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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Shake Shack Inc. (SHAK). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $400.5M, roughly 1.0× Shake Shack Inc.). Shake Shack Inc. runs the higher net margin — 3.0% vs -0.6%, a 3.6% gap on every dollar of revenue. On growth, Shake Shack Inc. posted the faster year-over-year revenue change (21.9% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $4.0M). Over the past eight quarters, Shake Shack Inc.'s revenue compounded faster (17.4% 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.
Shake Shack is an American multinational fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park in 2001, and its popularity steadily grew. In 2004, it received a permit to open a permanent kiosk within the park, expanding its menu from New York–style hot dogs to one with hamburgers, hot dogs, fries and its namesake milkshakes.
BILL vs SHAK — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $400.5M |
| Net Profit | $-2.6M | $11.8M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 4.7% |
| Net Margin | -0.6% | 3.0% |
| Revenue YoY | 14.4% | 21.9% |
| Net Profit YoY | -107.7% | 35.8% |
| EPS (diluted) | $-0.03 | $0.28 |
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 | $400.5M | ||
| Q3 25 | $395.7M | $367.4M | ||
| Q2 25 | $383.3M | $356.5M | ||
| Q1 25 | $358.2M | $320.9M | ||
| Q4 24 | $362.6M | $328.7M | ||
| Q3 24 | $358.4M | $316.9M | ||
| Q2 24 | $343.7M | $316.5M | ||
| Q1 24 | $323.0M | $290.5M |
| Q4 25 | $-2.6M | $11.8M | ||
| Q3 25 | $-3.0M | $12.5M | ||
| Q2 25 | $-7.1M | $17.1M | ||
| Q1 25 | $-11.6M | $4.2M | ||
| Q4 24 | $33.5M | $8.7M | ||
| Q3 24 | $8.9M | $-10.2M | ||
| Q2 24 | $7.6M | $9.7M | ||
| Q1 24 | $31.8M | $2.0M |
| 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% | 4.7% | ||
| Q3 25 | -5.2% | 5.0% | ||
| Q2 25 | -5.8% | 6.3% | ||
| Q1 25 | -8.1% | 0.9% | ||
| Q4 24 | -6.0% | 3.1% | ||
| Q3 24 | -2.1% | -5.7% | ||
| Q2 24 | -6.5% | 3.4% | ||
| Q1 24 | -8.6% | 0.0% |
| Q4 25 | -0.6% | 3.0% | ||
| Q3 25 | -0.7% | 3.4% | ||
| Q2 25 | -1.8% | 4.8% | ||
| Q1 25 | -3.2% | 1.3% | ||
| Q4 24 | 9.3% | 2.6% | ||
| Q3 24 | 2.5% | -3.2% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 9.8% | 0.7% |
| Q4 25 | $-0.03 | $0.28 | ||
| Q3 25 | $-0.03 | $0.30 | ||
| Q2 25 | $0.02 | $0.41 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.06 | $0.22 | ||
| Q3 24 | $0.08 | $-0.26 | ||
| Q2 24 | $0.37 | $0.23 | ||
| 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 | $360.1M |
| Total DebtLower is stronger | $1.8B | $247.7M |
| Stockholders' EquityBook value | $3.8B | $525.3M |
| Total Assets | $10.1B | $1.9B |
| Debt / EquityLower = less leverage | 0.48× | 0.47× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $360.1M | ||
| Q3 25 | $1.1B | $357.8M | ||
| Q2 25 | $1.0B | $336.8M | ||
| Q1 25 | $1.0B | $312.9M | ||
| Q4 24 | $1.6B | $320.7M | ||
| Q3 24 | $853.5M | $310.9M | ||
| Q2 24 | $985.9M | $304.4M | ||
| Q1 24 | $952.5M | $284.8M |
| Q4 25 | $1.8B | $247.7M | ||
| Q3 25 | $1.9B | $247.5M | ||
| Q2 25 | $1.7B | $247.2M | ||
| Q1 25 | $1.7B | $246.9M | ||
| Q4 24 | $1.7B | $246.7M | ||
| Q3 24 | $914.8M | $246.4M | ||
| Q2 24 | $914.0M | $246.2M | ||
| Q1 24 | $1.1B | $245.9M |
| Q4 25 | $3.8B | $525.3M | ||
| Q3 25 | $3.9B | $509.0M | ||
| Q2 25 | $3.9B | $494.1M | ||
| Q1 25 | $3.9B | $473.3M | ||
| Q4 24 | $3.8B | $470.0M | ||
| Q3 24 | $4.0B | $456.1M | ||
| Q2 24 | $4.1B | $462.4M | ||
| Q1 24 | $4.1B | $446.4M |
| Q4 25 | $10.1B | $1.9B | ||
| Q3 25 | $10.2B | $1.8B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $9.6B | $1.7B | ||
| Q4 24 | $9.7B | $1.7B | ||
| Q3 24 | $9.0B | $1.7B | ||
| Q2 24 | $9.2B | $1.7B | ||
| Q1 24 | $9.1B | $1.6B |
| Q4 25 | 0.48× | 0.47× | ||
| Q3 25 | 0.48× | 0.49× | ||
| Q2 25 | 0.44× | 0.50× | ||
| Q1 25 | 0.43× | 0.52× | ||
| Q4 24 | 0.44× | 0.52× | ||
| Q3 24 | 0.23× | 0.54× | ||
| Q2 24 | 0.22× | 0.53× | ||
| Q1 24 | 0.28× | 0.55× |
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 | $63.1M |
| Free Cash FlowOCF − Capex | $103.8M | $4.0M |
| FCF MarginFCF / Revenue | 25.0% | 1.0% |
| Capex IntensityCapex / Revenue | 0.4% | 14.8% |
| Cash ConversionOCF / Net Profit | — | 5.34× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $56.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $63.1M | ||
| Q3 25 | $96.9M | $63.0M | ||
| Q2 25 | $83.8M | $65.0M | ||
| Q1 25 | $99.5M | $31.2M | ||
| Q4 24 | $78.7M | $45.1M | ||
| Q3 24 | $88.6M | $41.9M | ||
| Q2 24 | $78.6M | $53.5M | ||
| Q1 24 | $66.8M | $30.7M |
| Q4 25 | $103.8M | $4.0M | ||
| Q3 25 | $95.6M | $23.7M | ||
| Q2 25 | $81.0M | $26.9M | ||
| Q1 25 | $98.4M | $1.9M | ||
| Q4 24 | $78.3M | $10.4M | ||
| Q3 24 | $88.6M | $7.1M | ||
| Q2 24 | $78.4M | $20.6M | ||
| Q1 24 | $66.8M | $-2.4M |
| Q4 25 | 25.0% | 1.0% | ||
| Q3 25 | 24.1% | 6.5% | ||
| Q2 25 | 21.1% | 7.5% | ||
| Q1 25 | 27.5% | 0.6% | ||
| Q4 24 | 21.6% | 3.2% | ||
| Q3 24 | 24.7% | 2.2% | ||
| Q2 24 | 22.8% | 6.5% | ||
| Q1 24 | 20.7% | -0.8% |
| Q4 25 | 0.4% | 14.8% | ||
| Q3 25 | 0.3% | 10.7% | ||
| Q2 25 | 0.7% | 10.7% | ||
| Q1 25 | 0.3% | 9.1% | ||
| Q4 24 | 0.1% | 10.6% | ||
| Q3 24 | 0.0% | 11.0% | ||
| Q2 24 | 0.1% | 10.4% | ||
| Q1 24 | 0.0% | 11.4% |
| Q4 25 | — | 5.34× | ||
| Q3 25 | — | 5.04× | ||
| Q2 25 | — | 3.79× | ||
| Q1 25 | — | 7.36× | ||
| Q4 24 | 2.35× | 5.18× | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 5.54× | ||
| Q1 24 | 2.10× | 15.03× |
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% |
SHAK
Segment breakdown not available.
