BILL Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data BILL Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	64.9	108	158	238	642	1,058	1,290	1,463	1,653
Cost of revenue	19.4	29.9	39.1	61.8	145	194	235	272	315
Gross profit	45.5	78.4	118	176	497	864	1,056	1,190	1,338
Research and development	18	28.9	53	89.5	220	315	337	340	301
Selling and marketing	19.3	30.1	45.1	67.9	307	516	479	544	616
General and administrative	16	29.2	53.5	128	221	249	278	282	299
Operating expenses	53.3	88.2	153	290	814	1,160	1,230	1,271	1,411
Operating income	-7.82	-9.8	-34.2	-114	-317	-296	-174	-80.6	-73.4
Interest expense	0.43	0.83	0.23	28.2	9.42	15.2	19.2
Interest income	1.06	3.21	4.09	2.99	6.69	91.3	122
Other non-operating income	0.63	2.33	3.16	-25.4	-13.9	72.9	148	111	63.3
Pre-tax income	-7.19	-7.47	-31	-139	-331	-223	-26.3	30.4	-10.1
Income tax	0.01	-0.16	0.05	-40.6	-4.32	0.81	2.56	6.61	1.11
Net income	-7.2	-7.31	-31.1	-98.7	-326	-224	-28.9	23.8	-11.2
EBITDA	-5.5	-6.65	-33.1	-109	-305	-280	-151	-53.1	-17.5
EPS, basic	-1.01	-0.94	-0.70	-1.19	-3.21	-2.11	-0.27	0.23	-0.11
EPS, diluted	-1.01	-0.94	-0.70	-1.19	-3.21	-2.11	-0.27	-0.07	-0.11
Shares, basic (weighted)	7.16	7.8	44.1	82.8	102	106	106	104	99.9
Shares, diluted (weighted)	7.16	7.8	44.1	82.8	102	106	106	104	99.9

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	22.4	90.3	574	510	1,597	1,617	986	1,038	1,031
Short-term investments		72	124	655	1,108	1,043	602	1,180	906
Receivables		4.4	4.25	18.2	24	28.2	28	32.3	31
Other current assets		12.3	26.8	67.2	151	170	297	258	302
Total current assets		1,513	2,379	3,606	6,279	6,673	6,315	7,239	7,435
Property, plant and equipment		6.56	13.9	48.9	57	81.6	88	117	145
Lease right-of-use assets				71.9	76.4	69	59.4	56.1	47.8
Goodwill			0	1,772	2,363	2,397	2,397	2,397	2,397
Intangible assets				417	433	361	281	223	162
Other non-current assets		6.64	10.7	52.9	47.7	54.4	38.6	33.2	31.6
Total assets		1,526	2,404	5,969	9,256	9,636	9,179	10,064	10,218
Accounts payable		5.06	3.48	11.9	9.95	8.52	7.45	16.3	9.64
Accrued liabilities		6.56	10.8	72	120	195	300	252	387
Deferred revenue		3.47	5.89	12.8	31.9	26.3	17	22.4	19.4
Total current liabilities		1,349	1,677	2,326	3,409	3,753	4,063	4,589	4,925
Lease liabilities				86.6	82.7	72.5	62.8	58.4	48.5
Other non-current liabilities		1.45	13.8	35	20.8	18.9	0.57	1.58	0.78
Total liabilities		1,353	1,693	3,440	5,212	5,550	5,045	6,150	6,688
Total debt				989	1,773	1,840	914	1,714	1,836
Paid-in capital		14.7	857	2,777	4,599	4,947	5,233	5,415	5,626
Retained earnings		-118	-149	-247	-545	-856	-1,097	-1,511	-2,089
Other comprehensive income		0.33	2.42	-0.1	-10.2	-4.49	-1.89	10.2	-6.42
Shareholders' equity	-102	-103	711	2,530	4,044	4,086	4,134	3,914	3,531
Total equity	-102	-103	711	2,530	4,044	4,086	4,134	3,914	3,531
Total liabilities and equity		1,526	2,404	5,969	9,256	9,636	9,179	10,064	10,218
Shares outstanding		0.01		94.5	105	107	107	103	92.1

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-7.2	-7.31	-31.1	-98.7	-326	-224	-28.9	23.8	-11.2
Depreciation and amortization	2.31	3.15	1.14	4.87	11.5	15.5	23.2	27.5	55.9
Stock-based compensation	1.55	4.08	18.1	68.3	197	314	248	243	230
Deferred income tax		-0.18	0	-40.6	-4.07	-1.36	-0.36	-0.08	0.28
Change in receivables	-0.28	-2.1	-1.61	-6.54	-3.03	-4.48	0.07	-4.46	1.42
Change in payables	-0.56	3.17	-1.6	7.42	-3.77	-1.69	-1.13	8.21	-5.87
Cash from operations	-8.36	-3.95	-4.43	4.62	-18.1	188	279	351	416
Capital expenditures	-1.31	-2.74	-11.4	-18.9	-5.38	-7.59	-0.98	-4.34	-3.33
Acquisitions			0	-556	-144	-28.9	0	0
Cash from investing	-418	-96.1	-249	-1,427	-1,127	259	-409	-817	-28.6
Debt issued			0	1,129	560	0	0	1,400	0
Stock issued	0.69	1.7	0	8.86	12.8	17.9	16.5	11.6	11.9
Share buybacks				0	0	-87.6	-212	-430	-560
Cash from financing	326	492	863	1,640	2,879	235	-743	667	-173
Exchange rate effect			0	0	-0.15	-0.04	-0.24	-0.29	-0.05
Net change in cash	-99.9	392	609	217	1,733	682	-873	199	214
Free cash flow	-9.67	-6.69	-15.9	-14.3	-23.5	180	278	346	412
Interest paid	0.44	0.87	0.17	0.11	4.87	7.44	12.6	13.8	19
Income taxes paid				0	0	1.27	5.63	6.32	1.11

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $44.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	80.9%	Gross profit / revenue.
Operating margin	-4.4%	Operating income / revenue.
EBITDA margin	-1.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.6%	Pre-tax income / revenue.
Net margin	-0.7%	Net income / revenue.
FCF margin	25.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.2%	Cash from operations / revenue.
Return on equity (ROE)	-0.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.1%	Net income / average total assets.
Return on invested capital (ROIC)	-1.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.2%	Research and development expense / revenue.
Stock-based pay / revenue	13.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	47.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	50.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-147.2%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	18.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	30.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	145.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	31.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-9.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.51x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.52x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.0%	Total debt / total assets.
Liabilities / assets	65.4%	Total liabilities / total assets.
Net debt	-$101.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$2.51B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$971.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	12.6x	Revenue / average property, plant and equipment.
Receivables turnover	52.2x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	0.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.11	Net income per basic share, as reported (split-adjusted).
Revenue per share	$16.55	Revenue / diluted weighted shares.
FCF per share	$4.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.16	Cash from operations / diluted weighted shares.
Book value per share	$38.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.56	Tangible book value / shares outstanding.
Cash per share	$21.05	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	135.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.41B	Share price x shares outstanding.
Enterprise value	$4.31B	Market cap + total debt - cash - short-term investments.
P/S	2.67x	Market cap / revenue.
P/B	1.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.53x	Market cap / tangible book value, when positive.
P/FCF	10.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	2.60x	Enterprise value / revenue.
EV/FCF	10.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.4%	Free cash flow / market cap.
Earnings yield	-0.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	12.7%	(Dividends paid + share buybacks) / market cap.

What was BILL Holdings, Inc.'s revenue in fiscal 2026?

BILL Holdings, Inc. reported revenue of $1.65B for fiscal 2026, 13% higher than the year before.

Was BILL Holdings, Inc. profitable in fiscal 2026?

No. It reported a net loss of $11.2M.

How much free cash flow did BILL Holdings, Inc. generate in fiscal 2026?

Cash from operations of $415.8M minus capital expenditures of $3.3M left free cash flow of $412.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to BILL Holdings, Inc.