Blend Labs (BLND) financial statements
Blend Labs reported revenue of $124M in fiscal 2025, up 16.0% a year over 6 years.
Net income was -$7M and the operating margin -17.6%, against -161.3% in 2019.
Free cash flow was -$81,000, and the company returned $25M in net buybacks.
The diluted share count rose 690% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Blend Labs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $51M | $96M | $234M | $235M | $110M | $116M | $124M |
| Cost of revenue | $20M | $34M | $119M | $146M | $33M | $33M | $32M |
| Gross profit | $31M | $62M | $116M | $90M | $76M | $83M | $91M |
| Research and development | $49M | $56M | $92M | $138M | $81M | $46M | $33M |
| Selling, general and admin | $64M | $82M | $213M | $224M | $119M | $80M | $79M |
| Operating income | -$82M | -$75M | -$197M | -$746M | -$144M | -$49M | -$22M |
| Interest expense | $0 | $0 | $11M | $25M | $31M | $7M | $0 |
| Pre-tax income | -$81M | -$75M | -$208M | -$766M | -$167M | -$43M | -$878,000 |
| Income tax | $13,000 | $26,000 | -$39M | -$2M | $94,000 | $109,000 | $249,000 |
| Net income | -$81M | -$75M | -$170M | -$720M | -$179M | -$43M | -$7M |
| EPS (diluted) | -$2.49 | -$1.89 | -$1.30 | -$3.28 | -$0.76 | -$0.24 | -$0.10 |
| Diluted shares | 33M | 39M | 132M | 234M | 245M | 254M | 259M |
| 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% |
| Net margin | -160.7% | -77.7% | -72.5% | -306.2% | -163.1% | -37.4% | -5.5% |
Balance sheet
Fiscal years, from Blend Labs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $23M | $152M | $547M | $354M | $129M | $94M | $70M |
| Total current assets | — | $186M | $613M | $396M | $170M | $135M | $100M |
| Property, plant and equipment | — | $5M | $6M | $6M | $4M | $12M | $23M |
| Goodwill | — | $0 | $287M | $0 | — | — | — |
| Total assets | — | $216M | $1.1B | $433M | $206M | $178M | $170M |
| Total current liabilities | — | $35M | $60M | $35M | $32M | $39M | $39M |
| Total liabilities | — | $52M | $302M | $269M | $179M | $40M | $41M |
| Shareholders' equity | $135M | $163M | $775M | $123M | -$19M | -$56M | -$30M |
| Net debt | -$23M | -$41M | -$213M | -$124M | -$24M | -$38M | -$45M |
Cash flow
Fiscal years, from Blend Labs's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$59M | -$65M | -$128M | -$190M | -$128M | -$13M | $12M |
| Capital spending | $580,000 | $1M | $2M | $2M | $35,000 | $10M | $12M |
| Free cash flow | -$60M | -$66M | -$129M | -$192M | -$128M | -$23M | -$81,000 |
| Stock-based compensation | $10M | $10M | $71M | $110M | $46M | $28M | $29M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$25M |
| Net borrowing | — | — | $0 | $0 | -$85M | -$144M | $0 |
| Free cash flow margin | -117.5% | -69.1% | -55.2% | -81.8% | -116.5% | -19.7% | -0.1% |
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Open BLND in InvestinglyQuestions
What was Blend Labs's revenue in 2025?
$124M in fiscal 2025, from its 10-K filing.
How much free cash flow does Blend Labs generate?
-$81,000 in fiscal 2025 (operating cash flow minus capital spending).
From Blend Labs's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.