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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and DELUXE CORP (DLX). Click either name above to swap in a different company.
DELUXE CORP is the larger business by last-quarter revenue ($535.2M vs $414.7M, roughly 1.3× BILL Holdings, Inc.). DELUXE CORP runs the higher net margin — 2.2% vs -0.6%, a 2.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 2.8%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 0.0%).
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.
Deluxe Corporation is an American company that provides payment processing, data services, checks and promotional products, and merchant services. It operates in four divisions: B2B payments, data, print, and merchant services. As of 2025, the company serves millions of small businesses and thousands of financial institutions, processing more than $2.8 trillion in payments annually. While its legacy business centers on check printing and other printed products, payments and data services now ...
BILL vs DLX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $535.2M |
| Net Profit | $-2.6M | $12.0M |
| Gross Margin | 79.8% | 52.2% |
| Operating Margin | -4.4% | 8.9% |
| Net Margin | -0.6% | 2.2% |
| Revenue YoY | 14.4% | 2.8% |
| Net Profit YoY | -107.7% | -5.0% |
| EPS (diluted) | $-0.03 | $0.25 |
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 | $535.2M | ||
| Q3 25 | $395.7M | $540.2M | ||
| Q2 25 | $383.3M | $521.3M | ||
| Q1 25 | $358.2M | $536.5M | ||
| Q4 24 | $362.6M | $520.6M | ||
| Q3 24 | $358.4M | $528.4M | ||
| Q2 24 | $343.7M | $537.8M | ||
| Q1 24 | $323.0M | $535.0M |
| Q4 25 | $-2.6M | $12.0M | ||
| Q3 25 | $-3.0M | $33.7M | ||
| Q2 25 | $-7.1M | $22.4M | ||
| Q1 25 | $-11.6M | $14.0M | ||
| Q4 24 | $33.5M | $12.6M | ||
| Q3 24 | $8.9M | $8.9M | ||
| Q2 24 | $7.6M | $20.5M | ||
| Q1 24 | $31.8M | $10.8M |
| Q4 25 | 79.8% | 52.2% | ||
| Q3 25 | 80.5% | 53.9% | ||
| Q2 25 | 80.8% | 53.6% | ||
| Q1 25 | 81.2% | 52.4% | ||
| Q4 24 | 81.6% | 52.3% | ||
| Q3 24 | 82.0% | 53.3% | ||
| Q2 24 | 81.0% | 53.7% | ||
| Q1 24 | 83.0% | 53.0% |
| Q4 25 | -4.4% | 8.9% | ||
| Q3 25 | -5.2% | 14.0% | ||
| Q2 25 | -5.8% | 11.7% | ||
| Q1 25 | -8.1% | 9.0% | ||
| Q4 24 | -6.0% | 9.0% | ||
| Q3 24 | -2.1% | 7.9% | ||
| Q2 24 | -6.5% | 11.0% | ||
| Q1 24 | -8.6% | 8.3% |
| Q4 25 | -0.6% | 2.2% | ||
| Q3 25 | -0.7% | 6.2% | ||
| Q2 25 | -1.8% | 4.3% | ||
| Q1 25 | -3.2% | 2.6% | ||
| Q4 24 | 9.3% | 2.4% | ||
| Q3 24 | 2.5% | 1.7% | ||
| Q2 24 | 2.2% | 3.8% | ||
| Q1 24 | 9.8% | 2.0% |
| Q4 25 | $-0.03 | $0.25 | ||
| Q3 25 | $-0.03 | $0.74 | ||
| Q2 25 | $0.02 | $0.50 | ||
| Q1 25 | $-0.11 | $0.31 | ||
| Q4 24 | $-0.06 | $0.28 | ||
| Q3 24 | $0.08 | $0.20 | ||
| Q2 24 | $0.37 | $0.46 | ||
| Q1 24 | $0.00 | $0.24 |
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 | $36.9M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $680.7M |
| Total Assets | $10.1B | $2.9B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $36.9M | ||
| Q3 25 | $1.1B | $25.8M | ||
| Q2 25 | $1.0B | $26.0M | ||
| Q1 25 | $1.0B | $30.3M | ||
| Q4 24 | $1.6B | $34.4M | ||
| Q3 24 | $853.5M | $41.3M | ||
| Q2 24 | $985.9M | $23.1M | ||
| Q1 24 | $952.5M | $23.5M |
| 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 | $680.7M | ||
| Q3 25 | $3.9B | $664.1M | ||
| Q2 25 | $3.9B | $638.7M | ||
| Q1 25 | $3.9B | $622.5M | ||
| Q4 24 | $3.8B | $620.9M | ||
| Q3 24 | $4.0B | $612.7M | ||
| Q2 24 | $4.1B | $620.5M | ||
| Q1 24 | $4.1B | $608.4M |
| Q4 25 | $10.1B | $2.9B | ||
| Q3 25 | $10.2B | $2.6B | ||
| Q2 25 | $10.1B | $2.5B | ||
| Q1 25 | $9.6B | $2.6B | ||
| Q4 24 | $9.7B | $2.8B | ||
| Q3 24 | $9.0B | $2.6B | ||
| Q2 24 | $9.2B | $2.7B | ||
| Q1 24 | $9.1B | $2.7B |
| 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 | $102.1M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 8.53× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $102.1M | ||
| Q3 25 | $96.9M | $67.1M | ||
| Q2 25 | $83.8M | $51.1M | ||
| Q1 25 | $99.5M | $50.3M | ||
| Q4 24 | $78.7M | $60.2M | ||
| Q3 24 | $88.6M | $67.9M | ||
| Q2 24 | $78.6M | $39.6M | ||
| Q1 24 | $66.8M | $26.6M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | $27.8M | ||
| Q1 25 | $98.4M | $24.3M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | $46.7M | ||
| Q2 24 | $78.4M | $11.4M | ||
| Q1 24 | $66.8M | $6.1M |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | 5.3% | ||
| Q1 25 | 27.5% | 4.5% | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | 8.8% | ||
| Q2 24 | 22.8% | 2.1% | ||
| Q1 24 | 20.7% | 1.1% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | 4.5% | ||
| Q1 25 | 0.3% | 4.8% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | 4.0% | ||
| Q2 24 | 0.1% | 5.2% | ||
| Q1 24 | 0.0% | 3.8% |
| Q4 25 | — | 8.53× | ||
| Q3 25 | — | 1.99× | ||
| Q2 25 | — | 2.28× | ||
| Q1 25 | — | 3.59× | ||
| Q4 24 | 2.35× | 4.77× | ||
| Q3 24 | 9.94× | 7.60× | ||
| Q2 24 | 10.35× | 1.94× | ||
| Q1 24 | 2.10× | 2.46× |
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% |
DLX
| Services | $247.9M | 46% |
| B2B Payments | $76.3M | 14% |
| Datadrivenmarketingsolutions | $68.5M | 13% |
| Promotional Solutions Revenue | $60.9M | 11% |
| Treasurymanagementsolutions | $59.8M | 11% |
| Other | $17.3M | 3% |
| Other Web Based Solutions | $4.6M | 1% |
