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Side-by-side financial comparison of Axos Financial, Inc. (AX) and BILL Holdings, Inc. (BILL). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $385.1M, roughly 1.1× Axos Financial, Inc.). Axos Financial, Inc. runs the higher net margin — 33.3% vs -0.6%, a 34.0% gap on every dollar of revenue. On growth, Axos Financial, Inc. posted the faster year-over-year revenue change (25.1% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $85.4M). Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (14.3% CAGR vs 13.3%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
AX vs BILL — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $385.1M | $414.7M |
| Net Profit | $128.4M | $-2.6M |
| Gross Margin | — | 79.8% |
| Operating Margin | 45.6% | -4.4% |
| Net Margin | 33.3% | -0.6% |
| Revenue YoY | 25.1% | 14.4% |
| Net Profit YoY | 22.6% | -107.7% |
| EPS (diluted) | $2.22 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $385.1M | $414.7M | ||
| Q3 25 | $323.4M | $395.7M | ||
| Q2 25 | $321.4M | $383.3M | ||
| Q1 25 | $308.8M | $358.2M | ||
| Q4 24 | $307.9M | $362.6M | ||
| Q3 24 | $320.7M | $358.4M | ||
| Q2 24 | $290.9M | $343.7M | ||
| Q1 24 | $294.8M | $323.0M |
| Q4 25 | $128.4M | $-2.6M | ||
| Q3 25 | $112.4M | $-3.0M | ||
| Q2 25 | $110.7M | $-7.1M | ||
| Q1 25 | $105.2M | $-11.6M | ||
| Q4 24 | $104.7M | $33.5M | ||
| Q3 24 | $112.3M | $8.9M | ||
| Q2 24 | $104.9M | $7.6M | ||
| Q1 24 | $110.7M | $31.8M |
| Q4 25 | — | 79.8% | ||
| Q3 25 | — | 80.5% | ||
| Q2 25 | — | 80.8% | ||
| Q1 25 | — | 81.2% | ||
| Q4 24 | — | 81.6% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 81.0% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | 45.6% | -4.4% | ||
| Q3 25 | 46.3% | -5.2% | ||
| Q2 25 | 48.5% | -5.8% | ||
| Q1 25 | 47.9% | -8.1% | ||
| Q4 24 | 48.8% | -6.0% | ||
| Q3 24 | 49.6% | -2.1% | ||
| Q2 24 | 49.6% | -6.5% | ||
| Q1 24 | 52.8% | -8.6% |
| Q4 25 | 33.3% | -0.6% | ||
| Q3 25 | 34.7% | -0.7% | ||
| Q2 25 | 34.4% | -1.8% | ||
| Q1 25 | 34.1% | -3.2% | ||
| Q4 24 | 34.0% | 9.3% | ||
| Q3 24 | 35.0% | 2.5% | ||
| Q2 24 | 36.0% | 2.2% | ||
| Q1 24 | 37.6% | 9.8% |
| Q4 25 | $2.22 | $-0.03 | ||
| Q3 25 | $1.94 | $-0.03 | ||
| Q2 25 | $1.89 | $0.02 | ||
| Q1 25 | $1.81 | $-0.11 | ||
| Q4 24 | $1.80 | $-0.06 | ||
| Q3 24 | $1.93 | $0.08 | ||
| Q2 24 | $1.75 | $0.37 | ||
| Q1 24 | $1.91 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $1.1B |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $2.9B | $3.8B |
| Total Assets | $28.2B | $10.1B |
| Debt / EquityLower = less leverage | — | 0.48× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $1.1B | ||
| Q3 25 | $2.6B | $1.1B | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | $2.0B | $1.0B | ||
| Q4 24 | $2.4B | $1.6B | ||
| Q3 24 | $2.6B | $853.5M | ||
| Q2 24 | $2.0B | $985.9M | ||
| Q1 24 | $2.1B | $952.5M |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $312.7M | $1.7B | ||
| Q1 25 | $377.4M | $1.7B | ||
| Q4 24 | $358.7M | $1.7B | ||
| Q3 24 | $313.5M | $914.8M | ||
| Q2 24 | $325.7M | $914.0M | ||
| Q1 24 | $330.4M | $1.1B |
| Q4 25 | $2.9B | $3.8B | ||
| Q3 25 | $2.8B | $3.9B | ||
| Q2 25 | $2.7B | $3.9B | ||
| Q1 25 | $2.6B | $3.9B | ||
| Q4 24 | $2.5B | $3.8B | ||
| Q3 24 | $2.4B | $4.0B | ||
| Q2 24 | $2.3B | $4.1B | ||
| Q1 24 | $2.2B | $4.1B |
| Q4 25 | $28.2B | $10.1B | ||
| Q3 25 | $27.4B | $10.2B | ||
| Q2 25 | $24.8B | $10.1B | ||
| Q1 25 | $24.0B | $9.6B | ||
| Q4 24 | $23.7B | $9.7B | ||
| Q3 24 | $23.6B | $9.0B | ||
| Q2 24 | $22.9B | $9.2B | ||
| Q1 24 | $22.6B | $9.1B |
| Q4 25 | — | 0.48× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | 0.12× | 0.44× | ||
| Q1 25 | 0.14× | 0.43× | ||
| Q4 24 | 0.14× | 0.44× | ||
| Q3 24 | 0.13× | 0.23× | ||
| Q2 24 | 0.14× | 0.22× | ||
| Q1 24 | 0.15× | 0.28× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $104.1M | $105.3M |
| Free Cash FlowOCF − Capex | $85.4M | $103.8M |
| FCF MarginFCF / Revenue | 22.2% | 25.0% |
| Capex IntensityCapex / Revenue | 4.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $695.9M | $378.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $105.3M | ||
| Q3 25 | $118.4M | $96.9M | ||
| Q2 25 | $490.3M | $83.8M | ||
| Q1 25 | $73.7M | $99.5M | ||
| Q4 24 | $162.5M | $78.7M | ||
| Q3 24 | $70.8M | $88.6M | ||
| Q2 24 | $305.5M | $78.6M | ||
| Q1 24 | $115.8M | $66.8M |
| Q4 25 | $85.4M | $103.8M | ||
| Q3 25 | $109.3M | $95.6M | ||
| Q2 25 | $436.1M | $81.0M | ||
| Q1 25 | $65.1M | $98.4M | ||
| Q4 24 | $156.4M | $78.3M | ||
| Q3 24 | $53.0M | $88.6M | ||
| Q2 24 | $269.5M | $78.4M | ||
| Q1 24 | $107.3M | $66.8M |
| Q4 25 | 22.2% | 25.0% | ||
| Q3 25 | 33.8% | 24.1% | ||
| Q2 25 | 135.7% | 21.1% | ||
| Q1 25 | 21.1% | 27.5% | ||
| Q4 24 | 50.8% | 21.6% | ||
| Q3 24 | 16.5% | 24.7% | ||
| Q2 24 | 92.6% | 22.8% | ||
| Q1 24 | 36.4% | 20.7% |
| Q4 25 | 4.9% | 0.4% | ||
| Q3 25 | 2.8% | 0.3% | ||
| Q2 25 | 16.9% | 0.7% | ||
| Q1 25 | 2.8% | 0.3% | ||
| Q4 24 | 2.0% | 0.1% | ||
| Q3 24 | 5.5% | 0.0% | ||
| Q2 24 | 12.4% | 0.1% | ||
| Q1 24 | 2.9% | 0.0% |
| Q4 25 | 0.81× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 4.43× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | 2.35× | ||
| Q3 24 | 0.63× | 9.94× | ||
| Q2 24 | 2.91× | 10.35× | ||
| Q1 24 | 1.05× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
Segment breakdown not available.
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
