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Tenable Holdings, Inc. (TENB) Analyst/Investor Day Transcript

CRISPR Therapeutics AG (CRSP) Presents at Bank of America Global Healthcare Conference 2026 Transcript

Is your portfolio in need of a reload, if not an outright reset? If so, you're not alone. A volatile start to 2026 has pushed some investors into positions they might not actually want, while other investors are still on the sidelines waiting for a pullback that may never happen. Both are mistakes. The smartest investing move is still just buying and sticking with quality stocks for the long haul.

With that as the backdrop, if you have $3,000 otherwise-idle bucks you're ready to put to work in the market, here's a closer look at three of your best bets right now.

Image source: Getty Images.

Roku Ironically, the very same streaming industry that Roku (ROKU +3.62%) helped bring the cable television industry to its knees now faces the same problem as its predecessor: There's too much cost for too much bundled content. Growth in customer headcount for the streaming business has stalled as a result, seemingly presenting a problem for Roku.

Roku's role within the streaming industry, however, leaves it far less subject to this slowdown than it might seem. The company is primarily an intermediary, providing technology to help users consume video content. It earns money just by making this programming available on its platform, regardless of how much or how little consumers actually watch, or what they pay to watch.

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And it's the top-viewed choice in a couple of key markets, including Latin America and North America. In fact, industry research outfit Pixalate reports Roku's already-leading share of North America's connected-television market grew to 36% during the first quarter of this year, nearly double next-nearest Amazon's 19%.

This growing reach is translating into a positive fiscal impact as well. Even if the streaming business itself is stagnating, Roku is finding a way to capture the growing amount of money being spent to sell this digital entertainment. Last quarter's platform revenue grew 28% year over year, with an equal mix of advertising and subscription revenue contributing to this progress. The company also continues to widen its profit margins, turning $85.7 million of Q1's total top line of $1.25 billion into net income, versus the year-earlier loss of $27.4 million -- a pace of progress analysts expect to persist at least through next year, as the streaming business matures around this company's tech.

ServiceNow It makes superficial sense that ServiceNow's (NOW 2.37%) shares have halved since the middle of last year. That's when investors began second-guessing the steep valuations of some artificial intelligence stocks. At that time, its shares were still well up from their sizable gains logged in 2023 and 2024, leaving them more than a little vulnerable to this headwind.

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Sellers, however, have arguably overshot their target, creating an opportunity for investors who can take a step back and see the bigger picture.

ServiceNow is a workflow solutions provider, meaning anyone can use its AI-powered software to automate redundant, taxing, or time-consuming tasks so employees can focus on more important, higher-level work. It's not the only name in the business. UiPath and Workday are competitors, along with a few other lesser-known players.

ServiceNow enjoys a competitive advantage, however. That's its age. Launched in 2003, it was one of the very first names in the workflow automation business -- long before artificial intelligence dramatically improved such tech. Indeed, the company has not only had time to carve out more than its fair share of this market (before and after it incorporated AI into its apps), but it's also been able to help shape the industry it now leads. Other outfits are in the mix, but none have been able to dethrone the original powerhouse in the workflow business.

The thing is, there's still much more upside to realize. A long-term outlook from Morningstar suggests the company's revenue will grow from 2025's $13.3 billion to $29.5 billion in 2030, driving per-share profits up from $1.67 to $5.01 during this same stretch. That's annualized bottom-line growth of nearly 25%, more than justifying the valuation that seemed to worry so many investors in the latter half of last year.

CRISPR Therapeutics Finally, like many other young biotech companies' stocks, shares of CRISPR Therapeutics (CRSP +0.22%) have fallen in and out of favor since its developmental hopes began turning into reality a few years ago. After a fantastic run-up from 2018 through 2020, this ticker tumbled in 2021 and has since moved sideways.

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There's something that just might light a fire under this stock in the very near future, though.

Approved in late 2023, CRISPR Therapeutics' Casgevy, a treatment for sickle cell disease and another blood disorder, was the first-ever gene therapy approved by the Food and Drug Administration for any purpose. And with the help of commercialization partner Vertex Pharmaceuticals, it was ready to hit the ground running shortly thereafter.

The only catch? Casgevy is costly and somewhat complicated to administer. While most insurers will eventually cover the treatment's $2.2 million price tag, preapproval verification is obviously required. Each patient's treatment is also custom-created for them starting with a sample of their own blood, a process that can take months to complete, start-to-finish.

The business is starting to build since revenue started flowing in earnest in the latter half of last year, however. After last year's total top line of $3.5 million, analysts expect CRISPR Therapeutics' sales to reach on the order of $40 million this year. That's en route to at least twice that amount next year, now that more and more Casgevy patients are in the pipeline and will eventually lead to reportable revenue.

Then there's the fact that CRISPR Therapeutics' gene-editing know-how isn't limited to treating sickle cell disease. The biotech has five other promising clinical trials underway, in addition to several more preclinical studies. Those include tests of this science as a treatment for diabetes, as well as for certain kinds of cancer.

There's still much work to be done before CRISPR Therapeutics will even be in a position to be profitable, arguably making this company the riskiest of the three in question. However, the potential reward is worth the risk. An outlook from Precedence Research suggests the global CRISPR-based gene-editing therapy market is set to grow from less than $5 billion this year to nearly $15 billion by 2035. That's an annualized growth rate of almost 13%.

Crispr Therapeutics AG remains a Buy, supported by a robust pipeline, prudent capital management, and deep Vertex partnership despite slow Casgevy adoption. Casgevy's market penetration is limited by harsh preconditioning, but in vivo approaches and gentler regimens could unlock a vastly larger TAM in coming years. CRSP's diversified pipeline—spanning cardiovascular, diabetes, and CAR-T—offers multiple shots on goal, with key clinical readouts expected throughout 2026.

CRISPR Therapeutics AG (CRSP - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this company have returned +8.8%, compared to the Zacks S&P 500 composite's +6.3% change. During this period, the Zacks Medical - Biomedical and Genetics industry, which CRISPR Therapeutics falls in, has gained 2.9%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, CRISPR Therapeutics is expected to post a loss of $1.12 per share, indicating a change of +13.2% from the year-ago quarter. The Zacks Consensus Estimate has changed +5.7% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of -$4.96 points to a change of +23.3% from the prior year. Over the last 30 days, this estimate has changed -0.6%.

For the next fiscal year, the consensus earnings estimate of $4.14 indicates a change of +16.4% from what CRISPR Therapeutics is expected to report a year ago. Over the past month, the estimate has changed -1.4%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for CRISPR Therapeutics.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

For CRISPR Therapeutics, the consensus sales estimate for the current quarter of $8.08 million indicates a year-over-year change of +808.1%. For the current and next fiscal years, $34.95 million and $130.93 million estimates indicate +895.6% and +274.7% changes, respectively.

Last Reported Results and Surprise HistoryCRISPR Therapeutics reported revenues of $1.46 million in the last reported quarter, representing a year-over-year change of +67.8%. EPS of -$1.28 for the same period compares with -$1.58 a year ago.

Compared to the Zacks Consensus Estimate of $8.39 million, the reported revenues represent a surprise of -82.62%. The EPS surprise was -12.28%.

Over the last four quarters, CRISPR Therapeutics surpassed consensus EPS estimates two times. The company topped consensus revenue estimates times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

CRISPR Therapeutics is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about CRISPR Therapeutics. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

The weight-loss drug market may be one of the fastest-growing therapeutic areas in the pharmaceutical industry. Eli Lilly (LLY 1.22%) has been a major winner from this boom. The drugmaker's Zepbound is one of the best-selling anti-obesity medicines. Eli Lilly also recently received approval for Foundayo, an oral weight-loss pill that is already seeing decent success. In addition to those approved products, the drugmaker has a pipeline with several other candidates in this area.

Eli Lilly could ride the weight loss tailwind for a while, but the company is already looking for the next big thing in the industry. Could Eli Lilly's work in gene editing be it? Let's look at recent clinical trial results for one of Eli Lilly's gene-editing candidates and what they mean for leading companies in this niche, such as CRISPR Therapeutics (CRSP +0.22%).

Image source: The Motley Fool.

The power of gene editing Gene editing refers to a set of techniques that allow scientists to alter the genetic makeup of organisms. This is a powerful tool at our disposal, as it can help address the root causes of many diseases rather than merely treating their symptoms. The gene editing landscape has made significant progress over the past decade. For instance, in 2023, CRISPR Therapeutics earned approval for the first CRISPR-based therapy. That was a big deal since this technique earned its creators a Nobel Prize in chemistry.

In all likelihood, more transformative treatments will be developed through gene editing over the next decade or so. Eli Lilly wants a piece of it. The pharmaceutical giant recently announced clinical trial results for VERVE-102, an investigational gene editing medicine being developed for heterozygous familial hypercholesterolemia (HeFH) or premature coronary artery disease (CAD). Both diseases have a strong genetic component (in fact, the first is a genetic disorder) and lead to elevated levels of LDL cholesterol, which can cause things like heart attacks and strokes.

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There are ways to manage high LDL levels, notably through diet or exercise, and some prescription medicines can also help. However, for patients at high risk of serious cardiovascular problems, a one-time treatment that can help lower LDL levels permanently might be a game changer. That's exactly what VERVE-102 could be. The results of a phase 1b study Eli Lilly recently announced showed that a one-time infusion of VERVE-102 substantially lowered LDL cholesterol, with the effect appearing durable.

A David vs Goliath situation? CRISPR Therapeutics is developing CTX310, a medicine that aims to decrease LDL and triglycerides (TGs, which can also cause cardiovascular issues) in certain patients. CTX310 is also a one-time gene editing medicine. Should CRISPR Therapeutics investors be worried? On the one hand, it's worth noting that although VERVE-102 and CTX310 both aim to reduce cardiovascular risk, they target different patient populations (CTX310 is going after patients with HeFH or several other conditions) and have distinct mechanisms of action.

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Also, as CRISPR Therapeutics points out, there are 40 million patients with elevated LDL or TGs (or both) in the U.S. alone, so this is a vast market that could accommodate multiple winners. However, Eli Lilly may be just getting started making some noise in the gene editing space. And if it continues to do so -- and is successful -- the pharmaceutical leader might end up being a significant threat to smaller gene editing players like CRISPR Therapeutics. Investors need to keep that in mind.

Which stock should you buy? Provided gene editing represents the next gold rush in the industry, Eli Lilly and CRISPR Therapeutics offer very different value propositions. The former is a well-established drugmaker with significant footprints across several therapeutic areas and a lead in the diabetes and weight-loss markets. Eli Lilly generates consistent revenue and profits, has a deep pipeline, and a respectable dividend program. Its work on gene editing is a relatively small aspect of the business, so for investors looking for exposure to this niche, Eli Lilly is a fairly safe option.

CRISPR Therapeutics, on the other hand, focuses almost entirely on gene editing. The stock could soar as it makes significant clinical progress over the next few years, but setbacks might also sink CRISPR Therapeutics' share price. In other words, CRISPR Therapeutics is the more aggressive option; it arguably offers higher upside, but the trade-off is an elevated risk profile. Only investors comfortable with volatility should consider initiating a position in CRISPR Therapeutics.

A month has gone by since the last earnings report for CRISPR Therapeutics AG (CRSP - Free Report) . Shares have lost about 0.7% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is CRISPR Therapeutics due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Wider-Than-Expected Loss in Q1, Sales Miss EstimatesCRISPR reported a first-quarter 2026 loss of $1.28 per share, wider than the Zacks Consensus Estimate of a loss of $1.14. The company had incurred a loss of $1.58 in the year-ago quarter.

Total revenues were $1.46 million in the quarter (comprising $1 million in collaboration revenue and the rest from grant revenues), which significantly missed the Zacks Consensus Estimate of $8.39 million. In the year-ago period, CRSP recorded total revenues of $0.87 million, which comprised only grant revenues.

Vertex recorded Casgevy sales of about $43 million in the quarter, up from $14.2 million in the year-ago period. This revenue growth was attributed to continued uptake for therapy and reimbursement progress across major regions.

Manages Costs While Strengthening Balance SheetCRISPR Therapeutics reported research and development (R&D) expenses of $68.6 million in the first quarter of 2026, down 5.4% year over year. The company attributed the decline primarily to lower employee-related costs, including stock-based compensation, reflecting continued efforts to align spending with program priorities.

General and administrative expenses were $17.2 million, down about 11% year over year, mainly due to lower employee-related costs. Collaboration expense, net, improved to $45.9 million from $57.5 million, due to an increase in the company’s share of Casgevy sales under the Vertex collaboration economics.

CRSP exited the quarter with $2.44 billion in cash, cash equivalents and marketable securities, up from $1.98 billion at the end of 2025. It said the increase was primarily driven by $585.4 million in net proceeds from the issuance of convertible senior notes in March, partially offset by operating expenses. The higher cash position strengthens the company’s ability to fund operations as it works to broaden its revenue base over time.

Balance sheet metrics also reflected the larger liquidity position, with working capital rising to $2.31 billion and total assets increasing to $2.73 billion as of March 31, 2026. For investors, the higher cash base provides additional flexibility to fund multiple clinical updates expected later in 2026 across Casgevy expansion efforts, zugo-cel studies and liver-directed in vivo programs.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted 5.67% due to these changes.

VGM ScoresCurrently, CRISPR Therapeutics has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock has a score of F on the value side, putting it in the lowest quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, CRISPR Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

CRISPR Therapeutics AG (CRSP) Presents at 46th Annual William Blair Growth Stock Conference Transcript

CRISPR Therapeutics AG (CRSP) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript

VO is a low-cost ETF offered by Vanguard, providing broad exposure to U.S. mid-cap stocks as defined by CRSP. However, CRSP Indexes allow overlap with the small/large-cap segments, impacting efficiency. As is common for Vanguard ETFs, VO will most likely deliver average category returns year to year, as it has done historically. However, it's not ideal from a fundamentals perspective. This article suggests combining XMHQ and XMMO to create a high-quality portfolio with strong momentum characteristics, potentially allowing for lesser drawdowns and faster recoveries.

Holcim (OTCMKTS:HCMLY - Get Free Report) and Frontdoor (NASDAQ: FTDR - Get Free Report) are both construction companies, but which is the better business? We will compare the two companies based on the strength of their profitability, valuation, dividends, earnings, analyst recommendations, institutional ownership and risk. Profitability This table compares Holcim and Frontdoor's net margins, return

Algert Global LLC increased its holdings in shares of Frontdoor Inc. (NASDAQ: FTDR) by 24.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 260,233 shares of the company's stock after purchasing an additional 51,214 shares during the

Frontdoor (FTDR) stock has dropped by 12.7% in under a month, declining from $69.11 on March 3rd, 2026 to $60.30 at present. Should you consider buying this dip?

Posted by Defense World Staff on Mar 30th, 2026

Assenagon Asset Management S.A. lifted its stake in shares of Frontdoor Inc. (NASDAQ:FTDR – Free Report) by 112.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 80,069 shares of the company’s stock after purchasing an additional 42,462 shares during the quarter. Assenagon Asset Management S.A. owned about 0.11% of Frontdoor worth $4,619,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Invesco Ltd. boosted its holdings in Frontdoor by 2.5% during the third quarter. Invesco Ltd. now owns 1,108,815 shares of the company’s stock worth $74,612,000 after buying an additional 27,410 shares in the last quarter. Wasatch Advisors LP increased its holdings in Frontdoor by 2.7% in the third quarter. Wasatch Advisors LP now owns 968,286 shares of the company’s stock valued at $65,156,000 after buying an additional 25,613 shares in the last quarter. Broad Bay Capital Management LP acquired a new stake in shares of Frontdoor during the 2nd quarter valued at approximately $46,886,000. Bank of America Corp DE lifted its position in shares of Frontdoor by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 699,289 shares of the company’s stock valued at $41,216,000 after acquiring an additional 31,087 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Frontdoor by 18.4% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 627,791 shares of the company’s stock worth $42,244,000 after acquiring an additional 97,565 shares in the last quarter.

Analyst Ratings Changes A number of equities research analysts recently weighed in on FTDR shares. Weiss Ratings upgraded Frontdoor from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 23rd. Oppenheimer reiterated an “outperform” rating and set a $70.00 target price on shares of Frontdoor in a research report on Thursday, February 26th. Wall Street Zen lowered Frontdoor from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. The Goldman Sachs Group upgraded Frontdoor from a “sell” rating to a “neutral” rating and raised their price target for the company from $50.00 to $67.00 in a research report on Monday, March 2nd. Finally, Truist Financial set a $71.00 price target on Frontdoor in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.60.

View Our Latest Report on Frontdoor

Frontdoor Price Performance FTDR stock opened at $53.64 on Monday. The stock’s 50 day moving average price is $59.93 and its 200 day moving average price is $60.00. The firm has a market cap of $3.79 billion, a P/E ratio of 15.73 and a beta of 1.31. The company has a debt-to-equity ratio of 4.73, a quick ratio of 1.55 and a current ratio of 1.55. Frontdoor Inc. has a 1 year low of $35.61 and a 1 year high of $70.77.

Frontdoor (NASDAQ:FTDR – Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.12. Frontdoor had a return on equity of 120.79% and a net margin of 12.18%.The company had revenue of $433.00 million during the quarter, compared to the consensus estimate of $421.62 million. During the same quarter last year, the business posted $0.27 earnings per share. Frontdoor’s revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts expect that Frontdoor Inc. will post 3.07 earnings per share for the current fiscal year.

Frontdoor Profile (Free Report)

Frontdoor, Inc (NASDAQ:FTDR) is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

See Also Five stocks we like better than Frontdoor

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Posted by Defense World Staff on Apr 8th, 2026

SG Americas Securities LLC grew its position in shares of Frontdoor Inc. (NASDAQ:FTDR – Free Report) by 553.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,287 shares of the company’s stock after purchasing an additional 18,031 shares during the period. SG Americas Securities LLC’s holdings in Frontdoor were worth $1,228,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Broad Bay Capital Management LP purchased a new position in shares of Frontdoor during the second quarter valued at approximately $46,886,000. Eventide Asset Management LLC purchased a new position in shares of Frontdoor during the second quarter valued at approximately $28,506,000. Marshall Wace LLP purchased a new position in shares of Frontdoor during the third quarter valued at approximately $23,871,000. Cubist Systematic Strategies LLC boosted its position in shares of Frontdoor by 309.6% during the second quarter. Cubist Systematic Strategies LLC now owns 431,446 shares of the company’s stock valued at $25,429,000 after buying an additional 326,112 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Frontdoor by 533.0% during the first quarter. Millennium Management LLC now owns 307,497 shares of the company’s stock valued at $11,814,000 after purchasing an additional 258,920 shares during the period.

Wall Street Analyst Weigh In FTDR has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised shares of Frontdoor from a “sell” rating to a “neutral” rating and boosted their target price for the company from $50.00 to $67.00 in a research note on Monday, March 2nd. Wall Street Zen lowered shares of Frontdoor from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Truist Financial set a $71.00 target price on shares of Frontdoor in a research note on Monday, January 26th. Benchmark began coverage on shares of Frontdoor in a research note on Thursday, March 26th. They set a “buy” rating and a $80.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $70.00 price target on shares of Frontdoor in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Read Our Latest Stock Analysis on Frontdoor

Frontdoor Stock Down 1.4% Frontdoor stock opened at $54.99 on Wednesday. The business has a fifty day moving average of $59.22 and a two-hundred day moving average of $59.40. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 4.73. The firm has a market cap of $3.88 billion, a P/E ratio of 16.13 and a beta of 1.41. Frontdoor Inc. has a twelve month low of $36.79 and a twelve month high of $70.77.

Frontdoor (NASDAQ:FTDR – Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.12. The company had revenue of $433.00 million during the quarter, compared to analyst estimates of $421.62 million. Frontdoor had a return on equity of 120.79% and a net margin of 12.18%.Frontdoor’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.27 earnings per share. On average, analysts forecast that Frontdoor Inc. will post 3.07 earnings per share for the current fiscal year.

Frontdoor Company Profile (Free Report)

Frontdoor, Inc (NASDAQ:FTDR) is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

Featured Stories Five stocks we like better than Frontdoor Want to see what other hedge funds are holding FTDR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Frontdoor Inc. (NASDAQ:FTDR – Free Report).

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Simplified process, fewer forms help streamline real estate transactions

MEMPHIS, Tenn.--(BUSINESS WIRE)--Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home warranties, today announced an expanded relationship with technology provider SkySlope to help simplify transactions for real estate agents and brokers in 43 states.

SkySlope’s solution streamlines the home warranty application process by eliminating unnecessary forms and automating the entire process into a single, centralized workflow. As a result, real estate agents can move faster and focus more on serving clients instead of spending time filling out multiple or duplicate documents.

After 6 years of success with SkySlope in 4 states, American Home Shield is expanding the relationship to support nearly 175,000 brokers and agents in 43 states.

“Our company purpose is to make life easier for every homeowner, and this partnership with SkySlope gives us another set of tools to help simplify the work of real estate agents and brokers,” said Kathy Collins, Frontdoor chief revenue officer. “We’re creating more value by streamlining their real estate transactions, reducing manual entry and giving them back more time to support homebuyers in other aspects of the complex home purchasing process.”

“We’re delighted to grow our partnership with American Home Shield,” said SkySlope CEO Tyler Smith. “At SkySlope, everything we build is focused on helping agents move faster, stay organized, and deliver a better experience for their clients. By simplifying home warranty workflows inside the transaction, we’re giving agents back valuable time to focus on what matters most—closing deals and serving people.”

About Frontdoor

Frontdoor and its family of brands are on a mission to make life easier for every homeowner through innovative technology and quality customer service. With over 55 years of experience, we are the leading provider of home warranties in the United States, handling approximately 3.8 million service requests for more than 2.1 million members through a network of approximately 17,000 qualified and independent service contractors. We also offer new home builder warranty solutions, which deliver value to both builders and homeowners through a suite of builder warranty products and support services.

Our customizable home warranties are annual service plan agreements that cover the repair or replacement for breakdowns due to normal wear and tear of major components. We cover up to 29 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as optional coverages for pools, spas and pumps. Our home warranties provide peace of mind, budget protection, convenience, repair expertise and service guarantee. Our non-warranty services provide homeowners greater value through replacement and upgrade programs, as well as other home maintenance offerings.

Our 2-10 new home builder warranty solutions offer flexible builder‑backed and insurance‑backed warranty options covering workmanship, home distribution systems and structural components.

Frontdoor family of brands include American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. For more information about Frontdoor, Inc., please visit frontdoorhome.com.

About SkySlope

Since 2011, SkySlope has led real estate innovation, working closely with brokers to deliver intelligent solutions that drive transformation. As one of the industry’s original disruptors, it has become the trusted platform for managing transactions from contract to close, empowering 900,000 real estate professionals across the U.S. and Canada. With nearly three million transactions handled annually, SkySlope is dedicated to collaborating with agents and brokers to redefine how they work, building a legacy that propels the real estate industry forward. For more information, visit SkySlope.com.

FTDR-Company

More News From Frontdoor, Inc.

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Posted by Defense World Staff on Apr 23rd, 2026

Frontdoor (NASDAQ:FTDR – Get Free Report) is expected to be issuing its Q1 2026 results before the market opens on Thursday, April 30th. Analysts expect the company to announce earnings of $0.63 per share and revenue of $442.2790 million for the quarter. Interested persons are encouraged to explore the company’s upcoming Q1 2026 earning overview page for the latest details on the call scheduled for Thursday, April 30, 2026 at 8:30 AM ET.

Frontdoor (NASDAQ:FTDR – Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.12. The firm had revenue of $433.00 million during the quarter, compared to the consensus estimate of $421.62 million. Frontdoor had a return on equity of 120.79% and a net margin of 12.18%.The company’s revenue was up 13.1% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. On average, analysts expect Frontdoor to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.

Frontdoor Stock Performance Shares of Frontdoor stock opened at $60.55 on Thursday. Frontdoor has a 1 year low of $40.00 and a 1 year high of $70.77. The firm’s 50-day moving average is $59.67 and its 200 day moving average is $58.86. The stock has a market cap of $4.28 billion, a price-to-earnings ratio of 17.76 and a beta of 1.41. The company has a debt-to-equity ratio of 4.73, a current ratio of 1.55 and a quick ratio of 1.55.

Wall Street Analysts Forecast Growth Several research analysts have issued reports on FTDR shares. The Goldman Sachs Group raised shares of Frontdoor from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $50.00 to $67.00 in a report on Monday, March 2nd. Wall Street Zen downgraded shares of Frontdoor from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Oppenheimer restated an “outperform” rating and issued a $70.00 price objective on shares of Frontdoor in a report on Thursday, February 26th. Benchmark started coverage on Frontdoor in a research report on Thursday, March 26th. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Weiss Ratings downgraded Frontdoor from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Frontdoor currently has a consensus rating of “Moderate Buy” and an average target price of $68.60.

Read Our Latest Stock Report on FTDR

Institutional Trading of Frontdoor Large investors have recently made changes to their positions in the stock. Morgan Stanley lifted its position in Frontdoor by 11.5% during the fourth quarter. Morgan Stanley now owns 1,485,123 shares of the company’s stock valued at $85,677,000 after purchasing an additional 153,138 shares during the period. Invesco Ltd. grew its position in Frontdoor by 2.5% in the 4th quarter. Invesco Ltd. now owns 1,136,647 shares of the company’s stock worth $65,573,000 after purchasing an additional 27,832 shares during the period. Wasatch Advisors LP grew its position in Frontdoor by 14.9% in the 4th quarter. Wasatch Advisors LP now owns 1,112,470 shares of the company’s stock worth $64,178,000 after purchasing an additional 144,184 shares during the period. Janus Henderson Group PLC raised its stake in Frontdoor by 27.2% during the 4th quarter. Janus Henderson Group PLC now owns 902,773 shares of the company’s stock valued at $52,089,000 after buying an additional 193,256 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Frontdoor by 4.7% during the 2nd quarter. Bank of America Corp DE now owns 699,289 shares of the company’s stock valued at $41,216,000 after buying an additional 31,087 shares during the last quarter.

About Frontdoor (Get Free Report)

Frontdoor, Inc (NASDAQ:FTDR) is a leading provider of home service plans and repair solutions for residential property owners. The company offers contract-based coverage that helps homeowners manage the cost of repairing and replacing essential household systems and appliances, including heating and cooling, plumbing, electrical wiring, water heaters, washers, dryers, refrigerators and other major kitchen equipment.

Frontdoor delivers its services through a nationwide network of independent service professionals and contractors, leveraging a cloud-based platform and call center infrastructure to coordinate service visits and process claims.

Recommended Stories Five stocks we like better than Frontdoor

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Revenue Increased 6% to $451 Million;
Gross Profit Margin Unchanged at 55%;
Net Income Increased 11% to $41 Million,
Diluted Earnings Per Share Increased 18% to $0.57;
Adjusted EBITDA(1) Increased 3% to $104 Million;
Reaffirming Full-Year 2026 Outlook

MEMPHIS, Tenn.--(BUSINESS WIRE)--Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home warranties and new home builder warranties, today announced its first-quarter 2026 results.

Financial Results

Three Months Ended

March 31,

(In millions except as noted)

2026

2025

Change

Revenue

$

451

$

426

6

%

Gross Profit

248

235

5

%

Net Income

41

37

11

%

Diluted Earnings per Share

0.57

0.49

18

%

Adjusted Net Income(1)

53

49

8

%

Adjusted Diluted Earnings per Share(1)

0.73

0.64

14

%

Adjusted EBITDA(1)

104

100

3

%

Home Warranties (number in millions)

2.10

2.10

0

%

First-Quarter 2026 Summary

Revenue increased 6% to $451 million and was comprised of 5% from higher realized price and 1% from higher volume Gross profit margin unchanged at 55% Net Income and Diluted Earnings Per Share increased 11% to $41 million and 18% to $0.57, respectively Adjusted EBITDA(1) increased 3% to $104 million First-quarter share repurchases totaled $60 million Growth in the number of home warranties in the first-year channels accelerated to 3% Reaffirming Full-Year 2026 Outlook

Revenue of $2.155 billion to $2.195 billion Adjusted EBITDA(2) of $565 million to $580 million “Frontdoor delivered an excellent first quarter performance," said Chairman and Chief Executive Officer Bill Cobb. “Member count trends continued to improve, our operational foundation remains strong, and we delivered exceptional financial results while returning significant capital to shareholders through share repurchases. Looking ahead, we are reaffirming our full-year 2026 guidance based on our strong operating performance and the durability of our subscription-based business model."

First-Quarter 2026 Results

Revenue by Customer Channel

Three Months Ended

March 31,

(In millions)

2026

2025

Change

Renewals

$

352

$

333

6

%

Real estate (First-Year)

28

27

3

%

Direct-to-consumer (First-Year)

31

32

(5

)%

Other

41

33

23

%

Total

$

451

$

426

6

%

Revenue increased 6% to $451 million and was comprised of a 5% increase from realized price and a 1% increase from higher volume.

Renewal revenue increased 6% due to higher price realization; Real estate revenue increased 3% due to higher volume, partially offset by lower price; Direct-to-consumer revenue decreased 5% due to lower price from our promotional pricing strategy to drive new home warranty member growth, partially offset by higher volume; and Other revenue increased 23% primarily due to the growth of the HVAC upgrade program. Period-over-Period Net Income and Adjusted EBITDA(1) Bridge

(In millions)

Net Income

Adjusted
EBITDA

Three Months Ended March 31, 2025

$

37

$

100

Impact of change in revenue

19

19

Contract claims costs

(6

)

(6

)

Sales and marketing costs

(6

)

(6

)

Customer service costs

(2

)

(2

)

Stock-based compensation expense

(3

)

—

Other general and administrative costs

(1

)

(1

)

Depreciation and amortization expense

2

—

Interest expense

1

—

Interest and net investment income

(1

)

(1

)

Provision for income taxes

1

—

Three Months Ended March 31, 2026

$

41

$

104

First-quarter 2026 Net Income increased 11% to $41 million and Adjusted EBITDA(1) increased 3% to $104 million. The table above shows the change versus the prior-year period, and includes:

$19 million from higher revenue conversion(3). Contract claims costs(4) increased $6 million, excluding the impact of claims costs related to the change in revenue. Contract claims costs primarily reflects: Low-single digit cost inflation across our contractor network, replacement parts and equipment; A higher number of service requests per member, including $1 million from unfavorable weather; and Favorable claims cost development of $6 million, compared to a $7 million favorable claims cost development in the first-quarter of 2025. $6 million of higher sales and marketing costs, primarily due to increased marketing investments to drive direct-to-consumer channel growth. Cash Flow

Three Months Ended

March 31,

(In millions)

2026

2025

Net cash provided from (used for):

Operating activities

$

119

$

124

Investing activities

(7

)

47

Financing activities

(75

)

(85

)

Cash increase during the period

$

37

$

85

Net cash provided from operating activities was $119 million for the three months ended March 31, 2026 and was comprised of $69 million in earnings adjusted for non-cash charges and $50 million in cash provided from working capital.

Net cash used for investing activities was $7 million for the three months ended March 31, 2026 and was primarily comprised of capital expenditures related to technology projects.

Net cash used for financing activities was $75 million for the three months ended March 31, 2026 and was primarily comprised of $60 million of share repurchases (excluding taxes and fees) and $7 million of scheduled debt payments.

Free Cash Flow(1) was $114 million for the three months ended March 31, 2026.

Cash as of March 31, 2026 was $603 million and was comprised of $154 million of restricted net assets and $448 million of Unrestricted Cash.

Second-Quarter 2026 Outlook

Revenue of $635 million to $650 million. Adjusted EBITDA(2) of $198 million to $208 million. Full-Year 2026 Outlook

Revenue of $2.155 billion to $2.195 billion. Key assumptions: Realized price increase of 2% to 3%. Volume increase of 1% to 2%. Low-single digit increase in renewal channel revenue. Low-single digit decrease in direct-to-consumer channel revenue. Low-single digit increase in real estate channel revenue. $220 million to $240 million in non-warranty and other revenue. Total home warranty member count to increase approximately 1% in 2026, primarily driven by an approximately 5% increase in first-year home warranty member count. Gross profit margin of 54% to 55%. SG&A of $660 million to $680 million. Adjusted EBITDA(2) of $565 million to $580 million, and Adjusted EBITDA margin(2) of approximately 26%. Capital expenditures of $30 million to $35 million. Annual effective tax rate of approximately 25%. First-Quarter 2026 Earnings Conference Call

Frontdoor has scheduled a conference call today, April 30, 2026, at 7:30 a.m. Central time (8:30 a.m. Eastern time). During the call, management will discuss the company’s operational performance and financial results for first-quarter 2026 and respond to questions from the investment community. Participants can register for the conference call by clicking https://www.webcaster5.com/Webcast/Page/3067/53785. Once completed, each participant will receive access details via email. Additionally, the conference call will be available via webcast which will include a slide presentation highlighting the company’s results. To participate via webcast and view the presentation, visit https://investors.frontdoorhome.com.

The call will be available for replay for approximately 60 days. To access the replay of this call, please call 877-481-4010 and enter conference passcode 53785 (international participants: 919-882-2331, conference passcode 53785). To view a replay of the webcast, visit the company’s https://investors.frontdoorhome.com.

About Frontdoor, Inc.

Frontdoor and its family of brands are on a mission to make life easier for every homeowner through innovative technology and quality customer service. With over 55 years of experience, we are the leading provider of home warranties in the United States, handling approximately 3.8 million service requests for more than 2.1 million members through a network of approximately 17,000 qualified and independent service contractors. We also offer new home builder warranty solutions, which deliver value to both builders and homeowners through a suite of builder warranty products and support services.

Our customizable home warranties are annual service plan agreements that cover the repair or replacement for breakdowns due to normal wear and tear of major components. We cover up to 29 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as optional coverages for pools, spas and pumps. Our home warranties provide peace of mind, budget protection, convenience, repair expertise and service guarantee. Our non-warranty services provide homeowners greater value through replacement and upgrade programs, as well as other home maintenance offerings.

Our 2-10 new home builder warranty solutions offer flexible builder‑backed and insurance‑backed warranty options covering workmanship, home distribution systems and structural components.

Frontdoor family of brands include American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. For more information about Frontdoor, Inc., please visit frontdoorhome.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, projected future performance and any statements about Frontdoor’s plans, strategies and prospects. Forward-looking statements can be identified by the use of forward-looking terms such as “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project,” “will,” “shall,” “would,” “aim,” or other comparable terms. These forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Such risks and uncertainties include, but are not limited to: changes in macroeconomic conditions, including inflation, tariffs and global supply chain challenges and changing interest rates, especially as they may affect existing or new home sales, consumer confidence, demand for our services, labor availability or our costs; our ability to successfully implement our business strategies; the ability of our marketing efforts to be successful and cost-effective; our dependence on our first-year direct-to-consumer and real estate acquisition channels and our renewal channel for home warranty sales; our dependence on our existing warranty customer base, and strategic partners for non-warranty sales; changes in the source and intensity of competition in our market; our ability to attract, retain and maintain positive relations with third-party contractors and vendors; increases in parts, appliance and home system prices, and other operating costs; changes in U.S. tariffs or import/export regulations; our ability to attract and retain qualified key employees and labor availability in our customer service operations; our dependence on third-party vendors, including business process outsourcers, and third-party component suppliers; weather, including adverse conditions, seasonality, along with related environmental regulations; compliance with, or violation of, laws and regulations, including consumer protection laws, or lawsuits or other claims by third parties, increasing our legal and regulatory expenses; cybersecurity breaches, disruptions or failures in our technology systems; our ability to protect the security of personal information about our customers; technological developments in artificial intelligence; negative reputational and financial impacts resulting from acquisitions or strategic transactions; a requirement to recognize impairment charges on goodwill and intangible assets; our ability to underwrite risks accurately and to charge adequate prices to builder members, as well as our ability to effectively re-insure a large portion of those risks; the availability of reinsurance to manage a substantial portion of our potential loss exposure for our new home builder warranty business; evolving corporate governance and disclosure regulations and expectations; inappropriate use of social media by us or other parties to harm our reputation; our ability to protect our intellectual property and other material proprietary rights; third-party use of our trademarks as search engine keywords to direct our 5 potential customers to their own websites; special risks applicable to operations outside the United States by us or our business process outsource providers; the acquisition of 2-10 Home Buyers Warranty may not achieve its intended results; any liabilities, losses, or other exposures for which we do not have adequate insurance coverage, indemnification, or other protection; a return on investment in our common stock is dependent on appreciation in the price; inclusion in our certificate of incorporation a forum selection clause that could discourage an acquisition of our company or litigation against us and our directors and officers; the effects of our significant indebtedness, our ability to incur additional debt and the limitations contained in the agreements governing such indebtedness; increases in interest rates increasing the cost of servicing our indebtedness and counterparty credit risk due to instruments designed to minimize exposure to market risks; increased borrowing costs due to lowering or withdrawal of the credit ratings, outlook or watch assigned to us or our Credit Facilities; our ability to generate the significant amount of cash needed to fund our operations and service our debt obligations. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this news release. For a discussion of other important factors that could cause Frontdoor’s results to differ materially from those expressed in, or implied by, the forward-looking statements included in this document, refer to the risks and uncertainties detailed from time to time in Frontdoor’s periodic reports filed with the SEC, including the disclosure contained in Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in Frontdoor’s periodic filings with the SEC. Except as required by law, Frontdoor does not undertake any obligation to update or revise the forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review Frontdoor’s filings with the SEC, which are available from the SEC’s EDGAR database at sec.gov, and via Frontdoor’s website at frontdoorhome.com.

Non-GAAP Financial Measures

To supplement Frontdoor’s results presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Frontdoor has disclosed the non-GAAP financial measures of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Unrestricted Cash.

We define "Adjusted EBITDA" as net income before depreciation and amortization expense; goodwill and intangibles impairment; restructuring charges; acquisition and integration related costs; provision for income taxes; non-cash stock-based compensation expense; interest expense; loss on extinguishment of debt; and other non-operating expenses. We define “Adjusted EBITDA margin” as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA and Adjusted EBITDA margin are useful for investors, analysts and other interested parties as they facilitate company-to-company operating performance comparisons by excluding potential differences caused by variations in capital structures, taxation, the age and book depreciation of facilities and equipment, restructuring and acquisition initiatives and equity-based, long-term incentive plans.

We define “Free Cash Flow” as net cash provided from operating activities less property additions. Free Cash Flow is not a measurement of our financial performance or liquidity under U.S. GAAP and does not purport to be an alternative to net cash provided from operating activities or any other performance or liquidity measures derived in accordance with U.S. GAAP. Free Cash Flow is useful as a supplemental measure of our liquidity. Management uses Free Cash Flow to facilitate company-to-company cash flow comparisons, which may vary from company-to-company for reasons unrelated to operating performance.

We define “Adjusted Net Income” as net income before: amortization expense; acquisition and integration related costs; restructuring charges; loss on extinguishment of debt; other non-operating expenses; and the tax impact of the aforementioned adjustments. We believe Adjusted Net Income is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by items listed in this definition.

We define “Adjusted Diluted Earnings per Share” as Adjusted Net Income divided by the weighted-average diluted common shares outstanding.

We define “Unrestricted Cash” as cash not subject to third-party restrictions. For additional information related to our third-party restrictions, see “Liquidity and Capital Resources — Liquidity” under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Annual Report on Form 10-K filed with the SEC.

See the schedules attached hereto for additional information and reconciliations of such non-GAAP financial measures. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of Frontdoor’s business performance and are useful for period-over-period comparisons of the performance of Frontdoor’s business. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with U.S. GAAP. In addition, these non-GAAP financial measures may not be the same as similarly entitled measures reported by other companies.

© 2026 Frontdoor, Inc. All rights reserved. The following terms, which may be used in this press release, are trademarks of Frontdoor, Inc. and its subsidiaries: Frontdoor®, American Home Shield®, HSA™, 2-10 HBW® , OneGuard®, Landmark Home Warranty®, and related logos and designs. All other trademarks used herein are the property of their respective owners.

Frontdoor, Inc.

Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(In millions, except per share data)

  Three Months Ended

March 31,

2026

2025

Revenue

$

451

$

426

Cost of services rendered

203

191

Gross Profit

248

235

Selling and administrative expenses

162

151

Depreciation and amortization expense

20

23

Restructuring charges

1

1

Interest expense

19

19

Interest and net investment income

(5

)

(6

)

Income before Income Taxes

51

48

Provision for income taxes

10

11

Net Income

$

41

$

37

Other Comprehensive Income (Loss), Net of Income Taxes:

Unrealized gain (loss) on derivative instruments, net of income taxes

4

(7

)

Total Other Comprehensive Income (Loss), Net of Income Taxes

4

(7

)

Comprehensive Income

$

45

$

30

Earnings per Share:

​

​

​

​

Basic

​

$

0.58

$

0.50

Diluted

​

$

0.57

$

0.49

Weighted-average Common Shares Outstanding:

Basic

70.6

74.7

Diluted

72.2

76.3

Frontdoor, Inc.

Condensed Consolidated Statements of Financial Position (Unaudited)

(In millions, except share data)

  As of

March 31,

December 31,

2026

2025

Assets:

Current Assets:

Cash and cash equivalents

$

603

$

566

Receivables, less allowance of $3 and $4, respectively

10

10

Prepaid expenses and other current assets

43

44

Assets held for sale

4

4

Total Current Assets

661

624

Other Assets:

Property and equipment, net

54

57

Goodwill

959

959

Intangible assets, net

386

398

Operating lease right-of-use assets

7

7

Deferred reinsurance

65

66

Deferred customer acquisition costs

15

14

Other assets

18

17

Total Assets

$

2,164

$

2,142

Liabilities and Shareholders' Equity:

Current Liabilities:

Accounts payable

$

87

$

89

Accrued liabilities:

Payroll and related expenses

32

47

Home warranty claims

64

69

Income taxes payable

35

26

Other

30

34

Deferred revenue

173

107

Current portion of long-term debt

29

29

Total Current Liabilities

451

402

Long-Term Debt

1,138

1,144

Other Long-Term Liabilities:

Deferred tax liabilities, net

54

53

Operating lease liabilities

17

18

Unearned insurance premium

235

236

Long-term deferred revenue

18

19

Other long-term liabilities

22

27

Total Other Long-Term Liabilities

345

354

Commitments and Contingencies

Shareholders' Equity:

Common stock, $0.01 par value; 2,000,000,000 shares authorized; 89,008,654 shares issued and 70,527,394 shares outstanding as of March 31, 2026 and 88,480,560 shares issued and 70,958,215 shares outstanding as of December 31, 2025

1

1

Additional paid-in capital

199

195

Retained earnings

826

785

Accumulated other comprehensive loss

(8

)

(12

)

Less treasury stock, at cost; 18,481,260 shares as of March 31, 2026 and 17,522,345 shares as of December 31, 2025

(787

)

(727

)

Total Shareholders' Equity

230

242

Total Liabilities and Shareholders' Equity

$

2,164

$

2,142

Frontdoor, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(In millions)

  Three Months Ended

March 31,

2026

2025

Cash and Cash Equivalents at Beginning of Period

$

566

$

421

Cash Flows from Operating Activities:

Net Income

41

37

Adjustments to reconcile net income to net cash provided from operating activities:

Depreciation and amortization expense

20

23

Deferred income tax benefit

(1

)

(1

)

Stock-based compensation expense

10

8

Other

(2

)

—

Changes in:

Receivables

—

1

Prepaid expenses and other current assets

1

3

Deferred reinsurance

1

(1

)

Deferred customer acquisition costs

(1

)

(1

)

Accounts payable

(2

)

5

Deferred revenue

65

61

Accrued liabilities

(23

)

(25

)

Deferred insurance premiums

(2

)

2

Current income taxes

10

11

Net Cash Provided from Operating Activities

119

124

Cash Flows from Investing Activities:

Purchases of property and equipment

(6

)

(7

)

Purchases of short-term investments and available-for-sale securities

(2

)

(6

)

Sales and maturities of available-for-sale securities

—

60

Net Cash (Used for) Provided from Investing Activities

(7

)

47

Cash Flows from Financing Activities:

Repayments of debt

(7

)

(7

)

Repurchases of common stock

(61

)

(71

)

Other financing activities

(7

)

(7

)

Net Cash Used for Financing Activities

(75

)

(85

)

Cash Increase During the Period

37

85

Cash and Cash Equivalents at End of Period

$

603

$

506

Reconciliations of Non-GAAP Financial Measures

  The following table presents reconciliations of Net Income to Adjusted Net Income.

  Three Months Ended

March 31,

(In millions, except per share amounts)

2026

2025

Net Income

$

41

$

37

Amortization expense

12

13

Acquisition and integration related costs

2

2

Restructuring Charges

1

1

Tax Impact of Adjustments

(3

)

(3

)

Adjusted Net Income

$

53

$

49

Adjusted Earnings per Share:

Basic

$

0.75

$

0.66

Diluted

$

0.73

$

0.64

Weighted-average Common Shares outstanding:

Basic

70.6

74.7

Diluted

72.2

76.3

The following table presents reconciliations of net cash provided from operating activities to Free Cash Flow.

  Three Months Ended

March 31,

(In millions)

2026

2025

Net cash provided from operating activities

$

119

$

124

Property additions

(6

)

(7

)

Free Cash Flow

$

114

$

117

The following table presents reconciliations of Net Income to Adjusted EBITDA.

  Three Months Ended

March 31,

(In millions)

2026

2025

Net Income

$

41

$

37

Depreciation and amortization expense

20

23

Restructuring charges

1

1

Acquisition and integration related costs

2

2

Provision for income taxes

10

11

Non-cash stock-based compensation expense

10

8

Interest expense

19

19

Adjusted EBITDA

$

104

$

100

Key Business Metrics

  As of March 31,

2026

2025

Number of home warranties (in millions)

2.10

2.10

Renewals

1.57

1.58

First-Year Direct-To-Consumer

0.32

0.31

First-Year Real Estate

0.21

0.21

Increase (Reduction) in number of home warranties(1)

0

%

7

%

Customer retention rate

79.3

%

79.9

%

FTDR-Financial

More News From Frontdoor, Inc.

Frontdoor, Inc. (FTDR) Q1 2026 Earnings Call Transcript

Simple Maintenance Steps Can Help Homeowners Stay Cool and Avoid Costly Breakdowns

MEMPHIS, TN / ACCESS Newswire / June 9, 2026 / American Home Shield, a Frontdoor, Inc. (NASDAQ:FTDR) brand and the nation's leading provider of home warranties, is kicking off summer with HVAC tips relevant to homeowners trying to beat the heat across the nation.

"Summer is here and the heat is hitting much of the nation. We want to help make sure your HVAC can run at full capacity this summer," said Ray Tong, Vice President and General Manager of home warranties for American Home Shield.

Air conditioning units run 8 to 12 hours per day on average during normal summer conditions, and that can increase to 12 to 18 hours per day during extreme heat. Now is an ideal time to have your air conditioner serviced before the peak summer heat arrives.

Approximately 34% of surveyed Americans say they're worried about affording electricity in the summer when air conditioning use is at its highest, according to American Home Shield survey data. Routine HVAC maintenance can help prevent major issues, keep your unit running efficiently, and save homeowners from costly repairs.

Take the following steps to help ensure your unit is ready for the summer heat.

Replace your air filter every 90 days and check it every 30 days to ensure proper air flow and keep your system breathing properly.

Clean indoor vents to remove dust and improve circulation. To clean inside your air vents, turn off the HVAC system, remove the vent covers, and vacuum the accessible ductwork using a long hose attachment. Soak and scrub the covers in warm, soapy water, dry them completely, and replace your air filter before turning the system back on.

Remove any debris, such as leaves, pollen, or twigs that could clog the unit or make it difficult to service.

Test the air conditioner by turning it on to ensure your home cools effectively, the system runs quietly, and overall performance appears normal.

Watch for uneven cooling, constant running, weak airflow, or a sudden spike in your energy bill. It could mean dirty filters, duct leaks, or system issues.

"As a benefit to select home warranty plans, we also offer HVAC tune-ups at no additional cost for members to help ensure their unit is ready for the heat," Tong added.

An American Home Shield home warranty plan is a one-year, renewable home warranty plan that repairs covered parts of home systems and appliances that break down due to normal wear and tear. If they can't repair the covered item, they'll replace it.

"A home warranty can help ease the burden of unexpected breakdowns by helping homeowners avoid sudden, costly repairs," added Tong.

For more information about AHS home warranty plans or the added value of video chat with an Expert as an optional benefit to select plans, visit www.ahs.com. For coverage details, including fees, limits, and limitation and exclusions, visit www.ahs.com/contracts.

New Jersey Residents: The product being offered is a service contract and is separate and distinct from any product or service warranty which may be provided by the home builder or manufacturer.

About Frontdoor

Frontdoor and its family of brands are on a mission to make life easier for every homeowner through innovative technology and quality customer service. With over 55 years of experience, we are the leading provider of home warranties in the United States, handling approximately 3.8 million service requests for more than 2.1 million members through a network of approximately 17,000 qualified and independent service contractors. We also offer new home builder warranty solutions, which deliver value to both builders and homeowners through a suite of builder warranty products and support services.

Our customizable home warranties are annual service plan agreements that cover the repair or replacement for breakdowns due to normal wear and tear of major components. We cover up to 29 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as optional coverages for pools, spas and pumps. Our home warranties provide peace of mind, budget protection, convenience, repair expertise and service guarantee. Our non-warranty services provide homeowners greater value through replacement and upgrade programs, as well as other home maintenance offerings.

Our 2-10 new home builder warranty solutions offer flexible builder‑backed and insurance‑backed warranty options covering workmanship, home distribution systems and structural components.

Frontdoor family of brands include American Home Shield, HSA, OneGuard, Landmark and 2-10 HBW brands. For more information about Frontdoor, Inc., please visit frontdoorhome.com.

Media

Alison Bishop
901-701-5198
[email protected]
FTDR-Company

SOURCE: Frontdoor

, /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading provider of AI-powered solutions for social impact, will report its first quarter FY2026 financial results at 8:00 a.m. ET on Wednesday, April 29, before the U.S. financial markets open for trading. In conjunction with this announcement, Blackbaud will host a conference call at 8:00 a.m. ET to discuss the company's financial results.

Event:

Blackbaud's First Quarter FY2026 Financial Results Conference Call

Date:

Wednesday, April 29, 2026

Time:

8:00 a.m. ET

Live Webcast:

investor.blackbaud.com

Live Dial-In:

1-877-407-3088 or +1 201-389-0927

A webcast will be available and archived on Blackbaud's investor webpage following the call.

About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility, and individual change makers, Blackbaud propels impact at scale with the sector's most intelligent solutions for fundraising, nonprofit financial management, digital giving, grant making, corporate social responsibility, and education management. With the deepest expertise powered by the world's largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud's solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com or follow us on X/Twitter, LinkedIn, Instagram and Facebook.

Media Inquiries
[email protected]

Forward-looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties, including statements regarding expected benefits of products and product features. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks associated with management of growth; lengthy sales and implementation cycles; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.

SOURCE Blackbaud

Valuation Assessment of Blackbaud Inc (BLKB) On April 24, 2026, Blackbaud Inc (BLKB) shares rose 3.6%, closing at $37.49. The stock has experienced significant

Company Launches Its First Agent For Good™ Agentic AI Solution for the Social Impact Sector 

, /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the leader in AI for social impact, today announced financial results for its first quarter ended March 31, 2026.

"We're off to a strong start in 2026, and our execution continues to reinforce Blackbaud's clear leadership in the social impact software market," said Mike Gianoni, president, CEO and vice chairman of the board of directors, Blackbaud. "With more than 70 new AI capabilities embedded across our products, we have now taken the next step and launched the first of many planned new agentic AI solutions, the Development Agent. Early demand has been exceptional, customer interest is high, and momentum is building. This strong first quarter reinforces our confidence in our AI-powered roadmap and positions Blackbaud well for 2026 and beyond as we pursue our aspirational goals."

First Quarter 2026 Results Compared to First Quarter 2025 Results:

GAAP total revenue was $281.1 million, up 4.2% and non-GAAP organic revenue increased 4.2%. GAAP recurring revenue was $276.5 million, up 5.0% and represented 98.3% of total revenue. Non-GAAP organic recurring revenue increased 5.0%. GAAP income from operations was $51.4 million, with GAAP operating margin of 18.3%, an increase of 1,100 basis points. Non-GAAP income from operations was $83.4 million, with non-GAAP operating margin of 29.6%, an increase of 120 basis points. GAAP net income was $31.1 million, with GAAP diluted earnings per share of $0.67, up $0.58 per share. Non-GAAP net income was $52.6 million, with non-GAAP diluted earnings per share of $1.14, up $0.19 per share. Non-GAAP adjusted EBITDA was $98.7 million, up $6.6 million, with non-GAAP adjusted EBITDA margin of 35.1%, an increase of 100 basis points. Rule of 40 score was 39.3%. GAAP net cash provided by operating activities was $51.5 million, an increase of $50.1 million, with GAAP operating cash flow margin of 18.3%, an increase of 1,780 basis points. Non-GAAP free cash flow was $37.0 million, an increase of $49.3 million, with non-GAAP free cash flow margin of 13.2%, an increase of 1,770 basis points. "We began 2026 with disciplined execution against our operating plan, while continuing to invest in innovation to support both performance today and the opportunities ahead," said Chad Anderson, executive vice president and CFO, Blackbaud. "The quarter reflects the strength of our financial model—driving growth, expanding margins, improving EPS, and generating strong free cash flow. We continued our purposeful capital allocation strategy, repurchasing approximately 4.5% of our shares outstanding at the end of 2025 inclusive of net share settlement of employee stock compensation, while maintaining financial flexibility. This combination of execution, reinvestment, and disciplined capital deployment underpins our ability to deliver long‑term value."

An explanation of all non-GAAP financial measures referenced in this press release, including the Rule of 40, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of the company's non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Recent Company Highlights

Blackbaud launched its first Agent for Good™, the Development Agent, which is the first-ever expert agent to be embedded in a dedicated social impact platform and is designed to help personalize donor engagement and grow giving at scale. The Development Agent is available to Raiser's Edge NXT® customers in the U.S., with availability internationally and in other products to follow. Blackbaud highlighted customer outcomes that underline the real-world impact of its solutions and showcase the differentiated power of Blackbaud's specialized domain expertise. Chief Data and AI Officer Carrie Cobb shared how Blackbaud is approaching responsible AI, through engagement, shared learning, and cross‑sector leadership. As the presenting sponsor of the Association of Fundraising Professionals (AFP) ICON conference, Blackbaud shared how it is ushering the sector into a new era of social impact, equipping fundraisers with purpose-built, responsible AI tools that help them navigate increasing complexity, meet donor expectations, and accelerate their outcomes. At its annual Corporate Social Impact Summit, Blackbaud convened hundreds of corporate and social good leaders for thought‑provoking sessions from industry experts and an exclusive preview of upcoming innovation across the YourCause® from Blackbaud® platform, including advancements in AI capabilities, faster donation processing, and social impact reporting. The company announced open registration for bbcon, its annual technology conference, taking place in Columbus, Ohio, Sept. 29–Oct. 1 this year, with global events following in London and Sydney.  Visit www.blackbaud.com/newsroom for more information about Blackbaud's recent highlights.

Financial Outlook

Blackbaud today reaffirmed its 2026 full year financial guidance:

GAAP revenue of $1.173 billion to $1.179 billion Non-GAAP adjusted EBITDA of $430 million to $438 million Non-GAAP diluted earnings per share of $5.15 to $5.25 Non-GAAP free cash flow of $280 million to $290 million Included in its 2026 full year financial guidance are the following updated assumptions:

Non-GAAP annualized effective tax rate is expected to be approximately 24.5% Interest expense for the year is expected to be approximately $62 million to $66 million Diluted weighted average shares outstanding for the year are expected to be approximately 45.0 million to 46.0 million Capital expenditures for the year are expected to be approximately $60 million to $70 million, including approximately $52 million to $62 million of capitalized software development costs Blackbaud has not reconciled forward-looking full-year non-GAAP financial measures contained in this news release to their most directly comparable GAAP measures, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts at this time to estimate and quantify with a reasonable degree of certainty various necessary GAAP components, including for example those related to compensation, acquisition transactions and integration, tax items or others that may arise during the year. These components and other factors could materially impact the amount of the future directly comparable GAAP measures, which may differ significantly from their non-GAAP counterparts.

Stock Repurchase Program

As of March 31, 2026, Blackbaud had approximately $878 million remaining under its common stock repurchase program that was expanded, replenished and reauthorized in December 2025. Based on our current plans, we expect total repurchases during 2026 to represent between 5.0% and 10.0% of our outstanding common stock as of December 31, 2025.

Conference Call Details

What:     

Blackbaud's 2026 First Quarter Conference Call

When:   

April 29, 2026

Time:     

8:00 a.m. (Eastern Time)

Live Call:     

1-877-407-3088 (US/Canada)

Webcast:     

Blackbaud's Investor Relations Webpage

About Blackbaud

Blackbaud (NASDAQ: BLKB) is the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility and individual change makers, Blackbaud propels impact at scale with the sector's most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world's largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud's solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com, or follow us on X/Twitter, LinkedIn, Instagram, and Facebook.

Investor Contact
[email protected]

Media Contact
[email protected]

Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this news release are forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the predictability of our financial condition and results of operations. These statements involve a number of risks and uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: management of integration of acquired companies; uncertainty regarding increased business and renewals from existing customers; a shifting revenue mix that may impact gross margin; continued success in sales growth; risks related to the development, deployment, regulation, security, market adoption and perception of artificial intelligence technologies; cybersecurity and data protection risks and related liabilities; potential litigation involving us; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. Blackbaud assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Trademarks

All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.

Non-GAAP Financial Measures

Blackbaud has provided in this release financial information that has not been prepared in accordance with GAAP. Blackbaud uses non-GAAP financial measures internally in analyzing its operational performance. Accordingly, Blackbaud believes these non-GAAP measures are useful to investors, as a supplement to GAAP measures, in evaluating its ongoing operational performance and trends and in comparing its financial results from period-to-period with other companies in Blackbaud's industry, many of which present similar non-GAAP financial measures to investors. However, these non-GAAP financial measures may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies.

The non-GAAP financial measures discussed above exclude the impact of certain transactions that Blackbaud believes are not directly related to its operating performance in any particular period, but are for its long-term benefit over multiple periods. Blackbaud believes these non-GAAP financial measures reflect its ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business.

While Blackbaud believes these non-GAAP measures provide useful supplemental information, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.

Non-GAAP free cash flow is defined as operating cash flow less capital expenditures, including costs required to be capitalized for software development, and capital expenditures for property and equipment. Blackbaud believes non-GAAP free cash flow provides a useful measure of the company's operating performance. Non-GAAP free cash flow is not intended to represent and should not be viewed as the amount of residual cash flow available for discretionary expenditures.

In addition, Blackbaud uses non-GAAP organic revenue growth, non-GAAP organic revenue growth on a constant currency basis, non-GAAP organic recurring revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, in analyzing its operating performance. Blackbaud believes that these non-GAAP measures are useful to investors, as a supplement to GAAP measures, for evaluating the periodic growth of its business on a consistent basis. Each of these measures excludes incremental acquisition-related revenue attributable to companies, if any, acquired in the current fiscal year. For companies acquired in the immediately preceding fiscal year, each of these measures reflects presentation of full-year incremental non-GAAP revenue derived from such companies as if they were combined throughout the prior period. In addition, each of these measures excludes prior period revenue associated with divested businesses, if any. The exclusion of the prior period revenue is to present the results of the divested businesses within the results of the combined company for the same period of time in both the prior and current periods. Blackbaud believes this presentation provides a more comparable representation of its current business' organic revenue growth and revenue run-rate.

Rule of 40 is defined as non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. Non-GAAP adjusted EBITDA is defined as GAAP net income plus interest, net; income tax provision (benefit); depreciation; amortization of intangible assets from business combinations; amortization of software development costs; stock-based compensation expense; Global Capabilities Center ("GCC") workforce transition costs; acquisition and disposition-related costs; and Security Incident-related costs.

Blackbaud, Inc.

Consolidated Balance Sheets

(Unaudited)

(dollars in thousands, except per share amounts)

March 31,
2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$       34,096

$       38,914

Restricted cash

418,671

720,061

Accounts receivable, net of allowance of $5,924 and $5,876 at March 31, 2026 and
December 31, 2025, respectively

75,691

80,517

Customer funds receivable

7,605

1,308

Prepaid expenses and other current assets

106,158

89,290

Total current assets

642,221

930,090

Property and equipment, net

85,053

85,076

Software development costs, net

156,628

155,842

Goodwill

1,055,777

1,056,815

Intangible assets, net

99,279

106,654

Other assets

70,340

56,205

Total assets

$    2,109,298

$    2,390,682

Liabilities and stockholders' equity

Current liabilities:

Trade accounts payable

$       46,884

$       27,344

Accrued expenses and other current liabilities

37,515

43,272

Due to customers

425,124

719,833

Debt, current portion

23,160

22,660

Deferred revenue, current portion

333,996

368,986

Total current liabilities

866,679

1,182,095

Debt, net of current portion

1,163,182

1,087,037

Deferred tax liability

27,333

21,981

Deferred revenue, net of current portion

6,054

2,778

Other liabilities

11,496

11,737

Total liabilities

2,074,744

2,305,628

Commitments and contingencies

Stockholders' equity:

Preferred stock; 20,000,000 shares authorized, none outstanding

—

—

Common stock, $0.001 par value; 180,000,000 shares authorized, 74,015,631 and
72,312,354 shares issued at March 31, 2026 and December 31, 2025, respectively;
46,297,968 and 46,705,325 shares outstanding at March 31, 2026 and December 31, 2025,
respectively

74

72

Additional paid-in capital

1,415,521

1,391,641

Treasury stock, at cost; 27,717,663 and 25,607,029 shares at March 31, 2026 and
December 31, 2025, respectively

(1,423,843)

(1,316,224)

Accumulated other comprehensive loss

(3,850)

(5,948)

Retained earnings

46,652

15,513

Total stockholders' equity

34,554

85,054

Total liabilities and stockholders' equity

$    2,109,298

$    2,390,682

Blackbaud, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in thousands, except per share amounts)

Three months ended
March 31,

2026

2025

Revenue

$     281,140

$     269,936

Cost of revenue

114,581

114,815

Gross profit

166,559

155,121

Operating expenses

Sales, marketing and customer success

47,349

44,644

Research and development

36,916

33,559

General and administrative

30,261

56,679

Amortization of intangible assets

588

534

Total operating expenses

115,114

135,416

Income from operations

51,445

19,705

Interest expense

(16,036)

(16,945)

Other income, net

2,396

2,105

Income before provision for income taxes

37,805

4,865

Income tax provision

6,666

542

Net income

$      31,139

$        4,323

Earnings per share

Basic

$         0.68

$         0.09

Diluted

$         0.67

$         0.09

Common shares and equivalents outstanding

Basic weighted average shares

45,562,304

48,429,061

Diluted weighted average shares

46,351,379

49,445,079

Other comprehensive income (loss)

Foreign currency translation adjustment

$       (1,480)

$        3,259

Unrealized gain (loss) on derivative instruments, net of tax     

3,578

(6,692)

Total other comprehensive income (loss)

2,098

(3,433)

Comprehensive income

$      33,237

$          890

Blackbaud, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

Three months ended
March 31,

(dollars in thousands)

2026

2025

Cash flows from operating activities

Net income

$       31,139

$         4,323

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

20,551

21,647

Net provision for credit losses and sales returns

1,128

788

Stock-based compensation expense

23,880

22,170

Deferred taxes

4,257

(221)

Amortization of deferred financing costs and discount

486

699

Other non-cash adjustments

—

(5,384)

Changes in operating assets and liabilities, net of acquisition and disposal of businesses:

Accounts receivable

3,613

4,770

Prepaid expenses and other assets

(18,048)

(5,192)

Trade accounts payable

19,258

(4,651)

Accrued expenses and other liabilities

(3,186)

(8,134)

Deferred revenue

(31,619)

(29,427)

Net cash provided by operating activities

51,459

1,388

Cash flows from investing activities

Purchase of property and equipment

(1,668)

(688)

Capitalized software development costs

(12,798)

(12,970)

Cash used in disposition of business

—

(12,235)

Net cash used in investing activities

(14,466)

(25,893)

Cash flows from financing activities

Proceeds from issuance of debt

139,900

216,200

Payments on debt

(74,968)

(85,523)

Employee taxes paid for withheld shares upon equity award settlement

(25,112)

(37,948)

Change in due to customers

(294,090)

(320,248)

Change in customer funds receivable

(6,395)

(2,483)

Purchase of treasury stock, including excise tax payments

(82,103)

(100,030)

Net cash used in financing activities

(342,768)

(330,032)

Effect of exchange rate on cash, cash equivalents and restricted cash

(433)

1,668

Net decrease in cash, cash equivalents and restricted cash

(306,208)

(352,869)

Cash, cash equivalents and restricted cash, beginning of period

758,975

809,512

Cash, cash equivalents and restricted cash, end of period

$      452,767

$      456,643

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown above in the consolidated statements of cash flows:

(dollars in thousands)

March 31,
2026

December 31,
2025

Cash and cash equivalents

$       34,096

$       38,914

Restricted cash

418,671

720,061

Total cash, cash equivalents and restricted cash in the statement of cash flows                         

$      452,767

$      758,975

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands, except per share amounts)

Three months ended
March 31,

2026

2025

GAAP Revenue

$    281,140

$    269,936

GAAP gross profit

$    166,559

$    155,121

GAAP gross margin

59.2 %

57.5 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

3,087

2,698

Add: Amortization of intangibles from business combinations

6,267

7,052

Add: GCC workforce transition costs(1)

275

—

Subtotal

9,629

9,750

Non-GAAP gross profit

$    176,188

$    164,871

Non-GAAP gross margin

62.7 %

61.1 %

GAAP income from operations

$     51,445

$     19,705

GAAP operating margin

18.3 %

7.3 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

23,880

22,170

Add: Amortization of intangibles from business combinations

6,855

7,586

Add: GCC workforce transition costs(1)

1,026

—

Add: Acquisition and disposition-related costs(2)

147

25,132

Add: Security Incident-related costs

—

2,180

Subtotal

31,908

57,068

Non-GAAP income from operations

$     83,353

$     76,773

Non-GAAP operating margin

29.6 %

28.4 %

GAAP income before provision for income taxes

$     37,805

$      4,865

GAAP net income

$     31,139

$      4,323

Shares used in computing GAAP diluted earnings per share

46,351,379

49,445,079

GAAP diluted earnings per share

$       0.67

$       0.09

Non-GAAP adjustments:

Add: GAAP income tax provision

6,666

542

Add: Total non-GAAP adjustments affecting income from operations                         

31,908

57,068

Non-GAAP income before provision for income taxes

69,713

61,933

Assumed non-GAAP income tax provision(3)

17,080

15,174

Non-GAAP net income

$     52,633

$     46,759

Shares used in computing non-GAAP diluted earnings per share

46,351,379

49,445,079

Non-GAAP diluted earnings per share

$       1.14

$       0.95

(1)

GCC workforce transition costs represent severance and other costs incurred in connection with the transition of certain roles to our Global
Capability Center in Hyderabad, India.

(2)

Includes charges of $24.3 million incurred during the three months ended March 31, 2025 related to the release from our lease for office
space in Washington, DC.

(3)

We use a non-GAAP effective tax rate of 24.5% when calculating non-GAAP net income and non-GAAP diluted earnings per share. We
base this rate on our estimated annual GAAP income tax rate, adjusted for items excluded from GAAP income when calculating non-GAAP
income and for significant nonrecurring tax adjustments. We review this non-GAAP tax rate annually to determine whether it remains
appropriate for evaluating our financial performance. In conducting this review, we consider our GAAP annual effective tax rate, changes in
tax legislation, non-GAAP adjustments, and shifts in the geographic mix of revenues and expenses. We also evaluate other factors that we
deem significant. Because the tax treatment of non-GAAP adjustments differs from GAAP and because of our methodology for estimating
the annual tax rate, the non-GAAP tax rate may differ from the GAAP tax rate and from our actual tax liabilities.

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands)

Three months ended
March 31,

2026

2025

GAAP revenue

$   281,140

$     269,936

GAAP revenue growth

4.2 %

Less: Non-GAAP revenue from divested businesses(1)

—

—

Non-GAAP organic revenue(2)

$   281,140

$     269,936

Non-GAAP organic revenue growth

4.2 %

Non-GAAP organic revenue(2)

$   281,140

$     269,936

Foreign currency impact on non-GAAP organic revenue(3)

(2,240)

—

Non-GAAP organic revenue on constant currency basis(3)

$   278,900

$     269,936

Non-GAAP organic revenue growth on constant currency basis

3.3 %

GAAP recurring revenue

$   276,485

$     263,325

GAAP recurring revenue growth

5.0 %

Less: Non-GAAP recurring revenue from divested businesses(1)

—

—

Non-GAAP organic recurring revenue(2)

$   276,485

$     263,325

Non-GAAP organic recurring revenue growth

5.0 %

Non-GAAP organic recurring revenue(2)

$   276,485

$     263,325

Foreign currency impact on non-GAAP organic recurring revenue(3)

(2,198)

—

Non-GAAP organic recurring revenue on constant currency basis(3)

$   274,287

$     263,325

Non-GAAP organic recurring revenue growth on constant currency basis          

4.2 %

(1)

Non-GAAP revenue from divested businesses excludes revenue associated with divested businesses in the prior period. The exclusion of
the prior period revenue is to present the results of the divested business with the results of the combined company for the same period of
time in both the prior and current periods.

(2)

Non-GAAP organic revenue and non-GAAP organic recurring revenue for the prior year periods presented herein may not agree to non-
GAAP organic revenue and non-GAAP organic recurring revenue presented in the respective prior period quarterly financial information
solely due to the manner in which non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth are calculated.

(3)

To determine non-GAAP organic revenue growth and non-GAAP organic recurring revenue growth on a constant currency basis, revenues
from entities reporting in foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average
foreign currency exchange rates. The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian
Dollar and Euro.

Blackbaud, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(dollars in thousands)

Three months ended
March 31,

2026

2025

GAAP net income

$    31,139

$        4,323

Non-GAAP adjustments:

Add: Interest, net

14,357

15,290

Add: GAAP income tax provision

6,666

542

Add: Depreciation

2,206

2,975

Add: Amortization of intangibles from business combinations

6,855

7,586

Add: Amortization of software development costs(1)

12,421

11,872

Subtotal

42,505

38,265

Non-GAAP EBITDA

$    73,644

$      42,588

Non-GAAP EBITDA margin(2)

26.2 %

Non-GAAP adjustments:

Add: Stock-based compensation expense

$    23,880

$      22,170

Add: GCC workforce transition costs(3)

1,026

—

Add: Acquisition and disposition-related costs(3)

147

25,132

Add: Security Incident-related costs

—

2,180

Subtotal

25,053

49,482

Non-GAAP adjusted EBITDA

$    98,697

$      92,070

Non-GAAP adjusted EBITDA margin(4)

35.1 %

Rule of 40(5)

39.3 %

Non-GAAP adjusted EBITDA

$    98,697

$      92,070

Foreign currency impact on Non-GAAP adjusted EBITDA(6)

(1,029)

205

Non-GAAP adjusted EBITDA on constant currency basis(6)

$    97,668

$      92,275

Non-GAAP adjusted EBITDA margin on constant currency basis                         

35.0 %

Rule of 40 on constant currency basis(7)

38.3 %

(1)

Includes amortization expense related to software development costs, and amortization expense from capitalized cloud computing

implementation costs.

(2)

Measured by GAAP revenue divided by non-GAAP EBITDA.

(3)

See additional details in the reconciliation of GAAP to Non-GAAP operating income above.

(4)

Measured by non-GAAP organic revenue divided by non-GAAP adjusted EBITDA.

(5)

Measured by non-GAAP organic revenue growth plus non-GAAP adjusted EBITDA margin. See Non-GAAP organic revenue growth table
above.

(6)

To determine non-GAAP adjusted EBITDA on a constant currency basis, non-GAAP adjusted EBITDA from entities reporting in
foreign currencies were translated to U.S. Dollars using the comparable prior period's quarterly weighted average foreign currency exchange rates.
The primary foreign currencies creating the impact are the Australian Dollar, British Pound, Canadian Dollar and Euro.

(7)

Measured by non-GAAP organic revenue growth on constant currency basis plus non-GAAP adjusted EBITDA margin on constant currency
basis.

(dollars in thousands)

Three months ended
March 31,

2026

2025

GAAP net cash provided by operating activities          

$     51,459

$      1,388

GAAP operating cash flow margin

18.3 %

0.5 %

Non-GAAP adjustments:

Less: purchase of property and equipment

(1,668)

(688)

Less: capitalized software development costs

(12,798)

(12,970)

Non-GAAP free cash flow

$     36,993

$    (12,270)

Non-GAAP free cash flow margin

13.2 %

(4.5) %

SOURCE Blackbaud

Blackbaud, Inc. (BLKB) Q1 2026 Earnings Call Transcript

Partnership Will Enable Higher Education Customers to Pair Student First's Future-Ready Student Information System with Blackbaud's Leading Financial Management and Fundraising Solutions to Unify Back-Office Operations and Power Student Success

, /PRNewswire/ -- Blackbaud (NASDAQ: BLKB), the world's leading provider of AI-powered solutions for social impact, today announced a strategic investment in Student First, the provider of the most modern, AI-enabled student information system (SIS) designed to simplify administrative workflows and enhance the student experience for higher education institutions.

With this investment, Blackbaud and Student First will deliver a best-in-class Connected Campus experience that reduces complexity and campus silos, unifying enrollment, financial aid, scholarships, advancement and finance into a single operating model. Blackbaud customers will be able to leverage Student First's flexible, student-centric SIS, which will natively integrate with Blackbaud's industry-leading solutions for financial management, fundraising, award management and payments to advance student success.

"By joining forces with Student First, we're enabling college and university teams to connect the financial side of their operations to the student information side," said Mark Davis, vice president, education products, Blackbaud. "This kind of data flow creates a connected campus experience that ties student lifecycle activity to the dollars that fund it—linking student and donor activity through advancement, awards, and the general ledger—so institutions can operate smarter, strengthen stewardship, and have the visibility needed to align resources to fuel student success."

"Student First was developed as a unified, cloud-native SIS for higher education, and this partnership with Blackbaud is a natural extension of that platform strength," said David Meek, CEO, Student First. "Together, we help institutions operate smarter in a challenging financial environment by strengthening stewardship, compliance, and long-term sustainability. Joint customers get a comprehensive technology suite built on industry-leading systems, and students get a single, seamless experience."

Key Benefits of the Partnership:

Student First brings a modern, AI-enabled, student-centric SIS, while Blackbaud delivers leadership in purpose-built fund accounting, fundraising, award management, and payments and billing solutions. The partnership connects student enrollment, tuition and donor activity directly to the general ledger, giving institutions a single view that provides greater visibility, accountability and confidence in financial decision-making. Blackbaud's Intelligence for Good® AI capabilities will bolster Student First's student-centric SIS to drive intelligent action across institutions. Institutions gain choice without compromise—modernizing their SIS while leveraging Blackbaud's trusted financial and advancement ecosystem. The two companies will collaborate on product direction and go-to-market strategy to expand and enhance how they serve higher education institutions. This connected campus model replicates the success Blackbaud has already achieved with its Total School Solution approach for independent K–12 schools, offering a complete suite of integrated products purpose built for the unique needs of education institutions.

About Blackbaud
Blackbaud (NASDAQ: BLKB) is the world's leading provider of AI-powered solutions for social impact. Serving nonprofits, educational institutions, companies committed to corporate social responsibility, and individual change makers, Blackbaud propels impact at scale with the sector's most intelligent solutions for fundraising and engagement, education solutions, financial management and CSR and grantmaking. With the deepest expertise powered by the world's largest philanthropic data set, the most connected workflows, and the most powerful impact network, Blackbaud's solutions are building a future where resources are unleashed at the speed of need. Blackbaud has been recognized by Fast Company, Newsweek, Quartz, Forbes and more for AI innovation, responsible leadership and workplace excellence. Blackbaud has operations in the United States, Australia, Canada, Costa Rica, India and the United Kingdom, supporting users in 100+ countries. Learn more at www.blackbaud.com or follow us on X/Twitter, LinkedIn, Instagram and Facebook.

About Student First
Student First is an AI-enabled, cloud-native Student Information System designed specifically for the full spectrum of higher education, from career colleges and community colleges to four-year institutions and online programs. Student First delivers a unified platform spanning recruiting and admissions, advising, academic operations, financial aid, student billing, and more. Institutions move beyond the limitations of legacy systems with a solution that simplifies operations, improves data accuracy, and surfaces actionable insight across every function. The result is less administrative burden, smarter decision-making, and a seamless experience for students at every stage of their journey. For more information visit www.studentfirst.com.

Media Inquiries
[email protected]

Forward-looking Statements
Except for historical information, all of the statements, expectations and assumptions contained in this news release are forward-looking statements that involve a number of risks and uncertainties, including statements regarding expected benefits of products and product features. Although Blackbaud attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors that could cause results to differ materially include the following: general economic risks; uncertainty regarding increased business and renewals from existing customers; continued success in sales growth; management of integration of acquired companies and other risks associated with acquisitions; risks associated with successful implementation of multiple integrated software products; the ability to attract and retain key personnel; risks associated with management of growth; lengthy sales and implementation cycles; technological changes that make our products and services less competitive; and the other risk factors set forth from time to time in the SEC filings for Blackbaud, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Blackbaud's investor relations department. All Blackbaud product names appearing herein are trademarks or registered trademarks of Blackbaud, Inc.

SOURCE Blackbaud