📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

BILL Holdings, Inc. provides financial operations platform for small and midsize businesses worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BILL

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	2.16M	$82.8M	0.11%	Mar 2026
Steve Cohen Point72 Asset Management	9.50M	$8.4M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q4 2025

Mixed

Management expressed strong confidence in their execution and strategic investments (e.g., 'pivotal year', 'executed well', 'over delivering'), but also adopted a cautious tone on near-term macro headwinds, repeatedly using words like 'prudent', 'uncertainty', and 'flat volume per customer assumption'.

Q1 2026

Confident Specific

Management consistently uses positive language: 'strong start', 'substantial beat', 'top end of our guidance', 'significant momentum', and 'rigor and discipline'. Specific numbers are cited for revenue, margin, and partnership scale, indicating command of details.

Q2 2026

Confident Specific

Management consistently used language like 'meaningful beat', 'accelerated growth', 'encouraging signs', 'strong execution', and 'solid quarter', while providing specific metrics (e.g., 17% core revenue growth, 18% non-GAAP margin) and raising full-year guidance. The tone conveyed certainty in strategy and results.

Q3 2026 latest

Confident Specific

Management uses definitive language such as 'strong track record', 'important milestone of GAAP profitability', and 'number one priority' to describe AI transformation and financial results. They cite specific metrics (16% core revenue growth, 20% non-GAAP margin, 100,000+ customers using AI agents) and provide detailed guidance, conveying conviction in the strategy.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger due to accelerating margin expansion, GAAP profitability, and a clear AI-led product strategy that management claims will expand the market. However, the 30% workforce reduction introduces near-term execution risk and potential disruption. The $1 billion buyback signals strong confidence in cash flow and valuation, but the lack of specific new product monetization details leaves uncertainty. Next quarter, watch for net new customer adds, initial signs of AI-driven revenue uplift, and whether the restructuring delivers the promised cost savings without hurting customer experience.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q3 FY2026: 16% core revenue growth, 20% non-GAAP margin, GAAP profitable, plans 30% workforce cut, $1B buyback.

Revenue & Profitability

Q3 core revenue was $371 million, up 16% year-over-year. Non-GAAP net income was $77 million, up 32% year-over-year, and the non-GAAP operating margin was 20%. The company achieved GAAP profitability in the quarter. For fiscal Q4 2026, core revenue guidance is $392-$402 million (13%-16% growth). Full-year core revenue guidance was raised to $1.496-$1.506 billion; non-GAAP operating income guidance is $303.6-$308.6 million, implying an ~19% margin. Float revenue guidance was raised to $145.7 million.

Outlook

Management views AI as a paradigm shift that will accelerate the market and demand for automated financial operations. They see durable growth and expanding profitability ahead. However, they noted macro headwinds in wholesale and retail trade (decreased spending), while manufacturing, services, utilities, and energy prices were tailwinds. In Spend & Expense, shipping, advertising, and travel sectors were strong, offsetting deceleration in healthcare and retail.

Growth Drivers

Key growth levers include AI agents (over 100,000 customers using agents, automating hundreds of thousands of invoices and card payments), multi-product adoption (20,000 joint AP & Spend customers, 39% year-over-year growth), and moving upmarket (subscription ARPU grew 3% sequentially). International card capabilities and BILL Travel are new product launches. The partner embed channel is gaining traction with multiple payment types activated by new partners.

Balance Sheet & CapEx

Capital expenditure guidance was not explicitly discussed on the call. However, management stated that from the workforce optimization, approximately $20-$30 million will be reinvested in critical growth areas, primarily in AI-native experience build (talent, tools, infrastructure).

Margins

Non-GAAP operating margin in Q3 was 20%, expanding 176 basis points sequentially and 475 basis points year-over-year. Full-year margin is expected to be ~19%, implying over 460 basis points of expansion year-over-year (excluding float). The workforce reduction is expected to generate approximately $110 million in gross annualized savings, with $20-$30 million reinvested, leading to further margin expansion in FY 2027.

Key Risks

Risks mentioned include the lumpy nature of net new customer adds from the wealth management vertical, exposure to macroeconomic weakness in wholesale and retail trade, and potential headwinds from changes in virtual card acceptance by large advertisers (though deemed not material). The workforce reduction carries execution risk and may affect morale, but management believes it is necessary for the AI transformation.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q3 2026 Q3 2026 2026-05-07

Q3 delivered 16% core revenue growth, GAAP profitability, and a 20% non-GAAP operating margin. A 30% workforce reduction and $1B share repurchase were announced to accelerate the AI-native transformation and drive further margin expansion.

Q2 2026 Q2 2026 2026-02-05

Q2 core revenue grew 17% year-over-year to $375M, with non-GAAP operating margin expanding to 18%. Strong platform adoption, AI-driven automation, and new partnerships drove results, leading to raised FY26 guidance for both revenue and profitability.

Q1 2026 Q1 2026 2025-11-06

Fiscal Q1 2026 delivered strong results, with 14% core revenue growth and significant margin expansion. Strategic partnerships, AI innovation, and new product launches are driving platform adoption and efficiency, while guidance for fiscal 2026 remains robust.

Q4 2025 Q4 2025 2025-08-27

Fiscal 2025 delivered strong revenue and margin growth, with core revenue up 16% and significant AI-driven innovation. Fiscal 2026 guidance anticipates 9%-11% revenue growth, continued profitability, and major investments in AI and embedded finance, despite macro headwinds.

Q3 2025 Q3 2025 2025-05-08

Q3 saw 14% core revenue growth and 44% higher free cash flow, with strong platform expansion and new product launches. Guidance reflects continued growth but accounts for macro uncertainty and cautious SMB spending. Profitability and liquidity remain robust.

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