vs
Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and BLUE OWL CAPITAL INC. (OWL). Click either name above to swap in a different company.
BLUE OWL CAPITAL INC. is the larger business by last-quarter revenue ($755.6M vs $414.7M, roughly 1.8× BILL Holdings, Inc.). BLUE OWL CAPITAL INC. runs the higher net margin — 6.3% vs -0.6%, a 6.9% gap on every dollar of revenue. On growth, BLUE OWL CAPITAL INC. posted the faster year-over-year revenue change (19.7% vs 14.4%). BLUE OWL CAPITAL INC. produced more free cash flow last quarter ($359.1M vs $103.8M). Over the past eight quarters, BLUE OWL CAPITAL INC.'s revenue compounded faster (21.3% 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.
Blue Owl Capital Inc. is an American alternative investment asset management company that is listed on the New York Stock Exchange under the ticker symbol: "OWL". Headquartered in New York City, it has additional offices around the world, including London, Dubai, and Hong Kong.
BILL vs OWL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $755.6M |
| Net Profit | $-2.6M | $47.7M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 22.2% |
| Net Margin | -0.6% | 6.3% |
| Revenue YoY | 14.4% | 19.7% |
| Net Profit YoY | -107.7% | 129.8% |
| EPS (diluted) | $-0.03 | $0.07 |
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 | $755.6M | ||
| Q3 25 | $395.7M | $728.0M | ||
| Q2 25 | $383.3M | $703.1M | ||
| Q1 25 | $358.2M | $683.5M | ||
| Q4 24 | $362.6M | $631.4M | ||
| Q3 24 | $358.4M | $600.9M | ||
| Q2 24 | $343.7M | $549.8M | ||
| Q1 24 | $323.0M | $513.3M |
| Q4 25 | $-2.6M | $47.7M | ||
| Q3 25 | $-3.0M | $6.3M | ||
| Q2 25 | $-7.1M | $17.4M | ||
| Q1 25 | $-11.6M | $7.4M | ||
| Q4 24 | $33.5M | $20.7M | ||
| Q3 24 | $8.9M | $29.8M | ||
| Q2 24 | $7.6M | $33.9M | ||
| Q1 24 | $31.8M | $25.1M |
| 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% | 22.2% | ||
| Q3 25 | -5.2% | 7.6% | ||
| Q2 25 | -5.8% | 12.0% | ||
| Q1 25 | -8.1% | 5.9% | ||
| Q4 24 | -6.0% | 11.7% | ||
| Q3 24 | -2.1% | 18.7% | ||
| Q2 24 | -6.5% | 28.4% | ||
| Q1 24 | -8.6% | 24.7% |
| Q4 25 | -0.6% | 6.3% | ||
| Q3 25 | -0.7% | 0.9% | ||
| Q2 25 | -1.8% | 2.5% | ||
| Q1 25 | -3.2% | 1.1% | ||
| Q4 24 | 9.3% | 3.3% | ||
| Q3 24 | 2.5% | 5.0% | ||
| Q2 24 | 2.2% | 6.2% | ||
| Q1 24 | 9.8% | 4.9% |
| Q4 25 | $-0.03 | $0.07 | ||
| Q3 25 | $-0.03 | $0.01 | ||
| Q2 25 | $0.02 | $0.02 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $-0.06 | $0.06 | ||
| Q3 24 | $0.08 | $0.04 | ||
| Q2 24 | $0.37 | $0.06 | ||
| Q1 24 | $0.00 | $0.04 |
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 | $194.5M |
| Total DebtLower is stronger | $1.8B | $3.3B |
| Stockholders' EquityBook value | $3.8B | $2.2B |
| Total Assets | $10.1B | $12.5B |
| Debt / EquityLower = less leverage | 0.48× | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $194.5M | ||
| Q3 25 | $1.1B | $137.3M | ||
| Q2 25 | $1.0B | $117.6M | ||
| Q1 25 | $1.0B | $97.6M | ||
| Q4 24 | $1.6B | $152.1M | ||
| Q3 24 | $853.5M | $115.9M | ||
| Q2 24 | $985.9M | $436.8M | ||
| Q1 24 | $952.5M | $155.8M |
| Q4 25 | $1.8B | $3.3B | ||
| Q3 25 | $1.9B | $3.2B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | $1.7B | $3.2B | ||
| Q4 24 | $1.7B | $2.6B | ||
| Q3 24 | $914.8M | $2.5B | ||
| Q2 24 | $914.0M | $2.5B | ||
| Q1 24 | $1.1B | $2.1B |
| Q4 25 | $3.8B | $2.2B | ||
| Q3 25 | $3.9B | $2.3B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | $3.9B | $2.3B | ||
| Q4 24 | $3.8B | $2.1B | ||
| Q3 24 | $4.0B | $2.0B | ||
| Q2 24 | $4.1B | $1.7B | ||
| Q1 24 | $4.1B | $1.6B |
| Q4 25 | $10.1B | $12.5B | ||
| Q3 25 | $10.2B | $12.5B | ||
| Q2 25 | $10.1B | $12.3B | ||
| Q1 25 | $9.6B | $12.3B | ||
| Q4 24 | $9.7B | $11.0B | ||
| Q3 24 | $9.0B | $10.8B | ||
| Q2 24 | $9.2B | $9.7B | ||
| Q1 24 | $9.1B | $9.0B |
| Q4 25 | 0.48× | 1.51× | ||
| Q3 25 | 0.48× | 1.41× | ||
| Q2 25 | 0.44× | 1.38× | ||
| Q1 25 | 0.43× | 1.37× | ||
| Q4 24 | 0.44× | 1.22× | ||
| Q3 24 | 0.23× | 1.27× | ||
| Q2 24 | 0.22× | 1.41× | ||
| Q1 24 | 0.28× | 1.26× |
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 | $382.9M |
| Free Cash FlowOCF − Capex | $103.8M | $359.1M |
| FCF MarginFCF / Revenue | 25.0% | 47.5% |
| Capex IntensityCapex / Revenue | 0.4% | 3.1% |
| Cash ConversionOCF / Net Profit | — | 8.03× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $382.9M | ||
| Q3 25 | $96.9M | $433.1M | ||
| Q2 25 | $83.8M | $422.5M | ||
| Q1 25 | $99.5M | $17.6M | ||
| Q4 24 | $78.7M | $324.0M | ||
| Q3 24 | $88.6M | $326.0M | ||
| Q2 24 | $78.6M | $302.3M | ||
| Q1 24 | $66.8M | $47.2M |
| Q4 25 | $103.8M | $359.1M | ||
| Q3 25 | $95.6M | $422.5M | ||
| Q2 25 | $81.0M | $412.5M | ||
| Q1 25 | $98.4M | $4.2M | ||
| Q4 24 | $78.3M | $310.1M | ||
| Q3 24 | $88.6M | $314.8M | ||
| Q2 24 | $78.4M | $269.4M | ||
| Q1 24 | $66.8M | $41.1M |
| Q4 25 | 25.0% | 47.5% | ||
| Q3 25 | 24.1% | 58.0% | ||
| Q2 25 | 21.1% | 58.7% | ||
| Q1 25 | 27.5% | 0.6% | ||
| Q4 24 | 21.6% | 49.1% | ||
| Q3 24 | 24.7% | 52.4% | ||
| Q2 24 | 22.8% | 49.0% | ||
| Q1 24 | 20.7% | 8.0% |
| Q4 25 | 0.4% | 3.1% | ||
| Q3 25 | 0.3% | 1.5% | ||
| Q2 25 | 0.7% | 1.4% | ||
| Q1 25 | 0.3% | 2.0% | ||
| Q4 24 | 0.1% | 2.2% | ||
| Q3 24 | 0.0% | 1.9% | ||
| Q2 24 | 0.1% | 6.0% | ||
| Q1 24 | 0.0% | 1.2% |
| Q4 25 | — | 8.03× | ||
| Q3 25 | — | 68.64× | ||
| Q2 25 | — | 24.25× | ||
| Q1 25 | — | 2.37× | ||
| Q4 24 | 2.35× | 15.62× | ||
| Q3 24 | 9.94× | 10.94× | ||
| Q2 24 | 10.35× | 8.91× | ||
| Q1 24 | 2.10× | 1.88× |
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% |
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
