Backblaze (BLZE) Operating Expenses (2020 - 2025)
Backblaze's Operating Expenses was $26.39 million in Q3 2025, down 12.0% from $30 million a year earlier and down 9.9% from the prior quarter.
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Analysis
Backblaze (BLZE) Operating Expenses (2020 - 2025) Analysis & Trends
On a trailing twelve-month basis, Backblaze's Operating Expenses was $115.98 million through Sep 30, 2025, up 5.4% year-over-year; for FY2024, it was $115.63 million, up 7.3% from FY2023.
- Operating Expenses has now increased for four consecutive years, with a four-year compound annual growth rate of 38.2% (FY2020 to FY2024).
- In earlier years, Operating Expenses was $107.76 million in FY2023 (+17.2%), $91.98 million in FY2022 (+73.1%), $53.14 million in FY2021 (+67.5%) and $31.72 million in FY2020.
- The Q3 2025 figure marks the lowest quarterly Operating Expenses since Q1 2024.
- Compared with a year earlier, Operating Expenses was higher in six of the last eight quarters, with growth averaging 4.8%.
- The best year-over-year quarter for Operating Expenses over five years was Q1 2022 (growth of 108.7%); the worst was Q3 2025 (a decline of 12.0%).
- Per Business Quant data, BLZE's Operating Expenses in the three quarters before Q3 2025 was $29.28 million (Q2 2025), $28.03 million (Q1 2025) and $32.28 million (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,781.98 Bn | 3,705.13 Bn | 60.48 Bn | 12.28 Bn |
| 2 | International Business Machines | 207.92 Bn | 158.82 Bn | 9.91 Bn | 7.29 Bn |
| 3 | Cloudflare | 114.07 Bn | 97.60 Bn | 499.52 Mn | 705.21 Mn |
| 4 | Equinix | 99.76 Bn | 88.32 Bn | 1.40 Bn | 1.96 Bn |
| 5 | Nebius | 58.67 Bn | 32.10 Bn | 448.70 Mn | 758.20 Mn |
| 6 | CoreWeave | 46.87 Bn | 33.97 Bn | 1.70 Bn | 2.62 Bn |
| 7 | Verisign | 25.50 Bn | 22.71 Bn | 384.60 Mn | 138.30 Mn |
| 8 | Nutanix | 18.59 Bn | 10.27 Bn | 651.35 Mn | 581.36 Mn |
| 9 | Akamai Technologies | 15.65 Bn | 9.06 Bn | 613.75 Mn | 1.02 Bn |
| 10 | Backblaze | 781.26 Mn | 575.83 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 26.39 Mn |
| Jun 30, 2025 | 29.28 Mn |
| Mar 31, 2025 | 28.03 Mn |
| Dec 31, 2024 | 32.28 Mn |
| Sep 30, 2024 | 30.00 Mn |
| Jun 30, 2024 | 27.04 Mn |
| Mar 31, 2024 | 26.32 Mn |
| Dec 31, 2023 | 26.71 Mn |
| Sep 30, 2023 | 27.32 Mn |
| Jun 30, 2023 | 25.97 Mn |
| Mar 31, 2023 | 27.77 Mn |
| Dec 31, 2022 | 25.25 Mn |
| Sep 30, 2022 | 23.28 Mn |
| Jun 30, 2022 | 21.95 Mn |
| Mar 31, 2022 | 21.50 Mn |
| Dec 31, 2021 | 17.41 Mn |
| Sep 30, 2021 | 13.47 Mn |
| Jun 30, 2021 | 11.96 Mn |
| Mar 31, 2021 | 10.30 Mn |
| Dec 31, 2020 | 10.05 Mn |
API Access
Backblaze Operating Expenses 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=operating-expenses&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();