BILL Holdings, Inc.

bill.com

What Do They Do?

Provides finance software and payment services for small and midsize businesses and accounting firms, helping them manage bills, invoices, and employee spending.

How Do They Make Money?

For BILL AP/AR, small and midsize businesses and accounting firms pay platform fees by user or account, plus transaction fees; monthly contracts are paid after the month and annual arrangements up front. BILL also earns interchange revenue when businesses use BILL Divvy Cards and interest on customer funds held while payments move to recipients.

revenue

Segment	Share	How money arrives
BILL AP/AR	45% FY2023: 48%
BILL Spend and Expense Usage-based	41% FY2023: 33%	Usage-based
Embedded Solutions and Other	5.4% FY2023: 8.1%
Interest on funds held for customers	9.0% FY2023: 11%

Who Are Their Customers?

Small and midsize businesses and accounting firms use the platform. They can sign up directly through self-service or inside sales, or access BILL through accounting firms, financial institutions, and software providers.

Do Revenues Turn Into Profits?

Not on paper. It lost $11.2M in FY2026, but brought in more cash than it spent: $412.5M of free cash flow.

Operating income, FY2026

−4% of revenue

▼ −9% (Loss) vs FY2025 (−$80.6M, −6%)

Net income, FY2026

−1% of revenue

▼ Now a loss vs FY2025 ($23.8M, 2%)

Free cash flow, FY2026

25% of revenue

▲ +19% vs FY2025 ($346.3M, 24%)

How Are They Changing?

Growing. Revenue grew 2.6x in 4 years, from $642M in FY2022 to $1.7B in FY2026, about 27% a year.

Revenue over time

BILL AP/AR BILL Spend and Expense Embedded Solutions and Other Interest on funds held for customers Subscription and transaction fees

$2B$1B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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