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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Zeta Global Holdings Corp. (ZETA). Click either name above to swap in a different company.
BILL Holdings, Inc. is the larger business by last-quarter revenue ($414.7M vs $394.6M, roughly 1.1× Zeta Global Holdings Corp.). Zeta Global Holdings Corp. runs the higher net margin — 1.7% vs -0.6%, a 2.3% gap on every dollar of revenue. On growth, Zeta Global Holdings Corp. posted the faster year-over-year revenue change (25.4% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $60.9M). Over the past eight quarters, Zeta Global Holdings Corp.'s revenue compounded faster (42.3% 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.
Zeta Global Holdings Corp. is an American marketing technology company which was founded in 2007. Zeta offers companies a suite of multichannel marketing tools focused on creating, maintaining, and monetizing customer relationships. The company went public on the New York Stock Exchange on June 10, 2021, at a US$1.7 billion valuation.
BILL vs ZETA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $394.6M |
| Net Profit | $-2.6M | $6.5M |
| Gross Margin | 79.8% | 59.5% |
| Operating Margin | -4.4% | 4.5% |
| Net Margin | -0.6% | 1.7% |
| Revenue YoY | 14.4% | 25.4% |
| Net Profit YoY | -107.7% | -57.1% |
| EPS (diluted) | $-0.03 | $0.04 |
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 | $394.6M | ||
| Q3 25 | $395.7M | $337.2M | ||
| Q2 25 | $383.3M | $308.4M | ||
| Q1 25 | $358.2M | $264.4M | ||
| Q4 24 | $362.6M | $314.7M | ||
| Q3 24 | $358.4M | $268.3M | ||
| Q2 24 | $343.7M | $227.8M | ||
| Q1 24 | $323.0M | $194.9M |
| Q4 25 | $-2.6M | $6.5M | ||
| Q3 25 | $-3.0M | $-3.6M | ||
| Q2 25 | $-7.1M | $-12.8M | ||
| Q1 25 | $-11.6M | $-21.6M | ||
| Q4 24 | $33.5M | $15.2M | ||
| Q3 24 | $8.9M | $-17.4M | ||
| Q2 24 | $7.6M | $-28.1M | ||
| Q1 24 | $31.8M | $-39.6M |
| Q4 25 | 79.8% | 59.5% | ||
| Q3 25 | 80.5% | 60.5% | ||
| Q2 25 | 80.8% | 62.1% | ||
| Q1 25 | 81.2% | 60.9% | ||
| Q4 24 | 81.6% | 60.0% | ||
| Q3 24 | 82.0% | 60.6% | ||
| Q2 24 | 81.0% | 60.0% | ||
| Q1 24 | 83.0% | 60.6% |
| Q4 25 | -4.4% | 4.5% | ||
| Q3 25 | -5.2% | 2.6% | ||
| Q2 25 | -5.8% | -1.7% | ||
| Q1 25 | -8.1% | -6.1% | ||
| Q4 24 | -6.0% | 2.2% | ||
| Q3 24 | -2.1% | -4.6% | ||
| Q2 24 | -6.5% | -11.7% | ||
| Q1 24 | -8.6% | -18.4% |
| Q4 25 | -0.6% | 1.7% | ||
| Q3 25 | -0.7% | -1.1% | ||
| Q2 25 | -1.8% | -4.2% | ||
| Q1 25 | -3.2% | -8.2% | ||
| Q4 24 | 9.3% | 4.8% | ||
| Q3 24 | 2.5% | -6.5% | ||
| Q2 24 | 2.2% | -12.3% | ||
| Q1 24 | 9.8% | -20.3% |
| Q4 25 | $-0.03 | $0.04 | ||
| Q3 25 | $-0.03 | $-0.02 | ||
| Q2 25 | $0.02 | $-0.06 | ||
| Q1 25 | $-0.11 | $-0.10 | ||
| Q4 24 | $-0.06 | $0.10 | ||
| Q3 24 | $0.08 | $-0.09 | ||
| Q2 24 | $0.37 | $-0.16 | ||
| Q1 24 | $0.00 | $-0.23 |
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 | $319.8M |
| Total DebtLower is stronger | $1.8B | $197.1M |
| Stockholders' EquityBook value | $3.8B | $804.6M |
| Total Assets | $10.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.48× | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $319.8M | ||
| Q3 25 | $1.1B | $385.2M | ||
| Q2 25 | $1.0B | $365.3M | ||
| Q1 25 | $1.0B | $364.4M | ||
| Q4 24 | $1.6B | $366.2M | ||
| Q3 24 | $853.5M | $418.5M | ||
| Q2 24 | $985.9M | $154.7M | ||
| Q1 24 | $952.5M | $141.6M |
| Q4 25 | $1.8B | $197.1M | ||
| Q3 25 | $1.9B | $196.9M | ||
| Q2 25 | $1.7B | $196.7M | ||
| Q1 25 | $1.7B | $196.5M | ||
| Q4 24 | $1.7B | $196.3M | ||
| Q3 24 | $914.8M | $196.1M | ||
| Q2 24 | $914.0M | $184.4M | ||
| Q1 24 | $1.1B | $184.2M |
| Q4 25 | $3.8B | $804.6M | ||
| Q3 25 | $3.9B | $689.2M | ||
| Q2 25 | $3.9B | $673.3M | ||
| Q1 25 | $3.9B | $676.6M | ||
| Q4 24 | $3.8B | $676.8M | ||
| Q3 24 | $4.0B | $474.9M | ||
| Q2 24 | $4.1B | $217.0M | ||
| Q1 24 | $4.1B | $191.6M |
| Q4 25 | $10.1B | $1.5B | ||
| Q3 25 | $10.2B | $1.2B | ||
| Q2 25 | $10.1B | $1.1B | ||
| Q1 25 | $9.6B | $1.1B | ||
| Q4 24 | $9.7B | $1.1B | ||
| Q3 24 | $9.0B | $869.1M | ||
| Q2 24 | $9.2B | $583.9M | ||
| Q1 24 | $9.1B | $550.3M |
| Q4 25 | 0.48× | 0.24× | ||
| Q3 25 | 0.48× | 0.29× | ||
| Q2 25 | 0.44× | 0.29× | ||
| Q1 25 | 0.43× | 0.29× | ||
| Q4 24 | 0.44× | 0.29× | ||
| Q3 24 | 0.23× | 0.41× | ||
| Q2 24 | 0.22× | 0.85× | ||
| Q1 24 | 0.28× | 0.96× |
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 | $64.1M |
| Free Cash FlowOCF − Capex | $103.8M | $60.9M |
| FCF MarginFCF / Revenue | 25.0% | 15.4% |
| Capex IntensityCapex / Revenue | 0.4% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 9.81× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $185.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $64.1M | ||
| Q3 25 | $96.9M | $57.9M | ||
| Q2 25 | $83.8M | $42.0M | ||
| Q1 25 | $99.5M | $34.8M | ||
| Q4 24 | $78.7M | $43.7M | ||
| Q3 24 | $88.6M | $34.4M | ||
| Q2 24 | $78.6M | $31.1M | ||
| Q1 24 | $66.8M | $24.7M |
| Q4 25 | $103.8M | $60.9M | ||
| Q3 25 | $95.6M | $52.4M | ||
| Q2 25 | $81.0M | $39.7M | ||
| Q1 25 | $98.4M | $32.1M | ||
| Q4 24 | $78.3M | $35.4M | ||
| Q3 24 | $88.6M | $29.5M | ||
| Q2 24 | $78.4M | $24.4M | ||
| Q1 24 | $66.8M | $18.9M |
| Q4 25 | 25.0% | 15.4% | ||
| Q3 25 | 24.1% | 15.6% | ||
| Q2 25 | 21.1% | 12.9% | ||
| Q1 25 | 27.5% | 12.1% | ||
| Q4 24 | 21.6% | 11.3% | ||
| Q3 24 | 24.7% | 11.0% | ||
| Q2 24 | 22.8% | 10.7% | ||
| Q1 24 | 20.7% | 9.7% |
| Q4 25 | 0.4% | 0.8% | ||
| Q3 25 | 0.3% | 1.6% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.1% | 2.6% | ||
| Q3 24 | 0.0% | 1.8% | ||
| Q2 24 | 0.1% | 3.0% | ||
| Q1 24 | 0.0% | 3.0% |
| Q4 25 | — | 9.81× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.35× | 2.87× | ||
| 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% |
ZETA
Segment breakdown not available.
