BLACKLINE (BL) Company Report

BlackLine reported Q3 2025 revenue of over $178 million, representing 7.5% growth, with a Non-GAAP operating margin of 21.4% and a free cash flow margin of 32%.
New customer bookings in Q3 2025 were up 45%, with the average new deal size more than doubling by 111% and the median new deal size increasing by approximately 50%. The new platform-based pricing model accounted for nearly three-quarters of new customer bookings.
For Q4 2025, the company expects GAAP revenue in the range of $182 million-$184 million (7.4%-8.6% growth) and a Non-GAAP operating margin of 24%-25%.
BlackLine updated its full-year 2025 GAAP revenue guidance to $699 million-$701 million (7%-7.3% growth) and Non-GAAP operating margin to 22%-22.5%.
The company anticipates accelerating revenue growth and continued margin expansion in 2026, driven by expected 20% gross bookings growth and a 10%-15% reduction in churn and attrition. BlackLine also returned approximately $113 million to shareholders through share repurchases in Q3 2025.

Nov 6, 2025, 10:00 PM

Transcript

BlackLine Reports Q3 2025 Results and Provides 2026 Outlook

Earnings

Guidance Update

Share Buyback

BlackLine reported Q3 2025 revenue growth of 7.5%, a non-GAAP operating margin of 21.4%, and a free cash flow margin of 32%.
The company returned approximately $113 million to shareholders through the repurchase of 2.1 million shares in Q3 2025, bringing the year-to-date total to over $200 million.
For Q4 2025, BlackLine expects total GAAP revenue between $182 million and $184 million (7.4% to 8.6% growth) and non-GAAP EPS between $0.58 and $0.61.
For full year 2025, total GAAP revenue is projected to be between $699 million and $701 million (7% to 7.3% growth), with non-GAAP EPS between $2.08 and $2.13.
Looking ahead to 2026, the company anticipates gross bookings growth of about 20% and expects to deliver at least a Rule of 33, driven by accelerating revenue growth and continued margin expansion.

Nov 6, 2025, 10:00 PM

Transcript

BlackLine Announces Q3 2025 Financial Results and Strategic Initiatives

Earnings

New Projects/Investments

BlackLine reported Q3 2025 total revenue of $178 million, representing a 7% year-over-year increase, with Annual Recurring Revenue (ARR) also growing 7% year-over-year to $685 million.
The company achieved a Non-GAAP operating margin of 21% and a Free Cash Flow margin of 32% ($57 million) in Q3 2025.
BlackLine serves over 4,400 global customers, including 60%+ of the Fortune 500, and has 83 customers with Annual Recurring Revenue of $1 million or more as of Q3 2025.
The company is focused on AI-powered innovation through its Verity™ platform and targets a $45 billion total addressable market, with a long-term goal of 13%-16% total revenue growth and 26%-30% operating margin.

Nov 6, 2025, 10:00 PM

Presentation

BlackLine Reports Q3 2025 Results and Provides Outlook

Earnings

Guidance Update

Revenue Acceleration/Inflection

BlackLine (BL) reported Q3 2025 revenue of over $178 million, a 7.5% increase, achieving a non-GAAP operating margin of 21.4% and a free cash flow margin of 32%.
New customer bookings surged 45%, with the average new deal size more than doubling by 111%, and the new platform-based pricing model drove nearly three-quarters of new customer bookings.
For Q4 2025, the company expects GAAP revenue between $182 million and $184 million, and updated its full-year 2025 GAAP revenue guidance to $699 million to $701 million.
BlackLine anticipates accelerating revenue growth and continued margin expansion into 2026, projecting gross bookings growth of approximately 20% in Q4 and throughout next year, supported by its platform pricing model and operational efficiencies.
In Q3 2025, the company returned $113 million to shareholders through share repurchases, totaling over $200 million year-to-date.

Nov 6, 2025, 10:00 PM

Transcript

BL Reports Q3 2025 Financial Results and Updates Guidance

Earnings

Guidance Update

Share Buyback

BlackLine reported Q3 2025 revenue of $178,000,000, an increase of 7.5%, alongside a non-GAAP operating margin of 21.4% and $57,000,000 in free cash flow.
New customer bookings increased 45% in Q3 2025, with the average new deal size more than doubling by 111%, and the new platform-based pricing model accounted for nearly three quarters of new customer bookings.
For Q4 2025, BlackLine projects total GAAP revenue between $182,000,000 and $184,000,000, and updated its full-year 2025 GAAP revenue guidance to a range of $699,000,000 to $701,000,000.
The company anticipates accelerating revenue growth and continued margin expansion in 2026, driven by an expected 20% gross bookings growth and a 10% to 15% reduction in churn and attrition.
BlackLine returned approximately $113,000,000 to shareholders through share repurchases in Q3 2025, contributing to a year-to-date total of over $200,000,000.

Nov 6, 2025, 10:00 PM

Transcript

BlackLine Announces Third Quarter 2025 Financial Results

Earnings

Guidance Update

Share Buyback

BlackLine reported total GAAP revenues of $178.3 million for the third quarter ended September 30, 2025, marking an increase of 7.5% compared to the third quarter of 2024.
GAAP net income attributable to BlackLine for Q3 2025 was $5.3 million, or $0.09 per diluted share.
The company generated $57.0 million in free cash flow during Q3 2025 and maintained a dollar-based net revenue retention rate of 103% at September 30, 2025.
BlackLine repurchased approximately 2.1 million shares of common stock for $113.0 million as part of its share repurchase program, with approximately $198.2 million of buyback capacity remaining at September 30, 2025.
For the full year 2025, BlackLine expects total GAAP revenue to be in the range of $699 million to $701 million.

Nov 6, 2025, 9:07 PM

8-K

BlackLine: Engaged Capital Calls for Strategic Alternatives Exploration

M&A

Takeover Bid

Engaged Capital, a significant stockholder of BlackLine, Inc., has publicly urged the company's Board of Directors to explore strategic alternatives, including engaging in negotiations with SAP SE following reports of renewed acquisition interest.
The investment firm believes a sale represents the best outcome for stockholders due to BlackLine's consistent underperformance in the public market, having dramatically underperformed relevant software indices over the past one, three, and five years.
Engaged Capital highlighted that BlackLine previously rejected a formal offer from SAP SE earlier this year and stated it is prepared to hold the Board accountable at the upcoming annual meeting if strategic alternatives are not pursued.

Oct 30, 2025, 12:15 PM

Press Release

BlackLine Rejects SAP's $4.5 Billion Takeover Bid

M&A

Takeover Bid

SAP made a $4.5 billion acquisition offer to BlackLine, proposing $66 per share, which represented a 31% premium over the recent average price.
BlackLine declined the offer, signaling its intention to maintain strategic independence and focus on its growth trajectory.
Following the news of SAP's takeover interest, BlackLine's shares rose significantly, by approximately 6-7.7%, reflecting investor optimism, while SAP is considering whether to reopen negotiations.
Major shareholders, including Clearlake Capital (which owns nearly 9%), Vanguard, and BlackRock, hold significant influence over any potential sale discussions.

Oct 27, 2025, 7:41 PM

Bloomberg

BlackLine Discusses Leadership Changes, SAP Partnership, and Growth Initiatives at Citi Conference

CEO Change

Board Change

Product Launch

Owen has assumed the sole CEO role, with former co-CEO Therese transitioning to a founder role focused on customer and innovation engagement, while retaining her executive committee and board positions. The board has also been strengthened with two former CEOs and David Henshall appointed as lead independent director.
BlackLine has reset its strategic relationship with SAP, positioning its solutions as an "opt-out" in SAP deals, which is expected to drive positive results in Q4 2025 and 2026. The company is targeting 13% to 16% growth in the 2027-2029 timeframe, supported by new platform pricing, Studio360, and public sector expansion.
Upcoming announcements will detail new AI capabilities, developed with a focus on 100% accuracy, auditability, and transparency for finance teams and regulators. The Studio360 product is gaining traction with approximately 100 customers, serving as an expanding platform for the office of the CFO.

Sep 3, 2025, 3:14 PM

BlackLine Announces Q2 2025 Results and CEO Transition

Earnings

CEO Change

Revenue Acceleration/Inflection

BlackLine reported Q2 2025 financial results, including 7% revenue growth and a 22% non-GAAP operating margin. Annual recurring revenue (ARR) grew 9% to $677 million, and remaining performance obligations (RPO) increased 11%.
A significant leadership transition occurred, with Owen Ryan becoming the sole CEO, while Therese Tucker will dedicate more time to customer success and accelerating growth in Europe.
The company's strategic shift to a platform model, new pricing, and focus on larger customers is driving results, with the average new deal size growing by an impressive 35% year-over-year and the $1 million customer count rising 24% to 84. Created pipeline growth was 70% year-over-year.
Customer count was 4,451, slightly up year-over-year but down from Q1, reflecting a strategic pivot away from smaller accounts in favor of larger ones. The revenue renewal rate in Q2 2025 was 91%.

Aug 6, 2025, 10:50 AM

Earnings Transcripts

Quarterly earnings call transcripts for BLACKLINE.

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