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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $113.9M, roughly 1.2× Industrial Logistics Properties Trust). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -1.6%, a 11.2% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -0.8%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 0.7%).
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.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
BB vs ILPT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $113.9M |
| Net Profit | $13.7M | $-1.8M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | -22.1% |
| Net Margin | 9.7% | -1.6% |
| Revenue YoY | -0.8% | 3.1% |
| Net Profit YoY | 224.5% | 92.6% |
| EPS (diluted) | $0.02 | $-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 | $141.8M | $113.9M | ||
| Q3 25 | $129.6M | $110.9M | ||
| Q2 25 | $121.7M | $112.1M | ||
| Q1 25 | $141.7M | $111.9M | ||
| Q4 24 | $143.6M | $110.5M | ||
| Q3 24 | $126.2M | $108.9M | ||
| Q2 24 | $123.4M | $110.6M | ||
| Q1 24 | $102.1M | $112.2M |
| Q4 25 | $13.7M | $-1.8M | ||
| Q3 25 | $13.3M | $-21.6M | ||
| Q2 25 | $1.9M | $-21.3M | ||
| Q1 25 | $-7.4M | $-21.5M | ||
| Q4 24 | $-10.5M | $-24.1M | ||
| Q3 24 | $-19.7M | $-25.0M | ||
| Q2 24 | $-41.4M | $-23.2M | ||
| Q1 24 | $-56.2M | $-23.4M |
| 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 | 8.4% | -22.1% | ||
| Q3 25 | 8.9% | -29.4% | ||
| Q2 25 | 1.6% | -30.8% | ||
| Q1 25 | -5.6% | -26.9% | ||
| Q4 24 | 13.6% | -31.1% | ||
| Q3 24 | 1.7% | -33.5% | ||
| Q2 24 | -10.5% | -32.4% | ||
| Q1 24 | 50.0% | -31.7% |
| Q4 25 | 9.7% | -1.6% | ||
| Q3 25 | 10.3% | -19.4% | ||
| Q2 25 | 1.6% | -19.0% | ||
| Q1 25 | -5.2% | -19.2% | ||
| Q4 24 | -7.3% | -21.8% | ||
| Q3 24 | -15.6% | -22.9% | ||
| Q2 24 | -33.5% | -20.9% | ||
| Q1 24 | -55.0% | -20.9% |
| Q4 25 | $0.02 | $-0.02 | ||
| Q3 25 | $0.02 | $-0.33 | ||
| Q2 25 | $0.00 | $-0.32 | ||
| Q1 25 | $-0.01 | $-0.33 | ||
| Q4 24 | $-0.02 | $-0.37 | ||
| Q3 24 | $-0.03 | $-0.38 | ||
| Q2 24 | $-0.07 | $-0.35 | ||
| Q1 24 | $-0.08 | $-0.36 |
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 | $94.8M |
| Total DebtLower is stronger | $196.2M | $4.2B |
| Stockholders' EquityBook value | $741.1M | $489.7M |
| Total Assets | $1.2B | $5.2B |
| Debt / EquityLower = less leverage | 0.26× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $94.8M | ||
| Q3 25 | $290.5M | $83.2M | ||
| Q2 25 | $306.6M | $58.6M | ||
| Q1 25 | $337.8M | $108.0M | ||
| Q4 24 | $220.0M | $131.7M | ||
| Q3 24 | $211.0M | $153.9M | ||
| Q2 24 | $229.0M | $146.2M | ||
| Q1 24 | $237.1M | $128.4M |
| Q4 25 | $196.2M | $4.2B | ||
| Q3 25 | $195.9M | $4.2B | ||
| Q2 25 | $195.6M | $4.2B | ||
| Q1 25 | $195.3M | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | $194.1M | $4.3B |
| Q4 25 | $741.1M | $489.7M | ||
| Q3 25 | $725.1M | $494.1M | ||
| Q2 25 | $725.1M | $519.1M | ||
| Q1 25 | $719.9M | $539.5M | ||
| Q4 24 | $725.2M | $562.0M | ||
| Q3 24 | $732.1M | $585.9M | ||
| Q2 24 | $742.6M | $618.3M | ||
| Q1 24 | $775.1M | $643.2M |
| Q4 25 | $1.2B | $5.2B | ||
| Q3 25 | $1.2B | $5.2B | ||
| Q2 25 | $1.2B | $5.2B | ||
| Q1 25 | $1.3B | $5.4B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.3B | $5.5B | ||
| Q2 24 | $1.3B | $5.5B | ||
| Q1 24 | $1.4B | $5.5B |
| Q4 25 | 0.26× | 8.56× | ||
| Q3 25 | 0.27× | 8.49× | ||
| Q2 25 | 0.27× | 8.09× | ||
| Q1 25 | 0.27× | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | 0.25× | 6.70× |
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 | $60.7M |
| Free Cash FlowOCF − Capex | $17.4M | $42.0M |
| FCF MarginFCF / Revenue | 12.3% | 36.9% |
| Capex IntensityCapex / Revenue | 0.6% | 16.4% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $60.7M | ||
| Q3 25 | $3.9M | $22.7M | ||
| Q2 25 | $-18.0M | $18.4M | ||
| Q1 25 | $41.6M | $11.4M | ||
| Q4 24 | $6.0M | $2.0M | ||
| Q3 24 | $-16.0M | $-3.4M | ||
| Q2 24 | $-15.1M | $10.8M | ||
| Q1 24 | $-15.5M | $8.0M |
| Q4 25 | $17.4M | $42.0M | ||
| Q3 25 | $3.1M | $17.6M | ||
| Q2 25 | $-18.9M | $15.2M | ||
| Q1 25 | $41.2M | $5.0M | ||
| Q4 24 | $5.2M | $-3.7M | ||
| Q3 24 | $-16.5M | $-5.9M | ||
| Q2 24 | $-16.5M | $9.4M | ||
| Q1 24 | $-17.6M | $5.9M |
| Q4 25 | 12.3% | 36.9% | ||
| Q3 25 | 2.4% | 15.9% | ||
| Q2 25 | -15.5% | 13.5% | ||
| Q1 25 | 29.1% | 4.5% | ||
| Q4 24 | 3.6% | -3.4% | ||
| Q3 24 | -13.1% | -5.5% | ||
| Q2 24 | -13.4% | 8.5% | ||
| Q1 24 | -17.2% | 5.2% |
| Q4 25 | 0.6% | 16.4% | ||
| Q3 25 | 0.6% | 4.6% | ||
| Q2 25 | 0.7% | 2.9% | ||
| Q1 25 | 0.3% | 5.7% | ||
| Q4 24 | 0.6% | 5.2% | ||
| Q3 24 | 0.4% | 2.3% | ||
| Q2 24 | 1.1% | 1.3% | ||
| Q1 24 | 2.1% | 1.9% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
ILPT
Segment breakdown not available.
