Free cash flow conversion remains strong with a 31.6% margin in 2026Q3, supported by an OCF/NI ratio of 8.03 that highlights the divergence between accounting net income and cash generation.
Bill.com Holdings, Inc. (BILL) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 |
|---|
| Cash from Operations | 0 | 350.64M | 278.77M | 187.77M | -18.09M | 4.62M | -4.43M | -3.95M | -8.36M |
| Operating CF Margin % | - | 23.97% | 21.61% | 17.74% | -2.82% | 1.94% | -2.81% | -3.64% | -12.88% |
| Operating CF Growth % | -100% | 25.78% | 48.47% | 1137.79% | -491.37% | 204.36% | -12.18% | 52.74% | - |
| Net Income | 0 | 23.8M | -28.88M | -223.72M | -326.36M | -98.72M | -31.09M | -7.31M | -7.2M |
| Depreciation & Amortization | 0 | 89.44M | 103.16M | 95.68M | 87.5M | 11.01M | 4.26M | 3.15M | 2.31M |
| Stock-Based Compensation | 0 | 242.53M | 248.38M | 313.57M | 197.16M | 68.29M | 18.06M | 4.08M | 1.54M |
| Deferred Taxes | 0 | 0 | -361K | -1.36M | -4.08M | -40.62M | 0 | -176K | 0 |
| Other Non-Cash Items | 0 | -12.72M | -34.18M | 12.58M | 43.92M | 36.78M | -3.1M | -1.02M | 182K |
| Working Capital Changes | 0 | 7.59M | -9.34M | -8.97M | -16.23M | 27.88M | 7.44M | -2.67M | -5.2M |
| Change in Receivables | 0 | -4.46M | 69K | -4.48M | -3.03M | -6.54M | -1.05M | -2.1M | -279K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 20.15M | 6.83M | -3.79M | -5.13M |
| Change in Payables | 0 | 8.21M | -1.13M | -1.69M | -3.77M | 7.42M | -1.6M | 3.17M | -563K |
| Cash from Investing | 3.41M | -817.39M | -409.37M | 259.29M | -1.13B | -1.43B | -249.49M | -419.8M | -417.82M |
| Capital Expenditures | 3.41M | -4.33M | -976K | -7.59M | -15.64M | -21.21M | -12.08M | -4.3M | -2.05M |
| CapEx % of Revenue | 0.21% | 0.3% | 0.08% | 0.72% | 2.44% | 8.9% | 7.66% | 3.97% | 3.15% |
| Acquisitions | 0 | 0 | 0 | -28.9M | -144.35M | -556.09M | -639K | -1.56M | 733K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -168.53M | -205.9M | -254.62M | -123.84M | -26.5M | -320K | -332.34M | 2.95M |
| Cash from Financing | -172.84M | 666.52M | -742.6M | 235.11M | 2.88B | 1.64B | 863.13M | 491.65M | 326.28M |
| Debt Issued (Net) | 0 | 860.6M | -888.19M | 60M | 557.58M | 1.13B | 2.3M | -9.5M | 6.11M |
| Equity Issued (Net) | 0 | -414.75M | -187.29M | -55.86M | 1.34B | 37.07M | 533.66M | 85.16M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -560.49M | -430M | -211.9M | -87.61M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -172.84M | 220.67M | 332.88M | 230.97M | 979.87M | 475.43M | 327.17M | 416M | 320.17M |
| Net Change in Cash | 214.35M | 199.49M | -873.44M | 682.13M | 1.73B | -53.05M | 609.21M | 67.91M | -99.9M |
| Free Cash Flow | 3.41M | 309.67M | 257.88M | 156.56M | -33.73M | -16.58M | -16.51M | -8.25M | -10.4M |
| FCF Margin % | 0.21% | 21.17% | 19.99% | 14.79% | -5.25% | -6.96% | -10.47% | -7.61% | -16.04% |
| FCF Growth % | -98.9% | 20.09% | 64.71% | 564.19% | -103.39% | -0.47% | -100.12% | 20.71% | - |
| FCF per Share | 0.03 | 2.98 | 2.43 | 1.48 | -0.33 | -0.20 | -0.21 | -0.11 | -0.13 |
| FCF Conversion (FCF/Net Income) | - | 14.73x | -9.65x | -0.84x | 0.06x | -0.05x | 0.14x | 0.54x | 1.16x |
| Interest Paid | 0 | 13.78M | 12.61M | 7.44M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 6.32M | 5.63M | 1.27M | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BILL stock.
Bill.com Holdings, Inc. (BILL) generated $0.0M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Bill.com Holdings, Inc. (BILL) generated $3.4M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bill.com Holdings, Inc. (BILL) spent $3.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Bill.com Holdings, Inc. (BILL) spent $560.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SMB spending cycle sensitivity
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
As reported in recent financial filings, BILL's operating cash flow consistently exceeds net income, with the 2026Q3 OCF/NI ratio reaching 8.03, highlighting a significant divergence between accounting profitability and actual cash generation that warrants careful scrutiny by investors evaluating the sustainability of the company's current earnings profile.
The persistent gap between net income and operating cash flow suggests that non-cash charges, particularly stock-based compensation, play a dominant role in the company's financial reporting. Investors should monitor whether this cash-generative capacity is a result of genuine operational efficiency or merely the accounting treatment of equity-based incentives.
FCF Margins Reflect Operational Maturity
Based on the provided quarterly data, BILL has maintained a positive free cash flow trajectory, with FCF margins peaking at 31.6% in 2026Q3, suggesting that the platform is successfully converting its transaction-based revenue into liquid capital despite the ongoing volatility in its reported net income figures.
The ability to generate consistent free cash flow while net income remains near breakeven indicates that the core business model is inherently cash-generative. However, the reliance on float income means this trajectory may be sensitive to future interest rate adjustments, which could impact the company's ability to sustain these margins.
Capital Intensity Remains Relatively Low
According to historical cash flow statements, BILL's capital expenditure as a percentage of revenue has remained modest, averaging roughly 2% over the last ten quarters, which implies that the company's software-centric infrastructure does not require heavy, recurring reinvestment to maintain its current competitive market position.
Low capital intensity is a hallmark of the company's scalable software model, allowing for the majority of cash flow to be directed toward growth initiatives or capital returns. This lean asset requirement provides a buffer against cyclical downturns, as the company is not burdened by significant maintenance capital obligations.
Aggressive Capital Return Strategy Observed
As indicated by recent financial statements, BILL has prioritized share repurchases, with $56.9 million deployed in 2026Q3 alone, signaling a management focus on offsetting dilution from stock-based compensation rather than pursuing large-scale acquisitions or debt reduction in the current, more cautious macroeconomic environment for SMB-focused technology firms.
The shift toward share repurchases suggests that management may view the current valuation as attractive or is attempting to manage the impact of equity issuance on existing shareholders. Investors should monitor whether this capital allocation strategy remains sustainable if transaction volumes continue to face secular headwinds.