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Side-by-side financial comparison of BLACKLINE, INC. (BL) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
BLACKLINE, INC. is the larger business by last-quarter revenue ($183.2M vs $124.5M, roughly 1.5× PagerDuty, Inc.). PagerDuty, Inc. runs the higher net margin — 129.7% vs 2.7%, a 127.1% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs 4.7%). BLACKLINE, INC. produced more free cash flow last quarter ($26.1M vs $24.1M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs 5.9%).
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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
BL vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $124.5M |
| Net Profit | $4.9M | $161.6M |
| Gross Margin | 75.2% | 85.3% |
| Operating Margin | 3.7% | 6.5% |
| Net Margin | 2.7% | 129.7% |
| Revenue YoY | 8.1% | 4.7% |
| Net Profit YoY | -91.3% | 2827.7% |
| EPS (diluted) | $0.07 | $1.69 |
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 | $183.2M | $124.5M | ||
| Q3 25 | $178.3M | $123.4M | ||
| Q2 25 | $172.0M | $119.8M | ||
| Q1 25 | $166.9M | $121.4M | ||
| Q4 24 | $169.5M | $118.9M | ||
| Q3 24 | $165.9M | $115.9M | ||
| Q2 24 | $160.5M | $111.2M | ||
| Q1 24 | $157.5M | $111.1M |
| Q4 25 | $4.9M | $161.6M | ||
| Q3 25 | $5.3M | $9.6M | ||
| Q2 25 | $8.3M | $-7.2M | ||
| Q1 25 | $6.1M | $-8.8M | ||
| Q4 24 | $56.4M | $-5.9M | ||
| Q3 24 | $17.2M | $-10.9M | ||
| Q2 24 | $76.7M | $-17.1M | ||
| Q1 24 | $10.8M | $-28.2M |
| Q4 25 | 75.2% | 85.3% | ||
| Q3 25 | 75.1% | 84.6% | ||
| Q2 25 | 75.2% | 84.0% | ||
| Q1 25 | 75.5% | 83.6% | ||
| Q4 24 | 75.6% | 83.0% | ||
| Q3 24 | 75.2% | 82.7% | ||
| Q2 24 | 74.9% | 82.6% | ||
| Q1 24 | 75.2% | 81.7% |
| Q4 25 | 3.7% | 6.5% | ||
| Q3 25 | 4.3% | 2.9% | ||
| Q2 25 | 4.4% | -8.6% | ||
| Q1 25 | 2.1% | -9.6% | ||
| Q4 24 | 3.7% | -8.7% | ||
| Q3 24 | 5.0% | -13.8% | ||
| Q2 24 | 1.4% | -19.5% | ||
| Q1 24 | 1.1% | -30.1% |
| Q4 25 | 2.7% | 129.7% | ||
| Q3 25 | 3.0% | 7.8% | ||
| Q2 25 | 4.8% | -6.0% | ||
| Q1 25 | 3.6% | -7.2% | ||
| Q4 24 | 33.3% | -5.0% | ||
| Q3 24 | 10.4% | -9.4% | ||
| Q2 24 | 47.8% | -15.4% | ||
| Q1 24 | 6.9% | -25.3% |
| Q4 25 | $0.07 | $1.69 | ||
| Q3 25 | $0.09 | $0.10 | ||
| Q2 25 | $0.13 | $-0.07 | ||
| Q1 25 | $0.10 | $-0.12 | ||
| Q4 24 | $0.79 | $-0.07 | ||
| Q3 24 | $0.27 | $-0.14 | ||
| Q2 24 | $0.22 | $-0.26 | ||
| Q1 24 | $0.17 | $-0.34 |
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 | $547.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $320.5M |
| Total Assets | $1.8B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $547.8M | ||
| Q3 25 | $419.9M | $567.9M | ||
| Q2 25 | $459.1M | $597.1M | ||
| Q1 25 | $479.5M | $570.8M | ||
| Q4 24 | $885.9M | $542.2M | ||
| Q3 24 | $725.3M | $599.3M | ||
| Q2 24 | $616.6M | $592.8M | ||
| Q1 24 | $331.4M | $571.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $484.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $489.5M |
| Q4 25 | $332.3M | $320.5M | ||
| Q3 25 | $328.3M | $180.7M | ||
| Q2 25 | $414.0M | $145.7M | ||
| Q1 25 | $417.9M | $129.8M | ||
| Q4 24 | $446.7M | $111.6M | ||
| Q3 24 | $367.9M | $164.7M | ||
| Q2 24 | $325.8M | $174.0M | ||
| Q1 24 | $279.8M | $171.6M |
| Q4 25 | $1.8B | $1.0B | ||
| Q3 25 | $1.7B | $891.5M | ||
| Q2 25 | $1.8B | $926.8M | ||
| Q1 25 | $1.8B | $927.3M | ||
| Q4 24 | $1.8B | $866.8M | ||
| Q3 24 | $1.7B | $916.0M | ||
| Q2 24 | $1.9B | $924.0M | ||
| Q1 24 | $2.1B | $925.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.73× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $26.1M | $24.1M |
| FCF MarginFCF / Revenue | 14.2% | 19.3% |
| Capex IntensityCapex / Revenue | 0.3% | 0.6% |
| Cash ConversionOCF / Net Profit | 5.46× | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $24.8M | ||
| Q3 25 | $63.8M | $34.0M | ||
| Q2 25 | $32.3M | $30.7M | ||
| Q1 25 | $46.7M | $31.4M | ||
| Q4 24 | $43.8M | $22.1M | ||
| Q3 24 | $55.9M | $35.8M | ||
| Q2 24 | $40.7M | $28.6M | ||
| Q1 24 | $50.4M | $22.2M |
| Q4 25 | $26.1M | $24.1M | ||
| Q3 25 | $63.3M | $33.1M | ||
| Q2 25 | $31.4M | $30.2M | ||
| Q1 25 | $40.8M | $30.3M | ||
| Q4 24 | $43.0M | $21.5M | ||
| Q3 24 | $55.5M | $35.1M | ||
| Q2 24 | $40.0M | $28.2M | ||
| Q1 24 | $50.1M | $21.2M |
| Q4 25 | 14.2% | 19.3% | ||
| Q3 25 | 35.5% | 26.8% | ||
| Q2 25 | 18.2% | 25.2% | ||
| Q1 25 | 24.4% | 24.9% | ||
| Q4 24 | 25.4% | 18.1% | ||
| Q3 24 | 33.5% | 30.3% | ||
| Q2 24 | 24.9% | 25.4% | ||
| Q1 24 | 31.8% | 19.1% |
| Q4 25 | 0.3% | 0.6% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.6% | 0.4% | ||
| Q1 25 | 3.6% | 0.9% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 0.4% | 0.4% | ||
| Q1 24 | 0.2% | 0.9% |
| Q4 25 | 5.46× | 0.15× | ||
| Q3 25 | 12.07× | 3.55× | ||
| Q2 25 | 3.90× | — | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | — | ||
| Q1 24 | 4.66× | — |
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% |
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
