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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and BLACKLINE, INC. (BL). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $127.0M, roughly 1.4× BRANDYWINE REALTY TRUST). BLACKLINE, INC. runs the higher net margin — 2.7% vs -38.4%, a 41.1% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 4.5%). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
BDN vs BL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $183.2M |
| Net Profit | $-48.8M | $4.9M |
| Gross Margin | — | 75.2% |
| Operating Margin | 1.2% | 3.7% |
| Net Margin | -38.4% | 2.7% |
| Revenue YoY | 4.5% | 8.1% |
| Net Profit YoY | -80.4% | -91.3% |
| EPS (diluted) | $-0.28 | $0.07 |
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.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $183.2M | ||
| Q3 25 | $121.4M | $178.3M | ||
| Q2 25 | $120.6M | $172.0M | ||
| Q1 25 | $121.5M | $166.9M | ||
| Q4 24 | $121.9M | $169.5M | ||
| Q3 24 | $131.8M | $165.9M | ||
| Q2 24 | $125.3M | $160.5M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $4.9M | ||
| Q3 25 | $-25.9M | $5.3M | ||
| Q2 25 | $-88.7M | $8.3M | ||
| Q1 25 | $-27.0M | $6.1M | ||
| Q4 24 | $-44.5M | $56.4M | ||
| Q3 24 | $-165.2M | $17.2M | ||
| Q2 24 | $30.2M | $76.7M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 75.2% | ||
| Q3 25 | 62.6% | 75.1% | ||
| Q2 25 | 62.4% | 75.2% | ||
| Q1 25 | 60.8% | 75.5% | ||
| Q4 24 | 61.2% | 75.6% | ||
| Q3 24 | 64.9% | 75.2% | ||
| Q2 24 | 63.1% | 74.9% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | 3.7% | ||
| Q3 25 | 20.8% | 4.3% | ||
| Q2 25 | -34.3% | 4.4% | ||
| Q1 25 | 12.5% | 2.1% | ||
| Q4 24 | 18.0% | 3.7% | ||
| Q3 24 | -7.2% | 5.0% | ||
| Q2 24 | 15.5% | 1.4% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 2.7% | ||
| Q3 25 | -21.3% | 3.0% | ||
| Q2 25 | -73.5% | 4.8% | ||
| Q1 25 | -22.2% | 3.6% | ||
| Q4 24 | -36.5% | 33.3% | ||
| Q3 24 | -125.4% | 10.4% | ||
| Q2 24 | 24.1% | 47.8% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $0.07 | ||
| Q3 25 | $-0.15 | $0.09 | ||
| Q2 25 | $-0.51 | $0.13 | ||
| Q1 25 | $-0.16 | $0.10 | ||
| Q4 24 | $-0.25 | $0.79 | ||
| Q3 24 | $-0.96 | $0.27 | ||
| Q2 24 | $0.17 | $0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $390.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $332.3M |
| Total Assets | $3.6B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $390.0M | ||
| Q3 25 | $75.5M | $419.9M | ||
| Q2 25 | $122.6M | $459.1M | ||
| Q1 25 | $29.4M | $479.5M | ||
| Q4 24 | $90.2M | $885.9M | ||
| Q3 24 | $36.5M | $725.3M | ||
| Q2 24 | $30.4M | $616.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $332.3M | ||
| Q3 25 | $841.5M | $328.3M | ||
| Q2 25 | $879.8M | $414.0M | ||
| Q1 25 | $993.6M | $417.9M | ||
| Q4 24 | $1.0B | $446.7M | ||
| Q3 24 | $1.1B | $367.9M | ||
| Q2 24 | $1.3B | $325.8M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $1.8B | ||
| Q3 25 | $3.3B | $1.7B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.4B | $1.8B | ||
| Q4 24 | $3.5B | $1.8B | ||
| Q3 24 | $3.6B | $1.7B | ||
| Q2 24 | $3.8B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
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 | — | $26.7M |
| Free Cash FlowOCF − Capex | — | $26.1M |
| FCF MarginFCF / Revenue | — | 14.2% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | 5.46× |
| TTM Free Cash FlowTrailing 4 quarters | — | $161.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $26.7M | ||
| Q3 25 | $47.5M | $63.8M | ||
| Q2 25 | $34.4M | $32.3M | ||
| Q1 25 | $6.3M | $46.7M | ||
| Q4 24 | $181.1M | $43.8M | ||
| Q3 24 | $52.2M | $55.9M | ||
| Q2 24 | $48.2M | $40.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $26.1M | ||
| Q3 25 | — | $63.3M | ||
| Q2 25 | — | $31.4M | ||
| Q1 25 | — | $40.8M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | — | $55.5M | ||
| Q2 24 | — | $40.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | — | 35.5% | ||
| Q2 25 | — | 18.2% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 24.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 12.07× | ||
| Q2 25 | — | 3.90× | ||
| Q1 25 | — | 7.72× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | 3.24× | ||
| Q2 24 | 1.60× | 0.53× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
