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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and BLACKBERRY Ltd (BB). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $73.3M, roughly 1.9× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 9.7%, a 30.2% gap on every dollar of revenue. On growth, Apollo Commercial Real Estate Finance, Inc. posted the faster year-over-year revenue change (4.0% vs -0.8%). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
ARI vs BB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $141.8M |
| Net Profit | $29.2M | $13.7M |
| Gross Margin | — | 77.5% |
| Operating Margin | 39.7% | 8.4% |
| Net Margin | 39.9% | 9.7% |
| Revenue YoY | 4.0% | -0.8% |
| Net Profit YoY | -28.2% | 224.5% |
| EPS (diluted) | $0.19 | $0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $141.8M | ||
| Q3 25 | $61.6M | $129.6M | ||
| Q2 25 | $70.9M | $121.7M | ||
| Q1 25 | $65.8M | $141.7M | ||
| Q4 24 | $70.5M | $143.6M | ||
| Q3 24 | $71.6M | $126.2M | ||
| Q2 24 | $81.1M | $123.4M | ||
| Q1 24 | $80.5M | $102.1M |
| Q4 25 | $29.2M | $13.7M | ||
| Q3 25 | $50.8M | $13.3M | ||
| Q2 25 | $20.7M | $1.9M | ||
| Q1 25 | $26.0M | $-7.4M | ||
| Q4 24 | $40.7M | $-10.5M | ||
| Q3 24 | $-91.5M | $-19.7M | ||
| Q2 24 | $35.8M | $-41.4M | ||
| Q1 24 | $-104.5M | $-56.2M |
| Q4 25 | — | 77.5% | ||
| Q3 25 | — | 74.5% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 73.5% | ||
| Q4 24 | — | 78.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.9% | ||
| Q1 24 | — | — |
| Q4 25 | 39.7% | 8.4% | ||
| Q3 25 | 82.8% | 8.9% | ||
| Q2 25 | 29.4% | 1.6% | ||
| Q1 25 | 39.7% | -5.6% | ||
| Q4 24 | 57.9% | 13.6% | ||
| Q3 24 | -127.8% | 1.7% | ||
| Q2 24 | 44.2% | -10.5% | ||
| Q1 24 | -129.6% | 50.0% |
| Q4 25 | 39.9% | 9.7% | ||
| Q3 25 | 82.4% | 10.3% | ||
| Q2 25 | 29.3% | 1.6% | ||
| Q1 25 | 39.5% | -5.2% | ||
| Q4 24 | 57.7% | -7.3% | ||
| Q3 24 | -127.9% | -15.6% | ||
| Q2 24 | 44.1% | -33.5% | ||
| Q1 24 | -129.8% | -55.0% |
| Q4 25 | $0.19 | $0.02 | ||
| Q3 25 | $0.34 | $0.02 | ||
| Q2 25 | $0.12 | $0.00 | ||
| Q1 25 | $0.16 | $-0.01 | ||
| Q4 24 | $0.25 | $-0.02 | ||
| Q3 24 | $-0.69 | $-0.03 | ||
| Q2 24 | $0.23 | $-0.07 | ||
| Q1 24 | $-0.76 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $304.2M |
| Total DebtLower is stronger | — | $196.2M |
| Stockholders' EquityBook value | $1.9B | $741.1M |
| Total Assets | $9.9B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $304.2M | ||
| Q3 25 | $245.9M | $290.5M | ||
| Q2 25 | $177.6M | $306.6M | ||
| Q1 25 | $166.4M | $337.8M | ||
| Q4 24 | $317.4M | $220.0M | ||
| Q3 24 | $194.3M | $211.0M | ||
| Q2 24 | $174.7M | $229.0M | ||
| Q1 24 | $161.2M | $237.1M |
| Q4 25 | — | $196.2M | ||
| Q3 25 | — | $195.9M | ||
| Q2 25 | — | $195.6M | ||
| Q1 25 | — | $195.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $194.1M |
| Q4 25 | $1.9B | $741.1M | ||
| Q3 25 | $1.9B | $725.1M | ||
| Q2 25 | $1.8B | $725.1M | ||
| Q1 25 | $1.9B | $719.9M | ||
| Q4 24 | $1.9B | $725.2M | ||
| Q3 24 | $1.9B | $732.1M | ||
| Q2 24 | $2.0B | $742.6M | ||
| Q1 24 | $2.0B | $775.1M |
| Q4 25 | $9.9B | $1.2B | ||
| Q3 25 | $9.5B | $1.2B | ||
| Q2 25 | $9.8B | $1.2B | ||
| Q1 25 | $8.8B | $1.3B | ||
| Q4 24 | $8.4B | $1.3B | ||
| Q3 24 | $9.1B | $1.3B | ||
| Q2 24 | $9.3B | $1.3B | ||
| Q1 24 | $9.2B | $1.4B |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.25× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | $18.3M |
| Free Cash FlowOCF − Capex | — | $17.4M |
| FCF MarginFCF / Revenue | — | 12.3% |
| Capex IntensityCapex / Revenue | — | 0.6% |
| Cash ConversionOCF / Net Profit | 4.88× | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | — | $42.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $18.3M | ||
| Q3 25 | $31.7M | $3.9M | ||
| Q2 25 | $63.2M | $-18.0M | ||
| Q1 25 | $39.3M | $41.6M | ||
| Q4 24 | $200.3M | $6.0M | ||
| Q3 24 | $47.2M | $-16.0M | ||
| Q2 24 | $50.2M | $-15.1M | ||
| Q1 24 | $52.8M | $-15.5M |
| Q4 25 | — | $17.4M | ||
| Q3 25 | — | $3.1M | ||
| Q2 25 | — | $-18.9M | ||
| Q1 25 | — | $41.2M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $-16.5M | ||
| Q2 24 | — | $-16.5M | ||
| Q1 24 | — | $-17.6M |
| Q4 25 | — | 12.3% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | -15.5% | ||
| Q1 25 | — | 29.1% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | -13.1% | ||
| Q2 24 | — | -13.4% | ||
| Q1 24 | — | -17.2% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 2.1% |
| Q4 25 | 4.88× | 1.34× | ||
| Q3 25 | 0.62× | 0.29× | ||
| Q2 25 | 3.05× | -9.47× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
