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Backblaze, Inc.

BLZE Clue Score63
United States Fiscal year ends December CIK 0001462056
$12.69 -2.31% Close, 9 Oct 2026
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Price $12.69 +141.25% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Nov 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue53.8Operating income−3.7Net income−6.6EPS, diluted−0.36Fiscal year 2021Revenue67.5 +25.5%Operating income−18.8Net income−21.7EPS, diluted−1.07Fiscal year 2022Revenue85.2 +26.2%Operating income−48.1Net income−51.4EPS, diluted−1.62Fiscal year 2023Revenue102.0 +19.8%Operating income−57.9Net income−59.7EPS, diluted−1.66Fiscal year 2024Revenue127.6 +25.1%Operating income−46.3Net income−48.5EPS, diluted−1.11Fiscal year 2025Revenue145.8 +14.3%Operating income−23.6Net income−25.6EPS, diluted−0.46
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 53.8 67.5 85.2 102.0 127.6 145.8
Growth +25.5% +26.2% +19.8% +25.1% +14.3%
Operating income −3.7 −18.8 −48.1 −57.9 −46.3 −23.6
Net income −6.6 −21.7 −51.4 −59.7 −48.5 −25.6
Growth
EPS, diluted −0.36 −1.07 −1.62 −1.66 −1.11 −0.46

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2020Gross margin52.0%Operating margin−6.9%Net margin−12.3%Free cash flow margin19.9%Fiscal year 2021Gross margin50.9%Operating margin−27.9%Net margin−32.2%Free cash flow margin−6.0%Fiscal year 2022Gross margin51.5%Operating margin−56.5%Net margin−60.4%Free cash flow margin−24.8%Fiscal year 2023Gross margin48.9%Operating margin−56.8%Net margin−58.5%Free cash flow margin−12.6%Fiscal year 2024Gross margin54.3%Operating margin−36.3%Net margin−38.0%Free cash flow margin8.5%Fiscal year 2025Gross margin60.9%Operating margin−16.2%Net margin−17.6%Free cash flow margin12.9%
FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 52.0% 50.9% 51.5% 48.9% 54.3% 60.9%
Operating margin −6.9% −27.9% −56.5% −56.8% −36.3% −16.2%
Net margin −12.3% −32.2% −60.4% −58.5% −38.0% −17.6%
Free cash flow margin 19.9% −6.0% −24.8% −12.6% 8.5% 12.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow12.8Capital expenditure−2.1Free cash flow10.7Fiscal year 2021Operating cash flow3.5Capital expenditure−7.6Free cash flow−4.0 −137.8%Fiscal year 2022Operating cash flow−13.8Capital expenditure−7.3Free cash flow−21.1Fiscal year 2023Operating cash flow−7.4Capital expenditure−5.5Free cash flow−12.9Buybacks0.0Fiscal year 2024Operating cash flow12.5Capital expenditure−1.7Free cash flow10.8Buybacks0.0Fiscal year 2025Operating cash flow23.5Capital expenditure−4.7Free cash flow18.9 +74.6%Buybacks−2.0
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 12.8 3.5 −13.8 −7.4 12.5 23.5
Capital expenditure −2.1 −7.6 −7.3 −5.5 −1.7 −4.7
Free cash flow 10.7 −4.0 −21.1 −12.9 10.8 18.9
Growth −137.8% +74.6%
Buybacks n/a n/a n/a 0.0 0.0 −2.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2020Cash6.1Total debt0.6Net cash (debt)5.4Shareholders’ equity−6.8Fiscal year 2021Cash104.8Total debt0.0Net cash (debt)104.8Shareholders’ equity95.5Debt to equity0.00Fiscal year 2022Cash6.7Total debt0.0Net cash (debt)6.7Shareholders’ equity68.7Debt to equity0.00Fiscal year 2023Cash12.5Shareholders’ equity44.9Fiscal year 2024Cash45.8Shareholders’ equity77.6Fiscal year 2025Cash29.2Shareholders’ equity83.2
FY2020FY2021FY2022FY2023FY2024FY2025
Cash 6.1 104.8 6.7 12.5 45.8 29.2
Total debt 0.6 0.0 0.0 n/a n/a n/a
Net cash (debt) 5.4 104.8 6.7 n/a n/a n/a
Shareholders’ equity −6.8 95.5 68.7 44.9 77.6 83.2
Debt to equity n/a 0.00 0.00 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022† 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
53.8 67.5 85.2 102.0 127.6 145.8
Growth +25.5% +26.2% +19.8% +25.1% +14.3%
25.8 33.1 41.3 52.2 58.3 57.0
28.0 34.3 43.9 49.9 69.3 88.8
Growth +22.7% +27.7% +13.7% +39.1% +28.0%
13.1 20.5 33.1 39.5 42.1 46.1
6.7 12.9 23.5 27.0 29.1 28.9
−3.7 −18.8 −48.1 −57.9 −46.3 −23.6
Growth
−6.6 −21.6 −51.4 −59.7 −48.5 −25.5
0.0 0.1 −0.0 0.0 0.0 0.1
−6.6 −21.7 −51.4 −59.7 −48.5 −25.6
Growth
Per share
−0.36 −1.07 −1.62 −1.66 −1.11 −0.46
−0.36 −1.07 −1.62 −1.66 −1.11 −0.46
Growth
18.6 20.3 31.7 36.0 43.5 56.2
18.6 20.3 31.7 36.0 43.5 56.2
Growth +9.3% +55.6% +13.7% +20.9% +29.1%

† The diluted share count jumps at 2022, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 22.1% a year over five years.
  • Operating margin is down 9.3 points on five years ago, at -16.2%.
  • A net loss in 6 of 6 years on file.