBerry Limited BB is sharpening the focus of its BlackBerry Radar business, positioning the platform as more than a conventional asset-tracking solution. The company is increasingly presenting Radar as an Asset Intelligence Platform for Transportation, designed to help transportation operators convert equipment data into actionable decisions. Transportation companies already have plenty of location data. The real challenge is using it to identify assets that need attention, act at the right time and improve efficiency. BB’s partnership with DCLI offers a real-world example of this approach.
Radar collects data from assets in the field through purpose-built monitoring hardware and sends that information to BlackBerry's cloud platform. Operators can then use the resulting information to support decisions involving location, activity, condition, inspections and maintenance. This creates a potentially more valuable proposition than basic GPS tracking. Instead of displaying thousands of assets on a map, the platform can help teams determine which assets matter most right now. This could become more important as fleets grow and operators seek to cut costs while maintaining safety and service quality.
The opportunity becomes even more interesting when you consider the scale of DCLI's deployment. In 2025, DCLI announced plans to deploy BlackBerry Radar across 100,000 DCL53 domestic 53-foot chassis. DCLI expects to complete GPS installation across its entire DCL53 fleet by the end of 2026. As deployment expands, it expects Radar data to potentially reduce inspection lead times even further. For BlackBerry, a fleet of this size can also provide an important proof point. Successful deployments are therefore likely to generate recurring business while demonstrating the platform's capabilities to other fleet operators.
Nonetheless, macroeconomic uncertainty, particularly in the automotive sector, is weighing on customer buying decisions, with some OEMs delaying projects due to supply chain concerns and tariff-related disruptions.
How Competitive is the Automotive Market for BB
NVIDIA Corporation NVDA continues to build a longer-duration opportunity in automotive, robotics and other physical AI applications. NVIDIA expanded its DRIVE Hyperion robotaxi-ready ecosystem through collaborations with Foxconn, VinFast, Uber and HUMAIN, and introduced Alpamayo 2 Super for autonomous vehicle development. The company also launched Cosmos 3, an open frontier model for physical AI, the Isaac GR00T reference humanoid robot and Halos for Robotics safety software. Management has positioned physical AI as one of the workloads supported by the same computing, model and software stack, which can extend platform adoption beyond Data Center deployments.
Qualcomm Incorporated QCOM automotive growth increasingly reflects higher compute content and broader platform wins. In the fiscal third quarter, automotive revenue reached $1.59 billion, up 61%. Qualcomm expanded its relationship with BMW to become the lead compute silicon provider for next-generation ADAS and digital cockpit programs extending into the next decade. Its collaboration with Stellantis also supports programs into the 2030s. Management said the fifth-generation Snapdragon Digital Chassis will ramp in September 2026 and is driving a step-up in silicon content per vehicle. It now expects an annualized automotive sales run rate of about $7 billion exiting fiscal 2026, providing a clearer bridge from design wins to sustained revenue growth.
BB Price Performance, Valuation & Estimates
Shares of BlackBerry have surged 132.4% in the past six months compared with the Internet-Software industry’s growth of 15.1%.
Image Source: Zacks Investment Research
Regarding the price/book ratio, BB is trading at 6, higher than the industry’s multiple of 4.95.
The Zacks Consensus Estimate for BB earnings for fiscal 2027 has remained unchanged over the past 60 days.
Image Source: Zacks Investment Research
BlackBerry currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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BlackBerry Limited

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue

Indicator	May 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
P/E	—	—	—	—	—	60.00	33.34
Price/Sales	9.18	13.75	—	8.07	8.95	8.95	2.86
P/B	7.03	9.96	6.64	—	—	6.64	3.01
P/FCF	80.21	—	—	54.30	60.23	60.23	23.04

Indicator	May 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
ROE	8.10	—	—	10.69	—	10.69	14.14
ROA	4.91	—	—	6.52	—	6.52	6.67
ROI	6.40	—	—	—	—	6.40	10.08
Net Worth	5.34	7.56	—	5.30	5.87	5.87	1.02
Quick Ratio	0.00	—	—	0.00	—	0.00	1.59
Current Ratio	2.20	—	—	—	—	2.20	1.86

Indicator	May 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
Net Profit Margin	10.33	—	—	—	—	10.33	10.12
Operating Margin	10.67	—	—	13.68	—	13.68	10.80
Gross Margin	—	—	—	—	—	76.00	50.00
Return on tangible equity	27.06	—	—	34.07	—	34.07	26.05

Indicator	May 26	Jun 26	Jul 26	Aug 26	Sep 26	TTM	Median
EPS	—	0.03	—	0.05	0.05	0.05	0.36
EPS Forecast	—	0.02	—	0.03	0.03	0.03	0.25
Revenue	153.00M	—	—	—	—	153.00M	66.00M
Gross Profit	120.00M	—	—	127.00M	—	127.00M	—
EBITDA	19.00M	—	—	—	—	19.00M	—