# BILL Holdings Inc. (BILL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BILL/thesis · /stocks/BILL/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BILL/fundamental

## Navigation

- Overview: /stocks/BILL
- Financials (this page): /stocks/BILL/financials
- Thesis: /stocks/BILL/thesis
- Investment Memo: /stocks/BILL/memo
- Coverage universe: /stocks