Blend Labs Inc Financials

BLND

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Blend Labs Inc (BLND) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 34/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Blend Labs Inc has an operating margin of -30.6%, meaning the company retains $-31 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -99.6% the prior year.

Growth

Blend Labs Inc's revenue grew a modest 3.3% year-over-year to $162.0M. This slow but positive growth earns a score of 38/100.

Liquidity

100

With a current ratio of 3.47, Blend Labs Inc holds $3.47 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Blend Labs Inc generated -$13.0M in operating cash flow, capex of $9.8M consumed most of it, leaving -$22.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Blend Labs Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.30x

For every $1 of reported earnings, Blend Labs Inc generates $0.30 in operating cash flow (-$13.0M OCF vs -$43.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-7.4x

Blend Labs Inc earns $-7.4 in operating income for every $1 of interest expense (-$49.6M vs $6.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$162.0M

YoY+3.3%

5Y CAGR+26.2%

Blend Labs Inc generated $162.0M in revenue in fiscal year 2024. This represents an increase of 3.3% from the prior year.

EBITDA

-$47.3M

YoY+69.2%

Blend Labs Inc's EBITDA was -$47.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 69.2% from the prior year.

Free Cash Flow

-$22.9M

YoY+82.1%

Blend Labs Inc generated -$22.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 82.1% from the prior year.

Net Income

-$43.3M

YoY+75.7%

Blend Labs Inc reported -$43.3M in net income in fiscal year 2024. This represents an increase of 75.7% from the prior year.

EPS (Diluted)

$-0.24

YoY+68.4%

Blend Labs Inc earned $-0.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 68.4% from the prior year.

Cash & Debt

$38.0M

YoY+22.8%

5Y CAGR+10.9%

Blend Labs Inc held $38.0M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

258M

YoY+3.3%

Blend Labs Inc had 258M shares outstanding in fiscal year 2024. This represents an increase of 3.3% from the prior year.

Gross Margin

55.9%

YoY+4.1pp

5Y CAGR-5.5pp

Blend Labs Inc's gross margin was 55.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.

Operating Margin

-30.6%

YoY+69.0pp

5Y CAGR+130.7pp

Blend Labs Inc's operating margin was -30.6% in fiscal year 2024, reflecting core business profitability. This is up 69.0 percentage points from the prior year.

Net Margin

-26.8%

YoY+87.2pp

5Y CAGR+134.0pp

Blend Labs Inc's net profit margin was -26.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 87.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$46.1M

YoY-43.5%

5Y CAGR-1.1%

Blend Labs Inc invested $46.1M in research and development in fiscal year 2024. This represents a decrease of 43.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$9.8M

YoY+1577.0%

5Y CAGR+76.2%

Blend Labs Inc invested $9.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 1577.0% from the prior year.

BLND Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$162.0M+3.3%	$156.8M-33.3%	$235.2M+0.3%	$234.5M+144.2%	$96.0M+89.5%	$50.7M
Cost of Revenue	$71.5M-5.6%	$75.7M-48.0%	$145.6M+22.8%	$118.5M+245.6%	$34.3M+75.4%	$19.5M
Gross Profit	$90.5M+11.6%	$81.1M-9.5%	$89.7M-22.7%	$116.0M+87.9%	$61.7M+98.4%	$31.1M
R&D Expenses	$46.1M-43.5%	$81.6M-40.9%	$138.1M+49.8%	$92.2M+66.1%	$55.5M+14.2%	$48.6M
SG&A Expenses	$50.6M-28.5%	$70.7M-49.2%	$139.1M+8.0%	$128.8M+327.8%	$30.1M+13.2%	$26.6M
Operating Income	-$49.6M+68.2%	-$156.2M+79.1%	-$746.2M-278.3%	-$197.2M-162.0%	-$75.3M+7.9%	-$81.7M
Interest Expense	$6.7M-78.1%	$30.8M+24.3%	$24.8M+119.8%	$11.3M	$0	$0
Income Tax	$109K+16.0%	$94K+104.2%	-$2.2M+94.2%	-$38.9M-149661.5%	$26K+100.0%	$13K
Net Income	-$43.3M+75.7%	-$178.7M+75.2%	-$720.2M-323.8%	-$169.9M-127.7%	-$74.6M+8.4%	-$81.5M
EPS (Diluted)	$-0.24+68.4%	$-0.76+76.8%	$-3.28-152.3%	$-1.30+31.2%	$-1.89+24.1%	$-2.49

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$32.9M+4.2%	$31.5M+17.8%	$26.8M-65.0%	$76.4M+166.2%	$28.7M+20.4%	$23.8M-34.0%	$36.1M-11.1%	$40.6M
Cost of Revenue	$8.4M+2.3%	$8.2M+5.2%	$7.8M-83.3%	$46.7M+459.2%	$8.4M+7.1%	$7.8M-52.4%	$16.4M-11.6%	$18.5M
Gross Profit	$24.5M+4.9%	$23.3M+22.9%	$19.0M-36.1%	$29.7M+45.8%	$20.3M+26.8%	$16.0M-18.7%	$19.7M-10.6%	$22.1M
R&D Expenses	$8.5M+16.2%	$7.3M-2.5%	$7.5M-15.1%	$8.9M-31.4%	$12.9M-8.9%	$14.2M-1.6%	$14.4M-23.4%	$18.8M
SG&A Expenses	$12.9M-5.4%	$13.6M+21.3%	$11.2M-26.9%	$15.3M+34.9%	$11.4M-7.9%	$12.4M-15.1%	$14.5M-8.1%	$15.8M
Operating Income	-$4.9M-6.2%	-$4.6M+39.9%	-$7.7M-90.1%	-$4.0M+69.0%	-$13.1M+38.4%	-$21.2M+3.0%	-$21.9M+39.6%	-$36.2M
Interest Expense	$0	$0	$0	$0-100.0%	$1.6M-67.7%	$5.1M-28.0%	$7.1M-13.7%	$8.2M
Income Tax	$27K-34.1%	$41K+36.7%	$30K+87.5%	$16K-46.7%	$30K-28.6%	$42K+156.8%	-$74K-268.2%	$44K
Net Income	$12.5M+288.6%	-$6.6M+28.0%	-$9.2M-1018.8%	-$825K+95.7%	-$19.4M+6.1%	-$20.7M+31.8%	-$30.3M+27.5%	-$41.8M
EPS (Diluted)	$0.02+166.7%	$-0.03+25.0%	$-0.04-33.3%	$-0.03+66.7%	$-0.090.0%	$-0.09+25.0%	$-0.12+33.3%	$-0.18

BLND Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$178.1M-13.6%	$206.1M-52.4%	$432.8M-61.1%	$1.1B+415.6%	$215.7M	N/A
Current Assets	$135.2M-20.4%	$169.8M-57.1%	$396.1M-35.4%	$613.0M+229.3%	$186.1M	N/A
Cash & Equivalents	$38.0M+22.8%	$31.0M-75.1%	$124.2M-41.7%	$213.1M+418.5%	$41.1M+81.5%	$22.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$0-100.0%	$287.2M	$0	N/A
Total Liabilities	$234.4M+4.1%	$225.3M-16.2%	$268.8M-10.9%	$301.9M+476.0%	$52.4M	N/A
Current Liabilities	$39.0M+23.6%	$31.6M-11.0%	$35.5M-40.9%	$60.0M+71.4%	$35.0M	N/A
Long-Term Debt	$0-100.0%	$138.3M-36.2%	$216.8M+1.4%	$213.8M	$0	N/A
Total Equity	-$56.4M-192.9%	-$19.2M-115.6%	$123.2M-84.1%	$774.6M+374.3%	$163.3M+21.0%	$135.0M
Retained Earnings	-$1.4B-3.2%	-$1.3B-15.4%	-$1.2B-162.7%	-$442.8M-62.3%	-$272.9M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$189.6M+3.5%	$183.1M-2.8%	$188.3M+5.7%	$178.1M-4.0%	$185.4M-8.1%	$201.8M-2.1%	$206.1M-35.3%	$318.4M
Current Assets	$116.0M-8.5%	$126.8M-9.4%	$139.9M+3.5%	$135.2M-5.1%	$142.5M-10.7%	$159.5M-6.1%	$169.8M-40.0%	$283.2M
Cash & Equivalents	$55.0M+50.7%	$36.5M-35.1%	$56.2M+48.0%	$38.0M-9.0%	$41.8M-46.2%	$77.6M+150.6%	$31.0M-63.4%	$84.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$202.1M-1.7%	$205.6M+0.2%	$205.2M-12.5%	$234.4M+1.5%	$230.9M-2.8%	$237.5M+5.4%	$225.3M-15.7%	$267.3M
Current Liabilities	$45.7M-13.4%	$52.7M-9.2%	$58.1M+48.9%	$39.0M-6.0%	$41.5M-2.4%	$42.6M+34.8%	$31.6M-14.2%	$36.8M
Long-Term Debt	$0	$0	$0	$0	$0-100.0%	$138.9M+0.4%	$138.3M-36.8%	$219.0M
Total Equity	-$12.5M+44.7%	-$22.6M-33.6%	-$16.9M+70.0%	-$56.4M-23.9%	-$45.5M-27.1%	-$35.8M-85.8%	-$19.2M-405.8%	$6.3M
Retained Earnings	-$1.4B+0.9%	-$1.4B-0.5%	-$1.4B-0.7%	-$1.4B-0.2%	-$1.4B-1.4%	-$1.4B-1.5%	-$1.3B-2.3%	-$1.3B

BLND Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$13.0M+89.8%	-$127.6M+33.0%	-$190.4M-49.3%	-$127.5M-96.1%	-$65.0M-10.3%	-$58.9M
Capital Expenditures	$9.8M+1577.0%	$587K-71.6%	$2.1M+19.3%	$1.7M+32.1%	$1.3M+126.4%	$580K
Free Cash Flow	-$22.9M+82.1%	-$128.2M+33.4%	-$192.5M-48.9%	-$129.2M-94.9%	-$66.3M-11.4%	-$59.5M
Investing Cash Flow	$45.4M-64.3%	$127.3M+28.0%	$99.4M+115.7%	-$633.9M-7906.9%	-$7.9M+87.9%	-$65.5M
Financing Cash Flow	-$21.1M+76.8%	-$91.0M-4197.2%	$2.2M-99.8%	$933.6M+928.7%	$90.8M-31.6%	$132.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$131K+627.8%	$18K-65.4%	$52K

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$3.5M+45.2%	-$6.4M-131.2%	$20.4M+544.6%	-$4.6M+31.2%	-$6.7M-72.3%	-$3.9M+81.3%	-$20.7M+20.1%	-$25.9M
Capital Expenditures	$2.3M-39.1%	$3.7M-18.6%	$4.6M+76.4%	$2.6M+40.4%	$1.9M-5.7%	$2.0M+2295.1%	$82K+164.5%	$31K
Free Cash Flow	-$5.8M+43.0%	-$10.1M-163.9%	$15.8M+319.9%	-$7.2M+15.6%	-$8.5M-46.1%	-$5.8M+71.9%	-$20.8M+19.9%	-$25.9M
Investing Cash Flow	$27.4M+352.9%	-$10.8M-435.5%	$3.2M+270.9%	-$1.9M+92.5%	-$25.1M-141.4%	$60.6M+13.9%	$53.2M-25.8%	$71.8M
Financing Cash Flow	-$6.2M-69.8%	-$3.7M+29.5%	-$5.2M+18.1%	-$6.3M+13.6%	-$7.3M-129.7%	-$3.2M+96.3%	-$86.1M-6389.9%	-$1.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$5.0M+224.2%	$1.6M-39.6%	$2.6M	$0	$0	$0	N/A	N/A

BLND Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	55.9%+4.1pp	51.7%+13.6pp	38.1%-11.3pp	49.5%-14.8pp	64.3%+2.9pp	61.4%
Operating Margin	-30.6%+69.0pp	-99.6%+217.6pp	-317.3%-233.1pp	-84.1%-5.7pp	-78.4%+82.9pp	-161.3%
Net Margin	-26.8%+87.2pp	-113.9%+192.3pp	-306.2%-233.7pp	-72.5%+5.2pp	-77.7%+83.0pp	-160.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-24.3%+62.4pp	-86.7%+79.7pp	-166.4%-151.1pp	-15.3%+19.3pp	-34.6%	N/A
Current Ratio	3.47-1.9	5.38-5.8	11.17+1.0	10.21+4.9	5.31	N/A
Debt-to-Equity	0.00+7.2	-7.19-8.9	1.76+1.5	0.28+0.3	0.00	N/A
FCF Margin	-14.1%+67.6pp	-81.7%+0.1pp	-81.8%-26.7pp	-55.1%+14.0pp	-69.1%+48.4pp	-117.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	74.4%+0.5pp	73.9%+3.1pp	70.8%+32.0pp	38.8%-32.0pp	70.9%+3.6pp	67.3%+12.7pp	54.6%+0.3pp	54.4%
Operating Margin	-14.9%-0.3pp	-14.7%+14.1pp	-28.7%-23.4pp	-5.3%+40.2pp	-45.5%+43.5pp	-89.0%-28.4pp	-60.6%+28.6pp	-89.2%
Net Margin	38.1%+59.2pp	-21.1%+13.4pp	-34.5%-33.4pp	-1.1%+66.5pp	-67.6%+19.1pp	-86.7%-2.8pp	-83.9%+19.0pp	-102.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	6.6%+10.2pp	-3.6%+1.3pp	-4.9%-4.4pp	-0.5%+10.0pp	-10.5%-0.2pp	-10.2%+4.5pp	-14.7%-1.6pp	-13.1%
Current Ratio	2.54+0.1	2.400.0	2.41-1.1	3.47+0.0	3.43-0.3	3.75-1.6	5.38-2.3	7.69
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.00+3.9	-3.88+3.3	-7.19-42.0	34.81
FCF Margin	-17.5%+14.5pp	-32.0%-91.1pp	59.0%+68.4pp	-9.4%+20.3pp	-29.7%-5.2pp	-24.5%+33.1pp	-57.5%+6.3pp	-63.8%

Note: Shareholder equity is negative (-$56.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Blend Labs Inc's annual revenue?

Blend Labs Inc (BLND) reported $162.0M in total revenue for fiscal year 2024. This represents a 3.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Blend Labs Inc's revenue growing?

Blend Labs Inc (BLND) revenue grew by 3.3% year-over-year, from $156.8M to $162.0M in fiscal year 2024.

Is Blend Labs Inc profitable?

No, Blend Labs Inc (BLND) reported a net income of -$43.3M in fiscal year 2024, with a net profit margin of -26.8%.

What is Blend Labs Inc's earnings per share (EPS)?

Blend Labs Inc (BLND) reported diluted earnings per share of $-0.24 for fiscal year 2024. This represents a 68.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Blend Labs Inc's EBITDA?

Blend Labs Inc (BLND) had EBITDA of -$47.3M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Blend Labs Inc have?

As of fiscal year 2024, Blend Labs Inc (BLND) had $38.0M in cash and equivalents against $0 in long-term debt.

What is Blend Labs Inc's gross margin?

Blend Labs Inc (BLND) had a gross margin of 55.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Blend Labs Inc's operating margin?

Blend Labs Inc (BLND) had an operating margin of -30.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Blend Labs Inc's net profit margin?

Blend Labs Inc (BLND) had a net profit margin of -26.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Blend Labs Inc's free cash flow?

Blend Labs Inc (BLND) generated -$22.9M in free cash flow during fiscal year 2024. This represents a 82.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Blend Labs Inc's operating cash flow?

Blend Labs Inc (BLND) generated -$13.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Blend Labs Inc's total assets?

Blend Labs Inc (BLND) had $178.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Blend Labs Inc's capital expenditures?

Blend Labs Inc (BLND) invested $9.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Blend Labs Inc spend on research and development?

Blend Labs Inc (BLND) invested $46.1M in research and development during fiscal year 2024.

How many shares does Blend Labs Inc have outstanding?

Blend Labs Inc (BLND) had 258M shares outstanding as of fiscal year 2024.

What is Blend Labs Inc's current ratio?

Blend Labs Inc (BLND) had a current ratio of 3.47 as of fiscal year 2024, which is generally considered healthy.

What is Blend Labs Inc's debt-to-equity ratio?

Blend Labs Inc (BLND) had a debt-to-equity ratio of 0.00 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Blend Labs Inc's return on assets (ROA)?

Blend Labs Inc (BLND) had a return on assets of -24.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Blend Labs Inc's cash runway?

Based on fiscal year 2024 data, Blend Labs Inc (BLND) had $38.0M in cash against an annual operating cash burn of $13.0M. This gives an estimated cash runway of approximately 35 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Blend Labs Inc's debt-to-equity ratio negative or unusual?

Blend Labs Inc (BLND) has negative shareholder equity of -$56.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Blend Labs Inc's Piotroski F-Score?

Blend Labs Inc (BLND) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Blend Labs Inc's earnings high quality?

Blend Labs Inc (BLND) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Blend Labs Inc cover its interest payments?

Blend Labs Inc (BLND) has an interest coverage ratio of -7.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Blend Labs Inc?

Blend Labs Inc (BLND) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.