Revenue growth has decelerated to 13.5% in 2026Q3, while high sales and marketing costs continue to constrain operating margins to a modest 1.1%.
Bill.com Holdings, Inc. (BILL) annual income statement — 9-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 |
|---|
| Sales/Revenue | 1.65B | 1.46B | 1.29B | 1.06B | 641.96M | 238.26M | 157.6M | 108.35M | 64.86M |
| Revenue Growth % | 13.03% | 13.36% | 21.89% | 64.88% | 169.43% | 51.18% | 45.45% | 67.04% | - |
| Cost of Goods Sold | 315.3M | 272.1M | 234.62M | 193.98M | 145M | 61.81M | 39.14M | 29.92M | 19.37M |
| COGS % of Revenue | 19.07% | 18.6% | 18.18% | 18.33% | 22.59% | 25.94% | 24.84% | 27.61% | 29.87% |
| Gross Profit | 1.34B | 1.19B | 1.06B | 864.49M | 496.95M | 176.46M | 118.46M | 78.43M | 45.49M |
| Gross Margin % | 80.93% | 81.4% | 81.82% | 81.67% | 77.41% | 74.06% | 75.16% | 72.39% | 70.13% |
| Gross Profit Growth % | 12.38% | 12.78% | 22.1% | 73.96% | 181.63% | 48.97% | 51.03% | 72.41% | - |
| Operating Expenses | 1.22B | 1.27B | 1.23B | 1.16B | 813.77M | 290.43M | 152.65M | 88.24M | 53.31M |
| OpEx % of Revenue | 73.57% | 86.91% | 95.31% | 109.62% | 126.76% | 121.89% | 96.86% | 81.44% | 82.19% |
| Selling, General & Admin | 915.62M | 825.62M | 756.2M | 797.14M | 548.33M | 196.05M | 99.25M | 59.31M | 35.32M |
| SG&A % of Revenue | 55.39% | 56.45% | 58.61% | 75.31% | 85.41% | 82.28% | 62.98% | 54.74% | 54.46% |
| Research & Development | 300.57M | 340.06M | 336.75M | 314.63M | 219.82M | 89.5M | 53.41M | 28.92M | 17.99M |
| R&D % of Revenue | 18.18% | 23.25% | 26.1% | 29.73% | 34.24% | 37.56% | 33.89% | 26.69% | 27.73% |
| Other Operating Expenses | 0 | 105.39M | 136.76M | 48.5M | 45.63M | 4.87M | 0 | -49K | 1K |
| Operating Income | 121.67M | -80.6M | -174.16M | -295.77M | -316.82M | -113.97M | -34.2M | -9.8M | -7.82M |
| Operating Margin % | 7.36% | -5.51% | -13.5% | -27.94% | -49.35% | -47.83% | -21.7% | -9.05% | -12.05% |
| Operating Income Growth % | 250.96% | 53.72% | 41.12% | 6.64% | -177.99% | -233.26% | -248.85% | -25.41% | - |
| EBITDA | 171.16M | 8.84M | -71M | -190.6M | -220.71M | -102.96M | -29.94M | -6.65M | -5.5M |
| EBITDA Margin % | 10.35% | 0.6% | -5.5% | -18.01% | -34.38% | -43.21% | -19% | -6.14% | -8.48% |
| EBITDA Growth % | 1835.98% | 112.45% | 62.75% | 13.64% | -114.37% | -243.87% | -350.31% | -20.82% | - |
| D&A (Non-Cash Add-back) | 49.49M | 89.44M | 103.16M | 105.17M | 96.11M | 11.01M | 4.26M | 3.15M | 2.31M |
| EBIT | 0 | 48.97M | -7.14M | -207.71M | -321.26M | -111.18M | -30.81M | -6.64M | -6.76M |
| Net Interest Income | 0 | 72.34M | 103.12M | 76.08M | -2.73M | -25.17M | 3.86M | 2.38M | 631K |
| Interest Income | 0 | 90.9M | 122.3M | 91.28M | 6.69M | 2.99M | 4.09M | 3.21M | 1.06M |
| Interest Expense | 0 | 18.56M | 19.18M | 15.2M | 9.42M | 28.16M | 229K | 825K | 427K |
| Other Income/Expense | -131.8M | 111.01M | 147.84M | 72.86M | -13.86M | -25.37M | 3.16M | 2.33M | 632K |
| Pretax Income | -10.13M | 30.41M | -26.32M | -222.92M | -330.68M | -139.34M | -31.04M | -7.47M | -7.18M |
| Pretax Margin % | -0.61% | 2.08% | -2.04% | -21.06% | -51.51% | -58.48% | -19.69% | -6.89% | -11.08% |
| Income Tax | 1.11M | 6.61M | 2.56M | 808K | -4.32M | -40.62M | 53K | -156K | 10K |
| Effective Tax Rate % | -10.96% | 21.74% | -9.72% | -0.36% | 1.31% | 29.15% | -0.17% | 2.09% | -0.14% |
| Net Income | -11.24M | 23.8M | -28.88M | -223.72M | -326.36M | -98.72M | -31.09M | -7.31M | -7.2M |
| Net Margin % | -0.68% | 1.63% | -2.24% | -21.14% | -50.84% | -41.43% | -19.73% | -6.75% | -11.09% |
| Net Income Growth % | -147.23% | 182.41% | 87.09% | 31.45% | -230.59% | -217.52% | -325.09% | -1.65% | - |
| Net Income (Continuing) | -11.24M | 23.8M | -28.88M | -223.72M | -326.36M | -98.72M | -31.09M | -7.31M | -7.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | 0.23 | -0.27 | -2.11 | -3.21 | -1.19 | -0.39 | -0.10 | -0.09 |
| EPS Growth % | -147.83% | 185.19% | 87.2% | 34.27% | -169.75% | -205.13% | -290% | -14.55% | - |
| EPS (Basic) | -0.11 | 0.23 | -0.27 | -2.11 | -3.21 | -1.19 | -0.39 | -0.10 | -0.09 |
| Diluted Shares Outstanding | 99.92M | 103.91M | 106.1M | 105.98M | 101.75M | 82.81M | 79.64M | 72.27M | 82.4M |
| Basic Shares Outstanding | 99.92M | 103.57M | 106.1M | 105.98M | 101.75M | 82.81M | 79.64M | 72.27M | 82.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BILL stock.
For fiscal year 2026, Bill.com Holdings, Inc. (BILL) reported total revenue of $1.65B. This represents a 2448.6% increase compared to $64.9M in 2018.
Bill.com Holdings, Inc. (BILL) reported a net loss of $11.2M for the fiscal year ending 2026.
Bill.com Holdings, Inc. (BILL) reported an operating income of $121.7M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Bill.com Holdings, Inc. (BILL) generated $1.34B in gross profit for the year, representing a gross profit margin of 80.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SMB spending cycle sensitivity
Metrics are mathematically derived from official filings.
Revenue Growth Facing Secular Headwinds
As reported in recent financial filings, BILL's year-over-year revenue growth has decelerated to 13.5% in 2026Q3, reflecting a cooling in SMB transaction volumes and a potential saturation of the initial post-pandemic digitization wave that previously fueled more aggressive expansion across the company's core payment platforms.
The transition from high-teens growth to the low-teens suggests that the company is increasingly reliant on existing customer expansion rather than rapid new user acquisition. Investors should monitor whether this deceleration indicates a structural ceiling in the SMB market or merely a temporary pause in discretionary spending cycles.
Gross Margin Resilience Amid Competition
Based on the provided income statement data, BILL maintains a robust gross margin of 81.6%, demonstrating significant pricing power and a scalable software-centric cost structure that has remained remarkably consistent despite the shifting mix toward transaction-heavy revenue streams and increased competitive pressure from incumbent financial institutions.
This high margin profile underscores the efficiency of the platform's automated payment processing, which appears to insulate the company from the direct labor costs faced by traditional payroll or HR service providers. However, any future compression in these margins may signal that the company is forced to sacrifice pricing to defend its market share against lower-cost banking alternatives.
Operating Leverage Remains Elusive Target
According to the latest quarterly results, BILL's operating income reached a modest $4.6 million in 2026Q3, suggesting that while the company is beginning to scale, the high fixed costs associated with sales and marketing continue to constrain meaningful operating leverage across the broader income statement.
The historical volatility in operating margins, which swung from -21.2% in 2024Q2 to 1.1% in 2026Q3, highlights the difficulty of balancing aggressive customer acquisition with the need for bottom-line profitability. The reliance on interest income to achieve positive operating results warrants further investigation into the sustainability of these margins if interest rates were to decline.
Earnings Quality Obscured by SBC
Financial statements indicate that BILL's net income is frequently impacted by significant stock-based compensation expenses, which reached $64.3 million in 2026Q2, effectively masking the underlying operational performance and complicating the assessment of true economic profitability for shareholders evaluating the company's long-term earnings potential.
The inconsistency between GAAP net income and the underlying cash-based operational reality suggests that investors should focus on adjusted metrics that account for these non-cash charges. The periodic swings in net income, often driven by non-operating items, imply that the company's bottom line may be more sensitive to accounting adjustments than to core business growth.
Structural Risks to Transaction Revenue
Data from the income statement suggests that BILL's recent profitability is heavily dependent on interest income from customer float, a non-operational revenue stream that may prove unsustainable if macroeconomic conditions shift or if competitive pressures force a reduction in the company's take rate on payment volumes.
Short-term improvements in net margins appear to be a function of the interest rate environment rather than fundamental improvements in core software efficiency. Investors should consider the risk that a pivot in monetary policy could expose the company to a period of renewed earnings contraction, particularly if transaction volumes remain sluggish.