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Backblaze, Inc. BLZE Q4 2025 Annual earnings

Reported February 23, 2026 · After market close

Revenue$37.8MBeat by $134.0K
EPS$0.06Beat by $0.05
Revenue estimate$37.6M
EPS estimate$0.01

Next report

Nov 5, 2026 (in 2 months)
Revenue estimate$44.6M
EPS estimate$0.04

Financials

Q4 2025

Income statement

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Revenue$37.8M+11.8%
Gross profit$23.4M+26.6%
Operating income-$4.7M+66.1%
Net income-$5.4M+62.3%
EPS (diluted)-$0.10+66.7%

Balance sheet

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Cash & equivalents$29.2M-36.3%
Total debt$61.1M+40.1%
Total equity$83.2M+7.2%
Total assets$191.8M+13.8%

Cash flow

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Operating cash flow$9.3M+317%
CapEx$265.0K-67.9%
Free cash flow$9.0M+543%

Valuation & ratios

Valuation

as of 12/31/25
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Market cap$268.78M-13.5%
Enterprise value$300.72M-2.5%
P/S1.8×-0.6×

Profitability

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Gross margin60.9%+6.6pp
Operating margin-16.1%-5.8pp
Net margin-17.6%-6.1pp
FCF margin12.9%+4.5pp

Returns & leverage

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Return on equity-31.8%-11.9pp
Debt / equity0.7×+0.2×
Current ratio1.1×0.0×

Segments

By product

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B2 Cloud Storage$21.3M+24.5%
Consumption-based arrangements$20.6M+24.7%
Subscription-based arrangements$17.0M-0.5%
Computer Backup$16.5M-1.3%

By segment

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Reportable Segment$37.8M—

FAQ

When did Backblaze, Inc. report Q4 2025 earnings?
Backblaze, Inc. (BLZE) reported Q4 2025 earnings on February 23, 2026 after market close.
What were Backblaze, Inc.'s Q4 2025 revenue and EPS?
Backblaze, Inc. reported revenue of $37.8M and eps of $0.06 for Q4 2025.
Did Backblaze, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $37.6M by $134.0K. EPS beat the consensus estimate of $0.01 by $0.05.
How did Backblaze, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 11.8% from $33.8M a year earlier.
Where can I find Backblaze, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001628280-26-010594) and the 10-K periodic report (0001628280-26-016395) directly on SEC EDGAR. The filing index links above go to sec.gov.