Blend Labs, Inc. (BLND) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 16, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLND SEC filings page.
Blend Labs, Inc. (BLND) reported $129.0M in revenue over the twelve months to Jun 30, 2026, up 6.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
Blend Labs is nearing operating break-even as cost reductions convert modest growth into better cash economics.
Revenue was12.8% higher in FY2025 than FY2023, while operating margin moved sharply toward break-even. That pairing suggests expense restructuring, rather than volume alone, explains most of the recovery.
In FY2025, a net loss of
The balance sheet remains structurally strained: liabilities exceeded assets by
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Blend Labs, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Blend Labs, Inc. held $69.8M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $11.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Blend Labs, Inc. scores 85/100 among other emerging companies.
Blend Labs, Inc. had 256M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Blend Labs, Inc. scores 68/100 among other emerging companies.
Blend Labs, Inc. spent $32.8M on research and development in fiscal year 2025, which was 22.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Blend Labs, Inc. scores 54/100 among other emerging companies.
Blend Labs, Inc. reported revenue of $123.6M in fiscal year 2025, against $115.8M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Blend Labs, Inc. scores 51/100 among other emerging companies.
Blend Labs, Inc.'s operations generated $11.5M of cash in fiscal year 2025, against $13.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Blend Labs, Inc. scores 88/100 among other emerging companies.
Blend Labs, Inc.'s cash, cash equivalents and investments came to $69.8M at the end of fiscal year 2025, against $200.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Blend Labs, Inc. scores 36/100 among other emerging companies.
Blend Labs, Inc. scores -10.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($236.5M) relative to total liabilities ($200.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Blend Labs, Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Blend Labs, Inc. reported a net loss of $6.8M while generating $11.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Blend Labs, Inc. generated $33.8M in revenue in Q2 2026. This represents an increase of 7.0% from the same quarter a year earlier. Against the prior quarter it is up 9.7%.
Blend Labs, Inc.'s EBITDA was -$62K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 98.7% from the same quarter a year earlier. Against the prior quarter it is up 98.3%.
Blend Labs, Inc. reported -$1.5M in net income in Q2 2026. This represents an increase of 78.3% from the same quarter a year earlier. Against the prior quarter it is up 81.6%.
Cash & Balance Sheet
Blend Labs, Inc. generated $7.1M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 170.3% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
Blend Labs, Inc. held $23.3M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Blend Labs, Inc.'s gross margin was 73.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.2 percentage points.
Blend Labs, Inc.'s operating margin was -4.7% in Q2 2026, reflecting core business profitability. This is up 10.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 11.8 percentage points.
Blend Labs, Inc.'s net profit margin was -4.4% in Q2 2026, showing the share of revenue converted to profit. This is up 17.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 21.7 percentage points.
Not reported for Q2 2026.
Capital Allocation
Blend Labs, Inc. invested $8.7M in research and development in Q2 2026. This represents an increase of 16.0% from the same quarter a year earlier. Against the prior quarter it is down 7.8%.
Blend Labs, Inc. spent $20.4M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1216.5% from the same quarter a year earlier. Against the prior quarter it is up 21.2%.
Blend Labs, Inc. invested $825K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 77.1% from the same quarter a year earlier. Against the prior quarter it is down 26.1%.
BLND Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.8M+7.0% | $30.8M+14.9% | $31.6M+5.0% | $32.7M-1.2% | $31.6M+10.2% | $26.8M+12.6% | $30.1M | $33.1M-18.4% |
| Cost of Revenue | $9.0M+8.2% | $7.5M-4.7% | $8.3M+6.3% | $8.4M-2.2% | $8.3M-1.0% | $7.8M+0.6% | $7.8M | $8.6M-53.6% |
| Gross Profit | $24.9M+6.5% | $23.4M+23.0% | $23.4M+4.6% | $24.3M-0.9% | $23.4M+14.8% | $19.0M+18.4% | $22.3M | $24.5M+11.0% |
| R&D Expenses | $8.7M+16.0% | $9.4M+20.0% | $7.5M-15.5% | $8.7M-14.0% | $7.5M-42.0% | $7.8M-44.7% | $8.9M | $10.1M-46.2% |
| SG&A Expenses | $11.0M-19.6% | $12.2M+8.2% | $13.7M+30.9% | $13.0M+12.8% | $13.7M+20.6% | $11.2M-9.1% | $10.5M | $11.5M-27.4% |
| Operating Income | -$1.6M+67.3% | -$5.1M+36.6% | -$4.8M-47.5% | -$5.3M+52.6% | -$4.8M+63.1% | -$8.0M+62.4% | -$3.3M | -$11.3M+68.8% |
| EBITDA | -$62K+98.7% | -$3.7M+50.8% | -$3.6M-31.9% | -$5.3M+51.8% | -$4.8M+62.2% | -$7.6M+63.8% | -$2.7M | -$11.1M+68.9% |
| Interest Expense | N/A | N/A | N/A | $0 | $0-100.0% | $0-100.0% | $0 | $0-100.0% |
| Income Tax | $119K+190.2% | $63K+110.0% | $41K+156.3% | $27K+28.6% | $41K+36.7% | $30K-28.6% | $16K | $21K-52.3% |
| Net Income | -$1.5M+78.3% | -$8.0M+15.4% | -$6.8M-729.9% | $12.1M+594.7% | -$6.8M+64.7% | -$9.5M+54.0% | -$825K | -$2.4M+94.1% |
| EPS (Basic) | -$0.03+25.0% | -$0.05+16.7% | -$0.030.0% | $0.02+166.7% | -$0.04+55.6% | -$0.06+33.3% | -$0.03+76.9% | -$0.03+83.3% |
| EPS (Diluted) | -$0.03 | -$0.05+16.7% | -$0.03 | $0.02 | -$0.04+55.6% | -$0.06+33.3% | -$0.03+76.9% | -$0.03 |
| Diluted Shares (Avg) | 240M | 256M-1.2% | N/A | 269M | 259M+2.4% | 259M+3.1% | N/A | 255M |
BLND Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $143.6M-21.2% | $161.3M-14.0% | $170.0M-4.5% | $188.6M+1.3% | $182.2M-1.7% | $187.5M-7.1% | $178.1M-13.6% | $186.1M-41.5% |
| Current Assets | $75.9M-40.0% | $93.1M-33.2% | $99.8M-26.2% | $115.7M-21.0% | $126.4M-11.3% | $139.5M-12.6% | $135.2M-20.4% | $146.4M-48.3% |
| Cash & Equivalents | $23.3M-36.1% | $37.4M-33.5% | $45.1M+18.5% | $55.0M+8.8% | $36.5M-12.6% | $56.2M-27.5% | $38.0M+61.7% | $50.6M-40.2% |
| Short-Term Investments | $21.6M-58.4% | $21.6M-55.5% | $24.7M-56.0% | $22.2M-64.0% | $51.8M-22.9% | $48.6M+11.7% | $56.2M-46.9% | $61.7M-61.5% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $217.9M+6.2% | $217.2M+6.1% | $200.5M-14.5% | $202.0M-14.3% | $205.2M-11.1% | $204.6M-13.8% | $234.4M+4.1% | $235.7M-11.8% |
| Current Liabilities | $46.7M-10.8% | $51.5M-10.7% | $39.5M+1.1% | $45.6M+0.9% | $52.4M+26.1% | $57.6M+35.3% | $39.0M+23.6% | $45.2M+22.9% |
| Non-Current Liabilities | $171.2M+12.0% | $165.7M+12.7% | $161.1M-17.6% | $156.4M-17.9% | $152.9M-19.3% | $147.1M-24.6% | $195.4M+0.9% | $190.5M-17.4% |
| Long-Term Debt | N/A | N/A | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0-100.0% |
| Total Equity | -$74.4M-222.6% | -$55.9M-225.6% | -$30.5M+45.9% | -$13.4M+73.0% | -$23.1M+49.3% | -$17.2M+52.0% | -$56.4M-192.9% | -$49.6M-888.3% |
| Retained Earnings | -$1.4B0.0% | -$1.4B-0.4% | -$1.4B-0.5% | -$1.4B-0.4% | -$1.4B-1.4% | -$1.4B-2.4% | -$1.4B-3.2% | -$1.4B-5.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
BLND Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.9M+221.9% | $7.4M-63.5% | $1.5M+133.5% | -$3.6M-275.3% | -$6.5M+2.5% | $20.1M+620.1% | -$4.6M+77.8% | $2.1M+108.0% |
| Depreciation & Amortization | $1.5M | $1.3M+228.5% | $1.2M+339.6% | $0-100.0% | $0-100.0% | $407K+28.8% | $273K+180.1% | $200K-66.7% |
| Stock-Based Compensation | $7.0M-8.0% | $6.8M+11.2% | N/A | $7.8M+17.1% | $7.6M+5.1% | $6.1M-24.2% | N/A | $6.6M-26.6% |
| Capital Expenditures | $825K-77.1% | $1.1M-74.1% | $1.6M-37.6% | $2.1M-38.1% | $3.6M+94.3% | $4.3M+119.6% | $2.5M+431.5% | $3.4M+10954.8% |
| Free Cash Flow | $7.1M+170.3% | $6.2M-60.5% | -$21K+99.7% | -$5.8M-326.5% | -$10.1M-18.6% | $15.8M+371.0% | -$7.1M+66.5% | -$1.4M+94.8% |
| Investing Cash Flow | -$685K+93.6% | $2.9M-17.6% | -$1.8M+4.1% | $27.5M+134.5% | -$10.7M+57.4% | $3.5M-94.2% | -$1.9M-103.5% | $11.7M-83.6% |
| Financing Cash Flow | -$21.3M-484.6% | -$17.9M-245.2% | -$17.6M-177.7% | -$6.2M-46.5% | -$3.7M+50.1% | -$5.2M-62.4% | -$6.3M+92.7% | -$4.2M-218.9% |
| Share Buybacks | $20.4M+1216.5% | $16.8M+555.6% | $15.7M | $5.0M | $1.6M | $2.6M | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
BLND Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-K | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.5%-0.3pp | 75.8%+5.0pp | 73.8%-0.3pp | 74.3%+0.3pp | 73.8%+3.0pp | 70.8%+3.5pp | 74.2% | 74.0%+19.7pp |
| Operating Margin | -4.7%+10.6pp | -16.4%+13.3pp | -15.3%-4.4pp | -16.4%+17.7pp | -15.3%+30.3pp | -29.7%+59.3pp | -10.9% | -34.1%+55.1pp |
| Net Margin | -4.4%+17.3pp | -26.1%+9.3pp | -21.6%-18.9pp | 37.0%+44.4pp | -21.6%+46.0pp | -35.4%+51.2pp | -2.7% | -7.4% |
| Return on Assets | -1.0%+2.7pp | -5.0%+0.1pp | -4.0%-3.6pp | 6.4%+7.7pp | -3.8%+6.7pp | -5.1%+5.2pp | -0.5% | -1.3%+11.8pp |
| Current Ratio | 1.62-0.8x | 1.81-0.6x | 2.53-0.9x | 2.53-0.7x | 2.41-1.0x | 2.42-1.3x | 3.47-1.9x | 3.24-4.5x |
| Asset Turnover | 0.24+0.1x | 0.190.0x | 0.190.0x | 0.170.0x | 0.170.0x | 0.140.0x | 0.17 | 0.18+0.1x |
| FCF Margin | 21.0%+52.9pp | 20.2%-38.6pp | -0.1%+23.4pp | -17.6%-13.5pp | -31.9%-2.3pp | 58.9%+83.3pp | -23.5% | -4.1%+59.8pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Note: Shareholder equity is negative (-$30.5M), 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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Blend Labs, Inc. BLND | FY2025 | $123.6M | -$6.8M | -5.5% | $236.5M | 64/100 |
| Fastly, Inc. FSLY | FY2025 | $624.0M | -$121.7M | -19.5% | $4.0B | 53/100 |
| MeridianLink, Inc. MLNK | FY2024 | $316.3M | -$29.8M | -9.4% | $1.5B | 51/100 |
| Jamf Holding Corp. JAMF | FY2024 | $627.4M | -$68.5M | -10.9% | $1.7B | 42/100 |
| Yalla Group Limited YALA | FY2025 | $341.9M | $148.1M | 43.3% | $851.8M | 82/100 |
Where Blend Labs, Inc. Ranks
Frequently Asked Questions
What is Blend Labs, Inc.'s annual revenue?
Blend Labs, Inc. (BLND) reported $123.6M in total revenue for fiscal year 2025. This represents a 6.8% 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 6.8% year-over-year, from $115.8M to $123.6M in fiscal year 2025.
Is Blend Labs, Inc. profitable?
No, Blend Labs, Inc. (BLND) reported a net income of -$6.8M in fiscal year 2025, with a net profit margin of -5.5%.
What is Blend Labs, Inc.'s EBITDA?
Blend Labs, Inc. (BLND) had EBITDA of -$18.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Blend Labs, Inc. have?
As of fiscal year 2025, Blend Labs, Inc. (BLND) had $45.1M 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 73.8% in fiscal year 2025, 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 -17.6% in fiscal year 2025, 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 -5.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Blend Labs, Inc.'s free cash flow?
Blend Labs, Inc. (BLND) recorded an outflow of $81K in free cash flow during fiscal year 2025. This represents a 99.6% 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 $11.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Blend Labs, Inc.'s total assets?
Blend Labs, Inc. (BLND) had $170.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Blend Labs, Inc.'s capital expenditures?
Blend Labs, Inc. (BLND) invested $11.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Blend Labs, Inc. spend on research and development?
Blend Labs, Inc. (BLND) invested $32.8M in research and development during fiscal year 2025.
What is Blend Labs, Inc.'s current ratio?
Blend Labs, Inc. (BLND) had a current ratio of 2.53 as of fiscal year 2025, which is generally considered healthy.
What is Blend Labs, Inc.'s return on assets (ROA)?
Blend Labs, Inc. (BLND) had a return on assets of -4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blend Labs, Inc.'s P/E ratio?
Blend Labs, Inc. (BLND) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $236.5M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Blend Labs, Inc.'s price-to-sales ratio?
Blend Labs, Inc. (BLND) trades at 1.8x sales, its market capitalization divided by revenue of $129.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $236.5M as of Oct 16, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Blend Labs, Inc.'s debt-to-equity ratio negative or not reported?
Blend Labs, Inc. (BLND) has negative shareholder equity of -$30.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
Blend Labs, Inc. (BLND) has an Altman Z-Score of -10.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Blend Labs, Inc.'s Piotroski F-Score?
Blend Labs, Inc. (BLND) has a Piotroski F-Score of 6 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 to 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) reported a net loss of $6.8M while generating $11.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is Blend Labs, Inc.?
Blend Labs, Inc. (BLND) scores 64 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.