Revenue remains highly volatile due to mortgage market sensitivity, while gross margins have fluctuated significantly from a low of 54.6% in 2023Q4 to a peak of 75.8% in 2026Q1.
| Sales/Revenue | 127.66M | 123.58M | 162.02M | 156.85M | 235.2M | 234.5M | 96.03M | 50.67M |
| Revenue Growth % | -10.14% | -23.72% | 3.3% | -33.31% | 0.3% | 144.19% | 89.51% | - |
| Cost of Goods Sold | 32.09M | 32.42M | 71.47M | 75.71M | 145.55M | 118.51M | 34.29M | 19.55M |
| COGS % of Revenue | - | 26.23% | 44.12% | 48.27% | 61.88% | 50.54% | 35.71% | 38.58% |
| Gross Profit | 95.57M | 91.17M | 90.54M | 81.14M | 89.65M | 115.99M | 61.74M | 31.12M |
| Gross Margin % | 74.87% | 73.77% | 55.88% | 51.73% | 38.12% | 49.46% | 64.29% | 61.42% |
| Gross Profit Growth % | - | 0.69% | 11.6% | -9.5% | -22.71% | 87.87% | 98.37% | - |
| Operating Expenses | 113.98M | 112.03M | 140.16M | 237.36M | 835.83M | 313.23M | 137.03M | 112.85M |
| OpEx % of Revenue | - | 90.65% | 86.51% | 151.33% | 355.37% | 133.58% | 142.7% | 222.7% |
| Selling, General & Admin | 79.13M | 79.19M | 86.61M | 130.82M | 224.37M | 212.88M | 81.53M | 64.25M |
| SG&A % of Revenue | - | 64.08% | 53.45% | 83.41% | 95.39% | 90.78% | 84.9% | 126.8% |
| Research & Development | 34.73M | 32.84M | 46.09M | 81.59M | 138.09M | 92.22M | 55.5M | 48.6M |
| R&D % of Revenue | - | 26.58% | 28.45% | 52.02% | 58.71% | 39.33% | 57.8% | 95.91% |
| Other Operating Expenses | 121K | 0 | 7.47M | 24.95M | 473.37M | 8.14M | 0 | 0 |
| Operating Income | -18.41M | -20.86M | -49.62M | -156.22M | -746.18M | -197.24M | -75.29M | -81.72M |
| Operating Margin % | -14.42% | -16.88% | -30.63% | -99.6% | -317.25% | -84.11% | -78.4% | -161.28% |
| Operating Income Growth % | - | 57.95% | 68.24% | 79.06% | -278.31% | -161.97% | 7.87% | - |
| EBITDA | -14.3M | -17.05M | -44.8M | -150.46M | -731.76M | -183.43M | -68.94M | -76.96M |
| EBITDA Margin % | -11.2% | -13.79% | -27.65% | -95.93% | -311.12% | -78.22% | -71.8% | -151.88% |
| EBITDA Growth % | 54.76% | 61.95% | 70.22% | 79.44% | -298.94% | -166.05% | 10.41% | - |
| D&A (Non-Cash Add-back) | 4.11M | 3.82M | 4.82M | 5.76M | 14.42M | 13.81M | 6.35M | 4.76M |
| EBIT | 1.3M | -878K | -36.56M | -148.97M | -741.26M | -196.75M | -74.59M | -81.44M |
| Net Interest Income | 0 | 0 | -6.75M | -30.81M | -24.79M | -11.28M | 1M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 |
| Interest Expense | 0 | 0 | 6.75M | 30.81M | 24.79M | 11.28M | 0 | 0 |
| Other Income/Expense | 18.71M | 19.99M | 6.31M | -23.56M | -19.87M | -10.79M | 700K | 283K |
| Pretax Income | 299K | -878K | -43.31M | -179.78M | -766.05M | -208.03M | -74.59M | -81.44M |
| Pretax Margin % | 0.23% | -0.71% | -26.73% | -114.63% | -325.7% | -88.71% | -77.68% | -160.72% |
| Income Tax | 282K | 249K | 109K | 94K | -2.24M | -38.89M | 26K | 13K |
| Effective Tax Rate % | 94.31% | -28.36% | -0.25% | -0.05% | 0.29% | 18.69% | -0.03% | -0.02% |
| Net Income | -5.62M | -8.05M | -49.6M | -185.32M | -768.61M | -171.34M | -74.62M | -81.45M |
| Net Margin % | -4.4% | -6.52% | -30.62% | -118.15% | -326.79% | -73.07% | -77.7% | -160.75% |
| Net Income Growth % | 85.19% | 83.76% | 73.23% | 75.89% | -348.58% | -129.63% | 8.39% | - |
| Net Income (Continuing) | 17K | -1.13M | -43.42M | -179.88M | -763.81M | -169.14M | -74.62M | -81.45M |
| Discontinued Operations | -2.05M | -5.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 52.38M | 46.19M | 40.75M | 35.95M | 0 | 0 |
| EPS (Diluted) | -0.02 | -0.10 | -0.24 | -0.76 | -3.28 | -0.74 | -0.34 | -0.37 |
| EPS Growth % | 54% | 58.33% | 68.42% | 76.83% | -343.24% | -117.65% | 8.11% | - |
| EPS (Basic) | - | -0.10 | -0.24 | -0.76 | -3.28 | -0.74 | -0.34 | -0.37 |
| Diluted Shares Outstanding | 255.63M | 258.95M | 253.92M | 245.21M | 234.16M | 230.32M | 219.59M | 219.59M |
| Basic Shares Outstanding | 255.63M | 258.95M | 253.92M | 245.21M | 234.16M | 230.32M | 219.59M | 219.59M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Mortgage market cyclicality
As reported in recent financial filings, Blend Labs experienced significant top-line volatility, with quarterly revenue fluctuating between $23.8M and $45.2M over the last ten quarters, reflecting a business model highly sensitive to the broader US mortgage origination cycle and shifting interest rate environments.
The revenue trajectory appears inconsistent, characterized by sharp contractions followed by modest recoveries that suggest a lack of predictable, recurring subscription-based growth. Investors should monitor whether the company can successfully pivot toward non-mortgage modules to decouple its top-line performance from the inherently cyclical refinancing market.
Based on the company's reported figures, gross margins have fluctuated significantly from a low of 54.6% in 2023Q4 to a high of 75.8% in 2026Q1, indicating that the integration of lower-margin title services continues to weigh on the overall profitability profile of the platform.
The wide variance in gross margins suggests that the company's product mix is not yet optimized for consistent profitability. This instability implies that the firm may struggle to achieve the margin profile typical of pure-play SaaS providers until the software-driven platform revenue becomes the dominant contributor to the total gross profit.
According to historical income statements, Blend Labs has struggled to scale operating income effectively, with operating margins remaining consistently negative and reaching as low as -89.0% in 2024Q1, despite management's efforts to rationalize the cost structure through multiple rounds of headcount reductions.
The persistent gap between gross profit and operating income suggests that the company's fixed cost base remains disproportionately high relative to its current revenue scale. This indicates that the firm may be trapped in a cycle where it must maintain significant R&D and sales investment to defend its market position, preventing meaningful operating leverage.
Based on the provided data, the company's SG&A expenses have shown a downward trend from a peak of $26.5M in 2023Q4 to $18.4M in 2026Q1, reflecting management's aggressive attempts to align the cost structure with the realities of a depressed mortgage origination environment.
While the reduction in SG&A is a positive signal of expense discipline, the continued reliance on stock-based compensation as a significant component of operating expenses warrants further investigation by investors. The company's ability to maintain its technical moat while simultaneously cutting R&D spending remains a critical risk factor for long-term competitiveness.
As indicated by the financial data, the company's reliance on transaction-based fees in a high-interest-rate environment creates a precarious liquidity position, with cash and equivalents totaling only $43.6M against a backdrop of ongoing operating losses that may necessitate future dilutive capital raises.
Short-sellers would likely focus on the potential for a 'revenue cliff' if the company fails to transition its client base to more stable, subscription-based pricing models. The current financial performance suggests that the firm's survival may be contingent on a recovery in mortgage volumes, which remains outside of management's direct control.
Quick answers to the most common questions about buying BLND stock.
For fiscal year 2025, Blend Labs, Inc. (BLND) reported total revenue of $123.6M. This represents a 143.9% increase compared to $50.7M in 2019.
Blend Labs, Inc. (BLND) reported a net loss of $8.1M for the fiscal year ending 2025.
Blend Labs, Inc. (BLND) reported an operating income of $-20.9M, resulting in an operating profit margin of -16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Blend Labs, Inc. (BLND) generated $91.2M in gross profit for the year, representing a gross profit margin of 73.8%. This demonstrates the company's core pricing power and production efficiency.