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The board at social impact tech firm Blackbaud has replenished the company’s existing stock repurchase program, raising the total capacity from $800 million to $1 billion available for repurchases of the company’s common stock.
“We believe there is no better use of capital at this time than repurchasing shares at this valuation to improve shareholder value,” Mike Gianoni, president, CEO and vice chairman of the board of directors at Blackbaud said via a statement. “Since instituting our current stock repurchase program in the fourth quarter of 2023, we have reduced our common stock outstanding by more than 10%. We expect stock repurchase to remain a key component of our long-term capital allocation strategy as we look to deliver consistent mid-single-digit organic revenue growth and double-digit non-GAAP EPS growth moving forward.”
As of early today, Blackbaud had 47.8 million shares outstanding. The stock opened on the NASDAQ exchange at $62.90 per share, $18.49 per share off its 52-week high of $81.39 which it hit on Feb. 14 of this year. It is up $8.34 from its 52-week low of $54.56, which it hit on Nov. 24.
Under the program, the company may repurchase shares of its common stock in the open market, through private transactions, or otherwise. Any net share settlement of employee stock compensation is incremental to this program. During 2025, prior to the replenishment on December 1, 2025, Blackbaud repurchased an aggregate of 2,707,953 shares for $174.5 million. Including net share settlement of employee stock compensation, the repurchases represent approximately 6.7% of the company’s outstanding common stock as of December 31, 2024.
The firm released its third quarter 2025 numbers on Oct. 29 which showed:
- Generally Accepted Accounting Principles (GAAP) total revenue was $281.1 million, down 1.9% (driven by its divestiture of EVERFI) and non-GAAP organic revenue increased 5.2%.
- GAAP recurring revenue was $275.8 million, down 1.5% (driven by divestiture of EVERFI) and represented 98.1% of total revenue. Non-GAAP organic recurring revenue increased 5.5%.
- GAAP income from operations was $54.6 million, with GAAP operating margin of 19.4%, an increase of 500 basis points.
- Non-GAAP income from operations was $84 million, with non-GAAP operating margin of 29.9%, an increase of 240 basis points.
- GAAP net income was $47.5 million, with GAAP diluted earnings per share of $0.98, up $0.63 per share.
- Non-GAAP net income was $53.2 million, with non-GAAP diluted earnings per share of $1.10, up 11-cents per share.
Based on current market valuations, Blackbaud has increased its fiscal year 2025 expected stock repurchase range to between 7% and 8.5% of its outstanding common stock as of December 31, 2024. As of December 1, 2025, the remaining amount available to purchase stock under the company’s repurchase program was $1 billion.
