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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $208.9M, roughly 2.0× iRhythm Holdings, Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -0.6%, a 3.3% gap on every dollar of revenue. On growth, iRhythm Holdings, Inc. posted the faster year-over-year revenue change (27.1% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $14.5M). Over the past eight quarters, iRhythm Holdings, Inc.'s revenue compounded faster (25.8% 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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
BILL vs IRTC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $208.9M |
| Net Profit | $-2.6M | $5.6M |
| Gross Margin | 79.8% | 70.9% |
| Operating Margin | -4.4% | 1.1% |
| Net Margin | -0.6% | 2.7% |
| Revenue YoY | 14.4% | 27.1% |
| Net Profit YoY | -107.7% | 518.5% |
| 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 | $208.9M | ||
| Q3 25 | $395.7M | $192.9M | ||
| Q2 25 | $383.3M | $186.7M | ||
| Q1 25 | $358.2M | $158.7M | ||
| Q4 24 | $362.6M | $164.3M | ||
| Q3 24 | $358.4M | $147.5M | ||
| Q2 24 | $343.7M | $148.0M | ||
| Q1 24 | $323.0M | $131.9M |
| Q4 25 | $-2.6M | $5.6M | ||
| Q3 25 | $-3.0M | $-5.2M | ||
| Q2 25 | $-7.1M | $-14.2M | ||
| Q1 25 | $-11.6M | $-30.7M | ||
| Q4 24 | $33.5M | $-1.3M | ||
| Q3 24 | $8.9M | $-46.2M | ||
| Q2 24 | $7.6M | $-20.1M | ||
| Q1 24 | $31.8M | $-45.7M |
| Q4 25 | 79.8% | 70.9% | ||
| Q3 25 | 80.5% | 71.1% | ||
| Q2 25 | 80.8% | 71.2% | ||
| Q1 25 | 81.2% | 68.8% | ||
| Q4 24 | 81.6% | 70.0% | ||
| Q3 24 | 82.0% | 68.8% | ||
| Q2 24 | 81.0% | 69.9% | ||
| Q1 24 | 83.0% | 66.3% |
| Q4 25 | -4.4% | 1.1% | ||
| Q3 25 | -5.2% | -4.4% | ||
| Q2 25 | -5.8% | -10.0% | ||
| Q1 25 | -8.1% | -20.5% | ||
| Q4 24 | -6.0% | -2.5% | ||
| Q3 24 | -2.1% | -34.1% | ||
| Q2 24 | -6.5% | -15.5% | ||
| Q1 24 | -8.6% | -28.9% |
| Q4 25 | -0.6% | 2.7% | ||
| Q3 25 | -0.7% | -2.7% | ||
| Q2 25 | -1.8% | -7.6% | ||
| Q1 25 | -3.2% | -19.3% | ||
| Q4 24 | 9.3% | -0.8% | ||
| Q3 24 | 2.5% | -31.3% | ||
| Q2 24 | 2.2% | -13.6% | ||
| Q1 24 | 9.8% | -34.6% |
| Q4 25 | $-0.03 | $0.18 | ||
| Q3 25 | $-0.03 | $-0.16 | ||
| Q2 25 | $0.02 | $-0.44 | ||
| Q1 25 | $-0.11 | $-0.97 | ||
| Q4 24 | $-0.06 | $-0.03 | ||
| Q3 24 | $0.08 | $-1.48 | ||
| Q2 24 | $0.37 | $-0.65 | ||
| Q1 24 | $0.00 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $152.7M |
| Total Assets | $10.1B | $1.0B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $583.8M | ||
| Q3 25 | $1.1B | $565.2M | ||
| Q2 25 | $1.0B | $545.5M | ||
| Q1 25 | $1.0B | $520.6M | ||
| Q4 24 | $1.6B | $535.6M | ||
| Q3 24 | $853.5M | $522.0M | ||
| Q2 24 | $985.9M | $561.5M | ||
| Q1 24 | $952.5M | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $3.9B | $121.9M | ||
| Q2 25 | $3.9B | $103.7M | ||
| Q1 25 | $3.9B | $86.7M | ||
| Q4 24 | $3.8B | $90.9M | ||
| Q3 24 | $4.0B | $71.8M | ||
| Q2 24 | $4.1B | $99.2M | ||
| Q1 24 | $4.1B | $90.3M |
| Q4 25 | $10.1B | $1.0B | ||
| Q3 25 | $10.2B | $995.2M | ||
| Q2 25 | $10.1B | $964.0M | ||
| Q1 25 | $9.6B | $926.1M | ||
| Q4 24 | $9.7B | $931.4M | ||
| Q3 24 | $9.0B | $909.7M | ||
| Q2 24 | $9.2B | $919.2M | ||
| Q1 24 | $9.1B | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $103.8M | $14.5M |
| FCF MarginFCF / Revenue | 25.0% | 6.9% |
| Capex IntensityCapex / Revenue | 0.4% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $26.2M | ||
| Q3 25 | $96.9M | $34.9M | ||
| Q2 25 | $83.8M | $27.7M | ||
| Q1 25 | $99.5M | $-7.9M | ||
| Q4 24 | $78.7M | $19.2M | ||
| Q3 24 | $88.6M | $24.3M | ||
| Q2 24 | $78.6M | $11.8M | ||
| Q1 24 | $66.8M | $-52.0M |
| Q4 25 | $103.8M | $14.5M | ||
| Q3 25 | $95.6M | $20.1M | ||
| Q2 25 | $81.0M | $17.3M | ||
| Q1 25 | $98.4M | $-17.3M | ||
| Q4 24 | $78.3M | $12.4M | ||
| Q3 24 | $88.6M | $15.5M | ||
| Q2 24 | $78.4M | $3.4M | ||
| Q1 24 | $66.8M | $-61.8M |
| Q4 25 | 25.0% | 6.9% | ||
| Q3 25 | 24.1% | 10.4% | ||
| Q2 25 | 21.1% | 9.3% | ||
| Q1 25 | 27.5% | -10.9% | ||
| Q4 24 | 21.6% | 7.5% | ||
| Q3 24 | 24.7% | 10.5% | ||
| Q2 24 | 22.8% | 2.3% | ||
| Q1 24 | 20.7% | -46.8% |
| Q4 25 | 0.4% | 5.6% | ||
| Q3 25 | 0.3% | 7.7% | ||
| Q2 25 | 0.7% | 5.6% | ||
| Q1 25 | 0.3% | 5.9% | ||
| Q4 24 | 0.1% | 4.2% | ||
| Q3 24 | 0.0% | 6.0% | ||
| Q2 24 | 0.1% | 5.7% | ||
| Q1 24 | 0.0% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| 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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
