Backblaze (BLZE) Operating Leases (2022 - 2025)
Backblaze (BLZE) reported Operating Leases of $20.17 million for Q4 2025, up 57.0% from $12.84 million a year earlier but down 5.1% from the prior quarter.
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Analysis
Backblaze (BLZE) Operating Leases (2022 - 2025) Analysis & Trends
Dating back to Q1 2022, Backblaze's Operating Leases record includes 16 quarters.
- Operating Leases has increased for three consecutive years, with a three-year compound annual growth rate of 58.8% (FY2022 to FY2025).
- By year, Operating Leases came in at $12.84 million in FY2024 (+57.6%), $8.15 million in FY2023 (+62.0%) and $5.03 million in FY2022.
- Five-year quarterly Operating Leases spans a low of $2.86 million in Q3 2022 and a high of $22.2 million in Q2 2025.
- Year over year, Operating Leases has now increased in each of the last 12 quarters, with growth averaging 76.8% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Leases ran from 46.1% in Q3 2024 to 197.6% in Q3 2023.
- Per Business Quant data, the three quarters before Q4 2025 came in at $21.25 million (Q3 2025), $22.2 million (Q2 2025) and $11.83 million (Q1 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,949.85 Bn | 3,873.01 Bn | 60.48 Bn |
| 2 | International Business Machines | 228.00 Bn | 178.81 Bn | 9.91 Bn |
| 3 | Cloudflare | 103.51 Bn | 87.04 Bn | 499.52 Mn |
| 4 | Equinix | 97.35 Bn | 85.92 Bn | 1.40 Bn |
| 5 | Nebius | 41.52 Bn | 14.95 Bn | 448.70 Mn |
| 6 | CoreWeave | 34.23 Bn | 21.32 Bn | 1.70 Bn |
| 7 | Verisign | 27.83 Bn | 25.04 Bn | 384.60 Mn |
| 8 | Nutanix | 18.34 Bn | 10.03 Bn | 651.35 Mn |
| 9 | GoDaddy | 14.21 Bn | 9.79 Bn | 828.20 Mn |
| 10 | Backblaze | 523.34 Mn | 317.91 Mn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 20.17 Mn |
| Sep 30, 2025 | 21.25 Mn |
| Jun 30, 2025 | 22.20 Mn |
| Mar 31, 2025 | 11.83 Mn |
| Dec 31, 2024 | 12.84 Mn |
| Sep 30, 2024 | 12.44 Mn |
| Jun 30, 2024 | 7.57 Mn |
| Mar 31, 2024 | 7.95 Mn |
| Dec 31, 2023 | 8.15 Mn |
| Sep 30, 2023 | 8.52 Mn |
| Jun 30, 2023 | 4.36 Mn |
| Mar 31, 2023 | 4.75 Mn |
| Dec 31, 2022 | 5.03 Mn |
| Sep 30, 2022 | 2.86 Mn |
| Jun 30, 2022 | 2.94 Mn |
| Mar 31, 2022 | 3.17 Mn |
API Access
Backblaze Operating Leases 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-leases&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();