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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($969.9M vs $414.7M, roughly 2.3× BILL Holdings, Inc.). Virtu Financial, Inc. runs the higher net margin — 14.4% vs -0.6%, a 15.0% gap on every dollar of revenue. On growth, Virtu Financial, Inc. posted the faster year-over-year revenue change (16.3% vs 14.4%). Virtu Financial, Inc. produced more free cash flow last quarter ($495.6M vs $103.8M). Over the past eight quarters, Virtu Financial, Inc.'s revenue compounded faster (22.8% 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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
BILL vs VIRT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $969.9M |
| Net Profit | $-2.6M | $139.9M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 35.4% |
| Net Margin | -0.6% | 14.4% |
| Revenue YoY | 14.4% | 16.3% |
| Net Profit YoY | -107.7% | 48.7% |
| EPS (diluted) | $-0.03 | $1.54 |
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 | $969.9M | ||
| Q3 25 | $395.7M | $824.8M | ||
| Q2 25 | $383.3M | $999.6M | ||
| Q1 25 | $358.2M | $837.9M | ||
| Q4 24 | $362.6M | $834.3M | ||
| Q3 24 | $358.4M | $706.8M | ||
| Q2 24 | $343.7M | $693.0M | ||
| Q1 24 | $323.0M | $642.8M |
| Q4 25 | $-2.6M | $139.9M | ||
| Q3 25 | $-3.0M | $77.6M | ||
| Q2 25 | $-7.1M | $151.2M | ||
| Q1 25 | $-11.6M | $99.7M | ||
| Q4 24 | $33.5M | $94.1M | ||
| Q3 24 | $8.9M | $60.0M | ||
| Q2 24 | $7.6M | $66.6M | ||
| Q1 24 | $31.8M | $55.8M |
| 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% | 35.4% | ||
| Q3 25 | -5.2% | 21.8% | ||
| Q2 25 | -5.8% | 34.7% | ||
| Q1 25 | -8.1% | 26.7% | ||
| Q4 24 | -6.0% | 24.3% | ||
| Q3 24 | -2.1% | 20.8% | ||
| Q2 24 | -6.5% | 22.4% | ||
| Q1 24 | -8.6% | 21.8% |
| Q4 25 | -0.6% | 14.4% | ||
| Q3 25 | -0.7% | 9.4% | ||
| Q2 25 | -1.8% | 15.1% | ||
| Q1 25 | -3.2% | 11.9% | ||
| Q4 24 | 9.3% | 11.3% | ||
| Q3 24 | 2.5% | 8.5% | ||
| Q2 24 | 2.2% | 9.6% | ||
| Q1 24 | 9.8% | 8.7% |
| Q4 25 | $-0.03 | $1.54 | ||
| Q3 25 | $-0.03 | $0.86 | ||
| Q2 25 | $0.02 | $1.65 | ||
| Q1 25 | $-0.11 | $1.08 | ||
| Q4 24 | $-0.06 | $1.03 | ||
| Q3 24 | $0.08 | $0.64 | ||
| Q2 24 | $0.37 | $0.71 | ||
| Q1 24 | $0.00 | $0.59 |
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 | $1.1B |
| Total DebtLower is stronger | $1.8B | $2.0B |
| Stockholders' EquityBook value | $3.8B | $1.6B |
| Total Assets | $10.1B | $20.2B |
| Debt / EquityLower = less leverage | 0.48× | 1.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $707.9M | ||
| Q2 25 | $1.0B | $752.1M | ||
| Q1 25 | $1.0B | $723.6M | ||
| Q4 24 | $1.6B | $872.5M | ||
| Q3 24 | $853.5M | $701.4M | ||
| Q2 24 | $985.9M | $684.8M | ||
| Q1 24 | $952.5M | $399.6M |
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | $1.9B | $2.0B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $914.8M | $1.7B | ||
| Q2 24 | $914.0M | $1.7B | ||
| Q1 24 | $1.1B | $1.7B |
| Q4 25 | $3.8B | $1.6B | ||
| Q3 25 | $3.9B | $1.5B | ||
| Q2 25 | $3.9B | $1.4B | ||
| Q1 25 | $3.9B | $1.3B | ||
| Q4 24 | $3.8B | $1.3B | ||
| Q3 24 | $4.0B | $1.2B | ||
| Q2 24 | $4.1B | $1.2B | ||
| Q1 24 | $4.1B | $1.2B |
| Q4 25 | $10.1B | $20.2B | ||
| Q3 25 | $10.2B | $21.3B | ||
| Q2 25 | $10.1B | $19.3B | ||
| Q1 25 | $9.6B | $17.5B | ||
| Q4 24 | $9.7B | $15.4B | ||
| Q3 24 | $9.0B | $14.4B | ||
| Q2 24 | $9.2B | $13.9B | ||
| Q1 24 | $9.1B | $12.8B |
| Q4 25 | 0.48× | 1.29× | ||
| Q3 25 | 0.48× | 1.40× | ||
| Q2 25 | 0.44× | 1.24× | ||
| Q1 25 | 0.43× | 1.33× | ||
| Q4 24 | 0.44× | 1.39× | ||
| Q3 24 | 0.23× | 1.41× | ||
| Q2 24 | 0.22× | 1.41× | ||
| Q1 24 | 0.28× | 1.42× |
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 | $518.4M |
| Free Cash FlowOCF − Capex | $103.8M | $495.6M |
| FCF MarginFCF / Revenue | 25.0% | 51.1% |
| Capex IntensityCapex / Revenue | 0.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $485.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $518.4M | ||
| Q3 25 | $96.9M | $-68.7M | ||
| Q2 25 | $83.8M | $62.8M | ||
| Q1 25 | $99.5M | $15.0M | ||
| Q4 24 | $78.7M | $599.0M | ||
| Q3 24 | $88.6M | $112.1M | ||
| Q2 24 | $78.6M | $490.8M | ||
| Q1 24 | $66.8M | $-395.4M |
| Q4 25 | $103.8M | $495.6M | ||
| Q3 25 | $95.6M | $-76.7M | ||
| Q2 25 | $81.0M | $57.6M | ||
| Q1 25 | $98.4M | $9.2M | ||
| Q4 24 | $78.3M | $586.6M | ||
| Q3 24 | $88.6M | $106.2M | ||
| Q2 24 | $78.4M | $486.9M | ||
| Q1 24 | $66.8M | $-398.2M |
| Q4 25 | 25.0% | 51.1% | ||
| Q3 25 | 24.1% | -9.3% | ||
| Q2 25 | 21.1% | 5.8% | ||
| Q1 25 | 27.5% | 1.1% | ||
| Q4 24 | 21.6% | 70.3% | ||
| Q3 24 | 24.7% | 15.0% | ||
| Q2 24 | 22.8% | 70.3% | ||
| Q1 24 | 20.7% | -61.9% |
| Q4 25 | 0.4% | 2.4% | ||
| Q3 25 | 0.3% | 1.0% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.1% | 1.5% | ||
| Q3 24 | 0.0% | 0.8% | ||
| Q2 24 | 0.1% | 0.6% | ||
| Q1 24 | 0.0% | 0.4% |
| Q4 25 | — | 3.71× | ||
| Q3 25 | — | -0.89× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | 2.35× | 6.37× | ||
| Q3 24 | 9.94× | 1.87× | ||
| Q2 24 | 10.35× | 7.37× | ||
| Q1 24 | 2.10× | -7.08× |
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% |
VIRT
Segment breakdown not available.
