Backblaze (BLZE) Gross Margin (2020 - 2025)
Backblaze (BLZE) reported Gross Margin of 62.08% for Q3 2025, up 7.46 percentage points from 54.62% a year earlier but down 1.40 percentage points from the prior quarter.
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Analysis
Backblaze (BLZE) Gross Margin (2020 - 2025) Analysis & Trends
Over the twelve months ended Sep 30, 2025, Backblaze's Gross Margin came in at 59.12%, up 5.34 percentage points year-over-year; for FY2024, it was 54.33%, up 5.46 percentage points from FY2023.
- Gross Margin has a four-year change of +2.30 percentage points (FY2020 to FY2024).
- By year, Gross Margin came in at 48.87% in FY2023 (-2.64 pp), 51.51% in FY2022 (+0.62 pp), 50.89% in FY2021 (-1.14 pp) and 52.03% in FY2020.
- Five-year quarterly Gross Margin spans a low of 46.46% in Q3 2023 and a high of 63.48% in Q2 2025.
- Year over year, Gross Margin has now increased in each of the last eight quarters, with an average year-over-year change of +5.32 percentage points over the last eight quarters.
- The high point for year-over-year Gross Margin in five years was Q2 2025 (a gain of 8.41 percentage points); the low point was Q2 2023 (a drop of 4.80 percentage points).
- Per Business Quant data, the three quarters before Q3 2025 came in at 63.48% (Q2 2025), 55.63% (Q1 2025) and 54.77% (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,942.57 Bn | 3,865.73 Bn | 60.48 Bn | 67.20% |
| 2 | International Business Machines | 231.37 Bn | 182.18 Bn | 9.91 Bn | 57.73% |
| 3 | Cloudflare | 109.43 Bn | 92.96 Bn | 499.52 Mn | 71.76% |
| 4 | Equinix | 97.68 Bn | 86.24 Bn | 1.40 Bn | 53.14% |
| 5 | Nebius | 41.65 Bn | 15.08 Bn | 448.70 Mn | 77.06% |
| 6 | CoreWeave | 33.97 Bn | 21.06 Bn | 1.70 Bn | 65.86% |
| 7 | Verisign | 27.88 Bn | 25.09 Bn | 384.60 Mn | 88.50% |
| 8 | Nutanix | 18.74 Bn | 10.43 Bn | 651.35 Mn | 86.03% |
| 9 | GoDaddy | 14.02 Bn | 9.60 Bn | 828.20 Mn | 63.81% |
| 10 | Backblaze | 513.37 Mn | 307.94 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 62.08% |
| Jun 30, 2025 | 63.48% |
| Mar 31, 2025 | 55.63% |
| Dec 31, 2024 | 54.77% |
| Sep 30, 2024 | 54.62% |
| Jun 30, 2024 | 55.07% |
| Mar 31, 2024 | 52.76% |
| Dec 31, 2023 | 52.49% |
| Sep 30, 2023 | 46.46% |
| Jun 30, 2023 | 49.01% |
| Mar 31, 2023 | 46.89% |
| Dec 31, 2022 | 51.06% |
| Sep 30, 2022 | 50.86% |
| Jun 30, 2022 | 53.81% |
| Mar 31, 2022 | 50.33% |
| Dec 31, 2021 | 52.60% |
| Sep 30, 2021 | 50.81% |
| Jun 30, 2021 | 50.92% |
| Mar 31, 2021 | 48.86% |
| Dec 31, 2020 | 51.84% |
API Access
Backblaze Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "BLZE", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();