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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Gogo Inc. (GOGO). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $230.6M, roughly 1.8× Gogo Inc.). BILL Holdings, Inc. runs the higher net margin — -0.6% vs -4.3%, a 3.7% gap on every dollar of revenue. On growth, Gogo Inc. posted the faster year-over-year revenue change (67.3% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $-25.4M). Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% 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.
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
BILL vs GOGO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $230.6M |
| Net Profit | $-2.6M | $-10.0M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 6.2% |
| Net Margin | -0.6% | -4.3% |
| Revenue YoY | 14.4% | 67.3% |
| Net Profit YoY | -107.7% | 64.6% |
| EPS (diluted) | $-0.03 | $-0.08 |
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 | $230.6M | ||
| Q3 25 | $395.7M | $223.6M | ||
| Q2 25 | $383.3M | $226.0M | ||
| Q1 25 | $358.2M | $230.3M | ||
| Q4 24 | $362.6M | $137.8M | ||
| Q3 24 | $358.4M | $100.5M | ||
| Q2 24 | $343.7M | $102.1M | ||
| Q1 24 | $323.0M | $104.3M |
| Q4 25 | $-2.6M | $-10.0M | ||
| Q3 25 | $-3.0M | $-1.9M | ||
| Q2 25 | $-7.1M | $12.8M | ||
| Q1 25 | $-11.6M | $12.0M | ||
| Q4 24 | $33.5M | $-28.2M | ||
| Q3 24 | $8.9M | $10.6M | ||
| Q2 24 | $7.6M | $839.0K | ||
| Q1 24 | $31.8M | $30.5M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | 87.8% | ||
| Q1 25 | 81.2% | 87.3% | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | 6.2% | ||
| Q3 25 | -5.2% | 12.9% | ||
| Q2 25 | -5.8% | 15.9% | ||
| Q1 25 | -8.1% | 15.3% | ||
| Q4 24 | -6.0% | -17.5% | ||
| Q3 24 | -2.1% | 19.0% | ||
| Q2 24 | -6.5% | 21.2% | ||
| Q1 24 | -8.6% | 33.2% |
| Q4 25 | -0.6% | -4.3% | ||
| Q3 25 | -0.7% | -0.9% | ||
| Q2 25 | -1.8% | 5.7% | ||
| Q1 25 | -3.2% | 5.2% | ||
| Q4 24 | 9.3% | -20.5% | ||
| Q3 24 | 2.5% | 10.6% | ||
| Q2 24 | 2.2% | 0.8% | ||
| Q1 24 | 9.8% | 29.2% |
| Q4 25 | $-0.03 | $-0.08 | ||
| Q3 25 | $-0.03 | $-0.01 | ||
| Q2 25 | $0.02 | $0.09 | ||
| Q1 25 | $-0.11 | $0.09 | ||
| Q4 24 | $-0.06 | $-0.22 | ||
| Q3 24 | $0.08 | $0.08 | ||
| Q2 24 | $0.37 | $0.01 | ||
| Q1 24 | $0.00 | $0.23 |
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 | $125.2M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $101.1M |
| Total Assets | $10.1B | $1.3B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $125.2M | ||
| Q3 25 | $1.1B | $133.6M | ||
| Q2 25 | $1.0B | $102.1M | ||
| Q1 25 | $1.0B | $70.3M | ||
| Q4 24 | $1.6B | $41.8M | ||
| Q3 24 | $853.5M | $176.7M | ||
| Q2 24 | $985.9M | $161.6M | ||
| Q1 24 | $952.5M | $152.8M |
| 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 | $101.1M | ||
| Q3 25 | $3.9B | $107.0M | ||
| Q2 25 | $3.9B | $102.8M | ||
| Q1 25 | $3.9B | $82.9M | ||
| Q4 24 | $3.8B | $69.3M | ||
| Q3 24 | $4.0B | $52.7M | ||
| Q2 24 | $4.1B | $52.0M | ||
| Q1 24 | $4.1B | $62.4M |
| Q4 25 | $10.1B | $1.3B | ||
| Q3 25 | $10.2B | $1.3B | ||
| Q2 25 | $10.1B | $1.3B | ||
| Q1 25 | $9.6B | $1.2B | ||
| Q4 24 | $9.7B | $1.2B | ||
| Q3 24 | $9.0B | $810.7M | ||
| Q2 24 | $9.2B | $802.7M | ||
| Q1 24 | $9.1B | $809.0M |
| 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 | $8.5M |
| Free Cash FlowOCF − Capex | $103.8M | $-25.4M |
| FCF MarginFCF / Revenue | 25.0% | -11.0% |
| Capex IntensityCapex / Revenue | 0.4% | 14.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $65.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $8.5M | ||
| Q3 25 | $96.9M | $46.8M | ||
| Q2 25 | $83.8M | $36.7M | ||
| Q1 25 | $99.5M | $32.5M | ||
| Q4 24 | $78.7M | $-38.3M | ||
| Q3 24 | $88.6M | $25.1M | ||
| Q2 24 | $78.6M | $24.9M | ||
| Q1 24 | $66.8M | $29.7M |
| Q4 25 | $103.8M | $-25.4M | ||
| Q3 25 | $95.6M | $27.3M | ||
| Q2 25 | $81.0M | $33.5M | ||
| Q1 25 | $98.4M | $29.7M | ||
| Q4 24 | $78.3M | $-42.6M | ||
| Q3 24 | $88.6M | $20.7M | ||
| Q2 24 | $78.4M | $21.6M | ||
| Q1 24 | $66.8M | $28.2M |
| Q4 25 | 25.0% | -11.0% | ||
| Q3 25 | 24.1% | 12.2% | ||
| Q2 25 | 21.1% | 14.8% | ||
| Q1 25 | 27.5% | 12.9% | ||
| Q4 24 | 21.6% | -30.9% | ||
| Q3 24 | 24.7% | 20.6% | ||
| Q2 24 | 22.8% | 21.1% | ||
| Q1 24 | 20.7% | 27.0% |
| Q4 25 | 0.4% | 14.7% | ||
| Q3 25 | 0.3% | 8.7% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.1% | 3.1% | ||
| Q3 24 | 0.0% | 4.4% | ||
| Q2 24 | 0.1% | 3.3% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.70× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | 2.36× | ||
| Q2 24 | 10.35× | 29.74× | ||
| Q1 24 | 2.10× | 0.97× |
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% |
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
