Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Blend Labs, 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
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
50.7
96
234
235
110
116
124
Cost of revenue
19.5
34.3
119
146
33.1
32.5
32.4
Gross profit
31.1
61.7
116
89.7
76.5
83.2
91.2
Research and development
48.6
55.5
92.2
138
81.3
46.1
32.8
Selling and marketing
37.7
51.4
84.1
85.2
57.5
34.4
29.1
General and administrative
26.6
30.1
129
139
61.3
45.7
50.1
Operating expenses
113
137
313
836
220
132
113
Operating income
-81.7
-75.3
-197
-746
-144
-48.8
-21.7
Interest expense
0
0
11.3
24.8
30.8
6.75
0
Interest income
1
0.4
2.4
11.4
5.3
3.7
Other non-operating income
0.28
0.7
0.49
4.92
7.03
12.9
20.9
Pre-tax income
-81.4
-74.6
-208
-766
-167
-42.7
-0.88
Income tax
0.01
0.03
-38.9
-2.24
0.09
0.11
0.25
Net income to minority interests
0
0
0.77
-43.6
-1.19
-0.07
Net income
-81.5
-74.6
-170
-720
-179
-43.3
-6.8
EBITDA
-77
-71.3
-187
-735
-142
-47.5
-18.4
EPS, basic
-2.49
-1.89
-1.30
-3.28
-0.76
-0.24
-0.10
EPS, diluted
-2.49
-1.89
-1.30
-3.28
-0.76
-0.24
-0.10
Shares, basic (weighted)
32.8
39.4
132
234
245
254
259
Shares, diluted (weighted)
32.8
39.4
132
234
245
254
259
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
22.6
41.1
213
124
23.5
38
45.1
Short-term investments
111
334
230
106
56.2
24.7
Other current assets
1.05
3.28
2.3
1.88
1.54
1.39
Total current assets
186
613
396
170
135
99.8
Property, plant and equipment
4.59
6.16
5.74
3.95
11.7
23
Lease right-of-use assets
12.7
14.7
11.7
8.57
0.34
1.39
Goodwill
0
287
0
Intangible assets
1.21
173
2.13
2.11
0.08
Other non-current assets
0.68
8.83
10.1
19.2
21.9
41.4
Total assets
216
1,112
433
206
178
170
Accounts payable
3.44
6.16
1.26
2.17
1.62
1.86
Accrued liabilities
2.48
5.8
3.05
4.31
2.12
5.32
Deferred revenue
13.6
8.07
8.7
8.98
19.2
19.4
Total current liabilities
35
60
35.5
31.6
39
39.5
Lease liabilities
14
14.6
11.1
6.98
0
1.22
Other non-current liabilities
3.38
13.4
5.48
2.23
0.28
1.57
Total liabilities
52.4
302
269
179
40.4
41
Total debt
0
214
217
138
0
0
Paid-in capital
51
1,218
1,287
1,322
1,328
1,361
Retained earnings
-273
-443
-1,163
-1,342
-1,385
-1,392
Other comprehensive income
-0.01
-0.81
-0.71
0.44
0.6
0.6
Shareholders' equity
135
163
775
123
-19.2
-56.4
-30.5
Total equity
135
163
775
123
-19.2
-56.4
-30.5
Total liabilities and equity
216
1,112
433
206
178
170
Shares outstanding
0
230
241
250
258
256
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-81.5
-74.6
-169
-764
-180
-43.4
-6.98
Depreciation and amortization
4.76
3.99
10.6
10.8
1.52
1.34
3.29
Stock-based compensation
9.89
10.1
70.8
110
45.6
27.9
29
Deferred income tax
0
0
-39.3
-2.86
-0.03
0.03
0
Change in payables
2.58
0.29
1.56
-4.9
1.22
-0.29
0.21
Cash from operations
-58.9
-65
-128
-190
-128
-13
11.5
Capital expenditures
-0.58
-1.31
-1.73
-2.07
-0.04
-9.74
-11.6
Acquisitions
0
0
-400
0
0
Purchases of investments
-151
-174
-352
-146
-236
-102
-35.5
Sales and maturities of investments
82.4
131
125
247
310
53.2
46.7
Cash from investing
-65.5
-7.92
-634
99.4
127
45.4
18.5
Debt repaid
0
0
-85.1
-145
0
Stock issued
1.65
4.51
25.2
2.61
0.27
1.66
1.65
Share buybacks
-0.05
-0.02
-0.13
0
0
-24.9
Cash from financing
133
90.8
934
2.22
-91
-21.1
-32.6
Exchange rate effect
0
0
-0.01
-0.12
-0.03
-0.01
0
Net change in cash
8.21
17.8
172
-88.9
-91.3
11.3
-2.54
Free cash flow
-59.5
-66.3
-129
-192
-128
-22.8
-0.08
Interest paid
0
0
6.43
25.1
27.8
6.15
0
Income taxes paid
0.01
0.03
0.88
0.28
0.11
0.08
0.39
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.11 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
74.3%
Gross profit / revenue.
Operating margin
-13.0%
Operating income / revenue.
EBITDA margin
-9.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
1.4%
Pre-tax income / revenue.
Net margin
-3.3%
Net income / revenue.
FCF margin
5.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
10.2%
Cash from operations / revenue.
Effective tax rate
13.8%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
-3.0%
Net income / average total assets.
R&D / revenue
26.6%
Research and development expense / revenue.
Stock-based pay / revenue
22.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.4%
Capital expenditures / revenue.
D&A / revenue
3.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
6.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-19.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
5.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
9.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
0.6%
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
8.1%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-26.8%
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
-4.6%
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
2.0%
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
3.4%
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
45.7%
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
1.62x
Current assets / current liabilities.
Quick ratio
0.96x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.96x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.02
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.
Revenue per share
$0.54
Revenue / diluted weighted shares.
FCF per share
$0.03
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.05
Cash from operations / diluted weighted shares.
Book value per share
-$0.31
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Share buybacks / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$262.5M
Share price x shares outstanding.
Enterprise value
$217.7M
Market cap + total debt - cash - short-term investments.
P/S
2.04x
Market cap / revenue.
P/FCF
34.8x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
19.9x
Market cap / cash from operations, when positive.
EV/Sales
1.69x
Enterprise value / revenue.
EV/FCF
28.8x
Enterprise value / free cash flow, when both are positive.
FCF yield
2.9%
Free cash flow / market cap.
Earnings yield
-1.6%
Net income / market cap (the inverse of P/E).
Shareholder yield
22.1%
(Dividends paid + share buybacks) / market cap.
What was Blend Labs, Inc.'s revenue in fiscal 2025?
Blend Labs, Inc. reported revenue of $123.6M for fiscal 2025, 6.8% higher than the year before.
Was Blend Labs, Inc. profitable in fiscal 2025?
No. It reported a net loss of $6.8M.
How much free cash flow did Blend Labs, Inc. generate in fiscal 2025?
Cash from operations of $11.5M minus capital expenditures of $11.6M left free cash flow of -$81.0K.
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.