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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and P10, Inc. (PX). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $81.0M, roughly 1.7× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 9.7%, a 2.0% gap on every dollar of revenue. On growth, BLACKBERRY Ltd posted the faster year-over-year revenue change (-0.8% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
BB vs PX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $81.0M |
| Net Profit | $13.7M | $9.5M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | 31.9% |
| Net Margin | 9.7% | 11.7% |
| Revenue YoY | -0.8% | -4.7% |
| Net Profit YoY | 224.5% | 79.0% |
| EPS (diluted) | $0.02 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $129.6M | $75.9M | ||
| Q2 25 | $121.7M | $72.7M | ||
| Q1 25 | $141.7M | $67.7M | ||
| Q4 24 | $143.6M | $85.0M | ||
| Q3 24 | $126.2M | $74.2M | ||
| Q2 24 | $123.4M | $71.1M | ||
| Q1 24 | $102.1M | $66.1M |
| Q4 25 | $13.7M | $9.5M | ||
| Q3 25 | $13.3M | $2.1M | ||
| Q2 25 | $1.9M | $3.4M | ||
| Q1 25 | $-7.4M | $4.5M | ||
| Q4 24 | $-10.5M | $5.3M | ||
| Q3 24 | $-19.7M | $1.4M | ||
| Q2 24 | $-41.4M | $7.0M | ||
| Q1 24 | $-56.2M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | 8.9% | 14.1% | ||
| Q2 25 | 1.6% | 24.4% | ||
| Q1 25 | -5.6% | 16.6% | ||
| Q4 24 | 13.6% | 26.9% | ||
| Q3 24 | 1.7% | 11.9% | ||
| Q2 24 | -10.5% | 23.7% | ||
| Q1 24 | 50.0% | 18.3% |
| Q4 25 | 9.7% | 11.7% | ||
| Q3 25 | 10.3% | 2.8% | ||
| Q2 25 | 1.6% | 4.7% | ||
| Q1 25 | -5.2% | 6.7% | ||
| Q4 24 | -7.3% | 6.2% | ||
| Q3 24 | -15.6% | 1.9% | ||
| Q2 24 | -33.5% | 9.8% | ||
| Q1 24 | -55.0% | 7.6% |
| Q4 25 | $0.02 | $0.08 | ||
| Q3 25 | $0.02 | $0.02 | ||
| Q2 25 | $0.00 | $0.03 | ||
| Q1 25 | $-0.01 | $0.04 | ||
| Q4 24 | $-0.02 | $0.05 | ||
| Q3 24 | $-0.03 | $0.01 | ||
| Q2 24 | $-0.07 | $0.06 | ||
| Q1 24 | $-0.08 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $196.2M | $373.2M |
| Stockholders' EquityBook value | $741.1M | $403.5M |
| Total Assets | $1.2B | $928.3M |
| Debt / EquityLower = less leverage | 0.26× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $28.2M | ||
| Q3 25 | $290.5M | $40.0M | ||
| Q2 25 | $306.6M | $33.4M | ||
| Q1 25 | $337.8M | $74.4M | ||
| Q4 24 | $220.0M | $67.5M | ||
| Q3 24 | $211.0M | $61.5M | ||
| Q2 24 | $229.0M | $31.2M | ||
| Q1 24 | $237.1M | $29.0M |
| Q4 25 | $196.2M | $373.2M | ||
| Q3 25 | $195.9M | $393.4M | ||
| Q2 25 | $195.6M | $373.0M | ||
| Q1 25 | $195.3M | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | $194.1M | $314.0M |
| Q4 25 | $741.1M | $403.5M | ||
| Q3 25 | $725.1M | $396.8M | ||
| Q2 25 | $725.1M | $388.9M | ||
| Q1 25 | $719.9M | $374.3M | ||
| Q4 24 | $725.2M | $386.9M | ||
| Q3 24 | $732.1M | $394.1M | ||
| Q2 24 | $742.6M | $396.9M | ||
| Q1 24 | $775.1M | $400.1M |
| Q4 25 | $1.2B | $928.3M | ||
| Q3 25 | $1.2B | $936.0M | ||
| Q2 25 | $1.2B | $932.2M | ||
| Q1 25 | $1.3B | $877.4M | ||
| Q4 24 | $1.3B | $869.3M | ||
| Q3 24 | $1.3B | $857.0M | ||
| Q2 24 | $1.3B | $823.2M | ||
| Q1 24 | $1.4B | $832.8M |
| Q4 25 | 0.26× | 0.93× | ||
| Q3 25 | 0.27× | 0.99× | ||
| Q2 25 | 0.27× | 0.96× | ||
| Q1 25 | 0.27× | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | 0.25× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $17.4M | $18.1M |
| FCF MarginFCF / Revenue | 12.3% | 22.3% |
| Capex IntensityCapex / Revenue | 0.6% | 6.0% |
| Cash ConversionOCF / Net Profit | 1.34× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $23.0M | ||
| Q3 25 | $3.9M | $-8.6M | ||
| Q2 25 | $-18.0M | $13.4M | ||
| Q1 25 | $41.6M | $-4.7M | ||
| Q4 24 | $6.0M | $101.0M | ||
| Q3 24 | $-16.0M | $27.5M | ||
| Q2 24 | $-15.1M | $34.8M | ||
| Q1 24 | $-15.5M | $11.0M |
| Q4 25 | $17.4M | $18.1M | ||
| Q3 25 | $3.1M | $-9.5M | ||
| Q2 25 | $-18.9M | $11.6M | ||
| Q1 25 | $41.2M | $-6.0M | ||
| Q4 24 | $5.2M | $96.6M | ||
| Q3 24 | $-16.5M | $25.2M | ||
| Q2 24 | $-16.5M | $33.9M | ||
| Q1 24 | $-17.6M | $10.7M |
| Q4 25 | 12.3% | 22.3% | ||
| Q3 25 | 2.4% | -12.6% | ||
| Q2 25 | -15.5% | 15.9% | ||
| Q1 25 | 29.1% | -8.9% | ||
| Q4 24 | 3.6% | 113.6% | ||
| Q3 24 | -13.1% | 34.0% | ||
| Q2 24 | -13.4% | 47.7% | ||
| Q1 24 | -17.2% | 16.2% |
| Q4 25 | 0.6% | 6.0% | ||
| Q3 25 | 0.6% | 1.2% | ||
| Q2 25 | 0.7% | 2.5% | ||
| Q1 25 | 0.3% | 1.9% | ||
| Q4 24 | 0.6% | 5.2% | ||
| Q3 24 | 0.4% | 3.0% | ||
| Q2 24 | 1.1% | 1.3% | ||
| Q1 24 | 2.1% | 0.4% |
| Q4 25 | 1.34× | 2.43× | ||
| Q3 25 | 0.29× | -4.01× | ||
| Q2 25 | -9.47× | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
