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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Wendy's Co (WEN). Click either name above to swap in a different company.
Wendy's Co is the larger business by last-quarter revenue ($543.0M vs $414.7M, roughly 1.3× BILL Holdings, Inc.). Wendy's Co runs the higher net margin — 4.9% vs -0.6%, a 5.5% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs -5.5%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $31.4M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 0.8%).
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.
The Wendy's Company is an American fast food corporation and the holding company for Wendy's and First Kitchen. Originally founded as the Deisel-Wemmer Company, it is headquartered in Dublin, Ohio. The company's principal subsidiary, Wendy's International, is the franchisor of Wendy's restaurants.
BILL vs WEN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $543.0M |
| Net Profit | $-2.6M | $26.5M |
| Gross Margin | 79.8% | 62.7% |
| Operating Margin | -4.4% | 11.8% |
| Net Margin | -0.6% | 4.9% |
| Revenue YoY | 14.4% | -5.5% |
| Net Profit YoY | -107.7% | -44.2% |
| EPS (diluted) | $-0.03 | $0.14 |
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 | $543.0M | ||
| Q3 25 | $395.7M | $549.5M | ||
| Q2 25 | $383.3M | $560.9M | ||
| Q1 25 | $358.2M | $523.5M | ||
| Q4 24 | $362.6M | $574.3M | ||
| Q3 24 | $358.4M | $566.7M | ||
| Q2 24 | $343.7M | $570.7M | ||
| Q1 24 | $323.0M | $534.8M |
| Q4 25 | $-2.6M | $26.5M | ||
| Q3 25 | $-3.0M | $44.3M | ||
| Q2 25 | $-7.1M | $55.1M | ||
| Q1 25 | $-11.6M | $39.2M | ||
| Q4 24 | $33.5M | $47.5M | ||
| Q3 24 | $8.9M | $50.2M | ||
| Q2 24 | $7.6M | $54.6M | ||
| Q1 24 | $31.8M | $42.0M |
| Q4 25 | 79.8% | 62.7% | ||
| Q3 25 | 80.5% | 62.8% | ||
| Q2 25 | 80.8% | 65.0% | ||
| Q1 25 | 81.2% | 64.1% | ||
| Q4 24 | 81.6% | 65.9% | ||
| Q3 24 | 82.0% | 65.5% | ||
| Q2 24 | 81.0% | 65.0% | ||
| Q1 24 | 83.0% | 64.1% |
| Q4 25 | -4.4% | 11.8% | ||
| Q3 25 | -5.2% | 16.8% | ||
| Q2 25 | -5.8% | 18.6% | ||
| Q1 25 | -8.1% | 15.9% | ||
| Q4 24 | -6.0% | 16.7% | ||
| Q3 24 | -2.1% | 16.7% | ||
| Q2 24 | -6.5% | 17.4% | ||
| Q1 24 | -8.6% | 15.2% |
| Q4 25 | -0.6% | 4.9% | ||
| Q3 25 | -0.7% | 8.1% | ||
| Q2 25 | -1.8% | 9.8% | ||
| Q1 25 | -3.2% | 7.5% | ||
| Q4 24 | 9.3% | 8.3% | ||
| Q3 24 | 2.5% | 8.9% | ||
| Q2 24 | 2.2% | 9.6% | ||
| Q1 24 | 9.8% | 7.9% |
| Q4 25 | $-0.03 | $0.14 | ||
| Q3 25 | $-0.03 | $0.23 | ||
| Q2 25 | $0.02 | $0.29 | ||
| Q1 25 | $-0.11 | $0.19 | ||
| Q4 24 | $-0.06 | $0.23 | ||
| Q3 24 | $0.08 | $0.25 | ||
| Q2 24 | $0.37 | $0.27 | ||
| Q1 24 | $0.00 | $0.20 |
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 | $300.8M |
| Total DebtLower is stronger | $1.8B | $2.8B |
| Stockholders' EquityBook value | $3.8B | $117.4M |
| Total Assets | $10.1B | $5.0B |
| Debt / EquityLower = less leverage | 0.48× | 23.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $300.8M | ||
| Q3 25 | $1.1B | $291.4M | ||
| Q2 25 | $1.0B | $281.2M | ||
| Q1 25 | $1.0B | $335.3M | ||
| Q4 24 | $1.6B | $450.5M | ||
| Q3 24 | $853.5M | $482.2M | ||
| Q2 24 | $985.9M | $465.5M | ||
| Q1 24 | $952.5M | $498.3M |
| Q4 25 | $1.8B | $2.8B | ||
| Q3 25 | $1.9B | $2.7B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.7B | $2.7B | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $117.4M | ||
| Q3 25 | $3.9B | $109.2M | ||
| Q2 25 | $3.9B | $112.9M | ||
| Q1 25 | $3.9B | $130.2M | ||
| Q4 24 | $3.8B | $259.4M | ||
| Q3 24 | $4.0B | $259.9M | ||
| Q2 24 | $4.1B | $273.8M | ||
| Q1 24 | $4.1B | $293.7M |
| Q4 25 | $10.1B | $5.0B | ||
| Q3 25 | $10.2B | $5.0B | ||
| Q2 25 | $10.1B | $4.9B | ||
| Q1 25 | $9.6B | $4.9B | ||
| Q4 24 | $9.7B | $5.0B | ||
| Q3 24 | $9.0B | $5.1B | ||
| Q2 24 | $9.2B | $5.1B | ||
| Q1 24 | $9.1B | $5.2B |
| Q4 25 | 0.48× | 23.51× | ||
| Q3 25 | 0.48× | 24.95× | ||
| Q2 25 | 0.44× | 24.18× | ||
| Q1 25 | 0.43× | 21.00× | ||
| Q4 24 | 0.44× | 10.57× | ||
| 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 | $69.3M |
| Free Cash FlowOCF − Capex | $103.8M | $31.4M |
| FCF MarginFCF / Revenue | 25.0% | 5.8% |
| Capex IntensityCapex / Revenue | 0.4% | 7.0% |
| Cash ConversionOCF / Net Profit | — | 2.62× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $242.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $69.3M | ||
| Q3 25 | $96.9M | $129.3M | ||
| Q2 25 | $83.8M | $60.6M | ||
| Q1 25 | $99.5M | $85.4M | ||
| Q4 24 | $78.7M | $68.6M | ||
| Q3 24 | $88.6M | $141.2M | ||
| Q2 24 | $78.6M | $45.5M | ||
| Q1 24 | $66.8M | $100.0M |
| Q4 25 | $103.8M | $31.4M | ||
| Q3 25 | $95.6M | $104.3M | ||
| Q2 25 | $81.0M | $39.2M | ||
| Q1 25 | $98.4M | $67.7M | ||
| Q4 24 | $78.3M | $26.6M | ||
| Q3 24 | $88.6M | $123.3M | ||
| Q2 24 | $78.4M | $28.4M | ||
| Q1 24 | $66.8M | $82.6M |
| Q4 25 | 25.0% | 5.8% | ||
| Q3 25 | 24.1% | 19.0% | ||
| Q2 25 | 21.1% | 7.0% | ||
| Q1 25 | 27.5% | 12.9% | ||
| Q4 24 | 21.6% | 4.6% | ||
| Q3 24 | 24.7% | 21.8% | ||
| Q2 24 | 22.8% | 5.0% | ||
| Q1 24 | 20.7% | 15.5% |
| Q4 25 | 0.4% | 7.0% | ||
| Q3 25 | 0.3% | 4.5% | ||
| Q2 25 | 0.7% | 3.8% | ||
| Q1 25 | 0.3% | 3.4% | ||
| Q4 24 | 0.1% | 7.3% | ||
| Q3 24 | 0.0% | 3.2% | ||
| Q2 24 | 0.1% | 3.0% | ||
| Q1 24 | 0.0% | 3.2% |
| Q4 25 | — | 2.62× | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 2.18× | ||
| Q4 24 | 2.35× | 1.44× | ||
| Q3 24 | 9.94× | 2.81× | ||
| Q2 24 | 10.35× | 0.83× | ||
| Q1 24 | 2.10× | 2.38× |
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% |
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 4% |
