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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Barnes & Noble Education, Inc. (BNED). Click either name above to swap in a different company.
Barnes & Noble Education, Inc. is the larger business by last-quarter revenue ($598.2M vs $414.7M, roughly 1.4× BILL Holdings, Inc.). Barnes & Noble Education, Inc. runs the higher net margin — 4.2% vs -0.6%, a 4.8% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 6.9%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $61.9M). Over the past eight quarters, Barnes & Noble Education, Inc.'s revenue compounded faster (20.0% CAGR vs 13.3%).
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.
Barnes & Noble Booksellers is an American bookseller with the largest number of retail outlets in the United States. The company operates approximately 700+ retail stores across the United States.
BILL vs BNED — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $598.2M |
| Net Profit | $-2.6M | $25.0M |
| Gross Margin | 79.8% | 21.7% |
| Operating Margin | -4.4% | 6.8% |
| Net Margin | -0.6% | 4.2% |
| Revenue YoY | 14.4% | 6.9% |
| Net Profit YoY | -107.7% | -49.7% |
| EPS (diluted) | $-0.03 | $0.72 |
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 | $414.7M | $598.2M | ||
| Q3 25 | $395.7M | $274.2M | ||
| Q2 25 | $383.3M | $233.0M | ||
| Q1 25 | $358.2M | $419.7M | ||
| Q4 24 | $362.6M | $559.7M | ||
| Q3 24 | $358.4M | $250.9M | ||
| Q2 24 | $343.7M | $192.7M | ||
| Q1 24 | $323.0M | $415.4M |
| Q4 25 | $-2.6M | $25.0M | ||
| Q3 25 | $-3.0M | $-18.3M | ||
| Q2 25 | $-7.1M | $-23.0M | ||
| Q1 25 | $-11.6M | $17.9M | ||
| Q4 24 | $33.5M | $43.2M | ||
| Q3 24 | $8.9M | $-103.9M | ||
| Q2 24 | $7.6M | $-41.9M | ||
| Q1 24 | $31.8M | $-9.3M |
| Q4 25 | 79.8% | 21.7% | ||
| Q3 25 | 80.5% | 20.2% | ||
| Q2 25 | 80.8% | 30.3% | ||
| Q1 25 | 81.2% | 22.3% | ||
| Q4 24 | 81.6% | 23.0% | ||
| Q3 24 | 82.0% | 17.9% | ||
| Q2 24 | 81.0% | 28.7% | ||
| Q1 24 | 83.0% | 24.2% |
| Q4 25 | -4.4% | 6.8% | ||
| Q3 25 | -5.2% | -8.4% | ||
| Q2 25 | -5.8% | -4.9% | ||
| Q1 25 | -8.1% | 4.5% | ||
| Q4 24 | -6.0% | 8.4% | ||
| Q3 24 | -2.1% | -15.4% | ||
| Q2 24 | -6.5% | -16.3% | ||
| Q1 24 | -8.6% | 0.4% |
| Q4 25 | -0.6% | 4.2% | ||
| Q3 25 | -0.7% | -6.7% | ||
| Q2 25 | -1.8% | -9.9% | ||
| Q1 25 | -3.2% | 4.3% | ||
| Q4 24 | 9.3% | 7.7% | ||
| Q3 24 | 2.5% | -41.4% | ||
| Q2 24 | 2.2% | -21.7% | ||
| Q1 24 | 9.8% | -2.2% |
| Q4 25 | $-0.03 | $0.72 | ||
| Q3 25 | $-0.03 | $-0.54 | ||
| Q2 25 | $0.02 | $2.97 | ||
| Q1 25 | $-0.11 | $0.59 | ||
| Q4 24 | $-0.06 | $1.63 | ||
| Q3 24 | $0.08 | $-7.69 | ||
| Q2 24 | $0.37 | $-15.68 | ||
| Q1 24 | $0.00 | $-3.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $11.7M |
| Total DebtLower is stronger | $1.8B | $122.5M |
| Stockholders' EquityBook value | $3.8B | $283.2M |
| Total Assets | $10.1B | $1.1B |
| Debt / EquityLower = less leverage | 0.48× | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $11.7M | ||
| Q3 25 | $1.1B | $7.3M | ||
| Q2 25 | $1.0B | $9.1M | ||
| Q1 25 | $1.0B | $9.2M | ||
| Q4 24 | $1.6B | $11.6M | ||
| Q3 24 | $853.5M | $8.2M | ||
| Q2 24 | $985.9M | $10.5M | ||
| Q1 24 | $952.5M | $8.1M |
| Q4 25 | $1.8B | $122.5M | ||
| Q3 25 | $1.9B | $170.0M | ||
| Q2 25 | $1.7B | $103.1M | ||
| Q1 25 | $1.7B | $141.2M | ||
| Q4 24 | $1.7B | $177.6M | ||
| Q3 24 | $914.8M | $221.9M | ||
| Q2 24 | $914.0M | $196.3M | ||
| Q1 24 | $1.1B | $30.2M |
| Q4 25 | $3.8B | $283.2M | ||
| Q3 25 | $3.9B | $256.5M | ||
| Q2 25 | $3.9B | $272.2M | ||
| Q1 25 | $3.9B | $292.9M | ||
| Q4 24 | $3.8B | $211.4M | ||
| Q3 24 | $4.0B | $149.8M | ||
| Q2 24 | $4.1B | $80.4M | ||
| Q1 24 | $4.1B | $121.5M |
| Q4 25 | $10.1B | $1.1B | ||
| Q3 25 | $10.2B | $950.8M | ||
| Q2 25 | $10.1B | $790.3M | ||
| Q1 25 | $9.6B | $1.1B | ||
| Q4 24 | $9.7B | $1.0B | ||
| Q3 24 | $9.0B | $973.2M | ||
| Q2 24 | $9.2B | $909.9M | ||
| Q1 24 | $9.1B | $1.2B |
| Q4 25 | 0.48× | 0.43× | ||
| Q3 25 | 0.48× | 0.66× | ||
| Q2 25 | 0.44× | 0.38× | ||
| Q1 25 | 0.43× | 0.48× | ||
| Q4 24 | 0.44× | 0.84× | ||
| Q3 24 | 0.23× | 1.48× | ||
| Q2 24 | 0.22× | 2.44× | ||
| Q1 24 | 0.28× | 0.25× |
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 | $105.3M | $66.2M |
| Free Cash FlowOCF − Capex | $103.8M | $61.9M |
| FCF MarginFCF / Revenue | 25.0% | 10.4% |
| Capex IntensityCapex / Revenue | 0.4% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 2.65× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-4.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $66.2M | ||
| Q3 25 | $96.9M | $-67.6M | ||
| Q2 25 | $83.8M | $52.6M | ||
| Q1 25 | $99.5M | $-41.9M | ||
| Q4 24 | $78.7M | $47.4M | ||
| Q3 24 | $88.6M | $-143.5M | ||
| Q2 24 | $78.6M | $81.7M | ||
| Q1 24 | $66.8M | $-35.8M |
| Q4 25 | $103.8M | $61.9M | ||
| Q3 25 | $95.6M | $-71.3M | ||
| Q2 25 | $81.0M | $49.5M | ||
| Q1 25 | $98.4M | $-44.7M | ||
| Q4 24 | $78.3M | $44.4M | ||
| Q3 24 | $88.6M | $-147.5M | ||
| Q2 24 | $78.4M | $79.1M | ||
| Q1 24 | $66.8M | $-39.0M |
| Q4 25 | 25.0% | 10.4% | ||
| Q3 25 | 24.1% | -26.0% | ||
| Q2 25 | 21.1% | 21.3% | ||
| Q1 25 | 27.5% | -10.7% | ||
| Q4 24 | 21.6% | 7.9% | ||
| Q3 24 | 24.7% | -58.8% | ||
| Q2 24 | 22.8% | 41.1% | ||
| Q1 24 | 20.7% | -9.4% |
| Q4 25 | 0.4% | 0.7% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.7% | 1.3% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.1% | 0.5% | ||
| Q3 24 | 0.0% | 1.6% | ||
| Q2 24 | 0.1% | 1.4% | ||
| Q1 24 | 0.0% | 0.8% |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -2.34× | ||
| Q4 24 | 2.35× | 1.10× | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
BNED
| Course Materials Product | $459.3M | 77% |
| General Merchandise Product | $112.9M | 19% |
| Serviceand Other | $26.1M | 4% |
