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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and TRUPANION, INC. (TRUP). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $376.9M, roughly 1.1× TRUPANION, INC.). On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 11.7%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $25.3M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 11.0%).
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.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
BILL vs TRUP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $376.9M |
| Net Profit | $-2.6M | — |
| Gross Margin | 79.8% | 17.3% |
| Operating Margin | -4.4% | 1.9% |
| Net Margin | -0.6% | — |
| Revenue YoY | 14.4% | 11.7% |
| Net Profit YoY | -107.7% | — |
| EPS (diluted) | $-0.03 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $395.7M | $366.9M | ||
| Q2 25 | $383.3M | $353.6M | ||
| Q1 25 | $358.2M | $342.0M | ||
| Q4 24 | $362.6M | $337.3M | ||
| Q3 24 | $358.4M | $327.5M | ||
| Q2 24 | $343.7M | $314.8M | ||
| Q1 24 | $323.0M | $306.1M |
| Q4 25 | $-2.6M | — | ||
| Q3 25 | $-3.0M | — | ||
| Q2 25 | $-7.1M | — | ||
| Q1 25 | $-11.6M | — | ||
| Q4 24 | $33.5M | — | ||
| Q3 24 | $8.9M | — | ||
| Q2 24 | $7.6M | — | ||
| Q1 24 | $31.8M | — |
| Q4 25 | 79.8% | 17.3% | ||
| Q3 25 | 80.5% | 16.4% | ||
| Q2 25 | 80.8% | 15.5% | ||
| Q1 25 | 81.2% | 14.9% | ||
| Q4 24 | 81.6% | 15.7% | ||
| Q3 24 | 82.0% | 15.1% | ||
| Q2 24 | 81.0% | 12.8% | ||
| Q1 24 | 83.0% | 11.8% |
| Q4 25 | -4.4% | 1.9% | ||
| Q3 25 | -5.2% | 1.6% | ||
| Q2 25 | -5.8% | 0.7% | ||
| Q1 25 | -8.1% | -0.4% | ||
| Q4 24 | -6.0% | 0.1% | ||
| Q3 24 | -2.1% | 0.5% | ||
| Q2 24 | -6.5% | -1.7% | ||
| Q1 24 | -8.6% | -2.0% |
| Q4 25 | -0.6% | — | ||
| Q3 25 | -0.7% | — | ||
| Q2 25 | -1.8% | — | ||
| Q1 25 | -3.2% | — | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 2.5% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 9.8% | — |
| Q4 25 | $-0.03 | $0.13 | ||
| Q3 25 | $-0.03 | $0.13 | ||
| Q2 25 | $0.02 | $0.22 | ||
| Q1 25 | $-0.11 | $-0.03 | ||
| Q4 24 | $-0.06 | $0.04 | ||
| Q3 24 | $0.08 | $0.03 | ||
| Q2 24 | $0.37 | $-0.14 | ||
| Q1 24 | $0.00 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | $1.8B | $101.8M |
| Stockholders' EquityBook value | $3.8B | $383.9M |
| Total Assets | $10.1B | $915.0M |
| Debt / EquityLower = less leverage | 0.48× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $370.7M | ||
| Q3 25 | $1.1B | $348.5M | ||
| Q2 25 | $1.0B | $319.6M | ||
| Q1 25 | $1.0B | $321.8M | ||
| Q4 24 | $1.6B | $307.4M | ||
| Q3 24 | $853.5M | $293.1M | ||
| Q2 24 | $985.9M | $277.2M | ||
| Q1 24 | $952.5M | $275.2M |
| Q4 25 | $1.8B | $101.8M | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | $127.5M | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $383.9M | ||
| Q3 25 | $3.9B | $368.6M | ||
| Q2 25 | $3.9B | $355.5M | ||
| Q1 25 | $3.9B | $333.7M | ||
| Q4 24 | $3.8B | $323.3M | ||
| Q3 24 | $4.0B | $320.2M | ||
| Q2 24 | $4.1B | $305.8M | ||
| Q1 24 | $4.1B | $303.4M |
| Q4 25 | $10.1B | $915.0M | ||
| Q3 25 | $10.2B | $880.2M | ||
| Q2 25 | $10.1B | $847.8M | ||
| Q1 25 | $9.6B | $837.2M | ||
| Q4 24 | $9.7B | $806.9M | ||
| Q3 24 | $9.0B | $816.1M | ||
| Q2 24 | $9.2B | $795.9M | ||
| Q1 24 | $9.1B | $789.5M |
| Q4 25 | 0.48× | 0.27× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | 0.39× | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | $103.8M | $25.3M |
| FCF MarginFCF / Revenue | 25.0% | 6.7% |
| Capex IntensityCapex / Revenue | 0.4% | 1.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $29.3M | ||
| Q3 25 | $96.9M | $29.2M | ||
| Q2 25 | $83.8M | $15.0M | ||
| Q1 25 | $99.5M | $16.0M | ||
| Q4 24 | $78.7M | $23.7M | ||
| Q3 24 | $88.6M | $15.3M | ||
| Q2 24 | $78.6M | $6.9M | ||
| Q1 24 | $66.8M | $2.4M |
| Q4 25 | $103.8M | $25.3M | ||
| Q3 25 | $95.6M | $23.9M | ||
| Q2 25 | $81.0M | $12.0M | ||
| Q1 25 | $98.4M | $14.0M | ||
| Q4 24 | $78.3M | $21.8M | ||
| Q3 24 | $88.6M | $13.4M | ||
| Q2 24 | $78.4M | $4.0M | ||
| Q1 24 | $66.8M | $-631.0K |
| Q4 25 | 25.0% | 6.7% | ||
| Q3 25 | 24.1% | 6.5% | ||
| Q2 25 | 21.1% | 3.4% | ||
| Q1 25 | 27.5% | 4.1% | ||
| Q4 24 | 21.6% | 6.5% | ||
| Q3 24 | 24.7% | 4.1% | ||
| Q2 24 | 22.8% | 1.3% | ||
| Q1 24 | 20.7% | -0.2% |
| Q4 25 | 0.4% | 1.0% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.3% | 0.6% | ||
| Q4 24 | 0.1% | 0.6% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.1% | 0.9% | ||
| Q1 24 | 0.0% | 1.0% |
| Q4 25 | — | — | ||
| 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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
