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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $403.4M, roughly 1.0× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -0.6%, a 2.7% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 12.8%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $31.6M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs -3.1%).
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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
BILL vs MSGS — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $403.4M |
| Net Profit | $-2.6M | $8.2M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 5.5% |
| Net Margin | -0.6% | 2.0% |
| Revenue YoY | 14.4% | 12.8% |
| Net Profit YoY | -107.7% | 641.9% |
| EPS (diluted) | $-0.03 | $0.34 |
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 | $403.4M | ||
| Q3 25 | $395.7M | $39.5M | ||
| Q2 25 | $383.3M | $204.0M | ||
| Q1 25 | $358.2M | $424.2M | ||
| Q4 24 | $362.6M | $357.8M | ||
| Q3 24 | $358.4M | $53.3M | ||
| Q2 24 | $343.7M | $227.3M | ||
| Q1 24 | $323.0M | $430.0M |
| Q4 25 | $-2.6M | $8.2M | ||
| Q3 25 | $-3.0M | $-8.8M | ||
| Q2 25 | $-7.1M | $-1.8M | ||
| Q1 25 | $-11.6M | $-14.2M | ||
| Q4 24 | $33.5M | $1.1M | ||
| Q3 24 | $8.9M | $-7.5M | ||
| Q2 24 | $7.6M | $25.5M | ||
| Q1 24 | $31.8M | $37.9M |
| 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% | 5.5% | ||
| Q3 25 | -5.2% | -69.5% | ||
| Q2 25 | -5.8% | -11.1% | ||
| Q1 25 | -8.1% | 7.6% | ||
| Q4 24 | -6.0% | 3.7% | ||
| Q3 24 | -2.1% | -15.5% | ||
| Q2 24 | -6.5% | 23.0% | ||
| Q1 24 | -8.6% | 18.5% |
| Q4 25 | -0.6% | 2.0% | ||
| Q3 25 | -0.7% | -22.3% | ||
| Q2 25 | -1.8% | -0.9% | ||
| Q1 25 | -3.2% | -3.4% | ||
| Q4 24 | 9.3% | 0.3% | ||
| Q3 24 | 2.5% | -14.1% | ||
| Q2 24 | 2.2% | 11.2% | ||
| Q1 24 | 9.8% | 8.8% |
| Q4 25 | $-0.03 | $0.34 | ||
| Q3 25 | $-0.03 | $-0.37 | ||
| Q2 25 | $0.02 | $-0.08 | ||
| Q1 25 | $-0.11 | $-0.59 | ||
| Q4 24 | $-0.06 | $0.05 | ||
| Q3 24 | $0.08 | $-0.31 | ||
| Q2 24 | $0.37 | $1.07 | ||
| Q1 24 | $0.00 | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $-282.1M |
| Total Assets | $10.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $81.3M | ||
| Q3 25 | $1.1B | $48.6M | ||
| Q2 25 | $1.0B | $144.6M | ||
| Q1 25 | $1.0B | $96.5M | ||
| Q4 24 | $1.6B | $107.8M | ||
| Q3 24 | $853.5M | $52.3M | ||
| Q2 24 | $985.9M | $89.1M | ||
| Q1 24 | $952.5M | $40.0M |
| 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 | $-282.1M | ||
| Q3 25 | $3.9B | $-294.2M | ||
| Q2 25 | $3.9B | $-281.4M | ||
| Q1 25 | $3.9B | $-283.4M | ||
| Q4 24 | $3.8B | $-273.1M | ||
| Q3 24 | $4.0B | $-277.5M | ||
| Q2 24 | $4.1B | $-266.3M | ||
| Q1 24 | $4.1B | $-294.0M |
| Q4 25 | $10.1B | $1.5B | ||
| Q3 25 | $10.2B | $1.5B | ||
| Q2 25 | $10.1B | $1.5B | ||
| Q1 25 | $9.6B | $1.5B | ||
| Q4 24 | $9.7B | $1.4B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | $9.2B | $1.3B | ||
| Q1 24 | $9.1B | $1.4B |
| 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 | $32.4M |
| Free Cash FlowOCF − Capex | $103.8M | $31.6M |
| FCF MarginFCF / Revenue | 25.0% | 7.8% |
| Capex IntensityCapex / Revenue | 0.4% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $32.4M | ||
| Q3 25 | $96.9M | $-85.0M | ||
| Q2 25 | $83.8M | $49.7M | ||
| Q1 25 | $99.5M | $6.3M | ||
| Q4 24 | $78.7M | $61.8M | ||
| Q3 24 | $88.6M | $-26.2M | ||
| Q2 24 | $78.6M | $108.4M | ||
| Q1 24 | $66.8M | $4.0M |
| Q4 25 | $103.8M | $31.6M | ||
| Q3 25 | $95.6M | $-85.3M | ||
| Q2 25 | $81.0M | $49.4M | ||
| Q1 25 | $98.4M | $3.9M | ||
| Q4 24 | $78.3M | $61.2M | ||
| Q3 24 | $88.6M | $-26.5M | ||
| Q2 24 | $78.4M | $108.0M | ||
| Q1 24 | $66.8M | $3.9M |
| Q4 25 | 25.0% | 7.8% | ||
| Q3 25 | 24.1% | -216.3% | ||
| Q2 25 | 21.1% | 24.2% | ||
| Q1 25 | 27.5% | 0.9% | ||
| Q4 24 | 21.6% | 17.1% | ||
| Q3 24 | 24.7% | -49.7% | ||
| Q2 24 | 22.8% | 47.5% | ||
| Q1 24 | 20.7% | 0.9% |
| Q4 25 | 0.4% | 0.2% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.7% | 0.2% | ||
| Q1 25 | 0.3% | 0.6% | ||
| Q4 24 | 0.1% | 0.1% | ||
| Q3 24 | 0.0% | 0.7% | ||
| Q2 24 | 0.1% | 0.2% | ||
| Q1 24 | 0.0% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | 55.61× | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 4.25× | ||
| Q1 24 | 2.10× | 0.11× |
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% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
