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Side-by-side financial comparison of BLACKBERRY Ltd (BB) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
BLACKBERRY Ltd is the larger business by last-quarter revenue ($141.8M vs $91.6M, roughly 1.5× SHENANDOAH TELECOMMUNICATIONS CO). BLACKBERRY Ltd runs the higher net margin — 9.7% vs -5.9%, a 15.5% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -0.8%). BLACKBERRY Ltd produced more free cash flow last quarter ($17.4M vs $-78.6M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs 15.0%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
BB vs SHEN — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $91.6M |
| Net Profit | $13.7M | $-5.4M |
| Gross Margin | 77.5% | — |
| Operating Margin | 8.4% | -1.0% |
| Net Margin | 9.7% | -5.9% |
| Revenue YoY | -0.8% | 7.2% |
| Net Profit YoY | 224.5% | -95.8% |
| EPS (diluted) | $0.02 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $129.6M | $89.8M | ||
| Q2 25 | $121.7M | $88.6M | ||
| Q1 25 | $141.7M | $87.9M | ||
| Q4 24 | $143.6M | $85.4M | ||
| Q3 24 | $126.2M | $87.6M | ||
| Q2 24 | $123.4M | $85.8M | ||
| Q1 24 | $102.1M | $69.2M |
| Q4 25 | $13.7M | $-5.4M | ||
| Q3 25 | $13.3M | $-9.4M | ||
| Q2 25 | $1.9M | $-9.0M | ||
| Q1 25 | $-7.4M | $-9.1M | ||
| Q4 24 | $-10.5M | $-2.7M | ||
| Q3 24 | $-19.7M | $-5.3M | ||
| Q2 24 | $-41.4M | $-12.9M | ||
| Q1 24 | $-56.2M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | 8.9% | -8.0% | ||
| Q2 25 | 1.6% | -10.3% | ||
| Q1 25 | -5.6% | -6.9% | ||
| Q4 24 | 13.6% | -6.7% | ||
| Q3 24 | 1.7% | -4.8% | ||
| Q2 24 | -10.5% | -18.5% | ||
| Q1 24 | 50.0% | -4.0% |
| Q4 25 | 9.7% | -5.9% | ||
| Q3 25 | 10.3% | -10.5% | ||
| Q2 25 | 1.6% | -10.2% | ||
| Q1 25 | -5.2% | -10.4% | ||
| Q4 24 | -7.3% | -3.2% | ||
| Q3 24 | -15.6% | -6.0% | ||
| Q2 24 | -33.5% | -15.0% | ||
| Q1 24 | -55.0% | 310.0% |
| Q4 25 | $0.02 | $-0.13 | ||
| Q3 25 | $0.02 | $-0.20 | ||
| Q2 25 | $0.00 | $-0.19 | ||
| Q1 25 | $-0.01 | $-0.19 | ||
| Q4 24 | $-0.02 | $-0.34 | ||
| Q3 24 | $-0.03 | $-0.13 | ||
| Q2 24 | $-0.07 | $-0.24 | ||
| Q1 24 | $-0.08 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $196.2M | $642.4M |
| Stockholders' EquityBook value | $741.1M | $880.8M |
| Total Assets | $1.2B | $1.9B |
| Debt / EquityLower = less leverage | 0.26× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $27.3M | ||
| Q3 25 | $290.5M | $22.6M | ||
| Q2 25 | $306.6M | $29.1M | ||
| Q1 25 | $337.8M | $87.5M | ||
| Q4 24 | $220.0M | $46.3M | ||
| Q3 24 | $211.0M | $43.1M | ||
| Q2 24 | $229.0M | $43.8M | ||
| Q1 24 | $237.1M | $389.7M |
| Q4 25 | $196.2M | $642.4M | ||
| Q3 25 | $195.9M | $535.4M | ||
| Q2 25 | $195.6M | $513.1M | ||
| Q1 25 | $195.3M | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | $194.1M | $298.7M |
| Q4 25 | $741.1M | $880.8M | ||
| Q3 25 | $725.1M | $892.7M | ||
| Q2 25 | $725.1M | $902.0M | ||
| Q1 25 | $719.9M | $910.5M | ||
| Q4 24 | $725.2M | $918.6M | ||
| Q3 24 | $732.1M | $925.4M | ||
| Q2 24 | $742.6M | $933.1M | ||
| Q1 24 | $775.1M | $871.6M |
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.3B | $1.8B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.3B | $1.7B | ||
| Q2 24 | $1.3B | $1.7B | ||
| Q1 24 | $1.4B | $1.4B |
| Q4 25 | 0.26× | 0.73× | ||
| Q3 25 | 0.27× | 0.60× | ||
| Q2 25 | 0.27× | 0.57× | ||
| Q1 25 | 0.27× | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 0.25× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $17.4M | $-78.6M |
| FCF MarginFCF / Revenue | 12.3% | -85.8% |
| Capex IntensityCapex / Revenue | 0.6% | 117.2% |
| Cash ConversionOCF / Net Profit | 1.34× | — |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $28.8M | ||
| Q3 25 | $3.9M | $30.7M | ||
| Q2 25 | $-18.0M | $20.9M | ||
| Q1 25 | $41.6M | $20.5M | ||
| Q4 24 | $6.0M | $20.6M | ||
| Q3 24 | $-16.0M | $24.3M | ||
| Q2 24 | $-15.1M | $2.5M | ||
| Q1 24 | $-15.5M | $15.2M |
| Q4 25 | $17.4M | $-78.6M | ||
| Q3 25 | $3.1M | $-51.4M | ||
| Q2 25 | $-18.9M | $-65.3M | ||
| Q1 25 | $41.2M | $-62.7M | ||
| Q4 24 | $5.2M | $-72.0M | ||
| Q3 24 | $-16.5M | $-51.3M | ||
| Q2 24 | $-16.5M | $-78.3M | ||
| Q1 24 | $-17.6M | $-54.9M |
| Q4 25 | 12.3% | -85.8% | ||
| Q3 25 | 2.4% | -57.2% | ||
| Q2 25 | -15.5% | -73.7% | ||
| Q1 25 | 29.1% | -71.3% | ||
| Q4 24 | 3.6% | -84.3% | ||
| Q3 24 | -13.1% | -58.5% | ||
| Q2 24 | -13.4% | -91.3% | ||
| Q1 24 | -17.2% | -79.3% |
| Q4 25 | 0.6% | 117.2% | ||
| Q3 25 | 0.6% | 91.4% | ||
| Q2 25 | 0.7% | 97.3% | ||
| Q1 25 | 0.3% | 94.7% | ||
| Q4 24 | 0.6% | 108.4% | ||
| Q3 24 | 0.4% | 86.2% | ||
| Q2 24 | 1.1% | 94.2% | ||
| Q1 24 | 2.1% | 101.2% |
| Q4 25 | 1.34× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.47× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
