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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Fidelity National Financial, Inc. (FNF). Click either name above to swap in a different company.
Fidelity National Financial, Inc. is the larger business by last-quarter revenue ($544.0M vs $414.7M, roughly 1.3× BILL Holdings, Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -21.5%, a 20.9% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 10.3%). Over the past eight quarters, Fidelity National Financial, Inc.'s revenue compounded faster (13.7% 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.
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
BILL vs FNF — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $544.0M |
| Net Profit | $-2.6M | $-117.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 82.9% |
| Net Margin | -0.6% | -21.5% |
| Revenue YoY | 14.4% | 10.3% |
| Net Profit YoY | -107.7% | -126.0% |
| EPS (diluted) | $-0.03 | $-0.44 |
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 | $544.0M | ||
| Q3 25 | $395.7M | $553.0M | ||
| Q2 25 | $383.3M | $547.0M | ||
| Q1 25 | $358.2M | $455.0M | ||
| Q4 24 | $362.6M | $493.0M | ||
| Q3 24 | $358.4M | $506.0M | ||
| Q2 24 | $343.7M | $504.0M | ||
| Q1 24 | $323.0M | $421.0M |
| Q4 25 | $-2.6M | $-117.0M | ||
| Q3 25 | $-3.0M | $358.0M | ||
| Q2 25 | $-7.1M | $278.0M | ||
| Q1 25 | $-11.6M | $83.0M | ||
| Q4 24 | $33.5M | $450.0M | ||
| Q3 24 | $8.9M | $266.0M | ||
| Q2 24 | $7.6M | $306.0M | ||
| Q1 24 | $31.8M | $248.0M |
| 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% | 82.9% | ||
| Q3 25 | -5.2% | 81.9% | ||
| Q2 25 | -5.8% | 69.8% | ||
| Q1 25 | -8.1% | 24.4% | ||
| Q4 24 | -6.0% | — | ||
| Q3 24 | -2.1% | 61.9% | ||
| Q2 24 | -6.5% | 90.9% | ||
| Q1 24 | -8.6% | 78.6% |
| Q4 25 | -0.6% | -21.5% | ||
| Q3 25 | -0.7% | 64.7% | ||
| Q2 25 | -1.8% | 50.8% | ||
| Q1 25 | -3.2% | 18.2% | ||
| Q4 24 | 9.3% | 91.3% | ||
| Q3 24 | 2.5% | 52.6% | ||
| Q2 24 | 2.2% | 60.7% | ||
| Q1 24 | 9.8% | 58.9% |
| Q4 25 | $-0.03 | $-0.44 | ||
| Q3 25 | $-0.03 | $1.33 | ||
| Q2 25 | $0.02 | $1.02 | ||
| Q1 25 | $-0.11 | $0.30 | ||
| Q4 24 | $-0.06 | $1.65 | ||
| Q3 24 | $0.08 | $0.97 | ||
| Q2 24 | $0.37 | $1.12 | ||
| Q1 24 | $0.00 | $0.91 |
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 | $2.6B |
| Total DebtLower is stronger | $1.8B | $4.4B |
| Stockholders' EquityBook value | $3.8B | $7.4B |
| Total Assets | $10.1B | $109.0B |
| Debt / EquityLower = less leverage | 0.48× | 0.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.1B | $3.5B | ||
| Q2 25 | $1.0B | $3.3B | ||
| Q1 25 | $1.0B | $4.5B | ||
| Q4 24 | $1.6B | $3.5B | ||
| Q3 24 | $853.5M | $5.0B | ||
| Q2 24 | $985.9M | $4.9B | ||
| Q1 24 | $952.5M | $3.5B |
| Q4 25 | $1.8B | $4.4B | ||
| Q3 25 | $1.9B | $4.4B | ||
| Q2 25 | $1.7B | $4.4B | ||
| Q1 25 | $1.7B | $4.4B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $914.8M | $4.2B | ||
| Q2 24 | $914.0M | $4.2B | ||
| Q1 24 | $1.1B | $3.9B |
| Q4 25 | $3.8B | $7.4B | ||
| Q3 25 | $3.9B | $8.4B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | $3.9B | $7.9B | ||
| Q4 24 | $3.8B | $7.8B | ||
| Q3 24 | $4.0B | $8.1B | ||
| Q2 24 | $4.1B | $7.3B | ||
| Q1 24 | $4.1B | $7.1B |
| Q4 25 | $10.1B | $109.0B | ||
| Q3 25 | $10.2B | $106.6B | ||
| Q2 25 | $10.1B | $102.3B | ||
| Q1 25 | $9.6B | $98.2B | ||
| Q4 24 | $9.7B | $95.4B | ||
| Q3 24 | $9.0B | $94.7B | ||
| Q2 24 | $9.2B | $88.8B | ||
| Q1 24 | $9.1B | $84.5B |
| Q4 25 | 0.48× | 0.59× | ||
| Q3 25 | 0.48× | 0.53× | ||
| Q2 25 | 0.44× | 0.56× | ||
| Q1 25 | 0.43× | 0.56× | ||
| Q4 24 | 0.44× | 0.56× | ||
| Q3 24 | 0.23× | 0.52× | ||
| Q2 24 | 0.22× | 0.58× | ||
| Q1 24 | 0.28× | 0.55× |
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 | $1.5B |
| 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.
| Q4 25 | $105.3M | $1.5B | ||
| Q3 25 | $96.9M | $1.3B | ||
| Q2 25 | $83.8M | $1.9B | ||
| Q1 25 | $99.5M | $1.1B | ||
| Q4 24 | $78.7M | $1.5B | ||
| Q3 24 | $88.6M | $2.4B | ||
| Q2 24 | $78.6M | $1.4B | ||
| Q1 24 | $66.8M | $1.6B |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.66× | ||
| Q2 25 | — | 6.82× | ||
| Q1 25 | — | 13.43× | ||
| Q4 24 | 2.35× | 3.32× | ||
| Q3 24 | 9.94× | 8.89× | ||
| Q2 24 | 10.35× | 4.45× | ||
| Q1 24 | 2.10× | 6.42× |
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% |
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
