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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $296.1M, roughly 1.4× Upstart Holdings, Inc.). Upstart Holdings, Inc. runs the higher net margin — 6.3% vs -0.6%, a 6.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 14.4%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $103.8M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
BILL vs UPST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $296.1M |
| Net Profit | $-2.6M | $18.6M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 6.4% |
| Net Margin | -0.6% | 6.3% |
| Revenue YoY | 14.4% | 35.2% |
| Net Profit YoY | -107.7% | 776.4% |
| EPS (diluted) | $-0.03 | $0.20 |
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 | $296.1M | ||
| Q3 25 | $395.7M | $277.1M | ||
| Q2 25 | $383.3M | $257.3M | ||
| Q1 25 | $358.2M | $213.4M | ||
| Q4 24 | $362.6M | $219.0M | ||
| Q3 24 | $358.4M | $162.1M | ||
| Q2 24 | $343.7M | $127.6M | ||
| Q1 24 | $323.0M | $127.8M |
| Q4 25 | $-2.6M | $18.6M | ||
| Q3 25 | $-3.0M | $31.8M | ||
| Q2 25 | $-7.1M | $5.6M | ||
| Q1 25 | $-11.6M | $-2.4M | ||
| Q4 24 | $33.5M | $-2.8M | ||
| Q3 24 | $8.9M | $-6.8M | ||
| Q2 24 | $7.6M | $-54.5M | ||
| Q1 24 | $31.8M | $-64.6M |
| 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% | 6.4% | ||
| Q3 25 | -5.2% | 8.5% | ||
| Q2 25 | -5.8% | 1.8% | ||
| Q1 25 | -8.1% | -2.1% | ||
| Q4 24 | -6.0% | -2.2% | ||
| Q3 24 | -2.1% | -27.8% | ||
| Q2 24 | -6.5% | -43.5% | ||
| Q1 24 | -8.6% | -52.8% |
| Q4 25 | -0.6% | 6.3% | ||
| Q3 25 | -0.7% | 11.5% | ||
| Q2 25 | -1.8% | 2.2% | ||
| Q1 25 | -3.2% | -1.1% | ||
| Q4 24 | 9.3% | -1.3% | ||
| Q3 24 | 2.5% | -4.2% | ||
| Q2 24 | 2.2% | -42.7% | ||
| Q1 24 | 9.8% | -50.5% |
| Q4 25 | $-0.03 | $0.20 | ||
| Q3 25 | $-0.03 | $0.23 | ||
| Q2 25 | $0.02 | $0.05 | ||
| Q1 25 | $-0.11 | $-0.03 | ||
| Q4 24 | $-0.06 | $-0.01 | ||
| Q3 24 | $0.08 | $-0.07 | ||
| Q2 24 | $0.37 | $-0.62 | ||
| Q1 24 | $0.00 | $-0.74 |
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 | $652.4M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $798.8M |
| Total Assets | $10.1B | $3.0B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $652.4M | ||
| Q3 25 | $1.1B | $489.8M | ||
| Q2 25 | $1.0B | $395.9M | ||
| Q1 25 | $1.0B | $599.8M | ||
| Q4 24 | $1.6B | $788.4M | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $952.5M | — |
| 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 | $798.8M | ||
| Q3 25 | $3.9B | $743.7M | ||
| Q2 25 | $3.9B | $722.0M | ||
| Q1 25 | $3.9B | $676.6M | ||
| Q4 24 | $3.8B | $633.2M | ||
| Q3 24 | $4.0B | $595.5M | ||
| Q2 24 | $4.1B | $594.7M | ||
| Q1 24 | $4.1B | $612.8M |
| Q4 25 | $10.1B | $3.0B | ||
| Q3 25 | $10.2B | $2.9B | ||
| Q2 25 | $10.1B | $2.5B | ||
| Q1 25 | $9.6B | $2.3B | ||
| Q4 24 | $9.7B | $2.4B | ||
| Q3 24 | $9.0B | $1.8B | ||
| Q2 24 | $9.2B | $1.8B | ||
| Q1 24 | $9.1B | $1.9B |
| 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 | $108.6M |
| Free Cash FlowOCF − Capex | $103.8M | $108.4M |
| FCF MarginFCF / Revenue | 25.0% | 36.6% |
| Capex IntensityCapex / Revenue | 0.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $108.6M | ||
| Q3 25 | $96.9M | $-122.6M | ||
| Q2 25 | $83.8M | $-120.2M | ||
| Q1 25 | $99.5M | $-13.5M | ||
| Q4 24 | $78.7M | $-110.9M | ||
| Q3 24 | $88.6M | $179.3M | ||
| Q2 24 | $78.6M | $65.3M | ||
| Q1 24 | $66.8M | $52.6M |
| Q4 25 | $103.8M | $108.4M | ||
| Q3 25 | $95.6M | $-122.7M | ||
| Q2 25 | $81.0M | $-120.3M | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | $179.2M | ||
| Q2 24 | $78.4M | $65.3M | ||
| Q1 24 | $66.8M | $51.9M |
| Q4 25 | 25.0% | 36.6% | ||
| Q3 25 | 24.1% | -44.3% | ||
| Q2 25 | 21.1% | -46.7% | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | 110.5% | ||
| Q2 24 | 22.8% | 51.1% | ||
| Q1 24 | 20.7% | 40.6% |
| Q4 25 | 0.4% | 0.1% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.7% | 0.0% | ||
| Q1 25 | 0.3% | 0.0% | ||
| Q4 24 | 0.1% | 0.0% | ||
| Q3 24 | 0.0% | 0.1% | ||
| Q2 24 | 0.1% | 0.0% | ||
| Q1 24 | 0.0% | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | — | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| 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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
