BlackBerry Stock Jumps 7% Three Days Before Q2 Earnings
BlackBerry stock closed at $11.95 CAD on the TSX on Monday, September 21, 2026, up 7.08% from Friday’s $11.16 CAD, three sessions before the company reports second-quarter fiscal 2027 results. The shares traded between $11.37 and $11.96 on volume of 3.74 million, finished within a penny of the session high, and are up 10.96% over five sessions. On the NYSE, where the same company trades in US dollars, the stock closed at $8.53 USD, up 6.76%.
Most of the move was the sector, but not all of it
Canadian technology had a strong Monday. The S&P/TSX Composite rose 0.57% to 36,009.40, while the iShares S&P/TSX Capped Information Technology ETF, the usual proxy for the Canadian tech complex, rose 3.10%. Much of that came from its largest constituent: Shopify closed at $193.38, the biggest Canadian large-cap gain of the session, and we covered what moved Shopify on Monday earlier today.
That matters for reading BlackBerry’s number honestly. Roughly three of its seven points are the sector doing what the sector did. Our run-up scanner measures what is left at +3.98 points against the technology proxy. A real company-specific move, then, but not a seven point one.
| Same session | today | five sessions |
|---|---|---|
| S&P/TSX Composite | +0.57% | +0.86% |
| iShares S&P/TSX Capped Information Technology ETF (XIT.TO) | +3.10% | +1.86% |
| BlackBerry (BB.TO) | +7.08% | +10.96% |
Monday is a push off a base rather than a breakout to new ground. BlackBerry bottomed at $4.38 CAD on March 27, 2026 and peaked at $17.91 CAD on June 30, so Monday’s close sits 172.8% above the low and 33.3% below the high, up 128.9% for the year from $5.22 on January 2. Month-end closes show the shape: $4.85, $4.63 and $4.51 through the first quarter, then $7.35, $12.36, $17.91, $11.93 and $11.33 from April through August. The stock quadrupled in a quarter, gave back a third, and has spent three months inside an $11 to $12 band.
There was no company news
BlackBerry’s filings on SEC EDGAR under CIK 0001070235 showed nothing new as of Monday. The most recent entries are seven Form 4s dated September 1, 2026: no 8-K, no results, no announcement. The company’s investor site and newswire carry nothing dated Monday either, and the only company item in the past two weeks is the September 10 scheduling advisory that named the report date.
So the accurate description is the plain one. BlackBerry rose 7% on a strong day for Canadian technology, with no company news of its own, three sessions before it reports. If a 7% move with no announcement behind it seems strange, our guide to what moves a stock price sets out how much of a single session can come from the market around a company rather than from the company itself. What the market is waiting for is Thursday.
What is coming, and the bar the Street has set
BlackBerry reports Q2 fiscal 2027, the three months ended August 31, 2026, on Thursday, September 24, before the market opens, with a conference call and webcast to follow. Its fiscal year ends the last day of February, so a quarter ending in August is the second.
Yahoo Finance consensus, which is the analysts and not the company, puts adjusted EPS at $0.04 USD on revenue of $145.5 million USD. Six analysts contribute the EPS figure in a $0.03 to $0.05 range, five the revenue figure in a $141.6 million to $152.0 million range. Against the year-ago quarter, which produced $0.04 adjusted EPS on $129.6 million USD of revenue, that implies 12.3% revenue growth.
Now set it beside what management guided for this same quarter, in its first-quarter earnings release filed with the SEC as Exhibit 99.1 to a Form 8-K on June 25, 2026.
| Q2 FY2027 company guidance (USD) | band |
|---|---|
| Total revenue | $137M to $148M |
| QNX revenue | $70M to $75M |
| Secure Communications revenue | $57M to $63M |
| Licensing revenue | approximately $10M |
| Adjusted EBITDA | $20M to $30M |
| Non-GAAP basic EPS | $0.03 to $0.04 |
| Operating cash flow | breakeven to $10M |
Source: BlackBerry’s first-quarter fiscal 2027 earnings release, Outlook section.
Two things fall out of the two sets of numbers together, and they are why this run-up is worth a second look.
First, the Street is not asking for the midpoint. Consensus revenue of $145.5 million USD sits about 78% of the way up the company’s own $137 million to $148 million band, and consensus adjusted EPS of $0.04 is the top of the company’s own $0.03 to $0.04 non-GAAP band. After a 7% day and an 11% week, the number the stock is priced against is management’s upper guidance, which is a higher bar than the headline consensus makes it sound.
Second, management guided this quarter down from the last one. BlackBerry reported $152.9 million USD of revenue in Q1 fiscal 2027, up 26% year over year, then guided Q2 to $137 million to $148 million. The top of the Q2 band sits below the Q1 actual. That is not a bearish opinion, it is what the filing says.
Briefly, the rest of that first quarter: QNX revenue of $72.3 million USD, up 26% year over year, adjusted EBITDA of $36.3 million USD, up 144%, GAAP operating income of $15.3 million USD, and an adjusted gross margin of 78.6% against a GAAP gross margin of 78.3%. QNX is the engine of that story, which is also why BlackBerry does not appear in our ranking of Canadian AI stocks: we looked at it and left it out, on the view that the 2026 re-rating is an embedded-software story rather than an artificial intelligence one.
The record, which is a record and not a forecast
On Yahoo Finance consensus and surprise data, BlackBerry has beaten the consensus adjusted EPS estimate in each of the last four quarters.
| Quarter reported | Consensus adjusted EPS | Actual adjusted EPS |
|---|---|---|
| Q2 FY2026 (Sep 2025) | $0.014 USD | $0.04 USD |
| Q3 FY2026 (Dec 2025) | $0.037 USD | $0.05 USD |
| Q4 FY2026 (Apr 2026) | $0.043 USD | $0.06 USD |
| Q1 FY2027 (Jun 2026) | $0.027 USD | $0.04 USD |
What the stock did afterwards is less tidy. Measured on the correct session, which for a pre-market release is the report day itself, BB.TO rose 9.11% on September 25, 2025, fell 14.10% on December 19, 2025 after an after-the-close release, rose 7.36% on April 9, 2026 and rose 19.25% on June 25, 2026.
June is the closest analogue to this week, and it cuts both ways. BB.TO went from $12.26 to $14.62 on the day of the Q1 report, added 10.3% the next session, and peaked at $17.91 on June 30. From that peak to Monday’s close it is down 33.3%. The beat was real and so was the move, and an investor who bought the reaction was down a third ten weeks later. Both halves are the history.
What it means
BlackBerry has re-rated hard in 2026 and Monday added to it, though most of Monday belonged to Canadian technology rather than to BlackBerry. The $9.71 USD mean price target of seven analysts, who carry a consensus rating of hold, now sits 13.8% above Monday’s close, against 21.4% above Friday’s. One 7% session closed about a third of that gap.
Thursday turns on things legible from the guidance table above rather than from opinion: QNX and Secure Communications against their bands, whether total revenue lands inside $137 million to $148 million USD at all when consensus is asking for $145.5 million USD, and any change to the full-year fiscal 2027 outlook of $594 million to $621 million USD in revenue and $0.16 to $0.20 in non-GAAP basic EPS.
One last thing the headline numbers hide: BlackBerry reports in US dollars while the TSX line trades in Canadian dollars, so a Canadian holder’s return carries a currency leg none of the figures above show. A fuller preview follows before Thursday.
Data as of the close of Monday, September 21, 2026. Prices, index levels and analyst consensus from Yahoo Finance. Company financials and guidance from BlackBerry’s SEC-filed earnings release.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Prices, index levels and analyst consensus from Yahoo Finance, session of Monday September 21, 2026. Company financials and guidance from BlackBerry’s Q1 FY2027 earnings release, Exhibit 99.1 to its Form 8-K filed with the SEC on June 25, 2026.
