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Side-by-side financial comparison of BLACKLINE, INC. (BL) and INDEPENDENCE REALTY TRUST, INC. (IRT). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $165.3M, roughly 1.1× INDEPENDENCE REALTY TRUST, INC.). On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 2.5%). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 2.2%).
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.
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.
BL vs IRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $165.3M |
| Net Profit | $4.9M | — |
| Gross Margin | 75.2% | — |
| Operating Margin | 3.7% | — |
| Net Margin | 2.7% | — |
| Revenue YoY | 8.1% | 2.5% |
| Net Profit YoY | -91.3% | — |
| EPS (diluted) | $0.07 | $0.00 |
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 | — | $165.3M | ||
| Q4 25 | $183.2M | $167.1M | ||
| Q3 25 | $178.3M | $167.1M | ||
| Q2 25 | $172.0M | $162.2M | ||
| Q1 25 | $166.9M | $161.2M | ||
| Q4 24 | $169.5M | $161.0M | ||
| Q3 24 | $165.9M | $160.1M | ||
| Q2 24 | $160.5M | $158.4M |
| Q1 26 | — | — | ||
| Q4 25 | $4.9M | $33.3M | ||
| Q3 25 | $5.3M | $6.9M | ||
| Q2 25 | $8.3M | $8.0M | ||
| Q1 25 | $6.1M | $8.4M | ||
| Q4 24 | $56.4M | $-1.0M | ||
| Q3 24 | $17.2M | $12.4M | ||
| Q2 24 | $76.7M | $10.4M |
| Q1 26 | — | — | ||
| Q4 25 | 75.2% | — | ||
| Q3 25 | 75.1% | — | ||
| Q2 25 | 75.2% | — | ||
| Q1 25 | 75.5% | — | ||
| Q4 24 | 75.6% | — | ||
| Q3 24 | 75.2% | — | ||
| Q2 24 | 74.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 1.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.7% | 19.9% | ||
| Q3 25 | 3.0% | 4.1% | ||
| Q2 25 | 4.8% | 5.0% | ||
| Q1 25 | 3.6% | 5.2% | ||
| Q4 24 | 33.3% | -0.6% | ||
| Q3 24 | 10.4% | 7.7% | ||
| Q2 24 | 47.8% | 6.5% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.07 | $0.14 | ||
| Q3 25 | $0.09 | $0.03 | ||
| Q2 25 | $0.13 | $0.03 | ||
| Q1 25 | $0.10 | $0.04 | ||
| Q4 24 | $0.79 | $-0.01 | ||
| Q3 24 | $0.27 | $0.05 | ||
| Q2 24 | $0.22 | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $390.0M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $3.4B |
| Total Assets | $1.8B | $6.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $23.3M | ||
| Q4 25 | $390.0M | $23.6M | ||
| Q3 25 | $419.9M | $23.3M | ||
| Q2 25 | $459.1M | $19.5M | ||
| Q1 25 | $479.5M | $29.1M | ||
| Q4 24 | $885.9M | $21.2M | ||
| Q3 24 | $725.3M | $17.6M | ||
| Q2 24 | $616.6M | $21.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $332.3M | $3.5B | ||
| Q3 25 | $328.3M | $3.5B | ||
| Q2 25 | $414.0M | $3.4B | ||
| Q1 25 | $417.9M | $3.5B | ||
| Q4 24 | $446.7M | $3.4B | ||
| Q3 24 | $367.9M | $3.4B | ||
| Q2 24 | $325.8M | $3.4B |
| Q1 26 | — | $6.1B | ||
| Q4 25 | $1.8B | $6.0B | ||
| Q3 25 | $1.7B | $6.1B | ||
| Q2 25 | $1.8B | $6.0B | ||
| Q1 25 | $1.8B | $6.0B | ||
| Q4 24 | $1.8B | $6.1B | ||
| Q3 24 | $1.7B | $5.9B | ||
| Q2 24 | $1.9B | $5.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.66× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.66× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.66× |
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 | $26.7M | $282.1M | ||
| Q3 25 | $63.8M | $79.3M | ||
| Q2 25 | $32.3M | $82.2M | ||
| Q1 25 | $46.7M | $60.4M | ||
| Q4 24 | $43.8M | $259.8M | ||
| Q3 24 | $55.9M | $69.2M | ||
| Q2 24 | $40.7M | $83.0M |
| 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× | 8.48× | ||
| Q3 25 | 12.07× | 11.51× | ||
| Q2 25 | 3.90× | 10.22× | ||
| Q1 25 | 7.72× | 7.23× | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | 5.60× | ||
| Q2 24 | 0.53× | 8.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
