BILL Holdings Inc.

BILL
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$406.6M
Q3 FY2026 · +13% YoY
TTM ROIC
8.7%
FY2025 · NOPAT / Invested Capital (Total Assets less Cash & Investments, Customer Float Assets, and Non-interest-bearing Current Liabilities) · WACC ~8.7% · Moat spread +0pp

Financial Snapshot


ticker: BILL step: 04 generated: 2026-05-13 source: quick-research

BILL Holdings, Inc. (BILL) — Financial Snapshot

Note: BILL's fiscal year ends June 30.

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $642M $1.06B $1.29B +22%
Subscription Revenue ~$170M ~$230M ~$257M +12%
Transaction Revenue ~$380M ~$670M ~$860M +28%
Float Revenue ~$90M ~$160M ~$175M +9%
Non-GAAP Gross Margin ~78% ~82% ~82%
GAAP Net Income ~-$0.3B ~-$0.2B ~-$0.03B improving

FY2025 (ended June 2025): Total revenue $1.463B (+13% YoY); core revenue $1.30B (+16%). Transaction fees $1.03B (+19%). Float revenue $161.8M (declining with interest rates). Non-GAAP operating income exceeded initial guidance by 20%+. Net income swung back to ~-$24M on TTM basis by Q2 FY2026 (Dec 2025).

Cash Flow & Balance Sheet (FY2025)

Metric Value
Operating Cash Flow ~$150–200M
Free Cash Flow ~$120–160M
Float Revenue (held funds) $161.8M (interest on $5B+ customer funds)
Cash & Equivalents ~$1.5B
Total Debt ~$1.7B (convertible notes)

Float portfolio: BILL holds $5B+ of customer payment funds in transit at any time, generating interest income. This was a significant earnings tailwind in 2023–2024 when rates were high; as rates normalize downward, float revenue will decline. Net debt position. $300M share repurchase program initiated FY2025.

Key Ratios (approximate)

  • P/E: ~25–35x (non-GAAP FY2026E) | EV/Sales: ~3x | FCF Yield: ~3–4%
  • Revenue Growth (TTM): ~13–14% | Non-GAAP Operating Margin: ~15–18%

Growth Profile

BILL grew from $642M (FY2022) to $1.463B (FY2025) — driven by strong FY2023 growth (+65%) from Divvy/Invoice2go acquisitions and interest rate tailwinds. Growth has decelerated sharply to 13% (FY2025) as rate tailwinds normalize and SMB spending faces macro pressure. FY2026 guidance: $1.59–1.63B (+9–11%), implying continued deceleration. The bull case requires Agentic AI and international expansion to re-accelerate core transaction revenue above 20%.

Forward Estimates

  • FY2026: Revenue $1.59–1.63B (+9–11%); core revenue guided ~17% growth
  • Non-GAAP EPS: ~$2.00–2.50 (improving as SBC declines relative to revenue)
  • International payments: 30+ countries expanding; $1B+ international payment volume opportunity
  • BILL Divvy card volume: +600% YoY momentum; embedded spend management = ARPU expansion
  • Analyst mean PT: ~$55 (+35% upside from ~$40); 22 analysts, Moderate Buy (13 Buy / 8 Hold / 1 Sell)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $BILL.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/BILL/fundamental$1.00 · Bearer token required
Markdown: /stocks/bill/financials/md · → thesis · → memo