BILL NYSE Russell 1000 Earnings call

Bill.com (BILL) · Q2 2026 results and valuation

Share price: $54.43 · 2026-11-11

Bill.com provides a finance platform for small and midsize businesses to manage accounts payable, accounts receivable, expenses, and procurement. The platform connects businesses with their suppliers and clients to facilitate payments and automate financial workflows. It operates in the United States and integrates with various financial institutions and accounting software. Source: 10-K annual report (2026-08-20)

Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 19 Aug 2026 and 7 May 2026

Net income turned to a loss from a profit last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.

1 · Numbers

Turned loss

Net income vs Q1 2026

Outlook given

Net income -18.5M vs 12.8M

Revenue +7.3%

Why Against the same quarter last year (loss widened), net income changed because the profitability beat was driven by earlier than planned work workforce reduction timing and lower fraud and credit losses.

2 · How management spoke

Typical

Less upbeat than 53% of company calls

Answers to analysts: typical, in line with the script.

Similar to last call.

3 · What stood out

BILL's volume and revenue grew approximately 30% year over year in FY 2026 while the expected loss rate improved by more than 50%.

Valuation

Is Bill.com undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2026-06-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 16.0% growth a year (3-year revenue growth), the model's fair value is $179.47 a share — the stock trades 70% below it. Today's price assumes −0.5% growth a year.

Current price

$54.43

close of 2026-11-11

Market implies growth of i

-0.5% for 10 yrs

Fair value / share

$179.47

Buy below

$134.60

Price vs fair value

Undervalued 70%

Price vs buy-below price

Undervalued 60%

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance

BILL expects fiscal year 2027 total revenue to be between $1.807 billion and $1.857 billion, reflecting 9% to 12% year-over-year growth.
Guidance

Volume and revenue grew approximately 30% year over year in FY 2026 while the expected loss rate improved by more than 50%.
Guidance

The company expects to exceed the rule of 40 threshold exiting FY 2027 following actions in FY 2026 that positioned them to be a rule of 40 company.
Figure

The ex float operating margin expanded by approximately 590 basis points at the midpoint.

Source quote
“This implies an ex float operating margin expansion of approximately 590 basis points at the midpoint.”
Figure

BILL will track and hold itself accountable to driving better conversion and retention in the first 90 days to improve monetization.

Source quote
“So 1 of the ways that you will see the monetization is that we will be really tracking, hold ourselves accountable to driving better conversion, better retention, if you will, in the first 90 days.”

4 more

Figure

More than 175,000 businesses are now using Bill's agents to improve their financial operations across S&E and AP.

Source quote
“To date, we have had over 175 thousand businesses using our agents to improve their financial operations across S&E and AP.”
Figure

Over 60 thousand companies have used the feature launched in February to eliminate around 90% of coding steps for a multiline invoice.

Source quote
“Which launched in February, has already been used by over 60 thousand companies to eliminate around 90% of the coding steps for a multiline invoice.”
Figure

Customer spend on AI through build grew over 50% year over year in Q4, and TPV from AI-first customers nearly doubled from Q3 to Q4.

Source quote
“Customer spend on AI through build grew over 50% year over year in Q4, and TPV from our AI-first customers nearly doubled from Q3 to Q4.”
Figure

The number of joint customers leveraging both AP and Spend & Expense solutions grew 35% year-over-year in Q4.

Source quote
“In Q4, the number of joint customers leveraging both of our AP and Spend & Expense solutions grew 35% year-over-year.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Typical (was upbeat)

Answers to analysts Typical (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“This, in turn, should result in greater value to build from a monetization perspective We have a strong track record of introducing new ad valorem payment products over time, that...”

“It will sharpen focus on the right customer segments improve comparability with our peer group, and will help us drive profitable growth.”

“That trust is helping our integrated platform gain strong traction among the fastest growing segments of SMB spend, AI first businesses, technology services, and professional services firms.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	436.2M	406.6M	+7.3%	383.3M	+13.8%
Gross profit	356.2M	331.9M	+7.3%	309.8M	+15.0%
Operating income	-34.3M	-399.0K	Loss widened	-22.2M	Loss widened
Net income	-18.5M	12.8M	Turned loss	-7.1M	Loss widened
EPS	-0.18	0.12	Turned loss	0.02	Turned loss
P/E today 98.9	12-mo loss	425.6	—	12-mo loss	—

Topics

Most discussed now

This has generated significant time savings reducing the processing time across Bill.com's AP customers by nearly half.
Bill.com's touchless transactions agent became generally available at the end of April to all of its Spend &...
Bill has built a durable business model, and Bill.com is well positioned to deliver low double digits to mid...
Jon GAAP operating margin was 23%, expanding 370 basis points sequentially and 860 basis points year over year.
When I look at the last 12 months, Bill.com did really, really important work that unified the platform and the...

Faded since Q1 2026

Fading The tangible proof points Bill.com has seen rapidly deploying new agents to create more value for customers and driving greater...
Fading The work Bill.com is doing in this area will be a catalyst across the industry as it builds new customer...
Fading Its integrated platform strategy is working and Bill.com now has over 20,000 businesses leveraging both its AP and Spend &...
Fading This decision is supported by Bill.com's conviction in its growth, its ability to generate sizable free cash flow and the...

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

2026-11-05 Results of operations · SEC 8-K
2026-10-15 Regulation FD disclosure · SEC 8-K
2026-08-19 Results of operations · SEC 8-K
BILL Holdings, Inc. issued a press release on August 19, 2026, regarding its financial results for the fourth quarter and fiscal year ended June 30, 2026.
2026-05-26 Director or officer change; Regulation FD disclosure · SEC 8-K
The company announced executive leadership changes effective in the fourth quarter of fiscal 2026, including the appointment of Michael Cieri as Chief Product Officer and Eric Chan as Chief Technology Officer.
2026-05-07 Results of operations; Restructuring costs; Regulation FD disclosure · SEC 8-K
BILL Holdings, Inc. announced a workforce reduction of up to 30%, estimated restructuring costs of $30 million to $60 million, and a new authorization to repurchase up to $1.0 billion in common stock.
2026-03-16 Director or officer change · SEC 8-K
On March 11, 2026, the Board of Directors appointed CFO Rohini Jain to also serve as the principal accounting officer without additional compensation.
2026-02-05 Results of operations · SEC 8-K
BILL Holdings, Inc. issued a press release on February 5, 2026, regarding its financial results for the second fiscal quarter ended December 31, 2025.
2026-01-26 Director or officer change · SEC 8-K
Alison Wagonfeld notified BILL Holdings, Inc. of her intent to resign from the Board of Directors, effective February 6, 2026.

Balance sheet & ownership

From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-12.

Cash & runway

Cash & equivalents

$1.03B

2026-06-30

Short-term investments

$906.5M

total $1.94B

Implied runway

—

operating cash flow positive over the TTM window

Dilution

weighted-average basic shares, per quarter. Change: -2.9% YoY, -1.2% QoQ.

Quarter	Shares
Q3 2024	105.7M
Q4 2024	103.1M
Q1 2025	102.2M
Q3 2025	101.9M
Q4 2025	100.5M
Q1 2026	99.3M

Shares outstanding: 85.3M (2026-08-13)

Insider transactions

Form 4 open-market trades (codes S/P), trailing 12 months. 49 filings parsed.

Sold by insiders

335.4K shares

$15.9M · 17 transactions

Bought by insiders

0 shares

0 transactions

Net direction

net selling

Catalyst calendar

management-stated targets — from the latest earnings call; plans, not promises.

FY 2027

focus on 3 strategic priorities

Source quote
“Entering FY 2027, we are focused on the following 3 strategic priorities:”
FY 2027

change to go to market

Source quote
“Given the success we have seen, we have made a change to our go to market in FY 2027.”
exiting FY 2027

exceed the Rule of 40 threshold

Source quote
“And we expect to exceed this threshold exiting FY 2027.”
FY 2027

achieving meaningful GAAP profitability

Source quote
“Third, Bill is focused on achieving meaningful GAAP profitability in FY 2027 and expanding from there.”
Beginning in Q1 of fiscal year 27

presentation of revenue net of rewards expense

Source quote
“Beginning in Q1 of fiscal year 27, we will present revenue net of rewards expense.”