BILL Holdings [BILL] — Financial Model Notes
As of 2026-07-29. Every figure below traces to a primary filing. Accession numbers are given for each source. Nothing is interpolated except where marked.
1. Sources
| Filing | Period | Filed | Accession |
|---|---|---|---|
| 10-Q | 2026-03-31 (Q3 FY26) | 2026-05-08 | 0001628280-26-032387 |
| 8-K / EX-99.1 | Q3 FY26 results | 2026-05-07 | 0001628280-26-032064 |
| 10-Q | 2025-12-31 (Q2 FY26) | 2026-02-06 | 0001628280-26-005879 |
| 10-Q | 2025-09-30 (Q1 FY26) | 2025-11-07 | 0001628280-25-050328 |
| 10-K | FY2025 (2025-06-30) | 2025-08-28 | 0001786352-25-000037 |
| 10-Q | 2025-03-31 (Q3 FY25) | 2025-05-09 | 0001786352-25-000021 |
| 10-K | FY2023 (2023-06-30) | 2023-08-29 | 0001786352-23-000054 |
| 10-K | FY2022 (2022-06-30) | 2022-08-22 | 0001786352-22-000017 |
| 8-K | Leadership changes; guidance reaffirmed | 2026-05-26 | 0001193125-26-239245 |
| 8-K | PAO resignation | 2025-12-16 | 0001628280-25-057323 |
| 8-K | Director resignation | 2026-01-26 | 0001628280-26-003403 |
| DFAN14A | Third-party proxy material | 2025-09-08 | 0000921895-25-002557 |
Market data: Alpaca (SIP daily bars; options snapshots and contracts).
XBRL: data.sec.gov/api/xbrl/companyfacts/CIK0001786352.json.
2. Revenue build — the three components
Annual (10-K, audited)
| $k | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Subscription fees | — | — | — | 257,143 | 272,136 |
| Transaction fees | — | — | — | 865,590 | 1,028,668 |
| Subscription + transaction | 232,255 | 633,365 | 944,710 | 1,122,733 | 1,300,804 |
| Interest on funds held for customers | 6,010 | 8,594 | 113,758 | 167,439 | 161,766 |
| Total revenue | 238,265 | 641,959 | 1,058,468 | 1,290,172 | 1,462,570 |
| Float as % of revenue | 2.5% | 1.3% | 10.7% | 13.0% | 11.1% |
FY2021–23 subscription/transaction detail is not disclosed; the combined line is.
Quarterly (10-Qs + earnings releases; every quarter reconciles)
| $k | Sub+txn (10-Q) | Float (10-Q) | Total (10-Q) | Sub ($m, release) | Txn ($m, release) | Check |
|---|---|---|---|---|---|---|
| Q1 FY25 (Sep-24) | 314,943 | 43,507 | 358,450 | 67.4 | 247.5 | 314.9 ✓ |
| Q2 FY25 (Dec-24) | 319,616 | 42,938 | 362,554 | 67.7 | 251.9 | 319.6 ✓ |
| Q3 FY25 (Mar-25) | 320,298 | 37,919 | 358,217 | 68.2 | 252.1 | 320.3 ✓ |
| Q4 FY25 (Jun-25)¹ | 345,947 | 37,402 | 383,349 | 68.8 | 277.1 | 345.9 ✓ |
| Q1 FY26 (Sep-25) | 358,005 | 37,736 | 395,741 | 70.8 | 287.2 | 358.0 ✓ |
| Q2 FY26 (Dec-25) | 375,128 | 39,543 | 414,671 | 72.1 | 303.1 | 375.2 ✓ |
| Q3 FY26 (Mar-26) | 371,134 | 35,429 | 406,563 | 74.5 | 296.6 | 371.1 ✓ |
| TTM to Mar-26 | 1,450,214 | 150,109 | 1,600,323 | 286.2 | 1,164.0 | 1,450.2 ✓ |
¹ Q4 FY25 derived as FY2025 less 9M FY2025 (10-K less Q3 FY25 10-Q). All other quarters are stated figures.
TTM revenue of $1,600,323k confirms the screen's $1,600,324k to $1k.
Disaggregation by solution (10-K note / 10-Q note)
| $k | FY2023 | FY2024 | FY2025 | 9M FY25 | 9M FY26 | 9M growth |
|---|---|---|---|---|---|---|
| BILL AP/AR | 505,644 | 595,408 | 667,782 | 492,905 | 547,689 | +11.1% |
| BILL Spend and Expense | 353,132 | 457,309 | 555,016 | 404,366 | 490,990 | +21.4% |
| Integrated platform | 858,776 | 1,052,717 | 1,222,798 | 897,271 | 1,038,679 | +15.8% |
| Embedded Solutions and Other | 85,934 | 70,016 | 78,006 | 57,586 | 65,588 | +13.9% |
| Total sub + txn | 944,710 | 1,122,733 | 1,300,804 | 954,857 | 1,104,267 | +15.6% |
3. Growth rates — the restatement
| Measure | Value | Note |
|---|---|---|
| Screen's "demonstrated CAGR" | 31.58% | FY2022 $641,959k → FY2025 $1,462,570k, 3 years. Reproduces the scanner's 0.3158401 exactly. |
| Same window ex-float | 27.11% | $633,365k → $1,300,804k |
| Float CAGR, same window | 169.9% | $8,594k → $161,766k |
| Float share of total growth | 18.7% | $153,172k of $820,611k |
| FY2023 total / core growth | +64.9% / +49.2% | |
| FY2024 total / core growth | +21.9% / +18.8% | |
| FY2025 total / core growth | +13.4% / +15.9% | |
| TTM total / core growth | +12.5% / +15.4% | vs TTM to 2025-03-31 of $1,422,885k / $1,256,162k |
| Q3 FY26 total / core growth | +13.5% / +15.9% | |
| FY2026 guidance, total / core | +12–13% / +15–16% | Reaffirmed 2026-05-26 |
Acquisition test. Per the FY2022 10-K: "Our revenue for fiscal 2022 includes the revenue of Invoice2go from the date of acquisition on September 1, 2021 and of Divvy for the full fiscal year." Divvy closed 1 June 2021, Invoice2go 1 September 2021. The FY2022 base of the CAGR window therefore already contains Divvy in full and Invoice2go for ten months. Goodwill is unchanged at $2,396,509k at 30 Jun 2024, 30 Jun 2025 and 31 Mar 2026 — no acquisitions since. The 31.6% is not acquisition-inflated.
4. Margins — and a labelling defect in the screen
| Measure | FY2024 | FY2025 | TTM to Mar-26 | Q3 FY26 |
|---|---|---|---|---|
| Gross profit $k | 1,055,556 | 1,190,467 | 1,291,435 | 331,855 |
| Gross margin | 81.8% | 81.4% | 80.7% | 81.6% |
| Operating income (loss) $k | (174,164) | (80,602) | (61,444) | (399) |
| GAAP operating margin | (13.5%) | (5.5%) | (3.8%) | (0.1%) |
| Non-GAAP operating income $k | — | — | — | 79,800 |
| Non-GAAP operating margin | — | — | — | 19.6% |
| Stock-based compensation $k | — | — | ~236,000 (ann.) | 53,937 |
| SBC as % of revenue | — | — | ~14.7% | 13.3% |
Screen labelling defect: the screen's gross_margin_pct 81.4 and op_margin_pct −5.5
are FY2025 annual figures, reported alongside a TTM revenue figure of $1,600.3m.
The TTM equivalents are 80.7% and −3.8%. Immaterial to the conclusion; recorded because
mixing period bases silently is how the larger errors happen. op_margin_delta_pp 8.0
(FY24 −13.5% → FY25 −5.5%) is correct on its own FY basis.
Accruals. 9M FY2026 net income $7,235k against operating cash flow $304,846k. Accruals are strongly negative — high earnings quality. Not a Twist/TXG-style problem.
5. Balance sheet and the net-cash correction
At 2026-03-31 ($k):
| Corporate | Customer (offsetting, excluded) | ||
|---|---|---|---|
| Cash and cash equivalents | 994,672 | Funds held for customers | 3,999,136 |
| Short-term investments | 1,178,673 | Customer fund deposits | (3,999,136) |
| Acquired card receivables, net | 819,359 | Net | 0 |
| Convertible senior notes, net | (1,504,854) | ||
| Revolving credit facilities | (330,000) | ||
| Net cash (used here) | +338,491 |
Debt detail (Q3 FY26 debt note):
| Instrument | Principal $k | Carrying $k | Coupon | Maturity |
|---|---|---|---|---|
| 2030 Notes | 1,400,000 | — | 0% (0.32% effective) | 2030-04-01 |
| 2027 Notes | 123,548 | — | 0% (0.48% effective) | 2027-04-01 |
| less unamortised discount/issuance | — | (18,694) | ||
| Converts, net | 1,523,548 | 1,504,854 | ||
| 2021 Credit Facility (Divvy Peach LLC / Goldman) | 180,000 | 180,000 | SOFR + 1.95%, 6.60% | May 2028, $300m commitment |
| 2025 Credit Facility (Odin Financing LLC / JPM) | 150,000 | 150,000 | SOFR + 1.80%, 6.02% | Nov 2027, $300m commitment |
| Total | 1,853,548 | 1,834,854 |
2030 Notes conversion price $119.45 (11.7m shares); capped calls struck $119.45 / capped $154.84. The if-converted value did not exceed principal at 2026-03-31. No dilution path at current prices.
The screen's error, arithmetically
screen: 994,672 − 1,504,854 − 330,000 = −840,182 ← short-term investments omitted
verified: 994,672 + 1,178,673 − 1,504,854 − 330,000 = +338,491
| Consequence | Screen | Verified |
|---|---|---|
| EV $m | 5,454.5 | 4,278.8 |
| EV/Sales | 3.41x | 2.67x |
| Required 5y CAGR | 15.3% | 9.8% |
6. Share count
| Shares outstanding, 10-Q cover, 2026-04-30 | 99,596,727 — matches the screen exactly |
| Basic weighted average, Q3 FY26 | 99,285k |
| Diluted weighted average, Q3 FY26 | 112,677k (if-converted on the 2030 Notes) |
| Share class | Single class, $0.00001 par. Not dual-class. |
| EPS cross-check | $12,786k ÷ 99,285k = $0.1288 vs filed $0.13 ✓ |
| Repurchases, 9M FY2026 | $272,658k; ~1.0m shares for ~$52m in Q3 FY26 |
| Authorisation outstanding | $1,000,000k, 24-month term from 2026-05-07 |
| Modelled 12-month share count | 96.0m (partial execution) |
7. Key business metrics (10-K and quarterly releases)
| Metric | FY2023 | FY2024 | FY2025 | Q3 FY26 |
|---|---|---|---|---|
| Businesses using our solutions | 461,000 | 474,600 | 493,800 (+4%) | 493,800 |
| — of which BILL AP/AR | — | — | ~169,500 | — |
| — of which BILL Spend and Expense | — | — | ~41,100 | — |
| Total payment volume ($bn) | 266.0 | 292.4 (+10%) | 329.8 (+13%) | 89 (+12%) |
| Transactions processed (m) | 85.1 | 103.8 (+22%) | 121.3 (+17%) | 34 (+14%) |
| Net dollar-based retention (AP/AR) | 111% | 92% | 94% | (annual only) |
| Logo retention (AP/AR, FY24→FY25) | — | — | ~86% | — |
| Network members (m) | — | — | 8.3 | >8 |
| Fraud + credit loss, AP/AR (% of TPV) | — | — | ~0.01% | — |
| Fraud + credit loss, Divvy cards (% of card volume) | — | — | ~0.23% | — |
Quarterly customer count (from the releases): 470,000 · 464,900 · 474,600 · 476,200 · 480,000 · 488,600 · 493,800 · 498,100 · 498,500 · 493,800.
Implied take rate (transaction fees ÷ TPV, TPV rounded to $bn so ±0.4bp): 28.2 · 30.4 · 31.0 · 30.9 · 30.0 · 31.9 · 32.2 · 32.3 · 31.9 · 33.3 bp. Annual: FY2024 29.6bp, FY2025 31.2bp (+5.4%).
8. FY2026 guidance and the FY2027E build
FY2026 guidance (issued 2026-05-07, reaffirmed 2026-05-26):
| Q4 FY26 | FY2026 | |
|---|---|---|
| Total revenue | $425.0–435.0m | $1,642.0–1,652.0m (+12–13%) |
| Core revenue | $392.0–402.0m | $1,496.3–1,506.3m (+15–16%) |
| Implied float | ~$33m | ~$145.7m |
| Non-GAAP operating income | $81.5–86.5m | $303.6–308.6m |
| Non-GAAP EPS (diluted) | $0.69–0.72 | $2.61–2.64 |
FY2027E (house, base case): core $1,501.3m × 1.13 = $1,696m; float $145.7m × 0.92 = $134m; total $1,831m, +11.1%.
Rationale: core decelerates ~2pp from the FY26 guided rate on a customer base that declined sequentially in Q3 FY26 with NDR at 94%, partly offset by continued take-rate expansion. Float declines ~8% on a realised yield of ~3.7% against ~$4.0bn of customer funds into an easing cycle.
No consensus comparison is available — Alpha Vantage's shared 25/day quota was exhausted at the time of the run. Consensus Criteria is INDETERMINATE and blocks nothing.
9. What is derived, approximate, or unverified
| Item | Status |
|---|---|
| Q3/Q4 FY2024 subscription fees ($65.6m / $65.8m) | Derived by residual from the FY2024 total and stated YoY growth. Approximate. |
| Q4 FY2025 revenue lines | Derived as FY2025 less 9M FY2025. Exact arithmetic on filed figures. |
| Implied take rates | TPV is reported rounded to the whole $bn → ±0.4bp. Direction robust; individual quarters are not. |
| TTM SBC (~$236m) | Annualised from 9M FY2026 $176,998k. Approximate. |
| Own EV/Sales history | Built with current share count and net cash held fixed against as-known TTM revenue, so the series measures multiple movement, not historical EV exactly. Stated, not silent. |
| Exit multiple 24.1x EBIT | Taken from the screen; comparator set not rebuilt. The dominant unresolved input. Break-even is 21.3x. |
| Terminal margin 11.2% | Screen's industry median (pre-profit). Not independently derived. |
| Street target ~$53.91 | Press-sourced, unverified. Sanity band only. |
| Starboard stake / board seats / strategic review / 30% headcount cut / new CRO | Press-reported; no SC 13D in BILL's recent EDGAR index. Not used anywhere in the model. |
| Ramp / Brex / Navan competitive position | Named on general knowledge. Private; no filings; no numbers asserted. |
| Peer multiples (CPAY, WEX, MQ, TOST) | Not pulled. Peer Spread Criteria is INDETERMINATE. |
| Call-transcript mention counts | Not available. §6 of the Research doc is a press-release frequency series and is labelled as such. |