Blend Labs

BLND · NYSE · Information Technology · Financials, fiscal 2019 to 2025

BLND · Last close · November 6, 2026

$0.98

Blend Labs' revenue rose 6.8% to $124 million in fiscal 2025. Its operating margin was −17.6%, up from −42.2% a year earlier. Free cash flow was −$0 million. It paid out $25 million in dividends and buybacks. The diluted share count rose 2.0%.

BLEND LABS, INC. Latest fiscal year ended December 31, 2025 10-K filed March 16, 2026 · 0001855747-26-000016 Updated November 7, 2026

Revenue

$124M

6.8%

Operating margin

−17.6%

24.6 pts

Net income

−$7M

Free cash flow

−$0M

Return on equity

—

Market cap

$233M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Interest coverage for fiscal 2025 is blank: the 10-K's structured data doesn't include intangible assets.

Charts show fiscal years, from the 10-K filings.

What Blend Labs does

Blend sells cloud software that banks, credit unions, mortgage lenders and mortgage servicers use to take loan applications and open accounts online. Its products cover mortgages, home equity loans, refinancing, vehicle loans, personal loans, credit cards and deposit accounts. A workflow engine applies pre-set rules for collecting data, verifying it, choosing products, pricing and sending disclosures. A tool called Blend Builder lets customers assemble their own products from modular parts.

Blend has a single business segment. It says its model is largely success-based, so it often relies on customers reporting completed transactions to it, which makes revenue harder to estimate. In 2025, 75.0% of its revenue came from 25 of its largest customers. In 2025 it decided to exit its title business, and reports those results as discontinued operations.

It also connects data, technology and service providers to the lenders using its platform, and says that more of these partners make it more useful to lenders and consumers.

Its biggest risks, as it describes them

Depending on financial services firms, so mortgage industry swings and higher interest rates hurt it.
A large share of revenue comes from a small number of key customers.
A history of net losses, with profit not assured.
Intense competition from other software providers.
Success-based pricing that relies on customers' own reporting, making revenue harder to forecast.

From Blend Labs's annual report on Form 10-K, filed March 16, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Blend Labs lost money in fiscal 2025: a net loss of $7 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	547	354	130	94	68
Debt incl. finance leases	214	217	138	0	0
Net debt (negative means net cash)	−333	−137	9	−94	−68
Net debt to EBITDA	—	—	—	—	—
Debt to 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

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Blend Labs' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Blend Labs' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 6 insiders bought $33.7 million of Blend Labs shares on the open market, and 5 insiders sold $496,044, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 28, 2026	Nima GhamsariHead of Blend, Director	Sold plan	22,523	$1.10	$24,775	Form 4
Sep 21, 2026	Nima GhamsariHead of Blend, Director	Sold plan	21,009	$1.19	$25,001	Form 4
Sep 14, 2026	Nima GhamsariHead of Blend, Director	Sold plan	17,731	$1.43	$25,355	Form 4
Sep 11, 2026	Srinivasan VenkatramaniHead of Product Tech & Cust Op	Sold plan	74,705	$1.43	$106,828	Form 4
Aug 17, 2026	Oxana TkachPrincipal Accounting Officer	Sold plan	21,209	$1.45	$30,753	Form 4
Aug 17, 2026	Brian Niranjan ShethDirector, 10% owner	Bought	17,397	$1.44	$25,052	Form 4
Aug 5, 2026	Matthew Christopher ThomsonHead of Revenue	Sold plan	15,041	$2.00	$30,082	Form 4
Jun 15, 2026	Haveli Investments Software Fund I GP LLCDirector, 10% owner	Bought	650,000	$1.72	$1.1 million	Form 4
Jun 12, 2026	Haveli Investments Software Fund I GP LLCDirector, 10% owner	Bought	256,928	$1.70	$436,778	Form 4
Jun 11, 2026	Haveli Investments Software Fund I GP LLCDirector, 10% owner	Bought	250,000	$1.74	$435,000	Form 4
Jun 10, 2026	Brian Niranjan ShethDirector, 10% owner	Bought	723,460	$1.67	$1.2 million	Form 4
Jun 9, 2026	Brian Niranjan ShethDirector, 10% owner	Bought	178,677	$1.70	$303,751	Form 4

The latest 12 of 46 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	5 of 9	5 of 9
Rule of 40	−169.9%	−14.0%	6.7%
Altman Z''	−21.62	−25.12	−26.07
Accruals ratio	−16.0%	−15.8%	−10.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	4 of 9	5 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Blend Labs side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Blend Labs	FY25	6.8%	−17.6%	−0.1%	—	—	5
BigBear.ai	FY25	−19.3%	−167.5%	−33.3%	−65.8%	—	4	Compare
Backblaze	FY25	14.3%	−16.2%	12.9%	—	—	—	Compare
SmartRent	FY25	−12.9%	−42.0%	−16.5%	—	—	—	Compare
Telos	FY25	52.2%	−24.2%	17.9%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	51	96	234	235	110	116	124
Revenue growth	—	89.5%	144.2%	0.3%	−53.4%	5.7%	6.8%
Gross profit	31	62	116	90	76	83	91
Research and development	49	56	92	138	81	46	33
Operating income	−82	−75	−197	−746	−144	−49	−22
Net income	−82	−75	−170	−720	−179	−43	−7
Diluted EPS (US$)	−2.49	−1.89	−1.30	−3.28	−0.76	−0.24	−0.10
Diluted shares (millions)	33	39	132	234	245	254	259
Cash flow
Cash from operations	−59	−65	−128	−190	−128	−13	12
Capital expenditure	1	1	2	2	0	10	12
Free cash flow	−60	−66	−129	−192	−128	−23	−0
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	25
Acquisitions	0	0	400	0	0	0	0
Stock-based compensation	10	10	71	110	46	28	29
Balance sheet at fiscal year end
Cash and short-term investments	23	152	547	354	130	94	68
Debt incl. finance leases	—	0	214	217	138	0	0
Total assets	—	216	1,112	433	206	178	170
Total liabilities	—	52	302	269	179	40	41
Shareholders' equity	135	163	775	123	−19	−56	−30
Margins and ratios
Gross margin	61.4%	64.3%	49.5%	38.1%	69.8%	71.9%	73.8%
Operating margin	−161.3%	−78.4%	−84.1%	−317.2%	−131.1%	−42.2%	−17.6%
Net margin	−160.8%	−77.7%	−72.5%	−306.2%	−163.1%	−37.4%	−5.5%
Free cash flow margin	−117.5%	−69.1%	−55.1%	−81.8%	−116.5%	−19.7%	−0.1%
Rule of 40 (growth + FCF margin)	—	20.4%	89.1%	−81.5%	−169.9%	−14.0%	6.7%
Return on capital	—	—	−68.8%	−276.1%	—	—	—
Return on equity	—	—	−36.2%	−160.4%	−343.9%	—	—
Return on assets	—	—	−25.6%	−93.2%	−55.9%	−22.6%	−3.9%
Net debt to EBITDA	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Blend Labs' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Blend Labs.