BLND · Blend Labs, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.84M | - | $32.86M | $31.52M | $26.77M | - | $45.18M | $40.48M | $34.95M | - |
| Cost of Revenue | $7.48M | - | $8.40M | $8.22M | $7.81M | - | $19.19M | $18.80M | $16.81M | - |
| Gross Profit | $23.36M | - | $24.46M | $23.30M | $18.96M | - | $26.00M | $21.68M | $18.14M | - |
| R&D | $9.41M | - | $8.52M | $7.33M | $7.52M | - | $10.13M | $12.92M | $14.18M | - |
| SG&A | $12.15M | - | $12.88M | $13.62M | $11.22M | - | $13.14M | $12.52M | $13.94M | - |
| Total Operating Expenses | $28.43M | - | $29.37M | $27.93M | $26.65M | - | $39.31M | $35.02M | $39.32M | - |
| D&A | $1.34M | - | $0 | $0 | $407.0K | - | $500.0K | $500.0K | $564.0K | - |
| Operating Income | ($5.06M) | - | ($4.91M) | ($4.62M) | ($7.69M) | - | ($13.32M) | ($13.34M) | ($21.18M) | - |
| Interest Expense | - | - | $0 | $0 | $5.10M | - | $0 | $1.65M | $5.10M | - |
| Income Tax | $63.0K | - | $27.0K | $41.0K | $30.0K | - | $18.0K | $23.0K | $42.0K | - |
| Net Income | ($8.05M) | - | $12.53M | ($6.64M) | ($9.23M) | - | ($2.44M) | ($19.41M) | ($20.67M) | - |
| EPS - Basic | ($0.05) | - | $0.03 | - | - | - | ($0.03) | ($0.09) | ($0.09) | - |
| EPS - Diluted | ($0.05) | - | $0.02 | - | - | - | ($0.03) | ($0.09) | ($0.09) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.43M | $43.58M | $55.02M | $36.50M | $56.24M | $42.24M | $55.04M | $45.45M | $84.52M | $30.96M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $259.0K | $1.83M | $772.0K | $1.20M | $2.67M | $2.42M | $1.86M | $1.08M | $1.90M | $2.17M |
| Current Assets | $93.10M | $97.86M | $115.99M | $126.83M | $139.94M | $135.17M | $146.40M | $142.52M | $159.53M | $169.84M |
| Total Assets | $161.26M | $170.04M | $189.57M | $183.07M | $188.27M | $178.01M | $186.13M | $185.41M | $201.76M | $206.06M |
| Current Liabilities | $51.45M | $39.45M | $45.67M | $52.74M | $58.09M | $38.95M | $45.24M | $41.52M | $42.56M | $31.57M |
| Long-term Debt | - | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $138.85M | $138.33M |
| Total Liabilities | $52.95M | $41.02M | $47.25M | $55.40M | $59.29M | $40.33M | $47.49M | $48.27M | $189.87M | $179.12M |
| Stockholders' Equity | ($55.91M) | ($30.47M) | ($12.48M) | ($22.57M) | ($16.89M) | ($56.36M) | ($49.60M) | ($45.47M) | ($35.76M) | ($19.24M) |
| Retained Earnings | ($1.40B) | ($1.39B) | ($1.39B) | ($1.40B) | ($1.39B) | ($1.38B) | ($1.38B) | ($1.38B) | ($1.36B) | ($1.34B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $7.35M | - | - | - | $20.39M | - | - | - | ($3.87M) | - |
| Investing Cash Flow | $2.89M | - | - | - | $3.23M | - | - | - | $60.62M | - |
| Financing Cash Flow | ($17.87M) | - | - | - | ($5.18M) | - | - | - | ($3.19M) | - |
| CapEx | $1.12M | - | - | - | $4.59M | - | - | - | $1.96M | - |
| Free Cash Flow | $6.24M | - | - | - | $15.80M | - | - | - | ($5.83M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 75.8% | - | 74.4% | 73.9% | 70.8% | - | 57.5% | 53.6% | 51.9% | - |
| Operating margin | -16.4% | - | -14.9% | -14.7% | -28.7% | - | -29.5% | -33.0% | -60.6% | - |
| EBITDA margin | -12.1% | - | -14.9% | -14.7% | -27.2% | - | -28.4% | -31.7% | -59.0% | - |
| Net margin | -26.1% | - | 38.1% | -21.1% | -34.5% | - | -5.4% | -47.9% | -59.1% | - |
| Free cash flow margin | 20.2% | - | - | - | 59.0% | - | - | - | -16.7% | - |
| FCF / Net income | -0.77 | - | - | - | -1.71 | - | - | - | 0.28 | - |
| R&D / Revenue | 30.5% | - | 25.9% | 23.3% | 28.1% | - | 22.4% | 31.9% | 40.6% | - |
| SG&A / Revenue | 39.4% | - | 39.2% | 43.2% | 41.9% | - | 29.1% | 30.9% | 39.9% | - |
| Effective tax rate | - | - | 0.2% | - | - | - | - | - | - | - |
| Return on assets | -5.0% | - | 6.6% | -3.6% | -4.9% | - | -1.3% | -10.5% | -10.2% | - |
| Return on equity | 14.4% | - | -100.4% | 29.4% | 54.7% | - | 4.9% | 42.7% | 57.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | -16.2% | - |
| Liquidity | ||||||||||
| Current ratio | 1.81 | 2.48 | 2.54 | 2.40 | 2.41 | 3.47 | 3.24 | 3.43 | 3.75 | 5.38 |
| Quick ratio | 1.81 | 2.48 | 2.54 | 2.40 | 2.41 | 3.47 | 3.24 | 3.43 | 3.75 | 5.38 |
| Cash ratio | 0.73 | 1.10 | 1.20 | 0.69 | 0.97 | 1.08 | 1.22 | 1.09 | 1.99 | 0.98 |
| Leverage | ||||||||||
| Debt / Equity | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3.88 | -7.19 |
| Debt / Assets | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.69 | 0.67 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | -1.5x | - | - | -8.1x | -4.2x | - |
| Equity multiplier | -2.88 | -5.58 | -15.18 | -8.11 | -11.15 | -3.16 | -3.75 | -4.08 | -5.64 | -10.71 |
| Liabilities / Assets | 0.33 | 0.24 | 0.25 | 0.30 | 0.31 | 0.23 | 0.26 | 0.26 | 0.94 | 0.87 |
| Efficiency | ||||||||||
| Asset turnover | 0.19 | - | 0.17 | 0.17 | 0.14 | - | 0.24 | 0.22 | 0.17 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 13d | - | 34d | 53d | 125d | - | 35d | 21d | 41d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 182.5x | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 14.1x | - | 29.8x | 27.1x | 32.4x | - | 21.2x | 14.8x | 23.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 15.2% | - | -27.3% | -22.1% | -23.4% | - | 11.3% | -5.5% | -6.4% | - |
| Revenue CAGR (3y) | -6.2% | - | -16.0% | -21.6% | -5.7% | - | 17.5% | 22.7% | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 23.2% | - | -5.9% | 7.5% | 4.5% | - | 17.8% | -7.7% | 14.4% | - |
| Operating income growth (YoY) | 34.2% | - | 63.1% | 65.3% | 63.7% | - | 63.2% | 63.7% | 65.5% | - |
| Net income growth (YoY) | 12.8% | - | - | 65.8% | 55.3% | - | 94.1% | 52.9% | 68.4% | - |
| EPS growth (YoY) | - | - | - | - | - | - | 83.3% | 50.0% | 67.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -60.5% | - | - | - | - | - | - | - | 87.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -231.1% | 45.9% | 74.8% | 50.4% | 52.8% | -192.9% | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$238.03M totalSoftware$114.45M · 48.1%
Mortgage Suite$69.22M · 29.1%
Consumer Banking Suite$45.22M · 19.0%
Professional Services$9.14M · 3.8%
Peer comparison
Same SIC group: Services-Computer Programming, Data Processing, Etc.
Comparing Blend Labs against the 5 most active filers in the same SIC group.