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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and CULLEN/FROST BANKERS, INC. (CFR). Click either name above to swap in a different company.
CULLEN/FROST BANKERS, INC. is the larger business by last-quarter revenue ($580.9M vs $414.7M, roughly 1.4× BILL Holdings, Inc.). CULLEN/FROST BANKERS, INC. runs the higher net margin — 28.6% vs -0.6%, a 29.2% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 8.3%). CULLEN/FROST BANKERS, INC. produced more free cash flow last quarter ($127.3M vs $103.8M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 7.6%).
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.
Frost Bank is an American bank based in San Antonio that is chartered in Texas, with 200 branches and 1,750 automated teller machines in the state. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is one of the 60 largest banks of the country by total assets.
BILL vs CFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $580.9M |
| Net Profit | $-2.6M | $166.3M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 34.1% |
| Net Margin | -0.6% | 28.6% |
| Revenue YoY | 14.4% | 8.3% |
| Net Profit YoY | -107.7% | 7.4% |
| EPS (diluted) | $-0.03 | $2.56 |
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 | $580.9M | ||
| Q3 25 | $395.7M | $567.3M | ||
| Q2 25 | $383.3M | $546.9M | ||
| Q1 25 | $358.2M | $540.2M | ||
| Q4 24 | $362.6M | $536.3M | ||
| Q3 24 | $358.4M | $518.0M | ||
| Q2 24 | $343.7M | $507.9M | ||
| Q1 24 | $323.0M | $501.4M |
| Q4 25 | $-2.6M | $166.3M | ||
| Q3 25 | $-3.0M | $174.4M | ||
| Q2 25 | $-7.1M | $157.0M | ||
| Q1 25 | $-11.6M | $150.9M | ||
| Q4 24 | $33.5M | $154.9M | ||
| Q3 24 | $8.9M | $146.5M | ||
| Q2 24 | $7.6M | $145.5M | ||
| Q1 24 | $31.8M | $135.7M |
| 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 | -4.4% | 34.1% | ||
| Q3 25 | -5.2% | 36.7% | ||
| Q2 25 | -5.8% | 34.1% | ||
| Q1 25 | -8.1% | 33.2% | ||
| Q4 24 | -6.0% | 34.3% | ||
| Q3 24 | -2.1% | 33.8% | ||
| Q2 24 | -6.5% | 34.5% | ||
| Q1 24 | -8.6% | 32.2% |
| Q4 25 | -0.6% | 28.6% | ||
| Q3 25 | -0.7% | 30.7% | ||
| Q2 25 | -1.8% | 28.7% | ||
| Q1 25 | -3.2% | 27.9% | ||
| Q4 24 | 9.3% | 28.9% | ||
| Q3 24 | 2.5% | 28.3% | ||
| Q2 24 | 2.2% | 28.6% | ||
| Q1 24 | 9.8% | 27.1% |
| Q4 25 | $-0.03 | $2.56 | ||
| Q3 25 | $-0.03 | $2.67 | ||
| Q2 25 | $0.02 | $2.39 | ||
| Q1 25 | $-0.11 | $2.30 | ||
| Q4 24 | $-0.06 | $2.36 | ||
| Q3 24 | $0.08 | $2.24 | ||
| Q2 24 | $0.37 | $2.21 | ||
| Q1 24 | $0.00 | $2.06 |
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 | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $4.6B |
| Total Assets | $10.1B | $53.0B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $4.6B | ||
| Q3 25 | $3.9B | $4.5B | ||
| Q2 25 | $3.9B | $4.2B | ||
| Q1 25 | $3.9B | $4.1B | ||
| Q4 24 | $3.8B | $3.9B | ||
| Q3 24 | $4.0B | $4.1B | ||
| Q2 24 | $4.1B | $3.7B | ||
| Q1 24 | $4.1B | $3.6B |
| Q4 25 | $10.1B | $53.0B | ||
| Q3 25 | $10.2B | $52.5B | ||
| Q2 25 | $10.1B | $51.4B | ||
| Q1 25 | $9.6B | $52.0B | ||
| Q4 24 | $9.7B | $52.5B | ||
| Q3 24 | $9.0B | $51.0B | ||
| Q2 24 | $9.2B | $48.8B | ||
| Q1 24 | $9.1B | $49.5B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 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 | $105.3M | $274.0M |
| Free Cash FlowOCF − Capex | $103.8M | $127.3M |
| FCF MarginFCF / Revenue | 25.0% | 21.9% |
| Capex IntensityCapex / Revenue | 0.4% | 25.2% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $116.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $274.0M | ||
| Q3 25 | $96.9M | $248.6M | ||
| Q2 25 | $83.8M | $140.8M | ||
| Q1 25 | $99.5M | $-296.1M | ||
| Q4 24 | $78.7M | $989.5M | ||
| Q3 24 | $88.6M | $307.2M | ||
| Q2 24 | $78.6M | $129.6M | ||
| Q1 24 | $66.8M | $488.4M |
| Q4 25 | $103.8M | $127.3M | ||
| Q3 25 | $95.6M | $211.7M | ||
| Q2 25 | $81.0M | $114.5M | ||
| Q1 25 | $98.4M | $-337.1M | ||
| Q4 24 | $78.3M | $861.8M | ||
| Q3 24 | $88.6M | $281.9M | ||
| Q2 24 | $78.4M | $103.0M | ||
| Q1 24 | $66.8M | $450.3M |
| Q4 25 | 25.0% | 21.9% | ||
| Q3 25 | 24.1% | 37.3% | ||
| Q2 25 | 21.1% | 20.9% | ||
| Q1 25 | 27.5% | -62.4% | ||
| Q4 24 | 21.6% | 160.7% | ||
| Q3 24 | 24.7% | 54.4% | ||
| Q2 24 | 22.8% | 20.3% | ||
| Q1 24 | 20.7% | 89.8% |
| Q4 25 | 0.4% | 25.2% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.7% | 4.8% | ||
| Q1 25 | 0.3% | 7.6% | ||
| Q4 24 | 0.1% | 23.8% | ||
| Q3 24 | 0.0% | 4.9% | ||
| Q2 24 | 0.1% | 5.2% | ||
| Q1 24 | 0.0% | 7.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | -1.96× | ||
| Q4 24 | 2.35× | 6.39× | ||
| Q3 24 | 9.94× | 2.10× | ||
| Q2 24 | 10.35× | 0.89× | ||
| Q1 24 | 2.10× | 3.60× |
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% |
CFR
Segment breakdown not available.
