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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and PATHWARD FINANCIAL, INC. (CASH). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $276.3M, roughly 1.5× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs -0.6%, a 27.0% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% 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.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
BILL vs CASH — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $276.3M |
| Net Profit | $-2.6M | $72.9M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | — |
| Net Margin | -0.6% | 26.4% |
| Revenue YoY | 14.4% | — |
| Net Profit YoY | -107.7% | — |
| EPS (diluted) | $-0.03 | $3.35 |
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.
| Q1 26 | — | $276.3M | ||
| Q4 25 | $414.7M | $173.1M | ||
| Q3 25 | $395.7M | $186.7M | ||
| Q2 25 | $383.3M | $195.8M | ||
| Q1 25 | $358.2M | $274.8M | ||
| Q4 24 | $362.6M | $182.6M | ||
| Q3 24 | $358.4M | $179.5M | ||
| Q2 24 | $343.7M | $188.6M |
| Q1 26 | — | $72.9M | ||
| Q4 25 | $-2.6M | $35.2M | ||
| Q3 25 | $-3.0M | $38.8M | ||
| Q2 25 | $-7.1M | $42.1M | ||
| Q1 25 | $-11.6M | $75.0M | ||
| Q4 24 | $33.5M | $30.0M | ||
| Q3 24 | $8.9M | $33.5M | ||
| Q2 24 | $7.6M | $44.9M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | -4.4% | 24.6% | ||
| Q3 25 | -5.2% | 25.9% | ||
| Q2 25 | -5.8% | 24.1% | ||
| Q1 25 | -8.1% | 33.2% | ||
| Q4 24 | -6.0% | 19.8% | ||
| Q3 24 | -2.1% | 20.9% | ||
| Q2 24 | -6.5% | 27.1% |
| Q1 26 | — | 26.4% | ||
| Q4 25 | -0.6% | 20.3% | ||
| Q3 25 | -0.7% | 20.8% | ||
| Q2 25 | -1.8% | 21.5% | ||
| Q1 25 | -3.2% | 27.3% | ||
| Q4 24 | 9.3% | 16.4% | ||
| Q3 24 | 2.5% | 18.7% | ||
| Q2 24 | 2.2% | 23.8% |
| Q1 26 | — | $3.35 | ||
| Q4 25 | $-0.03 | $1.57 | ||
| Q3 25 | $-0.03 | $1.69 | ||
| Q2 25 | $0.02 | $1.81 | ||
| Q1 25 | $-0.11 | $3.14 | ||
| Q4 24 | $-0.06 | $1.23 | ||
| Q3 24 | $0.08 | $1.34 | ||
| Q2 24 | $0.37 | $1.78 |
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 | $157.6M |
| Total DebtLower is stronger | $1.8B | $59.5M |
| Stockholders' EquityBook value | $3.8B | $850.7M |
| Total Assets | $10.1B | $7.1B |
| Debt / EquityLower = less leverage | 0.48× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $157.6M | ||
| Q4 25 | $1.1B | $331.2M | ||
| Q3 25 | $1.1B | $120.6M | ||
| Q2 25 | $1.0B | $258.3M | ||
| Q1 25 | $1.0B | $254.2M | ||
| Q4 24 | $1.6B | $597.4M | ||
| Q3 24 | $853.5M | $158.3M | ||
| Q2 24 | $985.9M | $298.9M |
| Q1 26 | — | $59.5M | ||
| Q4 25 | $1.8B | $33.5M | ||
| Q3 25 | $1.9B | $33.5M | ||
| Q2 25 | $1.7B | $33.4M | ||
| Q1 25 | $1.7B | $33.4M | ||
| Q4 24 | $1.7B | $33.4M | ||
| Q3 24 | $914.8M | $33.4M | ||
| Q2 24 | $914.0M | $33.3M |
| Q1 26 | — | $850.7M | ||
| Q4 25 | $3.8B | $854.5M | ||
| Q3 25 | $3.9B | $858.0M | ||
| Q2 25 | $3.9B | $819.0M | ||
| Q1 25 | $3.9B | $814.7M | ||
| Q4 24 | $3.8B | $758.3M | ||
| Q3 24 | $4.0B | $822.5M | ||
| Q2 24 | $4.1B | $748.4M |
| Q1 26 | — | $7.1B | ||
| Q4 25 | $10.1B | $7.6B | ||
| Q3 25 | $10.2B | $7.2B | ||
| Q2 25 | $10.1B | $7.2B | ||
| Q1 25 | $9.6B | $7.0B | ||
| Q4 24 | $9.7B | $7.6B | ||
| Q3 24 | $9.0B | $7.5B | ||
| Q2 24 | $9.2B | $7.5B |
| Q1 26 | — | 0.07× | ||
| Q4 25 | 0.48× | 0.04× | ||
| Q3 25 | 0.48× | 0.04× | ||
| Q2 25 | 0.44× | 0.04× | ||
| Q1 25 | 0.43× | 0.04× | ||
| Q4 24 | 0.44× | 0.04× | ||
| Q3 24 | 0.23× | 0.04× | ||
| Q2 24 | 0.22× | 0.04× |
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 | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $105.3M | $108.3M | ||
| Q3 25 | $96.9M | $303.7M | ||
| Q2 25 | $83.8M | $30.4M | ||
| Q1 25 | $99.5M | $188.3M | ||
| Q4 24 | $78.7M | $-71.7M | ||
| Q3 24 | $88.6M | $143.1M | ||
| Q2 24 | $78.6M | $113.2M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $104.1M | ||
| Q3 25 | $95.6M | $300.3M | ||
| Q2 25 | $81.0M | $27.7M | ||
| Q1 25 | $98.4M | $184.7M | ||
| Q4 24 | $78.3M | $-73.8M | ||
| Q3 24 | $88.6M | $138.8M | ||
| Q2 24 | $78.4M | $111.0M |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | 60.1% | ||
| Q3 25 | 24.1% | 160.9% | ||
| Q2 25 | 21.1% | 14.1% | ||
| Q1 25 | 27.5% | 67.2% | ||
| Q4 24 | 21.6% | -40.4% | ||
| Q3 24 | 24.7% | 77.3% | ||
| Q2 24 | 22.8% | 58.8% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 2.4% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.1% | 1.1% | ||
| Q3 24 | 0.0% | 2.4% | ||
| Q2 24 | 0.1% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.08× | ||
| Q3 25 | — | 7.83× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 2.51× | ||
| Q4 24 | 2.35× | -2.39× | ||
| Q3 24 | 9.94× | 4.27× | ||
| Q2 24 | 10.35× | 2.52× |
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% |
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
