Blend Labs Inc Financials
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 shifting from heavy operating losses toward near break-even cash generation, but reinvestment still absorbs nearly all operating cash.
From FY2023 to FY2025, gross margin widened from69.8% to73.8% while the operating loss narrowed sharply, indicating that lower operating spending—not merely sales recovery—did much of the work. In FY2025, positive operating cash flow of$11.5M nearly matched capital spending of$11.6M , leaving free cash flow at-$81K : the business reached cash-flow breakeven only before reinvestment.
Debt structure has become less burdensome: long-term debt was
Revenue recovery has been modest, but the cost base has changed materially: R&D fell from
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 scores -9.63, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($366.6M) 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 $123.6M in revenue in fiscal year 2025. This represents an increase of 6.8% from the prior year.
Blend Labs Inc's EBITDA was -$18.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.2% from the prior year.
Blend Labs Inc reported -$6.8M in net income in fiscal year 2025. This represents an increase of 84.3% from the prior year.
Cash & Balance Sheet
Blend Labs Inc recorded an outflow of $81K in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 99.6% from the prior year.
Blend Labs Inc held $45.1M in cash against $0 in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Blend Labs Inc's gross margin was 73.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Blend Labs Inc's operating margin was -17.6% in fiscal year 2025, reflecting core business profitability. This is up 24.6 percentage points from the prior year.
Blend Labs Inc's net profit margin was -5.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 31.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Blend Labs Inc invested $32.8M in research and development in fiscal year 2025. This represents a decrease of 28.7% from the prior year.
Blend Labs Inc spent $24.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Blend Labs Inc invested $11.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 19.0% from the prior year.
BLND Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.8M+9.7% | $30.8M-2.5% | $31.6M-3.3% | $32.7M+3.4% | $31.6M+17.8% | $26.8M-10.9% | $30.1M-9.0% | $33.1M |
| Cost of Revenue | $9.0M+19.7% | $7.5M-9.6% | $8.3M-1.7% | $8.4M+1.7% | $8.3M+5.5% | $7.8M+0.8% | $7.8M-9.5% | $8.6M |
| Gross Profit | $24.9M+6.5% | $23.4M0.0% | $23.4M-3.8% | $24.3M+3.9% | $23.4M+22.9% | $19.0M-14.9% | $22.3M-8.8% | $24.5M |
| R&D Expenses | $8.7M-7.8% | $9.4M+25.7% | $7.5M-14.0% | $8.7M+16.3% | $7.5M-4.5% | $7.8M-11.5% | $8.9M-12.5% | $10.1M |
| SG&A Expenses | $11.0M-9.2% | $12.2M-11.4% | $13.7M+5.9% | $13.0M-5.6% | $13.7M+22.1% | $11.2M+7.2% | $10.5M-8.8% | $11.5M |
| Operating Income | -$1.6M+68.9% | -$5.1M-4.9% | -$4.8M+9.7% | -$5.3M-10.8% | -$4.8M+39.5% | -$8.0M-143.9% | -$3.3M+71.0% | -$11.3M |
| Interest Expense | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 |
| Income Tax | $119K+88.9% | $63K+53.7% | $41K+51.9% | $27K-34.1% | $41K+36.7% | $30K+87.5% | $16K-23.8% | $21K |
| Net Income | -$1.5M+81.6% | -$8.0M-17.6% | -$6.8M-156.6% | $12.1M+276.7% | -$6.8M+28.1% | -$9.5M-1053.6% | -$825K+66.3% | -$2.4M |
| EPS (Diluted) | -$0.03 | -$0.05-66.7% | -$0.03 | $0.02 | -$0.04+33.3% | -$0.06 | -$0.03 | -$0.03 |
BLND Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $143.6M-11.0% | $161.3M-5.2% | $170.0M-9.8% | $188.6M+3.5% | $182.2M-2.8% | $187.5M+5.3% | $178.1M-4.3% | $186.1M |
| Current Assets | $75.9M-18.5% | $93.1M-6.7% | $99.8M-13.7% | $115.7M-8.5% | $126.4M-9.4% | $139.5M+3.1% | $135.2M-7.6% | $146.4M |
| Cash & Equivalents | $23.3M-37.7% | $37.4M-16.9% | $45.1M-18.1% | $55.0M+50.7% | $36.5M-35.1% | $56.2M+48.0% | $38.0M-24.8% | $50.6M |
| Total Liabilities | $217.9M+0.4% | $217.2M+8.3% | $200.5M-0.7% | $202.0M-1.6% | $205.2M+0.3% | $204.6M-12.7% | $234.4M-0.5% | $235.7M |
| Current Liabilities | $46.7M-9.2% | $51.5M+30.4% | $39.5M-13.6% | $45.6M-12.8% | $52.4M-9.1% | $57.6M+47.6% | $39.0M-13.8% | $45.2M |
| Long-Term Debt | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | -$74.4M-33.0% | -$55.9M-83.5% | -$30.5M-127.2% | -$13.4M+41.8% | -$23.1M-34.2% | -$17.2M+69.5% | -$56.4M-13.6% | -$49.6M |
| Retained Earnings | -$1.4B-0.1% | -$1.4B-0.6% | -$1.4B-0.2% | -$1.4B+0.9% | -$1.4B-0.5% | -$1.4B-0.7% | -$1.4B-0.1% | -$1.4B |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.9M+7.8% | $7.4M+378.0% | $1.5M+142.3% | -$3.6M+44.0% | -$6.5M-132.3% | $20.1M+538.6% | -$4.6M-320.9% | $2.1M |
| Capital Expenditures | $825K-26.1% | $1.1M-28.4% | $1.6M-26.5% | $2.1M-41.0% | $3.6M-16.6% | $4.3M+72.7% | $2.5M-27.1% | $3.4M |
| Free Cash Flow | $7.1M+13.9% | $6.2M+29790.5% | -$21K+99.6% | -$5.8M+43.0% | -$10.1M-163.9% | $15.8M+323.1% | -$7.1M-424.4% | -$1.4M |
| Investing Cash Flow | -$685K-123.7% | $2.9M+259.3% | -$1.8M-106.6% | $27.5M+357.5% | -$10.7M-405.5% | $3.5M+285.4% | -$1.9M-116.1% | $11.7M |
| Financing Cash Flow | -$21.3M-19.4% | -$17.9M-1.7% | -$17.6M-183.3% | -$6.2M-69.8% | -$3.7M+29.5% | -$5.2M+18.1% | -$6.3M-49.4% | -$4.2M |
| Share Buybacks | $20.4M+21.2% | $16.8M+7.1% | $15.7M+213.0% | $5.0M+224.2% | $1.6M-39.6% | $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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.5%-2.2pp | 75.8%+1.9pp | 73.8%-0.4pp | 74.3%+0.4pp | 73.8%+3.1pp | 70.8%-3.4pp | 74.2%+0.2pp | 74.0% |
| Operating Margin | -4.7%+11.8pp | -16.4%-1.1pp | -15.3%+1.1pp | -16.4%-1.1pp | -15.3%+14.5pp | -29.7%-18.9pp | -10.9%+23.2pp | -34.1% |
| Net Margin | -4.4%+21.7pp | -26.1%-4.5pp | -21.6%-58.7pp | 37.0%+58.7pp | -21.6%+13.8pp | -35.4%-32.7pp | -2.7%+4.6pp | -7.4% |
| Return on Assets | -1.0%+4.0pp | -5.0%-1.0pp | -4.0%-10.4pp | 6.4%+10.2pp | -3.8%+1.3pp | -5.1%-4.6pp | -0.5%+0.9pp | -1.3% |
| Current Ratio | 1.62-0.2x | 1.81-0.7x | 2.530.0x | 2.53+0.1x | 2.410.0x | 2.42-1.0x | 3.47+0.2x | 3.24 |
| FCF Margin | 21.0%+0.8pp | 20.2%+20.3pp | -0.1%+17.5pp | -17.6%+14.3pp | -31.9%-90.8pp | 58.9%+82.4pp | -23.5%-19.4pp | -4.1% |
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.
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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.
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 -9.63, 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.