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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Klaviyo, Inc. (KVYO). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $350.2M, roughly 1.2× Klaviyo, Inc.). Klaviyo, Inc. runs the higher net margin — 2.0% vs -0.6%, a 2.6% gap on every dollar of revenue. On growth, Klaviyo, Inc. posted the faster year-over-year revenue change (29.6% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $90.7M). Over the past eight quarters, Klaviyo, Inc.'s revenue compounded faster (29.1% 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.
Klaviyo is an American technology company that provides a marketing automation platform, used primarily for email marketing and SMS marketing.
BILL vs KVYO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $350.2M |
| Net Profit | $-2.6M | $7.0M |
| Gross Margin | 79.8% | 72.2% |
| Operating Margin | -4.4% | -0.5% |
| Net Margin | -0.6% | 2.0% |
| Revenue YoY | 14.4% | 29.6% |
| Net Profit YoY | -107.7% | 126.1% |
| EPS (diluted) | $-0.03 | $0.03 |
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 | $350.2M | ||
| Q3 25 | $395.7M | $310.9M | ||
| Q2 25 | $383.3M | $293.1M | ||
| Q1 25 | $358.2M | $279.8M | ||
| Q4 24 | $362.6M | $270.2M | ||
| Q3 24 | $358.4M | $235.1M | ||
| Q2 24 | $343.7M | $222.2M | ||
| Q1 24 | $323.0M | $210.0M |
| Q4 25 | $-2.6M | $7.0M | ||
| Q3 25 | $-3.0M | $-426.0K | ||
| Q2 25 | $-7.1M | $-24.3M | ||
| Q1 25 | $-11.6M | $-14.1M | ||
| Q4 24 | $33.5M | $-27.0M | ||
| Q3 24 | $8.9M | $-1.3M | ||
| Q2 24 | $7.6M | $-4.9M | ||
| Q1 24 | $31.8M | $-12.9M |
| Q4 25 | 79.8% | 72.2% | ||
| Q3 25 | 80.5% | 75.5% | ||
| Q2 25 | 80.8% | 75.7% | ||
| Q1 25 | 81.2% | 75.8% | ||
| Q4 24 | 81.6% | 73.4% | ||
| Q3 24 | 82.0% | 76.9% | ||
| Q2 24 | 81.0% | 77.4% | ||
| Q1 24 | 83.0% | 78.6% |
| Q4 25 | -4.4% | -0.5% | ||
| Q3 25 | -5.2% | -3.5% | ||
| Q2 25 | -5.8% | -10.7% | ||
| Q1 25 | -8.1% | -8.5% | ||
| Q4 24 | -6.0% | -12.8% | ||
| Q3 24 | -2.1% | -5.6% | ||
| Q2 24 | -6.5% | -6.3% | ||
| Q1 24 | -8.6% | -10.5% |
| Q4 25 | -0.6% | 2.0% | ||
| Q3 25 | -0.7% | -0.1% | ||
| Q2 25 | -1.8% | -8.3% | ||
| Q1 25 | -3.2% | -5.0% | ||
| Q4 24 | 9.3% | -10.0% | ||
| Q3 24 | 2.5% | -0.6% | ||
| Q2 24 | 2.2% | -2.2% | ||
| Q1 24 | 9.8% | -6.1% |
| Q4 25 | $-0.03 | $0.03 | ||
| Q3 25 | $-0.03 | $0.00 | ||
| Q2 25 | $0.02 | $-0.09 | ||
| Q1 25 | $-0.11 | $-0.05 | ||
| Q4 24 | $-0.06 | $-0.09 | ||
| Q3 24 | $0.08 | $-0.01 | ||
| Q2 24 | $0.37 | $-0.02 | ||
| 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 | $1.1B |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $1.2B |
| Total Assets | $10.1B | $1.6B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $980.3M | ||
| Q2 25 | $1.0B | $935.5M | ||
| Q1 25 | $1.0B | $888.4M | ||
| Q4 24 | $1.6B | $881.5M | ||
| Q3 24 | $853.5M | $826.7M | ||
| Q2 24 | $985.9M | $793.6M | ||
| Q1 24 | $952.5M | $755.8M |
| 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 | $1.2B | ||
| Q3 25 | $3.9B | $1.1B | ||
| Q2 25 | $3.9B | $1.1B | ||
| Q1 25 | $3.9B | $1.1B | ||
| Q4 24 | $3.8B | $1.0B | ||
| Q3 24 | $4.0B | $1.0B | ||
| Q2 24 | $4.1B | $979.5M | ||
| Q1 24 | $4.1B | $937.5M |
| Q4 25 | $10.1B | $1.6B | ||
| Q3 25 | $10.2B | $1.5B | ||
| Q2 25 | $10.1B | $1.4B | ||
| Q1 25 | $9.6B | $1.3B | ||
| Q4 24 | $9.7B | $1.3B | ||
| Q3 24 | $9.0B | $1.2B | ||
| Q2 24 | $9.2B | $1.1B | ||
| Q1 24 | $9.1B | $1.1B |
| 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 | $93.2M |
| Free Cash FlowOCF − Capex | $103.8M | $90.7M |
| FCF MarginFCF / Revenue | 25.0% | 25.9% |
| Capex IntensityCapex / Revenue | 0.4% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 13.26× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $208.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $93.2M | ||
| Q3 25 | $96.9M | $54.8M | ||
| Q2 25 | $83.8M | $55.7M | ||
| Q1 25 | $99.5M | $14.4M | ||
| Q4 24 | $78.7M | $60.1M | ||
| Q3 24 | $88.6M | $38.8M | ||
| Q2 24 | $78.6M | $40.9M | ||
| Q1 24 | $66.8M | $26.2M |
| Q4 25 | $103.8M | $90.7M | ||
| Q3 25 | $95.6M | $52.5M | ||
| Q2 25 | $81.0M | $53.7M | ||
| Q1 25 | $98.4M | $11.7M | ||
| Q4 24 | $78.3M | $57.7M | ||
| Q3 24 | $88.6M | $37.2M | ||
| Q2 24 | $78.4M | $40.1M | ||
| Q1 24 | $66.8M | $24.9M |
| Q4 25 | 25.0% | 25.9% | ||
| Q3 25 | 24.1% | 16.9% | ||
| Q2 25 | 21.1% | 18.3% | ||
| Q1 25 | 27.5% | 4.2% | ||
| Q4 24 | 21.6% | 21.4% | ||
| Q3 24 | 24.7% | 15.8% | ||
| Q2 24 | 22.8% | 18.1% | ||
| Q1 24 | 20.7% | 11.9% |
| Q4 25 | 0.4% | 0.7% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.7% | 0.7% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.1% | 0.9% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | — | 13.26× | ||
| 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% |
KVYO
Segment breakdown not available.
