THE MEDICI LIST

by Mike Gee

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Disclaimer: This is a simplified summary of a public company filing. See full disclaimer here.

BLACKBAUD INC

CIK: 12800582 Annual ReportsLatest: 2026-02-18

10-K / February 18, 2026

Revenue:$1,128,365,000
Income:$114,970,000

10-K / May 27, 2025

Revenue:$1,155,495,000
Income:-$283,172,000

10-K / February 18, 2026

Blackbaud, Inc.

Overview

Blackbaud is a provider of AI-enhanced cloud software and services for social impact organizations. Its primary customers include nonprofits, educational institutions, companies with CSR programs, foundations and grantmakers, and individual change-makers. The company’s mission is to help customers raise funds, engage supporters, manage education programs, and administer financials and grants at scale through AI-enhanced workflows.

Core offerings

  • Fundraising, engagement, and constituent relationship management

    • Raiser's Edge NXT: flagship cloud fundraising and relationship management solution with data health, predictive analytics, email marketing, donation forms, event management, and payments.
    • Blackbaud Enterprise Fundraising CRM: enterprise-level fundraising, marketing, and program management.
    • Online giving and engagement: Luminate Online, TeamRaiser (peer-to-peer fundraising), and JustGiving (global social fundraising platform).
    • Fundraising performance and analytics: Blackbaud Fundraiser Performance Management and predictive insights to optimize donor targeting and fundraising strategy.

  • Education solutions

    • Blackbaud Student Information System, Learning Management System, Enrollment Management System, and School Website System.

  • Financial management and accounting

    • Financial Edge NXT: fund and subfund accounting, reporting, and APIs; integrates with other Blackbaud products.
    • Payments and billing: Blackbaud Integrated Payments (PCI-compliant), Billing Management, Tuition Management, and Financial Aid Management.

  • Grantmaking and awards

    • Blackbaud Grantmaking for end-to-end grant processes and Blackbaud Award Management for scholarship administration.

  • Social responsibility, CSR, and employee giving

    • YourCause GrantsConnect and CSRconnect for employee giving, volunteering, and CSR programs.
    • Blackbaud Impact Edge for CSR reporting and storytelling.

  • Data intelligence and AI capabilities

    • Intelligence for Good: data health, predictive insights, and fundraising performance.
    • Blackbaud Agents for Good: AI agents that execute complex workflows within prescribed guardrails.
    • Predictive insights, data health, and fundraising analytics across products; AI features include privacy and data protection governance and generative communications.

  • Platform and integration

    • SKY API: open API framework for developers.
    • SKY UX: framework for building consistent applications with Blackbaud design patterns.

  • Payment services

    • Payments processing supports donor transactions and other payments and represents a core revenue component.

Scale and structure

  • Workforce: approximately 2,800 employees worldwide as of December 31, 2025 (none represented by unions).
  • Revenue mix:
    • Contractual Recurring Revenue: ~64% of total revenue.
    • Transactional Recurring Revenue: ~34% of total revenue.
  • Customer engagement and renewal model:
    • Subscriptions and maintenance typically on three-year terms, with some customers on longer terms.
    • Renewal timing: ~40% of contracts up for renewal in 2026; ~30% in 2027; ~30% in 2028.

Financial flexibility and capital allocation

  • Stock repurchase program: Board increased capacity from $800 million to $1.0 billion as of December 1, 2025.
  • 2025 repurchases: 3,337,844 shares for $214.0 million (about 7.9% of outstanding shares as of 12/31/2024).
  • As of 12/31/2025, $960.6 million remained available for repurchases; 2026 plan targets repurchasing 5.0% to 10.0% of outstanding stock.
  • The company expects to use at least 50% of free cash flow from 2026–2030 for stock repurchases.

Leverage and financing

  • Leverage ratio: peaked at 2.91x in Q1 2025 and declined to 2.52x by 12/31/2025.
  • Maintains a 2024 Credit Facility with up to $1.5 billion borrowing capacity; covenants and potential waivers are ongoing considerations.

Intellectual property and recognition

  • Trademarks include Blackbaud, Raiser's Edge NXT, and Luminate.
  • Patent portfolio: 1 active patent and 1 pending patent.
  • Awards and recognition: listed among sustainability and responsible business rankings such as Newsweek World’s Greenest Companies, TIME Best Mid-Size Companies, and Fast Company Best Workplaces for Innovators.

Geographic and product strategy

  • Global operations with a Remote-Flexible workforce approach.
  • Expanding the Global Capability Center in Hyderabad, India to support a follow-the-sun model.
  • Multi-cloud architecture (AWS, Azure) and a mix of single-tenant and multi-tenant solutions.
  • Ongoing AI integration with governance, risk management, and compliance focused on privacy, data protection, and regulatory requirements.

Summary

Blackbaud offers a broad suite of cloud software for social impact organizations across fundraising/CRM, education, financials, grantmaking, CSR, and related services. The company emphasizes AI integration, data intelligence, and a connected platform with open APIs and multi-cloud architecture. Its revenue model is heavily weighted toward recurring revenue, and capital allocation includes substantial share repurchase activity while continuing international expansion and a focus on security, privacy, and governance.

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