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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Krispy Kreme, Inc. (DNUT). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $392.4M, roughly 1.1× Krispy Kreme, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -7.1%, a 6.5% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -2.9%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $27.9M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -5.9%).
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.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
BILL vs DNUT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $392.4M |
| Net Profit | $-2.6M | $-27.8M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | -1.9% |
| Net Margin | -0.6% | -7.1% |
| Revenue YoY | 14.4% | -2.9% |
| Net Profit YoY | -107.7% | -23.8% |
| EPS (diluted) | $-0.03 | $-0.18 |
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 | $392.4M | ||
| Q3 25 | $395.7M | $375.3M | ||
| Q2 25 | $383.3M | $379.8M | ||
| Q1 25 | $358.2M | $375.2M | ||
| Q4 24 | $362.6M | $404.0M | ||
| Q3 24 | $358.4M | $379.9M | ||
| Q2 24 | $343.7M | $438.8M | ||
| Q1 24 | $323.0M | $442.7M |
| Q4 25 | $-2.6M | $-27.8M | ||
| Q3 25 | $-3.0M | $-19.4M | ||
| Q2 25 | $-7.1M | $-435.3M | ||
| Q1 25 | $-11.6M | $-33.3M | ||
| Q4 24 | $33.5M | $-22.4M | ||
| Q3 24 | $8.9M | $39.6M | ||
| Q2 24 | $7.6M | $-5.5M | ||
| Q1 24 | $31.8M | $-8.5M |
| 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% | -1.9% | ||
| Q3 25 | -5.2% | -1.9% | ||
| Q2 25 | -5.8% | -114.4% | ||
| Q1 25 | -8.1% | -5.4% | ||
| Q4 24 | -6.0% | -2.8% | ||
| Q3 24 | -2.1% | -4.2% | ||
| Q2 24 | -6.5% | 1.6% | ||
| Q1 24 | -8.6% | 2.7% |
| Q4 25 | -0.6% | -7.1% | ||
| Q3 25 | -0.7% | -5.2% | ||
| Q2 25 | -1.8% | -114.6% | ||
| Q1 25 | -3.2% | -8.9% | ||
| Q4 24 | 9.3% | -5.6% | ||
| Q3 24 | 2.5% | 10.4% | ||
| Q2 24 | 2.2% | -1.3% | ||
| Q1 24 | 9.8% | -1.9% |
| Q4 25 | $-0.03 | $-0.18 | ||
| Q3 25 | $-0.03 | $-0.11 | ||
| Q2 25 | $0.02 | $-2.55 | ||
| Q1 25 | $-0.11 | $-0.20 | ||
| Q4 24 | $-0.06 | $-0.13 | ||
| Q3 24 | $0.08 | $0.23 | ||
| Q2 24 | $0.37 | $-0.03 | ||
| Q1 24 | $0.00 | $-0.05 |
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 | $42.4M |
| Total DebtLower is stronger | $1.8B | $911.9M |
| Stockholders' EquityBook value | $3.8B | $650.1M |
| Total Assets | $10.1B | $2.6B |
| Debt / EquityLower = less leverage | 0.48× | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $42.4M | ||
| Q3 25 | $1.1B | $30.7M | ||
| Q2 25 | $1.0B | $21.3M | ||
| Q1 25 | $1.0B | $18.7M | ||
| Q4 24 | $1.6B | $29.0M | ||
| Q3 24 | $853.5M | $25.4M | ||
| Q2 24 | $985.9M | $28.6M | ||
| Q1 24 | $952.5M | $33.1M |
| Q4 25 | $1.8B | $911.9M | ||
| Q3 25 | $1.9B | $906.2M | ||
| Q2 25 | $1.7B | $889.4M | ||
| Q1 25 | $1.7B | $935.0M | ||
| Q4 24 | $1.7B | $844.5M | ||
| Q3 24 | $914.8M | $804.6M | ||
| Q2 24 | $914.0M | $895.0M | ||
| Q1 24 | $1.1B | $881.8M |
| Q4 25 | $3.8B | $650.1M | ||
| Q3 25 | $3.9B | $670.3M | ||
| Q2 25 | $3.9B | $693.6M | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.1B | ||
| Q3 24 | $4.0B | $1.2B | ||
| Q2 24 | $4.1B | $1.1B | ||
| Q1 24 | $4.1B | $1.2B |
| Q4 25 | $10.1B | $2.6B | ||
| Q3 25 | $10.2B | $2.6B | ||
| Q2 25 | $10.1B | $2.6B | ||
| Q1 25 | $9.6B | $3.1B | ||
| Q4 24 | $9.7B | $3.1B | ||
| Q3 24 | $9.0B | $3.1B | ||
| Q2 24 | $9.2B | $3.2B | ||
| Q1 24 | $9.1B | $3.2B |
| Q4 25 | 0.48× | 1.40× | ||
| Q3 25 | 0.48× | 1.35× | ||
| Q2 25 | 0.44× | 1.28× | ||
| Q1 25 | 0.43× | 0.85× | ||
| Q4 24 | 0.44× | 0.74× | ||
| Q3 24 | 0.23× | 0.68× | ||
| Q2 24 | 0.22× | 0.79× | ||
| Q1 24 | 0.28× | 0.76× |
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 | $45.0M |
| Free Cash FlowOCF − Capex | $103.8M | $27.9M |
| FCF MarginFCF / Revenue | 25.0% | 7.1% |
| Capex IntensityCapex / Revenue | 0.4% | 4.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-64.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $45.0M | ||
| Q3 25 | $96.9M | $42.3M | ||
| Q2 25 | $83.8M | $-32.5M | ||
| Q1 25 | $99.5M | $-20.8M | ||
| Q4 24 | $78.7M | $27.0M | ||
| Q3 24 | $88.6M | $3.3M | ||
| Q2 24 | $78.6M | $33.2M | ||
| Q1 24 | $66.8M | $-17.7M |
| Q4 25 | $103.8M | $27.9M | ||
| Q3 25 | $95.6M | $15.5M | ||
| Q2 25 | $81.0M | $-60.8M | ||
| Q1 25 | $98.4M | $-46.7M | ||
| Q4 24 | $78.3M | $-6.9M | ||
| Q3 24 | $88.6M | $-22.9M | ||
| Q2 24 | $78.4M | $1.6M | ||
| Q1 24 | $66.8M | $-46.8M |
| Q4 25 | 25.0% | 7.1% | ||
| Q3 25 | 24.1% | 4.1% | ||
| Q2 25 | 21.1% | -16.0% | ||
| Q1 25 | 27.5% | -12.5% | ||
| Q4 24 | 21.6% | -1.7% | ||
| Q3 24 | 24.7% | -6.0% | ||
| Q2 24 | 22.8% | 0.4% | ||
| Q1 24 | 20.7% | -10.6% |
| Q4 25 | 0.4% | 4.4% | ||
| Q3 25 | 0.3% | 7.1% | ||
| Q2 25 | 0.7% | 7.4% | ||
| Q1 25 | 0.3% | 6.9% | ||
| Q4 24 | 0.1% | 8.4% | ||
| Q3 24 | 0.0% | 6.9% | ||
| Q2 24 | 0.1% | 7.2% | ||
| Q1 24 | 0.0% | 6.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 0.08× | ||
| 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% |
DNUT
Segment breakdown not available.
