BILL Holdings, Inc. (BILL) reported total revenue of $1.46 billion for the fiscal year ended June 30, 2025, an increase of 13% compared to $1.29 billion in fiscal 2024. Subscription and transaction fees contributed $1.30 billion to the total revenue, while interest on funds held for customers accounted for $161.8 million. The company achieved net income of $23.8 million in fiscal 2025, a significant turnaround from the net loss of $28.9 million reported in the previous fiscal year.
The increase in revenue was primarily driven by a $178.1 million increase in subscription and transaction fees, reflecting greater customer adoption of BILL's platform. However, interest income on customer funds decreased by $5.7 million due to lower yield driven by the decrease in interest rates. Operating expenses totaled $1.27 billion, representing a 3% increase from $1.23 billion in fiscal 2024. Research and development expenses saw a slight increase of 1%, while sales and marketing expenses increased by 14%, mainly due to higher rewards expenses related to the BILL Divvy Card program.
Key operational developments included an increase in businesses using BILL's solutions to approximately 493,800 as of June 30, 2025. Total Payment Volume (TPV) processed during fiscal 2025 reached approximately $330 billion. The company's network expanded to approximately 8.3 million members who have paid or received funds electronically using the platform, representing an 18% increase since June 30, 2024. The company's net dollar-based retention rate was 94% during fiscal 2025.
Looking ahead, BILL Holdings plans to continue investing in its platform, including developing new AI-powered solutions and expanding partner integrations. The company aims to attract new customers, retain existing ones, and drive adoption of its various payment products. However, the company acknowledges potential challenges, including macroeconomic conditions, competition, and regulatory changes, which could impact future financial performance. The company's success will depend on its ability to adapt to evolving market conditions, manage risks effectively, and maintain its competitive position.
About BILL Holdings, Inc.
BILL Holdings, Inc. provides an AI-enabled financial operations platform tailored for small and midsize businesses, automating accounts payable, receivable, and spend management. Its integrated cloud-based solutions streamline invoicing, payments, expense tracking, and cash flow management, connecting businesses with suppliers, clients, banks, and accounting software. Leveraging a large network and proprietary risk management, BILL enhances financial efficiency, security, and visibility for SMBs through direct and partner channels.
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