BILL Holdings (BILL) Q2 2025 earnings summary

Executive summary

• Q2 FY25 total revenue grew 14% year-over-year to $362.6M; core revenue up 16% to $319.6M.

• Net income reached $33.5M, reversing a net loss of $40.4M in Q2 FY24; non-GAAP net income was $62.9M.

• Platform adoption exceeded 480,000 businesses, processing nearly $85B in payment volume across 30M transactions.

• Continued investment in AI, product innovation, and ecosystem expansion to empower SMBs and drive durable long-term growth.

• Strategic focus on enhancing value proposition, supplier experiences, accountant relationships, and ecosystem reach.

Financial highlights

• Q2 total revenue reached $363M, up 14% year-over-year; core revenue was $320M, up 16%.

• Non-GAAP operating margin expanded to 17%, up 3 percentage points year-over-year; free cash flow margin was 20%.

• Non-GAAP net income was $63M (17% margin), with non-GAAP EPS of $0.56.

• Non-GAAP gross profit was $309M (85% margin), exceeding targeted range.

• Non-GAAP diluted share count declined 4% year-over-year due to share repurchases and convertible note activity.

Outlook and guidance

• Q3 core revenue guidance: $317.5M–$322.5M (13%–15% YoY growth); total revenue: $352.5M–$357.5M.

• Q3 non-GAAP operating income expected at $38M–$43M; non-GAAP net income at $42M–$46M; EPS $0.35–$0.38.

• FY25 core revenue guidance: $1,297M–$1,312M (13%–17% YoY growth); total revenue: $1,454M–$1,469M.

• FY25 non-GAAP operating income: $207.5M–$222.5M; non-GAAP net income: $216M–$228M; EPS $1.87–$1.97.

• Float revenue expected at $157M for FY25, assuming a 430 bps yield.