---
title: "BILL Q4 FY2026 Earnings: Core Revenue Rises as GAAP Loss Widens"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296395561.md"
description: "BILL Holdings reported Q4 FY2026 revenue of $436.2 million, up 14% year-over-year, driven by a 16% increase in core revenue. However, GAAP diluted EPS widened to a loss of $0.19 from $0.07, primarily due to a $76.6 million restructuring charge. Non-GAAP operating income rose 80% to $101.6 million. The company ended the quarter with $1.94 billion in cash and short-term investments."
datetime: "2026-08-19T20:12:41.000Z"
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  - [zh-CN](https://longbridge.com/zh-CN/news/296395561.md)
  - [en](https://longbridge.com/en/news/296395561.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296395561.md)
generator: "portal-rs"
---

# BILL Q4 FY2026 Earnings: Core Revenue Rises as GAAP Loss Widens

BILL Holdings (NYSE: BILL) reported Q4 FY2026 revenue of $436.2 million, up 14% from $383.3 million a year earlier, while GAAP diluted EPS declined to a loss of $0.19 from a loss of $0.07. Core revenue increased 16%, and non-GAAP operating income rose 80%, but a $76.6 million restructuring charge contributed to a wider GAAP operating loss.

## Core Financial Results

Core revenue remained the primary growth driver, reaching $400.5 million, or about 92% of total revenue. Transaction-fee revenue grew faster than subscription revenue, while float revenue declined from the prior-year quarter.

Profitability diverged sharply by accounting basis. GAAP gross margin expanded, but the restructuring charge weighed on GAAP operating and net results; excluding specified expenses, non-GAAP operating margin improved substantially.

| Metric                             | Q4 FY2026                            | Q4 FY2025                           | Year-Over-Year Change         |
| ---------------------------------- | ------------------------------------ | ----------------------------------- | ----------------------------- |
| Total revenue                      | $436.2 million                       | $383.3 million                      | +14%                          |
| Core revenue                       | $400.5 million                       | $345.9 million                      | +16%                          |
| GAAP gross profit / margin         | $356.2 million / 81.7%               | $309.8 million / 80.8%              | +15% / +0.9 pts               |
| GAAP operating loss                | $(34.3) million                      | $(22.3) million                     | Loss widened by $12.0 million |
| Non-GAAP operating income / margin | $101.6 million / approximately 23.3% | $56.4 million / approximately 14.7% | +80% / approximately +8.6 pts |
| GAAP net loss                      | $(18.5) million                      | $(7.1) million                      | Loss widened by $11.4 million |
| GAAP diluted EPS                   | $(0.19)                              | $(0.07)                             | Loss widened by $0.12         |
| Non-GAAP diluted EPS               | $0.84                                | $0.53                               | Approximately +58%            |

## Business and Operating Performance

Transaction fees increased 17% to $324.3 million and represented most of BILL’s revenue. Subscription fees rose 11% to $76.2 million. Together, these categories produced core revenue growth of 16%, ahead of the company’s 14% total revenue growth.

Float revenue was $35.7 million, down approximately 4.5% from $37.4 million. Its decline partly offset growth in subscription and transaction fees, demonstrating why core revenue expanded faster than total revenue.

Platform activity broadly tracked revenue growth. Total payment volume increased 14% to $98 billion, while transaction volume also rose 14% to 37 million. BILL reported 479,300 businesses using its solutions at quarter-end, although businesses using multiple solutions are counted separately for each solution. Standalone network membership increased 11% to 9.2 million.

## Balance Sheet and Capital Allocation

BILL ended June 2026 with $1.03 billion in cash and cash equivalents and $906.5 million in short-term investments. Combined corporate cash and short-term investments were approximately $1.94 billion, compared with $2.22 billion one year earlier. The $4.35 billion of customer funds on the balance sheet was matched by customer fund deposits and should be considered separately from corporate liquidity.

The company repurchased approximately 8.4 million shares during the quarter for about $300 million. Meanwhile, credit-facility borrowings and convertible notes totaled approximately $1.84 billion, up from about $1.71 billion at the end of FY2025.

Acquired card receivables rose approximately 18.5% to $811.8 million. The quarterly provision for expected credit losses declined to $13.5 million from $15.8 million, but the larger receivables balance remains relevant to BILL’s credit exposure.

## Restructuring Costs Obscured Better Non-GAAP Profitability

The quarter’s central earnings issue was the widening gap between GAAP and non-GAAP performance. Revenue rose 14%, GAAP gross margin improved by 0.9 percentage points, and non-GAAP operating income increased 80%, yet BILL’s GAAP operating loss widened to $34.3 million.

A $76.6 million restructuring charge, compared with no such charge in the prior-year quarter, was a major contributor to that divergence. The difference between GAAP operating loss and non-GAAP operating income reached approximately $135.9 million. In addition to restructuring, BILL’s non-GAAP measures exclude items including stock-based compensation, depreciation and amortization, acquisition-related costs, and certain shareholder-activism advisory fees.

The non-GAAP results therefore indicate improved underlying expense efficiency, but BILL had not yet reached GAAP profitability in Q4.

## Financial Guidance

For Q1 FY2027, the midpoint of BILL’s revenue range is $437.5 million, roughly flat sequentially with Q4 FY2026. Full-year guidance calls for 9%–12% total revenue growth and 11%–14% core revenue growth, below the respective 13% and 16% growth rates recorded in FY2026.

| Metric                    | Q1 FY2027 Guidance    | FY2027 Guidance       |
| ------------------------- | --------------------- | --------------------- |
| Total revenue             | $432.5–$442.5 million | $1.807–$1.857 billion |
| Total revenue growth      | 9%–12%                | 9%–12%                |
| Core revenue              | $398.0–$408.0 million | $1.669–$1.719 billion |
| Core revenue growth       | 11%–14%               | 11%–14%               |
| Rewards expense           | $92.5 million         | $401.5 million        |
| Non-GAAP operating income | $112.5–$117.5 million | $421.0–$451.0 million |
| Non-GAAP net income       | $98.0–$102.0 million  | $370.5–$394.5 million |
| Non-GAAP diluted EPS      | $0.96–$1.00           | $3.56–$3.79           |

Beginning with Q1 FY2027 reporting, BILL plans to deduct rewards expense directly from core and total revenue rather than recording it in sales and marketing expense. The guidance above is presented before that deduction and does not reflect the planned reporting change. Investors will therefore need to account for the new presentation when comparing future reported revenue and operating expenses with historical periods.

CEO René Lacerte said the company continued to see demand for its integrated platform and increasing adoption of its AI capabilities. Management also attributed its positioning for new AI-native products to recently implemented structural changes.

CFO Rohini Jain emphasized the combination of core revenue growth and higher non-GAAP profitability. Management said BILL entered FY2027 on a path toward meaningful GAAP profitability, although the company did not provide quantitative GAAP profit guidance.

## Recent Insider Transactions

The supplied six-month insider summary shows 229,184 shares classified as purchases across eight transactions and 32,875 shares sold in one transaction, producing net purchases of 196,309 shares. Details sufficient to assess the nature or terms of the eight purchase records were not provided.

| Date         | Insider                | Reported Transaction            | Shares / Value                              | Ownership Type |
| ------------ | ---------------------- | ------------------------------- | ------------------------------------------- | -------------- |
| May 29, 2026 | Michael Cieri, Officer | Sale at $35.68–$37.10 per share | 32,875 shares / approximately $1.20 million | Direct         |

The transaction data alone does not establish the insider’s view of BILL’s outlook.

## Risks Investors Should Monitor

-   **Slower guided growth:** FY2027 guidance implies total and core revenue growth below the rates achieved in FY2026.
-   **Reporting comparability:** Netting rewards expense against revenue will lower both reported revenue and sales and marketing expense, complicating comparisons with prior periods.
-   **Continued GAAP losses:** Q4’s GAAP operating loss widened despite higher gross margin, while the large difference from non-GAAP income reflects expenses excluded from adjusted results.
-   **Float revenue pressure:** Float revenue declined even as core revenue expanded, making interest earned on customer funds a potential offset to operating growth.
-   **Credit exposure:** Acquired card receivables grew faster than total revenue, increasing the importance of credit-loss trends even though the quarterly provision declined.

## Summary

BILL’s Q4 FY2026 results combined 14% total revenue growth, 16% core revenue growth, and a substantial improvement in non-GAAP operating profitability. GAAP results remained loss-making, principally reflecting restructuring and other excluded expenses. The main issues for FY2027 are whether BILL can convert adjusted profitability into GAAP profitability, manage slower guided revenue growth, and provide clear comparisons after rewards expense moves from operating costs to a deduction from revenue.

Find out more

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**