Blend Labs, Inc.
BLND NYSE Services-Computer Programming, Data Processing, Etc. Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$124M
6.8%
vs prior year
Operating margin
Operating income as a share of revenue.
−17.6%
24.6 pts
Net income
Profit after all expenses, interest and tax.
−$6.8M
Free cash flow
Cash from operations minus capital spending.
−$0.1M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.08 EPS (TTM)
What Blend Labs, Inc. does
No business description yet.
- Legal name
- Blend Labs, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0001855747-26-000016
0001855747
Revenue and margins
Blend Labs, Inc. had $124M of revenue in fiscal 2025, up 6.8% on the year before.
FY19
Revenue $50.7M
FY20
Revenue $96.0M
FY21
Revenue $234M
FY22
Revenue $235M
FY23
Revenue $110M
FY24
Revenue $116M
FY25
Revenue $124M
Q3 '23
Revenue $40.6M
Q4 '23
Revenue −$11.2M
Q1 '24
Revenue $23.8M
Q2 '24
Revenue $28.7M
Q3 '24
Revenue $33.1M
Q4 '24
Revenue $30.1M
Q1 '25
Revenue $26.8M
Q2 '25
Revenue $31.6M
Q3 '25
Revenue $32.7M
Q4 '25
Revenue $31.6M
Q1 '26
Revenue $30.8M
Q2 '26
Revenue $33.8M
FY19
Gross 61.4%
Operating −161.3%
Net −160.7%
FCF −117.5%
FY20
Gross 64.3%
Operating −78.4%
Net −77.7%
FCF −69.1%
FY21
Gross 49.5%
Operating −84.1%
Net −72.5%
FCF −55.1%
FY22
Gross 38.1%
Operating −317.3%
Net −306.2%
FCF −81.8%
FY23
Gross 69.8%
Operating −131.1%
Net −163.1%
FCF −116.5%
FY24
Gross 71.9%
Operating −42.2%
Net −37.4%
FCF −19.7%
FY25
Gross 73.8%
Operating −17.6%
Net −5.5%
FCF −0.1%
Gross
Operating
Net
FCF
Q3 '23
Gross 54.4%
Operating −89.2%
Net −102.9%
FCF −63.9%
Q4 '23
Gross −134.5%
Operating 82.7%
Net 270.6%
FCF 180.7%
Q1 '24
Gross 67.3%
Operating −89.0%
Net −86.7%
FCF −24.5%
Q2 '24
Gross 70.9%
Operating −45.5%
Net −67.6%
FCF −29.7%
Q3 '24
Gross 74.0%
Operating −34.1%
Net −7.4%
FCF −4.1%
Q4 '24
Gross 74.2%
Operating −10.9%
Net −2.7%
FCF −23.5%
Q1 '25
Gross 70.8%
Operating −29.7%
Net −35.5%
FCF 58.9%
Q2 '25
Gross 73.8%
Operating −15.3%
Net −21.6%
FCF −31.9%
Q3 '25
Gross 74.3%
Operating −16.4%
Net 37.0%
FCF −17.6%
Q4 '25
Gross 73.8%
Operating −15.3%
Net −21.6%
FCF −0.1%
Q1 '26
Gross 75.8%
Operating −16.4%
Net −26.1%
FCF 20.2%
Q2 '26
Gross 73.5%
Operating −4.7%
Net −4.4%
FCF 21.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$81.5M
FY20
Net income −$74.6M
FY21
Net income −$170M
FY22
Net income −$720M
FY23
Net income −$179M
FY24
Net income −$43.3M
FY25
Net income −$6.8M
Q3 '23
Net income −$41.8M
Q4 '23
Net income −$30.3M
Q1 '24
Net income −$20.7M
Q2 '24
Net income −$19.4M
Q3 '24
Net income −$2.4M
Q4 '24
Net income −$0.8M
Q1 '25
Net income −$9.5M
Q2 '25
Net income −$6.8M
Q3 '25
Net income $12.1M
Q4 '25
Net income −$6.8M
Q1 '26
Net income −$8.0M
Q2 '26
Net income −$1.5M
FY19
Diluted EPS −$2.49
FY20
Diluted EPS −$1.89
FY21
Diluted EPS −$1.30
FY22
Diluted EPS −$3.28
FY23
Diluted EPS −$0.76
FY24
Diluted EPS −$0.24
FY25
Diluted EPS −$0.10
Q3 '23
Diluted EPS −$0.18
Q4 '23
Diluted EPS −$0.12
Q1 '24
Diluted EPS −$0.09
Q2 '24
Diluted EPS −$0.09
Q3 '24
Diluted EPS −$0.03
Q4 '24
Diluted EPS −$0.03
Q1 '25
Diluted EPS −$0.06
Q2 '25
Diluted EPS −$0.04
Q3 '25
Diluted EPS $0.02
Q4 '25
Diluted EPS −$0.02
Q1 '26
Diluted EPS −$0.05
Q2 '26
Diluted EPS −$0.03
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −60.3%
Return on assets —
FY20
Return on capital −512.1%
Return on equity −50.0%
Return on assets −34.6%
FY21
Return on capital −35.3%
Return on equity −36.2%
Return on assets −25.6%
FY22
Return on capital —
Return on equity −160.4%
Return on assets −93.2%
FY23
Return on capital —
Return on equity −343.9%
Return on assets −55.9%
FY24
Return on capital —
Return on equity —
Return on assets −22.6%
FY25
Return on capital —
Return on equity —
Return on assets −3.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$0.1M in fiscal 2025, −0.1% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$59.5M
FY20
Free cash flow −$66.3M
FY21
Free cash flow −$129M
FY22
Free cash flow −$192M
FY23
Free cash flow −$128M
FY24
Free cash flow −$22.8M
FY25
Free cash flow −$0.1M
Q3 '23
Free cash flow −$25.9M
Q4 '23
Free cash flow −$20.2M
Q1 '24
Free cash flow −$5.8M
Q2 '24
Free cash flow −$8.5M
Q3 '24
Free cash flow −$1.4M
Q4 '24
Free cash flow −$7.1M
Q1 '25
Free cash flow $15.8M
Q2 '25
Free cash flow −$10.1M
Q3 '25
Free cash flow −$5.8M
Q4 '25
Free cash flow −$0.0M
Q1 '26
Free cash flow $6.2M
Q2 '26
Free cash flow $7.1M
FY19
Cash from operations −$58.9M
Capital spending $0.6M
FY20
Cash from operations −$65.0M
Capital spending $1.3M
FY21
Cash from operations −$128M
Capital spending $1.7M
FY22
Cash from operations −$190M
Capital spending $2.1M
FY23
Cash from operations −$128M
Capital spending $0.0M
FY24
Cash from operations −$13.0M
Capital spending $9.7M
FY25
Cash from operations $11.5M
Capital spending $11.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$25.9M
Capital spending $0.0M
Q4 '23
Cash from operations −$20.7M
Capital spending −$0.5M
Q1 '24
Cash from operations −$3.9M
Capital spending $2.0M
Q2 '24
Cash from operations −$6.7M
Capital spending $1.9M
Q3 '24
Cash from operations $2.1M
Capital spending $3.4M
Q4 '24
Cash from operations −$4.6M
Capital spending $2.5M
Q1 '25
Cash from operations $20.1M
Capital spending $4.3M
Q2 '25
Cash from operations −$6.5M
Capital spending $3.6M
Q3 '25
Cash from operations −$3.6M
Capital spending $2.1M
Q4 '25
Cash from operations $1.5M
Capital spending $1.6M
Q1 '26
Cash from operations $7.4M
Capital spending $1.1M
Q2 '26
Cash from operations $7.9M
Capital spending $0.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Blend Labs, Inc. returned $24.9M to shareholders in fiscal 2025. The diluted share count rose 2.0%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $24.9M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks $0.0M
Q2 '24
Dividends —
Buybacks $0.0M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $2.6M
Q2 '25
Dividends —
Buybacks $1.6M
Q3 '25
Dividends —
Buybacks $5.0M
Q4 '25
Dividends —
Buybacks $15.7M
Q1 '26
Dividends —
Buybacks $16.8M
Q2 '26
Dividends —
Buybacks $20.4M
Dividends
Buybacks
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.04B
FY21
Diluted shares 0.13B
FY22
Diluted shares 0.23B
FY23
Diluted shares 0.25B
FY24
Diluted shares 0.25B
FY25
Diluted shares 0.26B
Balance sheet
Cash, debt and the ratios that show how comfortably Blend Labs, Inc. can carry it.
FY19
Cash $22.6M
Debt —
FY20
Cash $152M
Debt $0.0M
FY21
Cash $547M
Debt $214M
FY22
Cash $354M
Debt $217M
FY23
Cash $129M
Debt $138M
FY24
Cash $94.2M
Debt $0.0M
FY25
Cash $69.8M
Debt $0.0M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $547M | $354M | $129M | $94.2M | $69.8M |
| Debt incl. finance leases | $214M | $217M | $138M | $0.0M | $0.0M |
| Debt / equity | 0.3x | 1.8x | — | — | — |
| Interest coverage | −17.5x | −30.1x | −4.7x | −7.2x | — |
| Current ratio | 10.2x | 11.2x | 5.4x | 3.5x | 2.5x |
| Quick ratio | 10.2x | 11.2x | 5.4x | 3.5x | 2.5x |
| Total assets | $1.1B | $433M | $206M | $178M | $170M |
| Total liabilities | $302M | $269M | $179M | $40.4M | $41.0M |
| Shareholders' equity | $775M | $123M | −$19.2M | −$56.4M | −$30.5M |
| Net debt (− = net cash) | −$333M | −$137M | $8.9M | −$94.2M | −$69.8M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✕ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | 3 / 9 | 3 / 9 | 3 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | — | −4.5% | −6.4% | −68.6% | −16.0% | −15.8% | −10.5% |
| Altman Z'' | — | 1.40 | 3.47 | −14.40 | −21.62 | −25.12 | −25.99 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $50.7M | $96.0M | $234M | $235M | $110M | $116M | $124M |
| Gross profit | $31.1M | $61.7M | $116M | $89.7M | $76.5M | $83.2M | $91.2M |
| Research and development | $48.6M | $55.5M | $92.2M | $138M | $81.3M | $46.1M | $32.8M |
| Operating income | −$81.7M | −$75.3M | −$197M | −$746M | −$144M | −$48.8M | −$21.7M |
| Interest expense | $0.0M | $0.0M | $11.3M | $24.8M | $30.8M | $6.7M | $0.0M |
| Pretax income | −$81.4M | −$74.6M | −$208M | −$766M | −$167M | −$42.7M | −$0.9M |
| Income tax | $0.0M | $0.0M | −$38.9M | −$2.2M | $0.1M | $0.1M | $0.2M |
| Net income | −$81.5M | −$74.6M | −$170M | −$720M | −$179M | −$43.3M | −$6.8M |
| Net income to common | −$81.5M | −$74.6M | −$171M | −$769M | −$185M | −$60.5M | −$25.9M |
| Diluted EPS | −$2.49 | −$1.89 | −$1.30 | −$3.28 | −$0.76 | −$0.24 | −$0.10 |
| Diluted shares | 0.03B | 0.04B | 0.13B | 0.23B | 0.25B | 0.25B | 0.26B |
| Cash flow | |||||||
| Cash from operations | −$58.9M | −$65.0M | −$128M | −$190M | −$128M | −$13.0M | $11.5M |
| Capital expenditure | $0.6M | $1.3M | $1.7M | $2.1M | $0.0M | $9.7M | $11.6M |
| Free cash flow | −$59.5M | −$66.3M | −$129M | −$192M | −$128M | −$22.8M | −$0.1M |
| Depreciation and amortization | $4.8M | $4.0M | $10.6M | $10.8M | $1.5M | $1.3M | $3.3M |
| Stock-based compensation | $9.9M | $10.1M | $70.8M | $110M | $45.6M | $27.9M | $29.0M |
| Acquisitions | $0.0M | $0.0M | $400M | $0.0M | $0.0M | — | — |
| Share buybacks | — | — | — | — | $0.0M | $0.0M | $24.9M |
| Dividends and buybacks | — | — | — | — | $0.0M | $0.0M | $24.9M |
| Balance sheet | |||||||
| Cash and short-term investments | $22.6M | $152M | $547M | $354M | $129M | $94.2M | $69.8M |
| Total debt | — | $0.0M | $214M | $217M | $138M | $0.0M | $0.0M |
| Current assets | — | $186M | $613M | $396M | $170M | $135M | $99.8M |
| Current liabilities | — | $35.0M | $60.0M | $35.5M | $31.6M | $39.0M | $39.5M |
| Property and equipment, net | — | $4.6M | $6.2M | $5.7M | $3.9M | $11.7M | $23.0M |
| Goodwill | — | $0.0M | $287M | $0.0M | — | — | — |
| Intangible assets | — | $1.2M | $173M | $2.1M | $2.1M | $0.1M | — |
| Total assets | — | $216M | $1.1B | $433M | $206M | $178M | $170M |
| Total liabilities | — | $52.4M | $302M | $269M | $179M | $40.4M | $41.0M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | — | — |
| Shareholders' equity | $135M | $163M | $775M | $123M | −$19.2M | −$56.4M | −$30.5M |
| Margins | |||||||
| Gross margin | 61.4% | 64.3% | 49.5% | 38.1% | 69.8% | 71.9% | 73.8% |
| Operating margin | −161.3% | −78.4% | −84.1% | −317.3% | −131.1% | −42.2% | −17.6% |
| EBITDA margin | −151.9% | −74.2% | −79.6% | −312.7% | −129.7% | −41.0% | −14.9% |
| Net margin | −160.7% | −77.7% | −72.5% | −306.2% | −163.1% | −37.4% | −5.5% |
| FCF margin | −117.5% | −69.1% | −55.1% | −81.8% | −116.5% | −19.7% | −0.1% |
| Returns | |||||||
| Return on capital | — | −512.1% | −35.3% | — | — | — | — |
| Return on capital employed | — | −41.7% | −18.7% | −187.8% | −82.3% | −35.1% | −16.6% |
| Return on equity | −60.3% | −50.0% | −36.2% | −160.4% | −343.9% | — | — |
| Return on assets | — | −34.6% | −25.6% | −93.2% | −55.9% | −22.6% | −3.9% |
| Return on tangible equity | −60.3% | −46.0% | −54.5% | −635.0% | — | — | — |
| Growth | |||||||
| Revenue growth | — | 89.5% | 144.2% | 0.3% | −53.4% | 5.7% | 6.8% |
| Share count change | — | 20.2% | 234.9% | 77.4% | 4.7% | 3.6% | 2.0% |
| Financial health | |||||||
| Debt / equity | — | 0.0x | 0.3x | 1.8x | — | — | — |
| Interest coverage | — | — | −17.5x | −30.1x | −4.7x | −7.2x | — |
| Current ratio | — | 5.3x | 10.2x | 11.2x | 5.4x | 3.5x | 2.5x |
| Quick ratio | — | 5.3x | 10.2x | 11.2x | 5.4x | 3.5x | 2.5x |
| Capital allocation | |||||||
| Capex / revenue | 1.1% | 1.4% | 0.7% | 0.9% | 0.0% | 8.4% | 9.4% |
| Stock comp / revenue | 19.5% | 10.5% | 30.2% | 46.6% | 41.6% | 24.1% | 23.4% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 3.0 | 3.0 | 3.0 | 5.0 | 5.0 |
| Altman Z'' | — | 1.4 | 3.5 | −14.4 | −21.6 | −25.1 | −26.0 |
| Accruals ratio | — | −4.5% | −6.4% | −68.6% | −16.0% | −15.8% | −10.5% |
Source: SEC EDGAR XBRL filings (CIK 0001855747). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.