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Backblaze

Backblaze (BLZE) Q4 2025 Earnings

Reported Feb 23, 2026 at 4:07 PM ET · SEC Source

Q4 25 EPS

$0.06

BEAT +426.32%

Est. $0.01

Q4 25 Revenue

$37.8M

BEAT +0.58%

Est. $37.5M

vs S&P Since Q4 25

+271.5%

BEATING MARKET

BLZE +280.3% vs S&P +8.8%

Full Year 2025 Results

FY 25 EPS

$0.07

FY 25 Revenue

$145.8M

Market Reaction

Did BLZE Beat Earnings? Q4 2025 Results

Backblaze delivered a standout Q4 2025, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.00 and clearing expectations by more than 3,600%, even as revenue of $37.76 million came in fractionally below the $37.79 million estima… Read more Backblaze delivered a standout Q4 2025, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.00 and clearing expectations by more than 3,600%, even as revenue of $37.76 million came in fractionally below the $37.79 million estimate while still growing 9.1% year over year. The earnings inflection was driven in large part by a historic pivot toward enterprise cloud storage, headlined by the company's first eight-figure total contract value neocloud agreement, a deal worth more than $15.00 million that stands as the largest in Backblaze's history. That strategic momentum showed up in the financials, with adjusted EBITDA margin expanding to 28% from 14% a year ago and the company generating positive adjusted free cash flow of $4.06 million for the first time since its IPO. Remaining performance obligations climbed 60% year over year to $66.00 million, underpinning forward visibility. Looking ahead, Backblaze guided Q1 2026 revenue of $37.60 million to $38.00 million and full-year 2026 revenue of $156.50 million to $158.50 million, with adjusted EBITDA margins of 19% to 21%.

Key Takeaways

  • • B2 Cloud Storage revenue grew 24% YoY, driving overall 12% revenue growth
  • • Record direct sales bookings in Q4
  • • RPO increased to $66M, up 60% YoY
  • • ARR from $50K+ customers grew 73% YoY to $26 million
  • • Adjusted EBITDA margin expanded to 28% from 14% YoY
  • • Achieved positive adjusted free cash flow for the first time since IPO
  • • Diversified growth across AI, cyber resilience, and application storage use cases
  • • Total annual ARPU grew to $307 from $268 YoY
24/7 Wall St

BLZE YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

BLZE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“In Q4, we closed our first eight-figure TCV neocloud agreement. This marks yet another neocloud win and, together with the launch of B2 Neo, our neocloud-specific storage offering, demonstrates the strength of our storage cloud platform and our continued progress moving upmarket. We drove diversified growth across AI, cyber resilience, and application storage use cases. At the same time, we achieved 11% in adjusted free cash flow margin in the quarter, reflecting continued operating discipline. Looking ahead, we see Backblaze increasingly serving as the storage backbone for neocloud providers and as a trusted platform for developers building data-intensive and AI-driven applications.”

— Gleb Budman, Q4 2025 Earnings Press Release

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