Blend Labs (BLND) Financials

$1.60 +0.06 (+3.55%)

Closing price 03:59 PM Eastern

Extended Trading

$1.58 -0.03 (-1.87%)

As of 06:39 PM Eastern

Annual Income Statements for Blend Labs

This table shows Blend Labs' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-81	-75	-171	-769	-185	-60
Consolidated Net Income / (Loss)	-81	-75	-169	-764	-180	-43
Net Income / (Loss) Continuing Operations	-81	-75	-169	-764	-180	-43
Total Pre-Tax Income	-81	-75	-208	-766	-180	-43
Total Operating Income	-82	-75	-197	-746	-156	-50
Total Gross Profit	31	62	116	90	81	91
Total Revenue	51	96	234	235	157	162
Operating Revenue	51	96	234	235	157	162
Total Cost of Revenue	20	34	119	146	76	71
Operating Cost of Revenue	20	34	119	146	76	71
Total Operating Expenses	113	137	313	836	237	140
Selling, General & Admin Expense	27	30	129	139	71	51
Marketing Expense	38	51	84	85	60	36
Research & Development Expense	49	56	92	138	82	46
Amortization Expense	-	0.00	8.14	8.41	0.00	0.00
Impairment Charge	-	0.00	0.00	450	0.00	0.00
Restructuring Charge	-	0.00	0.00	15	25	7.47
Total Other Income / (Expense), net	0.28	0.70	-11	-20	-24	6.31
Interest Expense	-	0.00	11	25	31	6.75
Other Income / (Expense), net	0.28	0.70	0.49	4.92	7.25	13
Income Tax Expense	0.01	0.03	-39	-2.24	0.09	0.11
Preferred Stock Dividends Declared	-	0.00	1.43	0.00	0.00	11
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.77	4.80	5.44	6.19
Basic Earnings per Share	($2.49)	($1.89)	($1.30)	($3.28)	($0.76)	($0.24)
Weighted Average Basic Shares Outstanding	32.78M	39.41M	131.99M	234.16M	245.21M	253.92M
Diluted Earnings per Share	($2.49)	($1.89)	($1.30)	($3.28)	($0.76)	($0.24)
Weighted Average Diluted Shares Outstanding	32.78M	39.41M	131.99M	234.16M	245.21M	253.92M
Weighted Average Basic & Diluted Shares Outstanding	-	-	232.41M	242.85M	252.05M	259.66M

This table shows Blend Labs' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-67	-43	-43	-32	-22	-24	-8.25	-6.51	-15	-11	7.97
Consolidated Net Income / (Loss)	-66	-41	-42	-30	-21	-19	-2.63	-0.71	-9.41	-6.65	13
Net Income / (Loss) Continuing Operations	-66	-41	-42	-30	-21	-19	-0.63	-0.71	-6.61	-3.65	12
Total Pre-Tax Income	-66	-41	-42	-30	-21	-19	-0.61	-0.68	-6.58	-3.61	12
Total Operating Income	-61	-37	-36	-22	-21	-13	-11	-1.79	-7.69	-4.62	-4.91
Total Gross Profit	16	23	22	20	16	20	25	25	19	23	24
Total Revenue	37	43	41	36	24	29	33	41	27	32	33
Operating Revenue	37	43	41	36	24	29	33	41	27	32	33
Total Cost of Revenue	21	19	19	16	7.80	8.36	8.60	17	7.81	8.22	8.40
Operating Cost of Revenue	21	19	19	16	7.80	8.36	8.60	17	7.81	8.22	8.40
Total Operating Expenses	77	60	58	42	37	33	36	27	27	28	29
Selling, General & Admin Expense	21	20	16	15	12	11	11	11	11	14	13
Marketing Expense	18	16	14	12	9.76	9.00	9.47	6.58	7.19	6.95	7.87
Research & Development Expense	26	22	19	14	14	13	10	8.86	7.52	7.33	8.52
Restructuring Charge	13	2.35	9.12	0.69	0.97	0.11	4.70	0.12	0.72	0.03	0.09
Total Other Income / (Expense), net	-4.69	-4.72	-5.58	-8.58	0.55	-6.10	11	1.11	1.11	1.02	17
Interest Expense	7.57	7.95	8.21	7.09	5.10	1.65	0.00	-	0.00	0.00	0.00
Other Income / (Expense), net	2.88	3.23	2.63	-1.50	5.65	-4.45	11	1.11	1.11	1.02	17
Income Tax Expense	0.07	0.05	0.04	-0.07	0.04	0.03	0.02	0.03	0.03	0.04	0.03
Net Income / (Loss) Discontinued Operations	-	-	-	-	0.05	-0.22	-2.00	-	-2.80	-3.00	0.12
Preferred Stock Dividends Declared	2.06	0.00	0.00	-2.06	0.00	2.66	4.05	2.71	4.20	4.38	4.56
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.78	1.33	1.39	3.49	1.47	1.51	1.58	3.09	1.07	0.00	0.00
Basic Earnings per Share	($0.28)	($0.18)	($0.18)	($0.12)	-	-	($0.03)	($0.03)	-	-	$0.03
Weighted Average Basic Shares Outstanding	241.44M	244.26M	246.41M	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	259.63M
Diluted Earnings per Share	($0.28)	($0.18)	($0.18)	($0.12)	-	-	($0.03)	($0.03)	-	-	$0.02
Weighted Average Diluted Shares Outstanding	241.44M	244.26M	246.41M	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	268.72M
Weighted Average Basic & Diluted Shares Outstanding	243.85M	245.89M	248.20M	252.05M	252.38M	254.24M	255.93M	259.66M	258.52M	259.32M	259.75M

This table details how cash moves in and out of Blend Labs' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	8.21	18	172	-89	-91	11
Net Cash From Operating Activities	-59	-65	-128	-190	-128	-13
Net Cash From Continuing Operating Activities	-59	-65	-128	-190	-128	-13
Net Income / (Loss) Continuing Operations	-81	-75	-169	-764	-180	-43
Consolidated Net Income / (Loss)	-81	-75	-169	-764	-180	-43
Depreciation Expense	4.76	3.99	11	11	2.46	2.29
Amortization Expense	2.27	6.00	9.63	11	9.24	7.28
Non-Cash Adjustments To Reconcile Net Income	11	11	74	559	45	19
Changes in Operating Assets and Liabilities, net	4.06	-11	-52	-7.35	-4.25	1.89
Net Cash From Investing Activities	-66	-7.92	-634	99	127	45
Net Cash From Continuing Investing Activities	-66	-7.92	-634	99	127	45
Purchase of Property, Plant & Equipment	-0.58	-1.32	-1.89	-2.07	-0.59	-9.84
Purchase of Investments	-151	-174	-352	-146	-236	-102
Divestitures	-	-	-	0.00	0.00	9.08
Sale and/or Maturity of Investments	86	167	125	247	366	153
Other Investing Activities, net	0.00	0.00	-3.00	0.00	-2.50	-5.28
Net Cash From Financing Activities	133	91	934	2.22	-91	-21
Net Cash From Continuing Financing Activities	133	91	934	2.22	-91	-21
Repayment of Debt	-0.07	0.00	2.88	0.00	-85	-145
Repurchase of Common Equity	-0.05	-	-	0.00	0.00	-9.48
Issuance of Preferred Equity	126	76	310	0.00	0.00	149
Issuance of Common Equity	0.00	10	367	-0.39	0.00	0.00
Other Financing Activities, net	1.65	4.51	35	2.61	-5.90	-16
Effect of Exchange Rate Changes	-	0.00	-0.01	-0.12	-0.03	-0.01
Cash Interest Paid	0.00	0.00	6.43	25	28	6.15
Cash Income Taxes Paid	0.01	0.03	0.88	0.28	0.11	0.08

This table details how cash moves in and out of Blend Labs' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-78	-4.26	45	-54	54	-39	9.59	-13	18	-21	18
Net Cash From Operating Activities	-47	-34	-26	-21	-3.87	-6.67	2.08	-4.59	20	-6.37	-3.49
Net Cash From Continuing Operating Activities	-47	-34	-26	-21	-3.03	-6.67	2.08	-4.59	20	-5.29	-2.73
Net Income / (Loss) Continuing Operations	-66	-41	-42	-30	-21	-19	-2.63	-0.71	-6.61	-3.65	12
Consolidated Net Income / (Loss)	-66	-41	-42	-30	-21	-19	-2.63	-0.71	-9.41	-6.65	13
Net Income / (Loss) Discontinued Operations	-	-	-	-	0.05	-	-	-	-2.80	-3.00	0.12
Depreciation Expense	0.63	0.63	0.60	0.61	0.32	0.56	0.68	0.49	0.41	0.64	1.04
Amortization Expense	2.52	2.33	2.31	2.09	1.52	1.27	3.88	0.49	0.39	0.55	0.58
Non-Cash Adjustments To Reconcile Net Income	15	12	7.76	9.66	3.43	13	-2.90	5.74	5.91	7.38	-8.85
Changes in Operating Assets and Liabilities, net	1.35	-7.42	5.04	-3.22	12	-1.72	3.04	-11	20	-10	-7.91
Net Cash From Discontinued Operating Activities	-	-	-	-	-0.84	-	-	-	0.31	-1.08	-0.76
Net Cash From Investing Activities	-29	31	72	53	61	-25	12	-1.89	3.23	-11	27
Net Cash From Continuing Investing Activities	-29	31	72	53	61	-25	12	-1.89	3.31	-11	27
Purchase of Property, Plant & Equipment	-0.30	-0.17	-0.03	-0.08	-1.96	-1.87	-3.43	-2.58	-4.59	-3.73	-2.27
Purchase of Investments	-186	-8.75	-8.32	-33	-48	-28	-20	-5.61	-12	-12	-6.74
Sale and/or Maturity of Investments	158	40	80	89	111	5.00	26	11	20	8.81	36
Net Cash From Discontinued Investing Activities	-	-	-	-	0.00	-	-	-	-0.08	-0.04	-0.06
Net Cash From Financing Activities	-2.42	-1.09	-1.33	-86	-3.19	-7.32	-4.23	-6.32	-5.18	-3.65	-6.20
Net Cash From Continuing Financing Activities	-2.42	-1.09	-1.33	-86	-3.19	-7.32	-4.23	-6.32	-5.18	-3.65	-6.20
Repurchase of Common Equity	-	-	-	-	0.00	-	-0.40	-	-2.57	-1.55	-5.03
Other Financing Activities, net	-2.42	-1.09	-1.33	-1.07	-3.19	-3.12	-3.83	-6.32	-2.61	-2.10	-1.17
Cash Income Taxes Paid	0.10	-0.05	-	0.06	0.01	0.07	-	-	0.13	0.20	-0.13

This table presents Blend Labs' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	216	1,112	433	206	178
Total Current Assets	186	613	396	170	135
Cash & Equivalents	41	213	124	31	38
Short-Term Investments	111	334	230	106	56
Accounts Receivable	15	34	23	18	15
Prepaid Expenses	19	32	19	15	17
Other Current Nonoperating Assets	-	-	-	-	9.62
Plant, Property, & Equipment, net	4.59	6.16	5.74	3.95	12
Total Noncurrent Assets	25	493	31	32	31
Intangible Assets	1.21	173	2.13	2.11	0.08
Other Noncurrent Operating Assets	24	33	29	30	25
Other Noncurrent Nonoperating Assets	-	-	-	-	6.06
Total Liabilities & Shareholders' Equity	216	1,112	433	206	178
Total Liabilities	52	302	269	179	40
Total Current Liabilities	35	60	35	32	39
Accounts Payable	3.44	6.16	1.26	2.17	1.62
Current Deferred Revenue	14	8.07	8.70	8.98	19
Current Employee Benefit Liabilities	9.06	18	10	5.56	3.32
Other Current Liabilities	8.91	28	15	15	9.74
Other Current Nonoperating Liabilities	-	-	-	-	5.11
Total Noncurrent Liabilities	17	242	233	148	1.38
Other Noncurrent Operating Liabilities	17	28	17	9.21	0.28
Other Noncurrent Nonoperating Liabilities	-	-	-	-	1.10
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	36	41	46	194
Total Equity & Noncontrolling Interests	163	775	123	-19	-56
Total Preferred & Common Equity	163	775	123	-19	-56
Total Common Equity	-222	775	123	-19	-56
Common Stock	51	1,218	1,287	1,322	1,328
Retained Earnings	-273	-443	-1,163	-1,342	-1,385
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.81	-0.71	0.44	0.60

This table presents Blend Labs' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	599	493	385	350	318	202	185	186	188	183	190
Total Current Assets	503	454	350	309	283	160	143	146	140	127	116
Cash & Equivalents	133	114	46	35	85	85	45	55	56	36	55
Short-Term Investments	318	286	261	231	160	44	67	62	49	52	22
Accounts Receivable	31	28	20	21	20	18	20	16	11	15	12
Prepaid Expenses	22	25	23	22	19	13	10	14	16	17	20
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	8.52	6.44	6.43
Plant, Property, & Equipment, net	6.24	6.04	5.41	4.97	4.45	5.98	7.62	9.72	17	21	23
Total Noncurrent Assets	90	33	30	36	31	36	35	30	31	35	51
Intangible Assets	13	2.13	2.12	2.12	2.11	2.10	2.10	2.09	0.08	0.07	0.07
Other Noncurrent Operating Assets	30	31	28	34	29	34	33	28	25	31	47
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	5.84	3.87	3.26
Total Liabilities & Shareholders' Equity	599	493	385	350	318	202	185	186	188	183	190
Total Liabilities	282	278	272	266	267	190	48	47	59	55	47
Total Current Liabilities	48	44	40	35	37	43	42	45	58	53	46
Accounts Payable	3.30	2.55	1.93	3.15	2.12	1.90	1.08	1.86	2.67	1.20	0.77
Current Deferred Revenue	12	9.96	13	12	10	22	21	20	33	33	25
Current Employee Benefit Liabilities	9.58	14	11	4.74	9.87	5.19	3.23	6.05	3.90	2.85	4.60
Other Current Liabilities	23	18	14	15	15	14	16	17	11	10	9.24
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	6.79	5.79	5.74
Total Noncurrent Liabilities	234	234	232	231	230	147	6.74	2.25	1.19	2.65	1.58
Other Noncurrent Operating Liabilities	19	18	15	13	11	2.06	1.57	1.29	0.29	1.80	1.42
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	0.90	0.86	0.16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	38	39	42	43	45	48	183	188	146	150	155
Total Equity & Noncontrolling Interests	279	176	71	41	6.29	-36	-45	-50	-17	-23	-12
Total Preferred & Common Equity	279	176	71	41	6.29	-36	-45	-50	-17	-23	-12
Total Common Equity	279	176	71	41	6.29	-36	-45	-50	-17	-23	-12
Common Stock	1,238	1,260	1,300	1,312	1,318	1,326	1,336	1,334	1,377	1,378	1,375
Retained Earnings	-956	-1,082	-1,228	-1,270	-1,311	-1,362	-1,382	-1,384	-1,394	-1,401	-1,388
Accumulated Other Comprehensive Income / (Loss)	-3.05	-2.16	0.10	-0.69	-0.40	0.35	0.30	0.77	0.57	0.51	0.56

This table displays calculated financial ratios and metrics derived from Blend Labs' official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	89.51%	144.19%	0.30%	-33.31%	3.30%
EBITDA Growth	0.00%	13.19%	-173.26%	-307.42%	80.91%	80.33%
EBIT Growth	0.00%	8.41%	-163.77%	-276.75%	79.90%	75.46%
NOPAT Growth	0.00%	7.87%	-161.97%	-278.31%	79.06%	68.24%
Net Income Growth	0.00%	8.39%	-126.68%	-351.58%	76.45%	75.86%
EPS Growth	0.00%	24.10%	31.22%	-152.31%	76.83%	68.42%
Operating Cash Flow Growth	0.00%	-10.31%	-96.12%	-49.34%	32.98%	89.78%
Free Cash Flow Firm Growth	0.00%	0.00%	-841.36%	88.13%	-55.02%	58.99%
Invested Capital Growth	0.00%	0.00%	4,071.01%	-94.43%	6.71%	38.25%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-13.97%	-4.09%	3.38%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-2.42%	26.46%	43.71%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.91%	25.22%	38.29%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-2.09%	25.44%	28.81%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-1.32%	22.11%	40.59%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-0.31%	21.65%	27.27%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-33.73%	-2.26%	17.27%	55.25%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	21.47%	1.99%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-12.08%	13.03%	71.90%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	61.42%	64.29%	49.46%	38.12%	51.73%	55.88%
EBITDA Margin	-146.85%	-67.27%	-75.27%	-305.76%	-87.52%	-16.66%
Operating Margin	-161.28%	-78.40%	-84.11%	-317.25%	-99.60%	-30.63%
EBIT Margin	-160.72%	-77.68%	-83.90%	-315.16%	-94.98%	-22.57%
Profit (Net Income) Margin	-160.75%	-77.70%	-72.13%	-324.75%	-114.69%	-26.80%
Tax Burden Percent	100.02%	100.03%	81.31%	99.71%	100.05%	100.25%
Interest Burden Percent	100.00%	100.00%	105.73%	103.34%	120.68%	118.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-921.31%	-56.51%	-207.36%	-398.13%	-102.82%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-892.46%	-43.71%	-104.76%	-294.37%	-84.92%
Return on Net Nonoperating Assets (RNNOA)	0.00%	829.95%	21.78%	50.60%	209.65%	50.07%
Return on Equity (ROE)	0.00%	-91.37%	-34.73%	-156.76%	-188.49%	-52.75%
Cash Return on Invested Capital (CROIC)	0.00%	-1,121.31%	-247.15%	-28.46%	-404.63%	-134.92%
Operating Return on Assets (OROA)	0.00%	-34.57%	-29.63%	-95.94%	-46.64%	-19.04%
Return on Assets (ROA)	0.00%	-34.59%	-25.47%	-98.86%	-56.32%	-22.61%
Return on Common Equity (ROCE)	0.00%	124.12%	-19.71%	-144.42%	-102.63%	24.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-45.68%	-21.83%	-620.12%	934.78%	77.04%
Net Operating Profit after Tax (NOPAT)	-57	-53	-138	-522	-109	-35
NOPAT Margin	-112.90%	-54.88%	-58.88%	-222.08%	-69.72%	-21.44%
Net Nonoperating Expense Percent (NNEP)	0.00%	-28.85%	-12.81%	-102.60%	-103.76%	-17.90%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-153.64%	-91.83%	61.63%
Cost of Revenue to Revenue	38.58%	35.71%	50.54%	61.88%	48.27%	44.12%
SG&A Expenses to Revenue	52.47%	31.35%	54.93%	59.15%	45.07%	31.20%
R&D to Revenue	95.91%	57.80%	39.33%	58.71%	52.02%	28.45%
Operating Expenses to Revenue	222.70%	142.70%	133.58%	355.37%	151.33%	86.51%
Earnings before Interest and Taxes (EBIT)	-81	-75	-197	-741	-149	-37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-74	-65	-177	-719	-137	-27
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.18	2.78	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.37	2.83	0.00	0.00
Price to Revenue (P/Rev)	7.10	3.75	7.20	1.46	4.04	6.65
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	51.86	2.91	9.25	24.00	29.92
Enterprise Value to Revenue (EV/Rev)	0.00	6.18	5.93	1.04	4.34	7.24
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.26	1.32	5.13	0.00
Long-Term Debt to Equity	0.00	0.00	0.26	1.32	5.13	0.00
Financial Leverage	0.00	-0.93	-0.50	-0.48	-0.71	-0.59
Leverage Ratio	0.00	1.32	1.36	1.59	3.35	2.33
Compound Leverage Factor	0.00	1.32	1.44	1.64	4.04	2.76
Debt to Total Capital	0.00%	0.00%	20.87%	56.94%	83.70%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	20.87%	56.94%	83.70%	0.00%
Preferred Equity to Total Capital	0.00%	235.85%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	3.51%	10.70%	27.95%	140.93%
Common Equity to Total Capital	0.00%	-135.85%	75.62%	32.35%	-11.64%	-40.93%
Debt to EBITDA	0.00	0.00	-1.21	-0.30	-1.01	0.00
Net Debt to EBITDA	0.00	0.00	1.89	0.19	-0.01	0.00
Long-Term Debt to EBITDA	0.00	0.00	-1.21	-0.30	-1.01	0.00
Debt to NOPAT	0.00	0.00	-1.55	-0.42	-1.27	0.00
Net Debt to NOPAT	0.00	0.00	2.41	0.26	-0.01	0.00
Long-Term Debt to NOPAT	0.00	0.00	-1.55	-0.42	-1.27	0.00
Altman Z-Score	0.00	2.50	3.02	-7.11	-7.81	6.02
Noncontrolling Interest Sharing Ratio	0.00%	235.85%	43.24%	7.87%	45.55%	145.92%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	5.31	10.21	11.17	5.38	3.47
Quick Ratio	0.00	4.76	9.68	10.62	4.92	2.97
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-64	-604	-72	-111	-46
Operating Cash Flow to CapEx	-10,161.90%	-4,917.78%	-6,760.55%	-9,207.83%	-21,741.23%	-132.51%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-53.54	-2.89	-3.61	-6.76
Operating Cash Flow to Interest Expense	0.00	0.00	-11.30	-7.68	-4.14	-1.93
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-11.47	-7.76	-4.16	-3.39
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.45	0.35	0.30	0.49	0.84
Accounts Receivable Turnover	0.00	6.41	9.56	8.28	7.64	9.07
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	20.90	43.63	39.54	32.38	19.92
Accounts Payable Turnover	0.00	9.98	24.70	39.23	44.15	31.16
Days Sales Outstanding (DSO)	0.00	56.94	38.18	44.07	47.78	40.22
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	36.59	14.78	9.30	8.27	11.71
Cash Conversion Cycle (CCC)	0.00	20.36	23.40	34.76	39.51	28.51
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	11	477	27	28	39
Invested Capital Turnover	0.00	16.79	0.96	0.93	5.71	4.80
Increase / (Decrease) in Invested Capital	0.00	11	466	-451	1.78	11
Enterprise Value (EV)	0.00	593	1,390	246	681	1,173
Market Capitalization	360	360	1,688	342	633	1,077
Book Value per Share	$0.00	($5.63)	$3.37	$0.52	($0.08)	($0.22)
Tangible Book Value per Share	$0.00	($5.66)	$1.37	$0.51	($0.09)	($0.23)
Total Capital	0.00	163	1,024	381	165	138
Total Debt	0.00	0.00	214	217	138	0.00
Total Long-Term Debt	0.00	0.00	214	217	138	0.00
Net Debt	0.00	-152	-333	-137	1.41	-98
Capital Expenditures (CapEx)	0.58	1.32	1.89	2.07	0.59	9.84
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-0.78	5.76	6.48	1.34	-2.26
Debt-free Net Working Capital (DFNWC)	0.00	151	553	361	138	96
Net Working Capital (NWC)	0.00	151	553	361	138	96
Net Nonoperating Expense (NNE)	24	22	31	241	71	8.69
Net Nonoperating Obligations (NNO)	0.00	-152	-333	-137	1.41	-98
Total Depreciation and Amortization (D&A)	7.03	10.00	20	22	12	9.57
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-0.81%	2.46%	2.75%	0.85%	-1.39%
Debt-free Net Working Capital to Revenue	0.00%	157.37%	235.82%	153.33%	88.15%	59.39%
Net Working Capital to Revenue	0.00%	157.37%	235.82%	153.33%	88.15%	59.39%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.30)	($3.28)	($0.76)	($0.24)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	131.99M	234.16M	245.21M	253.92M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.30)	($3.28)	($0.76)	($0.24)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	131.99M	234.16M	245.21M	253.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	232.41M	242.85M	252.05M	259.66M
Normalized Net Operating Profit after Tax (NOPAT)	-57	-53	-138	-197	-92	-30
Normalized NOPAT Margin	-112.90%	-54.88%	-58.88%	-83.70%	-58.59%	-18.21%
Pre Tax Income Margin	-160.72%	-77.68%	-88.71%	-325.70%	-114.63%	-26.73%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-17.44	-29.90	-4.84	-5.42
NOPAT to Interest Expense	0.00	0.00	-12.24	-21.07	-3.55	-5.15
EBIT Less CapEx to Interest Expense	0.00	0.00	-17.61	-29.99	-4.85	-6.88
NOPAT Less CapEx to Interest Expense	0.00	0.00	-12.41	-21.15	-3.57	-6.61
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.06%	0.00%	0.00%	0.00%	0.00%	-21.83%

This table displays calculated financial ratios and metrics derived from Blend Labs' official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-47.80%	-34.67%	-26.67%	-15.62%	-6.40%	-5.45%	11.32%	14.69%	12.29%	9.85%	-0.74%
EBITDA Growth	11.09%	93.42%	75.02%	70.50%	75.97%	47.84%	106.38%	101.40%	57.90%	84.99%	290.07%
EBIT Growth	15.94%	92.90%	73.48%	68.26%	73.49%	47.00%	92.23%	97.08%	57.74%	79.42%	2,138.85%
NOPAT Growth	11.92%	92.21%	72.12%	70.90%	65.53%	63.67%	63.21%	91.83%	63.75%	64.62%	37.96%
Net Income Growth	8.59%	91.31%	68.50%	62.70%	68.78%	53.19%	93.72%	97.67%	54.45%	65.78%	577.05%
EPS Growth	12.50%	91.26%	68.42%	63.64%	67.86%	50.00%	83.33%	75.00%	0.00%	0.00%	166.67%
Operating Cash Flow Growth	-1.77%	26.45%	48.72%	56.29%	91.71%	80.62%	108.02%	77.84%	627.15%	4.47%	-268.11%
Free Cash Flow Firm Growth	178.06%	113.96%	-105.41%	-104.29%	-104.83%	-109.26%	65.15%	29.21%	131.25%	-481.12%	-672.16%
Invested Capital Growth	-94.99%	-54.65%	-16.99%	6.71%	21.22%	-20.28%	-9.10%	38.25%	-39.90%	20.19%	168.65%
Revenue Q/Q Growth	-12.74%	14.67%	-5.19%	-11.05%	-3.20%	15.83%	11.62%	-8.36%	-35.35%	17.75%	4.24%
EBITDA Q/Q Growth	20.93%	44.89%	-0.41%	32.58%	35.60%	-19.65%	112.27%	-85.22%	-2,100.00%	58.25%	682.59%
EBIT Q/Q Growth	20.46%	42.81%	-0.23%	30.39%	33.57%	-14.35%	85.30%	73.86%	-864.66%	45.19%	444.90%
NOPAT Q/Q Growth	18.26%	40.23%	1.42%	39.59%	3.16%	37.01%	0.15%	86.58%	-330.50%	39.89%	-51.39%
Net Income Q/Q Growth	18.72%	37.32%	-0.80%	27.36%	31.98%	6.01%	86.47%	73.05%	-1,229.38%	29.40%	288.59%
EPS Q/Q Growth	15.15%	35.71%	0.00%	33.33%	25.00%	0.00%	66.67%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	1.44%	26.29%	24.73%	20.07%	81.31%	-72.34%	131.14%	-320.91%	544.61%	-131.23%	45.19%
Free Cash Flow Firm Q/Q Growth	3.56%	-95.34%	-205.20%	15.40%	17.25%	91.07%	-295.96%	-71.81%	151.54%	-248.13%	-369.54%
Invested Capital Q/Q Growth	-9.60%	55.15%	-32.68%	13.03%	-17.60%	2.03%	-23.24%	71.90%	-55.36%	104.06%	71.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.46%	54.87%	54.35%	54.64%	51.91%	53.55%	57.53%	59.72%	70.82%	73.93%	74.42%
EBITDA Margin	-148.39%	-71.32%	-75.53%	-57.25%	-38.09%	-39.35%	4.33%	0.70%	-21.59%	-7.65%	42.78%
Operating Margin	-164.55%	-85.77%	-89.18%	-60.57%	-60.59%	-32.95%	-29.48%	-4.32%	-28.74%	-14.67%	-14.95%
EBIT Margin	-156.83%	-78.22%	-82.69%	-64.72%	-44.42%	-43.85%	-5.77%	-1.65%	-24.58%	-11.44%	37.85%
Profit (Net Income) Margin	-177.29%	-96.90%	-103.03%	-84.13%	-59.13%	-47.98%	-5.81%	-1.71%	-35.16%	-21.08%	38.14%
Tax Burden Percent	100.11%	100.13%	100.11%	99.76%	100.20%	100.12%	100.69%	103.81%	143.06%	184.28%	100.76%
Interest Burden Percent	112.93%	123.73%	124.46%	130.32%	132.85%	109.28%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%
Return on Invested Capital (ROIC)	-92.02%	-179.22%	-369.08%	-242.10%	-246.55%	-104.77%	-135.02%	-14.49%	-142.35%	-52.66%	-59.43%
ROIC Less NNEP Spread (ROIC-NNEP)	-79.63%	-168.05%	-353.44%	-219.93%	-230.35%	-91.74%	-144.47%	-15.61%	-133.80%	-49.25%	-77.14%
Return on Net Nonoperating Assets (RNNOA)	33.96%	118.12%	279.97%	156.63%	132.63%	64.03%	107.99%	9.20%	89.52%	37.08%	54.05%
Return on Equity (ROE)	-58.06%	-61.10%	-89.11%	-85.47%	-113.92%	-40.74%	-27.03%	-5.29%	-52.83%	-15.58%	-5.38%
Cash Return on Invested Capital (CROIC)	-24.38%	-280.13%	-511.69%	-404.63%	-324.67%	-170.93%	-194.20%	-134.92%	-58.53%	-77.50%	-126.92%
Operating Return on Assets (OROA)	-43.79%	-29.36%	-33.34%	-31.78%	-23.37%	-24.89%	-3.59%	-1.39%	-20.79%	-10.42%	33.76%
Return on Assets (ROA)	-49.50%	-36.38%	-41.54%	-41.31%	-31.11%	-27.24%	-3.61%	-1.44%	-29.74%	-19.20%	34.01%
Return on Common Equity (ROCE)	-52.83%	-48.69%	-60.90%	-46.54%	-32.36%	0.77%	6.17%	2.43%	19.74%	4.00%	1.19%
Return on Equity Simple (ROE_SIMPLE)	-1,061.85%	-779.98%	-3,670.47%	0.00%	375.66%	246.93%	147.35%	0.00%	190.50%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-43	-26	-25	-15	-15	-9.34	-9.32	-1.25	-5.39	-3.24	-4.90
NOPAT Margin	-115.18%	-60.04%	-62.42%	-42.40%	-42.41%	-23.07%	-20.63%	-3.02%	-20.12%	-10.27%	-14.91%
Net Nonoperating Expense Percent (NNEP)	-12.39%	-11.17%	-15.64%	-22.17%	-16.20%	-13.03%	9.45%	1.12%	-8.55%	-3.42%	17.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-12.85%	-	-	-	2.22%	31.89%	14.34%	39.25%
Cost of Revenue to Revenue	57.54%	45.13%	45.65%	45.36%	48.09%	46.45%	42.47%	40.28%	29.18%	26.07%	25.58%
SG&A Expenses to Revenue	55.39%	45.89%	38.97%	40.28%	39.87%	30.94%	29.08%	26.46%	41.93%	43.20%	39.19%
R&D to Revenue	70.33%	51.60%	46.38%	39.93%	40.58%	31.91%	22.41%	21.40%	28.09%	23.26%	25.93%
Operating Expenses to Revenue	207.01%	140.64%	143.53%	115.20%	112.50%	86.50%	87.01%	64.04%	99.56%	88.60%	89.37%
Earnings before Interest and Taxes (EBIT)	-59	-33	-34	-23	-16	-18	-2.61	-0.68	-6.58	-3.61	12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-55	-31	-31	-21	-13	-16	1.96	0.29	-5.78	-2.41	14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.39	5.60	53.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	3.49	5.90	80.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.20	1.30	2.06	4.04	5.30	3.92	6.08	6.65	5.27	5.08	5.65
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	8.10	6.09	14.18	24.00	30.36	22.58	44.98	29.92	52.05	25.62	16.71
Enterprise Value to Revenue (EV/Rev)	0.97	1.27	2.17	4.34	5.72	4.41	6.55	7.24	5.52	5.45	6.11
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	202.07
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	81.23	79.49	172.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.92	2.58	4.29	5.13	12.21	0.04	0.01	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	1.92	2.58	4.29	5.13	12.21	0.04	0.01	0.00	0.00	0.00	0.00
Financial Leverage	-0.43	-0.70	-0.79	-0.71	-0.58	-0.70	-0.75	-0.59	-0.67	-0.75	-0.70
Leverage Ratio	1.64	2.36	3.05	3.35	4.69	2.42	2.66	2.33	2.77	1.39	1.34
Compound Leverage Factor	1.85	2.92	3.79	4.36	6.23	2.64	2.66	2.33	2.77	1.39	1.34
Debt to Total Capital	65.74%	72.06%	81.10%	83.70%	92.43%	3.63%	0.68%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	65.74%	72.06%	81.10%	83.70%	92.43%	3.63%	0.68%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.70%	14.32%	16.57%	27.95%	30.33%	128.32%	134.85%	140.93%	113.09%	117.67%	108.77%
Common Equity to Total Capital	21.56%	13.63%	2.33%	-11.64%	-22.76%	-31.95%	-35.53%	-40.93%	-13.09%	-17.67%	-8.77%
Debt to EBITDA	-0.31	-0.78	-1.17	-1.01	-1.53	-0.06	-0.02	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.13	0.17	0.14	-0.01	-0.18	1.33	2.42	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-0.31	-0.78	-1.17	-1.01	-1.53	-0.06	-0.02	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.42	-1.03	-1.49	-1.27	-1.79	-0.08	-0.02	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.17	0.22	0.18	-0.01	-0.21	1.66	2.37	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.42	-1.03	-1.49	-1.27	-1.79	-0.08	-0.02	0.00	0.00	0.00	0.00
Altman Z-Score	-2.94	-3.42	-3.92	-5.80	-5.66	-1.87	3.08	6.68	-0.28	-0.14	3.31
Noncontrolling Interest Sharing Ratio	9.02%	20.30%	31.66%	45.55%	71.59%	101.90%	122.83%	145.92%	137.37%	125.69%	122.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.77	8.87	7.69	5.38	3.75	3.43	3.24	3.47	2.41	2.40	2.54
Quick Ratio	8.19	8.23	7.19	4.92	3.44	3.18	2.93	2.97	1.99	1.96	1.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	412	19	-20	-17	-20	-1.78	-7.04	-12	6.23	-9.24	-43
Operating Cash Flow to CapEx	-15,346.38%	-20,229.41%	-83,506.45%	-25,232.93%	-196.95%	-357.04%	60.49%	-177.68%	444.52%	-170.59%	-153.61%
Free Cash Flow to Firm to Interest Expense	54.46	2.42	-2.46	-2.41	-3.91	-1.08	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-6.16	-4.33	-3.15	-2.92	-0.76	-4.04	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-6.20	-4.35	-3.16	-2.93	-1.14	-5.18	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.38	0.40	0.49	0.53	0.57	0.62	0.84	0.85	0.91	0.89
Accounts Receivable Turnover	7.51	6.83	6.94	7.64	8.11	7.43	8.83	9.07	11.43	9.71	11.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	35.57	31.80	31.18	32.38	27.12	24.17	22.11	19.92	14.36	11.65	10.25
Accounts Payable Turnover	61.45	32.07	37.56	44.15	37.09	33.32	35.73	31.16	31.33	62.45	54.01
Days Sales Outstanding (DSO)	48.59	53.43	52.59	47.78	44.99	49.13	41.31	40.22	31.94	37.60	30.61
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.94	11.38	9.72	8.27	9.84	10.96	10.22	11.71	11.65	5.84	6.76
Cash Conversion Cycle (CCC)	42.65	42.04	42.87	39.51	35.15	38.17	31.10	28.51	20.29	31.75	23.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	24	37	25	28	29	30	23	39	18	36	61
Invested Capital Turnover	0.80	2.99	5.91	5.71	5.81	4.54	6.54	4.80	7.08	5.13	3.99
Increase / (Decrease) in Invested Capital	-455	-45	-5.14	1.78	5.10	-7.56	-2.28	11	-12	6.00	38
Enterprise Value (EV)	195	227	356	681	884	671	1,026	1,173	911	915	1,024
Market Capitalization	242	231	337	633	819	596	953	1,077	870	853	947
Book Value per Share	$0.29	$0.17	$0.03	($0.08)	($0.14)	($0.18)	($0.20)	($0.22)	($0.07)	($0.09)	($0.05)
Tangible Book Value per Share	$0.29	$0.16	$0.02	($0.09)	($0.15)	($0.19)	($0.20)	($0.23)	($0.07)	($0.09)	($0.05)
Total Capital	331	303	270	165	157	142	140	138	129	128	142
Total Debt	218	218	219	138	145	5.17	0.96	0.00	0.00	0.00	0.00
Total Long-Term Debt	218	218	219	138	145	5.17	0.96	0.00	0.00	0.00	0.00
Net Debt	-89	-47	-26	1.41	17	-107	-116	-98	-105	-88	-77
Capital Expenditures (CapEx)	0.30	0.17	0.03	0.08	1.96	1.87	3.43	2.58	4.59	3.73	2.27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.38	8.90	1.42	1.34	-11	-12	-16	-2.26	-23	-14	-6.94
Debt-free Net Working Capital (DFNWC)	310	274	246	138	117	101	101	96	82	74	70
Net Working Capital (NWC)	310	274	246	138	117	101	101	96	82	74	70
Net Nonoperating Expense (NNE)	23	16	16	15	5.84	10	-6.70	-0.54	4.03	3.41	-17
Net Nonoperating Obligations (NNO)	-89	-47	-26	1.41	17	-107	-116	-98	-111	-92	-81
Total Depreciation and Amortization (D&A)	3.15	2.96	2.91	2.70	2.21	1.82	4.56	0.97	0.80	1.19	1.62
Debt-free, Cash-free Net Working Capital to Revenue	1.68%	4.99%	0.87%	0.85%	-7.16%	-7.63%	-9.97%	-1.39%	-13.92%	-8.47%	-4.14%
Debt-free Net Working Capital to Revenue	154.34%	153.96%	150.66%	88.15%	75.73%	66.39%	64.55%	59.39%	49.62%	44.16%	41.97%
Net Working Capital to Revenue	154.34%	153.96%	150.66%	88.15%	75.73%	66.39%	64.55%	59.39%	49.62%	44.16%	41.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.28)	($0.18)	($0.18)	($0.12)	($0.09)	($0.09)	($0.03)	($0.03)	$0.00	$0.00	$0.03
Adjusted Weighted Average Basic Shares Outstanding	241.44M	244.26M	246.41M	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	259.63M
Adjusted Diluted Earnings per Share	($0.28)	($0.18)	($0.18)	($0.12)	($0.09)	($0.09)	($0.03)	($0.03)	$0.00	$0.00	$0.02
Adjusted Weighted Average Diluted Shares Outstanding	241.44M	244.26M	246.41M	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	268.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	243.85M	245.89M	248.20M	252.05M	252.38M	254.24M	255.93M	259.66M	258.52M	259.32M	259.75M
Normalized Net Operating Profit after Tax (NOPAT)	-34	-24	-19	-15	-14	-9.19	-5.01	-1.17	-4.88	-3.22	-4.81
Normalized NOPAT Margin	-91.22%	-56.20%	-46.69%	-41.05%	-40.45%	-22.71%	-11.08%	-2.82%	-18.24%	-10.21%	-14.63%
Pre Tax Income Margin	-177.10%	-96.78%	-102.92%	-84.34%	-59.01%	-47.92%	-5.77%	-1.65%	-24.58%	-11.44%	37.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-7.74	-4.21	-4.09	-3.30	-3.04	-10.77	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-5.68	-3.23	-3.09	-2.16	-2.91	-5.67	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-7.78	-4.24	-4.09	-3.31	-3.43	-11.90	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-5.72	-3.26	-3.09	-2.17	-3.29	-6.80	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-21.83%	-37.45%	-23.31%	-215.99%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven snapshot of Blend Labs (BLND) using the last four years of quarterly statements. The bullets focus on key profitability, cash flow, and balance-sheet trends that retail investors often watch.

Gross margin remained solid in Q3 2025 at about 74% (gross profit of $24,456,000 on revenue of $32,860,000), a margin improvement versus the prior year.
Net income attributable to common shareholders in Q3 2025 was $7,974,000, signaling quarterly profitability on a per-share basis.
The cash position strengthened in Q3 2025, with cash and equivalents at $55,021,000, up from the prior quarter’s level and contributing to liquidity flexibility.
Investing cash inflows were robust in Q3 2025: sale/maturity of investments totaled $36,468,000 and net cash from investing activities was $27,455,000, supporting overall cash availability.
Earnings per share metrics were positive in Q3 2025: Basic EPS $0.03 and Diluted EPS $0.02.
Redeemable noncontrolling interest stood at $154,799,000, reflecting sizable minority interests on Blend’s balance sheet (neutral for now regarding risk/impact).
Long-term debt was reported as zero in Q3 2025, indicating a debt-free stance on long-term liabilities (neutral in terms of leverage risk).
Operating cash flow was negative in Q3 2025, with net cash from continuing operating activities of $(2,733,000), highlighting ongoing cash-burn in the quarter.
Consolidated net income for Q2 2025 was negative (approximately $(6,645,000)), underscoring earnings volatility across quarters.
Q4 2024 cash from continuing operating activities was notably negative at $(21,233,000), signaling cash-flow challenges in that period.

05/06/26 07:15 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Blend Labs' Financials

When does Blend Labs' fiscal year end?

According to the most recent income statement we have on file, Blend Labs' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Blend Labs' net income changed over the last 5 years?

Blend Labs' net income appears to be on an upward trend, with a most recent value of -$43.42 million in 2024, falling from -$81.45 million in 2019. The previous period was -$179.88 million in 2023. View Blend Labs' forecast to see where analysts expect Blend Labs to go next.

What is Blend Labs' operating income?

Blend Labs' total operating income in 2024 was -$49.62 million, based on the following breakdown:

Total Gross Profit: $90.54 million
Total Operating Expenses: $140.16 million

How has Blend Labs' revenue changed over the last 5 years?

Over the last 5 years, Blend Labs' total revenue changed from $50.67 million in 2019 to $162.02 million in 2024, a change of 219.7%.

How much debt does Blend Labs have?

Blend Labs' total liabilities were at $40.40 million at the end of 2024, a 77.4% decrease from 2023, and a 22.9% decrease since 2020.

How much cash does Blend Labs have?

In the past 4 years, Blend Labs' cash and equivalents has ranged from $30.96 million in 2023 to $213.08 million in 2021, and is currently $38.01 million as of their latest financial filing in 2024.

How has Blend Labs' book value per share changed over the last 5 years?

Over the last 5 years, Blend Labs' book value per share changed from 0.00 in 2019 to -0.22 in 2024, a change of -22.0%.

Related Companies

Financial statements for NYSE:BLND last updated on 11/14/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Blend Labs (BLND) Financials

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Blend Labs (BLND) Financials

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