At a glance
Bill Com Holdings Inc is worth $4.09B. Revenue grew 13.0% to $1.65B in fiscal 2026, at a loss; over 5 years it has grown 47.3% a year. It pays no dividend; it spent $1.29B buying back its shares over FY2022–FY2026. The stock returned −4.7% over the past year with dividends reinvested and −30.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.5% in the 2020 crash (S&P 500: 33.7%) and 62.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
BILL Holdings, based in San Jose, California, provides cloud software that runs the financial back office for small and midsize businesses (SMBs). Its platform handles accounts payable (receiving and paying suppliers' bills) and accounts receivable (sending invoices and collecting payment). It also covers employee expense cards and budgets, and it syncs everything with the customer's accounting software. As of June 30, 2026, about 479,300 businesses used BILL. In fiscal 2026, the year that ended on that date, they moved roughly $371.3 billion through it.
Revenue was about $1.65 billion in fiscal 2026. BILL AP/AR, the bill-pay and invoicing service, brought in 44.8%. BILL Spend and Expense, which gives employees BILL Divvy charge cards issued through partner banks, brought in 40.9%. BILL says a substantial portion of its revenue comes from interchange fees, the small cut of each card purchase that goes to the card-issuing side. Another 9% was interest earned on customer money BILL holds in trust while payments clear. The last 5.4% came from embedded solutions and other sources.
BILL reaches customers directly and through accounting firms, banks and software partners. Its "Embed 2.0" deals with Paychex, Oracle NetSuite and Acumatica build BILL's payment tools into those companies' platforms. In fiscal 2026 it launched BILL AI, including AI agents for chores such as invoice coding and account reconciliations.
Price history
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BILL -4.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| BILL AP/AR | $740.1M | 44.8% |
| BILL Spend and Expense | $675.6M | 40.9% |
| Interest on funds held for customers | $148.4M | 9% |
| Embedded Solutions and Other | $89.1M | 5.4% |
Latest results
- In Q4 FY2026 (ended Jun 30, 2026), revenue was $436.2M, up 13.8% from a year earlier, and net income was $-18.5M.
- For fiscal 2026, revenue was $1.65B (+13.0% year over year; +47.3% a year from FY2021 to FY2026) with a -0.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +47.3% good |
|---|---|
| Operating margin | -4.4% weak |
| Free cash flow margin | 25% good |
| Return on equity (FY2026) | -0.3% weak |
| Return on assets (FY2026) | -0.1% weak |
| Net cash (cash minus debt) | $101.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $238.3M | $-98.7M | $-14.3M |
| FY2022 | $642.0M | $-326.4M | $-23.5M |
| FY2023 | $1.06B | $-223.7M | $180.2M |
| FY2024 | $1.29B | $-28.9M | $277.8M |
| FY2025 | $1.46B | $23.8M | $346.3M |
| FY2026 | $1.65B | $-11.2M | $412.5M |
Valuation snapshot
| Market value | $4.09B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Bill Com Holdings’s market value went from $11.08B at the end of 2020 to $4.09B on Oct 28, 2026, down 63%; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.09B | -25.0% |
| 2025 | $5.46B | -37.7% |
| 2024 | $8.77B | +0.7% |
| 2023 | $8.71B | -23.3% |
| 2022 | $11.36B | -55.5% |
| 2021 | $25.55B | +130.6% |
| 2020 | $11.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BILL price data to Oct 28, 2026 | -12.0% | -4.7% | -18.7% | -30.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.9% |
| 2025 | -35.6% |
| 2024 | +3.8% |
| 2023 | -25.1% |
| 2022 | -56.3% |
| 2021 | +82.5% |
| 2020 | +258.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.6% over that stretch · deepest drop along the way 53.5%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.2% over that stretch · deepest drop along the way 62.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 16 sales ($15.9M), 16 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | Rene A. Lacerte CEO, Director | sell (plan) | $4.9M |
| Sep 2, 2026 | Rene A. Lacerte CEO, Director | sell (plan) | $1.9M |
| Sep 1, 2026 | Rohini Jain Chief Financial Officer | sell (plan) | $1.4M |
| Sep 2, 2026 | Rene A. Lacerte CEO, Director | sell (plan) | $1.3M |
| Sep 2, 2026 | Rene A. Lacerte CEO, Director | sell (plan) | $1.2M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Aug 31, 2026 |
| ER Collective Holdings, LLC | 7.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.81% | Mar 31, 2026 |
| Ameriprise Financial, Inc. | 5.6% | Jun 30, 2026 |
| Point72 Asset Management, L.P. | 5% | Nov 21, 2025 |
| T. Rowe Price Associates, Inc. | 3.2% | Aug 31, 2025 |
| Temasek Holdings (Private) Limited | 2.6% | Dec 31, 2024 |
| MORGAN STANLEY | 1.9% | Dec 31, 2024 |
ETFs with the most weight in BILL
| FINX Global X FinTech ETF | 1.1% |
| TAX Cambria Tax Aware ETF | 0.83% |
| ARKF ARK Fintech Innovation ETF | 0.82% |
| XSW SPDR S&P Software & Services ETF | 0.68% |
| XITK SPDR FactSet Innovative Technology ETF | 0.6% |
| FDFF Fidelity Disruptive Finance ETF | 0.58% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 0.37% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.35% |
What could go wrong
- Credit losses on BILL Divvy cards. BILL checks the credit of businesses applying for its Divvy charge cards on behalf of partner banks. If cardholders can't pay their balances, BILL is exposed to losses. Invoice financing carries similar credit risk.
- Heavy reliance on small business customers. A significant portion of revenue comes from small and midsize businesses, which may have fewer resources to ride out a recession. A weaker economy could shrink their payments and card spending, hurting BILL's results.
- Interest on customer funds could shrink. About 9% of fiscal 2026 revenue was interest earned on customer money held while payments clear. Lower interest rates, or faster electronic payments that shorten holding time, could reduce it.
- Dependence on card fees and partner banks. A substantial portion of revenue comes from interchange fees paid on each card purchase. Changes to card network rules or fees, or losing its card-issuing banks or Divvy funding sources, could hurt results.
- Fraud risk in moving customers' money. BILL transfers large sums of customer funds every day. If its risk controls fail to catch fraud by customers or others, possibly aided by AI, it could suffer material losses and lose customer trust.
- Thin profits and convertible debt. BILL lost $11.2 million in fiscal 2026, and its past losses totaled $2.1 billion by June 30, 2026. It also owes convertible notes (bonds that can become shares) and might lack cash to repay them.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change
- Shareholder vote results
- Quarterly results released
For income and retirement investors
BILL does not pay a dividend, and its 10-K says it does not intend to pay one for the foreseeable future. Any return comes from the share price alone, so an investor who needs income would have to cash in shares to get it. BILL has used share repurchases (buybacks) instead: $1.29 billion from fiscal 2022 through fiscal 2026, including $560.5 million in fiscal 2026. That was more than the year's $412.5 million of free cash flow, the cash left after running and investing in the business. The share count fell about 10% between August 2021 and August 2026.
The stock has swung sharply. It fell 53.5% in the 2020 COVID crash yet regained its peak by May 6, 2020. In the 2022 bear market it dropped 62.1% from February 16 to May 11, 2022, and had not regained that level as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does BILL Holdings make money?
BILL earns money from finance software and payments used by small and midsize businesses. In fiscal 2026, which ended June 30, 2026, revenue was about $1.65 billion. BILL AP/AR, its bill-pay and invoicing service, made up 44.8%. BILL Spend and Expense, which includes BILL Divvy charge cards, made up 40.9%. Interest on customer money held while payments clear added 9%, and embedded solutions and other sources added 5.4%. BILL says a substantial portion of its revenue comes from interchange fees, a small fee paid on each card purchase.
Does BILL pay a dividend?
No. BILL does not pay a dividend, and its 10-K for the year ended June 30, 2026 says it does not intend to pay one for the foreseeable future. It returns cash through share repurchases instead, spending $1.29 billion from fiscal 2022 through fiscal 2026, including $560.5 million in fiscal 2026. Its share count fell about 10% between August 2021 and August 2026. Repurchases can lift each remaining share's claim on profits, but they pay shareholders no cash income.
Is BILL Holdings profitable?
Not by net income in its latest fiscal year. BILL posted a net loss of $11.2 million in fiscal 2026, after net income of $23.8 million in fiscal 2025 and a net loss of $28.9 million in fiscal 2024. Its cash generation is stronger. Free cash flow, the cash left after running and investing in the business, was about $412.5 million in fiscal 2026, or 25% of revenue. Its operating loss equaled 4.4% of revenue.
How volatile is BILL Holdings stock?
Very volatile. As of October 28, 2026, the shares were down 84% over five years and 46% over three years. The largest peak-to-trough drop in their trading history was 90.7%. Calendar-year returns were -56.3% in 2022, -25.1% in 2023, 3.8% in 2024 and -35.6% in 2025, and 2026 was down about 12% year to date. Over the year to October 28, 2026, the stock's beta was 1.36. That means it tended to swing about 1.36 times as much as the overall market.
How much debt does BILL Holdings have?
About $1.84 billion as of June 30, 2026. BILL also held roughly $1.94 billion of cash and investments, leaving net cash of about $101 million. Net cash means cash exceeds debt, though here the margin is thin. The debt includes convertible notes, which are bonds that holders can exchange for shares. BILL's 10-K warns that it may not have the funds to settle conversions in cash or to repurchase the notes if required.