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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $101.1M, roughly 1.4× FORRESTER RESEARCH, INC.). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -33.5%, a 43.2% gap on every dollar of revenue. On growth, BLACKBERRY Ltd posted the faster year-over-year revenue change (-0.8% vs -6.5%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-4.3M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
BB vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $101.1M |
| Net Profit | $13.7M | $-33.9M |
| Gross Margin | 77.5% | 56.7% |
| Operating Margin | 8.4% | -36.6% |
| Net Margin | 9.7% | -33.5% |
| Revenue YoY | -0.8% | -6.5% |
| Net Profit YoY | 224.5% | -7941.4% |
| EPS (diluted) | $0.02 | $-1.75 |
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 | $141.8M | $101.1M | ||
| Q3 25 | $129.6M | $94.3M | ||
| Q2 25 | $121.7M | $111.7M | ||
| Q1 25 | $141.7M | $89.9M | ||
| Q4 24 | $143.6M | $108.0M | ||
| Q3 24 | $126.2M | $102.5M | ||
| Q2 24 | $123.4M | $121.8M | ||
| Q1 24 | $102.1M | $100.1M |
| Q4 25 | $13.7M | $-33.9M | ||
| Q3 25 | $13.3M | $-2.1M | ||
| Q2 25 | $1.9M | $3.9M | ||
| Q1 25 | $-7.4M | $-87.3M | ||
| Q4 24 | $-10.5M | $432.0K | ||
| Q3 24 | $-19.7M | $-5.8M | ||
| Q2 24 | $-41.4M | $6.3M | ||
| Q1 24 | $-56.2M | $-6.7M |
| Q4 25 | 77.5% | 56.7% | ||
| Q3 25 | 74.5% | 60.0% | ||
| Q2 25 | 74.2% | 55.5% | ||
| Q1 25 | 73.5% | 55.9% | ||
| Q4 24 | 78.1% | 58.8% | ||
| Q3 24 | 70.2% | 60.5% | ||
| Q2 24 | 72.9% | 57.3% | ||
| Q1 24 | — | 54.9% |
| Q4 25 | 8.4% | -36.6% | ||
| Q3 25 | 8.9% | 4.7% | ||
| Q2 25 | 1.6% | 6.2% | ||
| Q1 25 | -5.6% | -97.5% | ||
| Q4 24 | 13.6% | -0.5% | ||
| Q3 24 | 1.7% | -0.7% | ||
| Q2 24 | -10.5% | 9.3% | ||
| Q1 24 | 50.0% | -9.3% |
| Q4 25 | 9.7% | -33.5% | ||
| Q3 25 | 10.3% | -2.3% | ||
| Q2 25 | 1.6% | 3.5% | ||
| Q1 25 | -5.2% | -97.1% | ||
| Q4 24 | -7.3% | 0.4% | ||
| Q3 24 | -15.6% | -5.7% | ||
| Q2 24 | -33.5% | 5.2% | ||
| Q1 24 | -55.0% | -6.7% |
| Q4 25 | $0.02 | $-1.75 | ||
| Q3 25 | $0.02 | $-0.11 | ||
| Q2 25 | $0.00 | $0.20 | ||
| Q1 25 | $-0.01 | $-4.62 | ||
| Q4 24 | $-0.02 | $0.02 | ||
| Q3 24 | $-0.03 | $-0.30 | ||
| Q2 24 | $-0.07 | $0.33 | ||
| Q1 24 | $-0.08 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $304.2M | $63.3M |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $126.5M |
| Total Assets | $1.2B | $404.0M |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $63.3M | ||
| Q3 25 | $290.5M | $65.1M | ||
| Q2 25 | $306.6M | $67.8M | ||
| Q1 25 | $337.8M | $75.6M | ||
| Q4 24 | $220.0M | $56.1M | ||
| Q3 24 | $211.0M | $62.8M | ||
| Q2 24 | $229.0M | $58.9M | ||
| Q1 24 | $237.1M | $61.4M |
| 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 | $741.1M | $126.5M | ||
| Q3 25 | $725.1M | $157.7M | ||
| Q2 25 | $725.1M | $159.5M | ||
| Q1 25 | $719.9M | $147.4M | ||
| Q4 24 | $725.2M | $229.5M | ||
| Q3 24 | $732.1M | $234.3M | ||
| Q2 24 | $742.6M | $237.1M | ||
| Q1 24 | $775.1M | $230.9M |
| Q4 25 | $1.2B | $404.0M | ||
| Q3 25 | $1.2B | $414.2M | ||
| Q2 25 | $1.2B | $436.0M | ||
| Q1 25 | $1.3B | $439.8M | ||
| Q4 24 | $1.3B | $503.9M | ||
| Q3 24 | $1.3B | $505.3M | ||
| Q2 24 | $1.3B | $524.2M | ||
| Q1 24 | $1.4B | $555.7M |
| 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 | $18.3M | $-3.2M |
| Free Cash FlowOCF − Capex | $17.4M | $-4.3M |
| FCF MarginFCF / Revenue | 12.3% | -4.2% |
| Capex IntensityCapex / Revenue | 0.6% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $-3.2M | ||
| Q3 25 | $3.9M | $1.2M | ||
| Q2 25 | $-18.0M | $-3.6M | ||
| Q1 25 | $41.6M | $26.7M | ||
| Q4 24 | $6.0M | $-1.8M | ||
| Q3 24 | $-16.0M | $264.0K | ||
| Q2 24 | $-15.1M | $-2.9M | ||
| Q1 24 | $-15.5M | $611.0K |
| Q4 25 | $17.4M | $-4.3M | ||
| Q3 25 | $3.1M | $524.0K | ||
| Q2 25 | $-18.9M | $-4.2M | ||
| Q1 25 | $41.2M | $26.1M | ||
| Q4 24 | $5.2M | $-2.5M | ||
| Q3 24 | $-16.5M | $-223.0K | ||
| Q2 24 | $-16.5M | $-3.7M | ||
| Q1 24 | $-17.6M | $-815.0K |
| Q4 25 | 12.3% | -4.2% | ||
| Q3 25 | 2.4% | 0.6% | ||
| Q2 25 | -15.5% | -3.8% | ||
| Q1 25 | 29.1% | 29.0% | ||
| Q4 24 | 3.6% | -2.3% | ||
| Q3 24 | -13.1% | -0.2% | ||
| Q2 24 | -13.4% | -3.1% | ||
| Q1 24 | -17.2% | -0.8% |
| Q4 25 | 0.6% | 1.1% | ||
| Q3 25 | 0.6% | 0.7% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.6% | 0.6% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 1.1% | 0.7% | ||
| Q1 24 | 2.1% | 1.4% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | -0.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.46× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
