What is Blend Labs' operating income?

Blend Labs' total operating income in 2025 was -$21.74 million, based on the following breakdown: Total Gross Profit: $91.17 million Total Operating Expenses: $112.90 million

Blend Labs (BLND) Financials

$1.01 +0.10 (+10.83%)

Closing price 10/15/2026 03:59 PM Eastern

Extended Trading

$0.99 -0.03 (-2.66%)

As of 10/15/2026 07:30 PM Eastern

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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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-81	-75	-171	-769	-185	-60	-26
Consolidated Net Income / (Loss)	-81	-75	-169	-764	-180	-43	-6.98
Net Income / (Loss) Continuing Operations	-81	-75	-169	-764	-167	-43	-1.13
Total Pre-Tax Income	-81	-75	-208	-766	-167	-43	-0.88
Total Operating Income	-82	-75	-197	-746	-144	-49	-22
Total Gross Profit	31	62	116	90	76	83	91
Total Revenue	51	96	234	235	110	116	124
Operating Revenue	51	96	234	235	110	116	124
Total Cost of Revenue	20	34	119	146	33	33	32
Operating Cost of Revenue	20	34	119	146	33	33	32
Total Operating Expenses	113	137	313	836	220	132	113
Selling, General & Admin Expense	27	30	129	139	61	46	50
Marketing Expense	38	51	84	85	57	34	29
Research & Development Expense	49	56	92	138	81	46	33
Restructuring Charge	-	0.00	0.00	15	20	5.88	0.87
Total Other Income / (Expense), net	0.28	0.70	-11	-20	-24	6.19	21
Interest Expense	-	0.00	11	25	31	6.75	0.00
Other Income / (Expense), net	0.28	0.70	0.49	4.92	7.03	13	21
Income Tax Expense	0.01	0.03	-39	-2.24	0.09	0.11	0.25
Net Income / (Loss) Discontinued Operations	-	-	-	-	-12	-0.66	-5.86
Preferred Stock Dividends Declared	-	0.00	1.43	0.00	0.00	11	18
Net Income / (Loss) Attributable to Noncontrolling Interest	-	0.00	0.77	4.80	5.44	6.19	1.07
Basic Earnings per Share	($2.49)	($1.89)	($1.30)	($3.28)	($0.76)	($0.24)	($0.10)
Weighted Average Basic Shares Outstanding	32.78M	39.41M	131.99M	234.16M	245.21M	253.92M	258.95M
Diluted Earnings per Share	($2.49)	($1.89)	($1.30)	($3.28)	($0.76)	($0.24)	($0.10)
Weighted Average Diluted Shares Outstanding	32.78M	39.41M	131.99M	234.16M	245.21M	253.92M	258.95M
Weighted Average Basic & Diluted Shares Outstanding	-	-	232.41M	242.85M	252.05M	259.66M	257.11M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-32	-22	-24	-8.25	-6.51	-15	-11	7.97	-8.15	-13	-6.41
Consolidated Net Income / (Loss)	-30	-21	-19	-2.63	-0.71	-9.70	-6.85	13	-3.46	-8.05	-1.48
Net Income / (Loss) Continuing Operations	-30	-21	-19	-0.63	-0.71	-6.90	-3.85	12	-3.28	-5.47	-1.81
Total Pre-Tax Income	-30	-21	-19	-0.61	-0.68	-6.87	-3.81	12	-3.13	-5.02	-1.36
Total Operating Income	-22	-21	-13	-11	-1.79	-7.98	-4.83	-4.91	-4.51	-5.06	-1.58
Total Gross Profit	20	16	20	25	25	19	23	24	24	23	25
Total Revenue	36	24	29	33	41	27	32	33	32	31	34
Operating Revenue	36	24	29	33	41	27	32	33	32	31	34
Total Cost of Revenue	16	7.80	8.36	8.60	17	7.85	8.27	8.40	7.98	7.48	8.95
Operating Cost of Revenue	16	7.80	8.36	8.60	17	7.85	8.27	8.40	7.98	7.48	8.95
Total Operating Expenses	42	37	33	36	27	27	28	29	29	28	26
Selling, General & Admin Expense	15	12	11	11	11	11	14	13	12	12	11
Marketing Expense	12	9.76	9.00	9.47	6.58	7.19	6.95	7.87	7.06	6.20	6.74
Research & Development Expense	14	14	13	10	8.86	7.84	7.49	8.52	9.47	9.41	8.68
Restructuring Charge	0.69	0.97	0.11	4.70	0.12	0.72	0.03	0.09	0.03	0.66	0.00
Total Other Income / (Expense), net	-8.58	0.55	-6.10	11	1.11	1.11	1.02	17	1.38	0.04	0.22
Other Income / (Expense), net	-1.50	5.65	-4.45	11	1.11	1.11	1.02	17	1.38	0.04	0.22
Income Tax Expense	-0.07	0.04	0.03	0.02	0.03	0.03	0.04	0.03	0.15	0.06	0.12
Other Gains / (Losses), net	-	-	-	-	-	-	-	-	-	-0.38	-0.34
Net Income / (Loss) Discontinued Operations	-	0.05	-0.22	-2.00	-	-2.80	-3.00	0.12	-0.18	-2.58	0.33
Preferred Stock Dividends Declared	-2.06	0.00	2.66	4.05	2.71	4.20	4.38	4.56	4.70	4.73	4.93
Net Income / (Loss) Attributable to Noncontrolling Interest	3.49	1.47	1.51	1.58	3.09	1.07	0.00	0.00	-	0.00	0.00
Basic Earnings per Share	($0.12)	-	-	($0.03)	($0.03)	($0.06)	($0.04)	$0.03	-	($0.05)	($0.03)
Weighted Average Basic Shares Outstanding	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	259.63M	258.95M	255.63M	239.91M
Diluted Earnings per Share	($0.12)	-	-	($0.03)	($0.03)	($0.06)	($0.04)	$0.02	-	($0.05)	($0.03)
Weighted Average Diluted Shares Outstanding	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	268.72M	258.95M	255.63M	239.91M
Weighted Average Basic & Diluted Shares Outstanding	252.05M	252.38M	254.24M	255.93M	259.66M	258.52M	259.32M	259.75M	257.11M	242.12M	236.51M

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.21	18	172	-89	-91	11	-2.54
Net Cash From Operating Activities	-59	-65	-128	-190	-128	-13	12
Net Cash From Continuing Operating Activities	-59	-65	-128	-190	-117	-8.20	14
Net Income / (Loss) Continuing Operations	-81	-75	-169	-764	-167	-43	-1.13
Consolidated Net Income / (Loss)	-81	-75	-169	-764	-180	-43	-6.98
Net Income / (Loss) Discontinued Operations	-	-	-	-	-12	-0.66	-5.86
Depreciation Expense	4.76	3.99	11	11	1.52	1.34	3.29
Amortization Expense	2.27	6.00	9.63	11	5.95	6.81	2.16
Non-Cash Adjustments To Reconcile Net Income	11	11	74	559	47	18	11
Changes in Operating Assets and Liabilities, net	4.06	-11	-52	-7.35	-3.12	8.55	-1.16
Net Cash From Discontinued Operating Activities	-	-	-	-	-11	-4.84	-2.89
Net Cash From Investing Activities	-66	-7.92	-634	99	127	45	19
Net Cash From Continuing Investing Activities	-66	-7.92	-634	99	128	45	19
Purchase of Property, Plant & Equipment	-0.58	-1.32	-1.89	-2.07	-0.04	-9.74	-12
Acquisitions	-0.04	0.00	-403	-	0.00	0.00	-4.00
Purchase of Investments	-151	-174	-352	-146	-236	-102	-35
Sale of Property, Plant & Equipment	-	-	-	-	0.00	0.00	2.26
Divestitures	-	-	-	0.00	0.00	9.08	0.00
Sale and/or Maturity of Investments	86	167	125	247	366	153	68
Other Investing Activities, net	0.00	0.00	-3.00	0.00	-2.50	-5.28	0.00
Net Cash From Discontinued Investing Activities	-	-	-	-	-0.55	-0.10	-0.20
Net Cash From Financing Activities	133	91	934	2.22	-91	-21	-33
Net Cash From Continuing Financing Activities	133	91	934	2.22	-91	-21	-33
Repayment of Debt	-0.07	0.00	2.88	0.00	-85	-145	0.00
Repurchase of Common Equity	-0.05	-	-	0.00	0.00	-9.48	-25
Issuance of Preferred Equity	126	76	310	0.00	0.00	149	0.00
Other Financing Activities, net	1.65	4.51	35	2.61	-5.90	-16	-7.72
Cash Interest Paid	0.00	0.00	6.43	25	28	6.15	0.00
Cash Income Taxes Paid	0.01	0.03	0.88	0.28	0.11	0.08	0.39

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-54	54	-39	9.59	-13	18	-21	18	-18	-7.63	-14
Net Cash From Operating Activities	-21	-3.87	-6.67	2.08	-4.59	20	-6.37	-3.49	0.98	7.35	7.93
Net Cash From Continuing Operating Activities	-21	-3.03	-6.67	2.08	-4.59	20	-5.29	-2.73	2.34	8.46	7.74
Net Income / (Loss) Continuing Operations	-30	-21	-19	-2.63	-0.71	-6.90	-3.65	12	-3.28	-5.47	-1.81
Consolidated Net Income / (Loss)	-30	-21	-19	-2.63	-0.71	-9.70	-6.65	13	-3.46	-8.05	-1.48
Net Income / (Loss) Discontinued Operations	-	0.05	-	-	-	-2.80	-3.00	0.12	-0.18	-2.58	0.33
Depreciation Expense	0.61	0.32	0.56	0.68	0.49	0.41	0.64	1.04	1.20	1.34	1.51
Amortization Expense	2.09	1.52	1.27	3.88	0.49	0.39	0.55	0.58	0.63	0.60	0.40
Non-Cash Adjustments To Reconcile Net Income	9.66	3.43	13	-2.90	5.74	5.96	7.38	-8.85	6.80	7.57	7.53
Changes in Operating Assets and Liabilities, net	-3.22	12	-1.72	3.04	-11	20	-10	-7.91	-3.01	4.38	0.15
Net Cash From Discontinued Operating Activities	-	-0.84	-	-	-	0.31	-1.08	-0.76	-1.36	-1.11	0.19
Net Cash From Investing Activities	53	61	-25	12	-1.89	3.50	-11	27	-1.25	2.89	-0.69
Net Cash From Continuing Investing Activities	53	61	-25	12	-1.89	3.59	-11	27	-1.24	1.92	-0.83
Purchase of Property, Plant & Equipment	-0.08	-1.96	-1.87	-3.43	-2.58	-4.31	-3.73	-2.27	-1.00	-1.12	-0.83
Net Cash From Discontinued Investing Activities	-	0.00	-	-	-	-0.08	-0.04	-0.06	-0.01	0.97	0.14
Net Cash From Financing Activities	-86	-3.19	-7.32	-4.23	-6.32	-5.18	-3.65	-6.20	-18	-18	-21
Net Cash From Continuing Financing Activities	-86	-3.19	-7.32	-4.23	-6.32	-5.18	-3.65	-6.20	-18	-18	-21
Repurchase of Common Equity	-	0.00	-	-0.40	-	-2.57	-1.55	-5.03	-16	-17	-20
Other Financing Activities, net	-1.07	-3.19	-3.12	-3.83	-6.32	-2.61	-2.10	-1.17	-1.83	-1.03	-0.94
Effect of Exchange Rate Changes	-0.02	-0.00	-0.00	-	-	0.00	-	-	-	-0.01	-0.02

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	216	1,112	433	206	178	170
Total Current Assets	186	613	396	170	135	100
Cash & Equivalents	41	213	124	31	38	45
Short-Term Investments	111	334	230	106	56	25
Accounts Receivable	15	34	23	18	15	8.79
Prepaid Expenses	19	32	19	15	17	17
Other Current Nonoperating Assets	-	-	-	-	9.62	3.96
Plant, Property, & Equipment, net	4.59	6.16	5.74	3.95	12	23
Total Noncurrent Assets	25	493	31	32	31	47
Other Noncurrent Operating Assets	24	33	29	30	25	46
Other Noncurrent Nonoperating Assets	-	-	-	-	6.06	1.00
Total Liabilities & Shareholders' Equity	216	1,112	433	206	178	170
Total Liabilities	52	302	269	179	40	41
Total Current Liabilities	35	60	35	32	39	39
Accounts Payable	3.44	6.16	1.26	2.17	1.62	1.86
Current Deferred Revenue	14	8.07	8.70	8.98	19	19
Current Employee Benefit Liabilities	9.06	18	10	5.56	3.32	4.56
Other Current Liabilities	8.91	28	15	15	9.74	12
Other Current Nonoperating Liabilities	-	-	-	-	5.11	2.13
Total Noncurrent Liabilities	17	242	233	148	1.38	1.57
Other Noncurrent Operating Liabilities	17	28	17	9.21	0.28	1.57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	36	41	46	194	159
Total Equity & Noncontrolling Interests	163	775	123	-19	-56	-30
Total Preferred & Common Equity	163	775	123	-19	-56	-30
Total Common Equity	-222	775	123	-19	-56	-30
Common Stock	51	1,218	1,287	1,322	1,328	1,361
Retained Earnings	-273	-443	-1,163	-1,342	-1,385	-1,392
Accumulated Other Comprehensive Income / (Loss)	-0.01	-0.81	-0.71	0.44	0.60	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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	3/31/2026	6/30/2026
Total Assets	385	350	318	202	185	186	188	183	190	161	144
Total Current Assets	350	309	283	160	143	146	140	127	116	93	76
Cash & Equivalents	46	35	85	85	45	55	56	36	55	37	23
Short-Term Investments	261	231	160	44	67	62	49	52	22	22	22
Accounts Receivable	20	21	20	18	20	16	11	15	12	18	14
Prepaid Expenses	23	22	19	13	10	14	16	17	20	16	17
Other Current Nonoperating Assets	-	-	-	-	-	-	8.52	6.44	6.43	0.00	0.00
Plant, Property, & Equipment, net	5.41	4.97	4.45	5.98	7.62	9.72	17	21	23	23	22
Total Noncurrent Assets	30	36	31	36	35	30	31	35	51	46	46
Other Noncurrent Operating Assets	28	34	29	34	33	28	25	31	47	46	46
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	5.84	3.87	3.26	0.00	0.00
Total Liabilities & Shareholders' Equity	385	350	318	202	185	186	188	183	190	161	144
Total Liabilities	272	266	267	190	48	47	59	55	47	53	49
Total Current Liabilities	40	35	37	43	42	45	58	53	46	51	47
Accounts Payable	1.93	3.15	2.12	1.90	1.08	1.86	2.67	1.20	0.77	0.26	0.42
Current Deferred Revenue	13	12	10	22	21	20	33	33	25	34	31
Current Employee Benefit Liabilities	11	4.74	9.87	5.19	3.23	6.05	3.90	2.85	4.60	3.99	3.54
Other Current Liabilities	14	15	15	14	16	17	11	10	9.24	13	11
Other Current Nonoperating Liabilities	-	-	-	-	-	-	6.79	5.79	5.74	0.00	0.00
Total Noncurrent Liabilities	232	231	230	147	6.74	2.25	1.19	2.65	1.58	1.50	2.08
Other Noncurrent Operating Liabilities	15	13	11	2.06	1.57	1.29	0.29	1.80	1.42	1.50	2.08
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	42	43	45	48	183	188	146	150	155	164	169
Total Equity & Noncontrolling Interests	71	41	6.29	-36	-45	-50	-17	-23	-12	-56	-74
Total Preferred & Common Equity	71	41	6.29	-36	-45	-50	-17	-23	-12	-56	-74
Total Common Equity	71	41	6.29	-36	-45	-50	-17	-23	-12	-56	-74
Common Stock	1,300	1,312	1,318	1,326	1,336	1,334	1,377	1,378	1,375	1,343	1,326
Retained Earnings	-1,228	-1,270	-1,311	-1,362	-1,382	-1,384	-1,394	-1,401	-1,388	-1,400	-1,401
Accumulated Other Comprehensive Income / (Loss)	0.10	-0.69	-0.40	0.35	0.30	0.77	0.57	0.51	0.56	0.66	0.62

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	259,746,920.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	259,746,920.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.10
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	89.51%	144.19%	0.30%	-33.31%	3.30%	6.76%
EBITDA Growth	0.00%	13.19%	-173.26%	-307.42%	80.91%	80.33%	116.46%
EBIT Growth	0.00%	8.41%	-163.77%	-276.75%	79.90%	75.46%	97.55%
NOPAT Growth	0.00%	7.87%	-161.97%	-278.31%	79.06%	68.24%	55.50%
Net Income Growth	0.00%	8.39%	-126.68%	-351.58%	76.45%	75.86%	83.92%
EPS Growth	0.00%	24.10%	31.22%	-152.31%	76.83%	68.42%	58.33%
Operating Cash Flow Growth	0.00%	-10.31%	-96.12%	-49.34%	32.98%	89.78%	188.26%
Free Cash Flow Firm Growth	0.00%	0.00%	-841.36%	88.13%	-55.02%	58.99%	5.46%
Invested Capital Growth	0.00%	0.00%	4,071.01%	-94.43%	6.71%	38.25%	65.98%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-13.97%	-4.09%	3.38%	-26.23%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-2.42%	26.46%	43.71%	-9.89%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.91%	25.22%	38.29%	-43.46%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-2.09%	25.44%	28.81%	-2.16%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-1.32%	22.11%	40.59%	-64.97%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-0.31%	21.65%	27.27%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-33.73%	-2.26%	17.27%	55.25%	93.61%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	21.47%	1.99%	29.47%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-12.08%	13.03%	71.90%	-7.97%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	61.42%	64.29%	49.46%	38.12%	51.73%	55.88%	73.77%
EBITDA Margin	-146.85%	-67.27%	-75.27%	-305.76%	-87.52%	-16.66%	3.70%
Operating Margin	-161.28%	-78.40%	-84.11%	-317.25%	-99.60%	-30.63%	-17.59%
EBIT Margin	-160.72%	-77.68%	-83.90%	-315.16%	-94.98%	-22.57%	-0.71%
Profit (Net Income) Margin	-160.75%	-77.70%	-72.13%	-324.75%	-114.69%	-26.80%	-5.65%
Tax Burden Percent	100.02%	100.03%	81.31%	99.71%	100.05%	100.25%	795.33%
Interest Burden Percent	100.00%	100.00%	105.73%	103.34%	120.68%	118.45%	100.00%
Effective Tax Rate	0.00%	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%	-33.67%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-892.46%	-43.71%	-104.76%	-294.37%	-84.92%	-43.01%
Return on Net Nonoperating Assets (RNNOA)	0.00%	829.95%	21.78%	50.60%	209.65%	50.07%	28.44%
Return on Equity (ROE)	0.00%	-91.37%	-34.73%	-156.76%	-188.49%	-52.75%	-5.24%
Cash Return on Invested Capital (CROIC)	0.00%	-1,121.31%	-247.15%	-28.46%	-404.63%	-134.92%	-83.29%
Operating Return on Assets (OROA)	0.00%	-34.57%	-29.63%	-95.94%	-46.64%	-19.04%	-0.50%
Return on Assets (ROA)	0.00%	-34.59%	-25.47%	-98.86%	-56.32%	-22.61%	-4.01%
Return on Common Equity (ROCE)	0.00%	124.12%	-19.71%	-144.42%	-102.63%	24.22%	1.70%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-45.68%	-21.83%	-620.12%	934.78%	77.04%	0.00%
Net Operating Profit after Tax (NOPAT)	-57	-53	-138	-522	-109	-35	-15
NOPAT Margin	-112.90%	-54.88%	-58.88%	-222.08%	-69.72%	-21.44%	-12.31%
Net Nonoperating Expense Percent (NNEP)	0.00%	-28.85%	-12.81%	-102.60%	-103.76%	-17.90%	9.34%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-153.64%	-91.83%	61.63%	49.93%
Cost of Revenue to Revenue	38.58%	35.71%	50.54%	61.88%	48.27%	44.12%	26.23%
SG&A Expenses to Revenue	52.47%	31.35%	54.93%	59.15%	45.07%	31.20%	40.55%
R&D to Revenue	95.91%	57.80%	39.33%	58.71%	52.02%	28.45%	26.58%
Operating Expenses to Revenue	222.70%	142.70%	133.58%	355.37%	151.33%	86.51%	91.36%
Earnings before Interest and Taxes (EBIT)	-81	-75	-197	-741	-149	-37	-0.88
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-74	-65	-177	-719	-137	-27	4.57
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.18	2.78	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	5.37	2.83	0.00	0.00	0.00
Price to Revenue (P/Rev)	7.10	3.75	7.20	1.46	4.04	6.65	6.39
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	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	15.59
Enterprise Value to Revenue (EV/Rev)	0.00	6.18	5.93	1.04	4.34	7.24	7.12
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	192.54
Enterprise Value to EBIT (EV/EBIT)	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
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	76.38
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	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	0.00
Long-Term Debt to Equity	0.00	0.00	0.26	1.32	5.13	0.00	0.00
Financial Leverage	0.00	-0.93	-0.50	-0.48	-0.71	-0.59	-0.66
Leverage Ratio	0.00	1.32	1.36	1.59	3.35	2.33	1.31
Compound Leverage Factor	0.00	1.32	1.44	1.64	4.04	2.76	1.31
Debt to Total Capital	0.00%	0.00%	20.87%	56.94%	83.70%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	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%	0.00%
Preferred Equity to Total Capital	0.00%	235.85%	0.00%	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%	123.62%
Common Equity to Total Capital	0.00%	-135.85%	75.62%	32.35%	-11.64%	-40.93%	-23.62%
Debt to EBITDA	0.00	0.00	-1.21	-0.30	-1.01	0.00	0.00
Net Debt to EBITDA	0.00	0.00	1.89	0.19	-0.01	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	-1.21	-0.30	-1.01	0.00	0.00
Debt to NOPAT	0.00	0.00	-1.55	-0.42	-1.27	0.00	0.00
Net Debt to NOPAT	0.00	0.00	2.41	0.26	-0.01	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	-1.55	-0.42	-1.27	0.00	0.00
Altman Z-Score	0.00	2.50	3.02	-7.11	-7.81	6.02	1.23
Noncontrolling Interest Sharing Ratio	0.00%	235.85%	43.24%	7.87%	45.55%	145.92%	132.56%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	5.31	10.21	11.17	5.38	3.47	2.53
Quick Ratio	0.00	4.76	9.68	10.62	4.92	2.97	1.99
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-64	-604	-72	-111	-46	-38
Operating Cash Flow to CapEx	-10,161.90%	-4,917.78%	-6,760.55%	-9,207.83%	-21,741.23%	-132.51%	123.28%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-53.54	-2.89	-3.61	-6.76	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-11.30	-7.68	-4.14	-1.93	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-11.47	-7.76	-4.16	-3.39	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.45	0.35	0.30	0.49	0.84	0.71
Accounts Receivable Turnover	0.00	6.41	9.56	8.28	7.64	9.07	10.54
Inventory Turnover	0.00	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	7.13
Accounts Payable Turnover	0.00	9.98	24.70	39.23	44.15	31.16	18.64
Days Sales Outstanding (DSO)	0.00	56.94	38.18	44.07	47.78	40.22	34.62
Days Inventory Outstanding (DIO)	0.00	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	19.58
Cash Conversion Cycle (CCC)	0.00	20.36	23.40	34.76	39.51	28.51	15.04
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	11	477	27	28	39	56
Invested Capital Turnover	0.00	16.79	0.96	0.93	5.71	4.80	2.74
Increase / (Decrease) in Invested Capital	0.00	11	466	-451	1.78	11	22
Enterprise Value (EV)	0.00	593	1,390	246	681	1,173	879
Market Capitalization	360	360	1,688	342	633	1,077	790
Book Value per Share	$0.00	($5.63)	$3.37	$0.52	($0.08)	($0.22)	($0.12)
Tangible Book Value per Share	$0.00	($5.66)	$1.37	$0.51	($0.09)	($0.23)	($0.12)
Total Capital	0.00	163	1,024	381	165	138	129
Total Debt	0.00	0.00	214	217	138	0.00	0.00
Total Long-Term Debt	0.00	0.00	214	217	138	0.00	0.00
Net Debt	0.00	-152	-333	-137	1.41	-98	-70
Capital Expenditures (CapEx)	0.58	1.32	1.89	2.07	0.59	9.84	9.34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-0.78	5.76	6.48	1.34	-2.26	-9.45
Debt-free Net Working Capital (DFNWC)	0.00	151	553	361	138	96	60
Net Working Capital (NWC)	0.00	151	553	361	138	96	60
Net Nonoperating Expense (NNE)	24	22	31	241	71	8.69	-8.23
Net Nonoperating Obligations (NNO)	0.00	-152	-333	-137	1.41	-98	-73
Total Depreciation and Amortization (D&A)	7.03	10.00	20	22	12	9.57	5.45
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-0.81%	2.46%	2.75%	0.85%	-1.39%	-7.65%
Debt-free Net Working Capital to Revenue	0.00%	157.37%	235.82%	153.33%	88.15%	59.39%	48.83%
Net Working Capital to Revenue	0.00%	157.37%	235.82%	153.33%	88.15%	59.39%	48.83%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($1.30)	($3.28)	($0.76)	($0.24)	($0.10)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	131.99M	234.16M	245.21M	253.92M	258.95M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($1.30)	($3.28)	($0.76)	($0.24)	($0.10)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	131.99M	234.16M	245.21M	253.92M	258.95M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	257.11M
Normalized Net Operating Profit after Tax (NOPAT)	-57	-53	-138	-197	-92	-30	-15
Normalized NOPAT Margin	-112.90%	-54.88%	-58.88%	-83.70%	-58.59%	-18.21%	-11.82%
Pre Tax Income Margin	-160.72%	-77.68%	-88.71%	-325.70%	-114.63%	-26.73%	-0.71%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-17.44	-29.90	-4.84	-5.42	0.00
NOPAT to Interest Expense	0.00	0.00	-12.24	-21.07	-3.55	-5.15	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-17.61	-29.99	-4.85	-6.88	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-12.41	-21.15	-3.57	-6.61	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	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%	-356.15%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	259,746,920.00	257,114,733.00	242,116,656.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	259,746,920.00	257,114,733.00	242,116,656.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.03	-0.05	-0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.62%	-6.40%	-5.45%	11.32%	14.69%	12.29%	9.85%	-0.74%	7.67%	14.89%	6.98%
EBITDA Growth	70.50%	75.97%	47.84%	106.38%	101.40%	57.90%	84.99%	290.07%	16.58%	49.13%	121.53%
EBIT Growth	68.26%	73.49%	47.00%	92.23%	97.08%	57.74%	79.42%	2,138.85%	-41.95%	26.87%	64.42%
NOPAT Growth	70.90%	65.53%	63.67%	63.21%	91.83%	63.75%	64.62%	37.96%	-37.74%	36.58%	67.34%
Net Income Growth	62.70%	68.78%	53.19%	93.72%	97.67%	54.45%	65.78%	577.05%	-388.42%	17.01%	78.34%
EPS Growth	63.64%	67.86%	50.00%	83.33%	75.00%	0.00%	0.00%	166.67%	0.00%	16.67%	25.00%
Operating Cash Flow Growth	56.29%	91.71%	80.62%	108.02%	77.84%	627.15%	4.47%	-268.11%	121.37%	-63.45%	221.92%
Free Cash Flow Firm Growth	-104.29%	-104.83%	-109.26%	65.15%	29.21%	131.25%	-481.12%	-672.16%	-223.50%	-685.33%	-63.21%
Invested Capital Growth	6.71%	21.22%	-20.28%	-9.10%	38.25%	-39.90%	20.19%	168.65%	65.98%	181.58%	39.77%
Revenue Q/Q Growth	-11.05%	-3.20%	15.83%	11.62%	-8.36%	-35.35%	17.75%	4.24%	-1.30%	-4.90%	9.71%
EBITDA Q/Q Growth	32.58%	35.60%	-19.65%	112.27%	-85.22%	-2,100.00%	58.25%	682.59%	-109.23%	-137.75%	118.24%
EBIT Q/Q Growth	30.39%	33.57%	-14.35%	85.30%	73.86%	-864.66%	45.19%	444.90%	-125.17%	-60.42%	73.01%
NOPAT Q/Q Growth	39.59%	3.16%	37.01%	0.15%	86.58%	-330.50%	39.89%	-51.39%	35.62%	-12.29%	68.86%
Net Income Q/Q Growth	27.36%	31.98%	6.01%	86.47%	73.05%	-1,229.38%	29.40%	288.59%	-127.59%	-132.76%	81.58%
EPS Q/Q Growth	33.33%	25.00%	0.00%	66.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	40.00%
Operating Cash Flow Q/Q Growth	20.07%	81.31%	-72.34%	131.14%	-320.91%	544.61%	-131.23%	45.19%	128.08%	650.20%	7.82%
Free Cash Flow Firm Q/Q Growth	15.40%	17.25%	91.07%	-295.96%	-71.81%	151.54%	-248.13%	-369.54%	41.03%	-38.12%	56.67%
Invested Capital Q/Q Growth	13.03%	-17.60%	2.03%	-23.24%	71.90%	-55.36%	104.06%	71.58%	-7.97%	-12.61%	1.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.64%	51.91%	53.55%	57.53%	59.72%	70.82%	73.93%	74.42%	75.38%	75.75%	73.54%
EBITDA Margin	-57.25%	-38.09%	-39.35%	4.33%	0.70%	-21.59%	-7.65%	42.78%	-4.00%	-10.01%	1.66%
Operating Margin	-60.57%	-60.59%	-32.95%	-29.48%	-4.32%	-28.74%	-14.67%	-14.95%	-13.90%	-16.41%	-4.66%
EBIT Margin	-64.72%	-44.42%	-43.85%	-5.77%	-1.65%	-24.58%	-11.44%	37.85%	-9.65%	-16.28%	-4.00%
Profit (Net Income) Margin	-84.13%	-59.13%	-47.98%	-5.81%	-1.71%	-35.16%	-21.08%	38.14%	-10.66%	-26.10%	-4.38%
Tax Burden Percent	99.76%	100.20%	100.12%	100.69%	103.81%	143.06%	184.28%	100.76%	110.48%	160.31%	109.45%
Interest Burden Percent	130.32%	132.85%	109.28%	100.00%	100.00%	100.00%	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%	0.22%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-242.10%	-246.55%	-104.77%	-135.02%	-14.49%	-142.35%	-52.66%	-59.43%	-26.61%	-43.89%	-9.88%
ROIC Less NNEP Spread (ROIC-NNEP)	-219.93%	-230.35%	-91.74%	-144.47%	-15.61%	-133.80%	-49.25%	-77.14%	-26.26%	-38.61%	-9.33%
Return on Net Nonoperating Assets (RNNOA)	156.63%	132.63%	64.03%	107.99%	9.20%	89.52%	37.08%	54.05%	17.37%	27.74%	5.74%
Return on Equity (ROE)	-85.47%	-113.92%	-40.74%	-27.03%	-5.29%	-52.83%	-15.58%	-5.38%	-9.24%	-16.15%	-4.15%
Cash Return on Invested Capital (CROIC)	-404.63%	-324.67%	-170.93%	-194.20%	-134.92%	-58.53%	-77.50%	-126.92%	-83.29%	-135.09%	-65.70%
Operating Return on Assets (OROA)	-31.78%	-23.37%	-24.89%	-3.59%	-1.39%	-20.79%	-10.42%	33.76%	-6.85%	-11.88%	-3.18%
Return on Assets (ROA)	-41.31%	-31.11%	-27.24%	-3.61%	-1.44%	-29.74%	-19.20%	34.01%	-7.57%	-19.05%	-3.48%
Return on Common Equity (ROCE)	-46.54%	-32.36%	0.77%	6.17%	2.43%	19.74%	4.00%	1.19%	3.01%	4.95%	1.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	375.66%	246.93%	147.35%	0.00%	190.50%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-15	-15	-9.34	-9.32	-1.25	-5.39	-3.24	-4.90	-3.15	-3.54	-1.10
NOPAT Margin	-42.40%	-42.41%	-23.07%	-20.63%	-3.02%	-20.12%	-10.27%	-14.91%	-9.73%	-11.49%	-3.26%
Net Nonoperating Expense Percent (NNEP)	-22.17%	-16.20%	-13.03%	9.45%	1.12%	-8.55%	-3.42%	17.71%	-0.34%	-5.29%	-0.56%
Return On Investment Capital (ROIC_SIMPLE)	-12.85%	-	-	-	2.22%	31.89%	14.34%	39.25%	10.35%	6.34%	1.48%
Cost of Revenue to Revenue	45.36%	48.09%	46.45%	42.47%	40.28%	29.18%	26.07%	25.58%	24.62%	24.25%	26.46%
SG&A Expenses to Revenue	40.28%	39.87%	30.94%	29.08%	26.46%	41.93%	43.20%	39.19%	38.21%	39.40%	32.61%
R&D to Revenue	39.93%	40.58%	31.91%	22.41%	21.40%	28.09%	23.26%	25.93%	29.20%	30.52%	25.66%
Operating Expenses to Revenue	115.20%	112.50%	86.50%	87.01%	64.04%	99.56%	88.60%	89.37%	89.28%	92.16%	78.20%
Earnings before Interest and Taxes (EBIT)	-23	-16	-18	-2.61	-0.68	-6.58	-3.61	12	-3.13	-5.02	-1.36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-13	-16	1.96	0.29	-5.78	-2.41	14	-1.30	-3.09	0.56
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.04	5.30	3.92	6.08	6.65	5.27	5.08	5.65	6.39	3.43	3.19
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)	24.00	30.36	22.58	44.98	29.92	52.05	25.62	16.71	15.59	11.01	10.79
Enterprise Value to Revenue (EV/Rev)	4.34	5.72	4.41	6.55	7.24	5.52	5.45	6.11	7.12	4.25	4.15
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	202.07	192.54	71.84	50.19
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	560.79	157.40
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	81.23	79.49	172.23	76.38	0.00	40.85
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	5.13	12.21	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	5.13	12.21	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.71	-0.58	-0.70	-0.75	-0.59	-0.67	-0.75	-0.70	-0.66	-0.72	-0.62
Leverage Ratio	3.35	4.69	2.42	2.66	2.33	2.77	1.39	1.34	1.31	1.47	1.47
Compound Leverage Factor	4.36	6.23	2.64	2.66	2.33	2.77	1.39	1.34	1.31	1.47	1.47
Debt to Total Capital	83.70%	92.43%	3.63%	0.68%	0.00%	0.00%	0.00%	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	83.70%	92.43%	3.63%	0.68%	0.00%	0.00%	0.00%	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	27.95%	30.33%	128.32%	134.85%	140.93%	113.09%	117.67%	108.77%	123.62%	151.62%	178.47%
Common Equity to Total Capital	-11.64%	-22.76%	-31.95%	-35.53%	-40.93%	-13.09%	-17.67%	-8.77%	-23.62%	-51.62%	-78.47%
Debt to EBITDA	-1.01	-1.53	-0.06	-0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-0.01	-0.18	1.33	2.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	-1.01	-1.53	-0.06	-0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-1.27	-1.79	-0.08	-0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.01	-0.21	1.66	2.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-1.27	-1.79	-0.08	-0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-5.80	-5.66	-1.87	3.08	6.68	-0.28	-0.14	3.31	1.18	-6.20	-7.46
Noncontrolling Interest Sharing Ratio	45.55%	71.59%	101.90%	122.83%	145.92%	137.37%	125.69%	122.10%	132.56%	130.68%	143.58%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.38	3.75	3.43	3.24	3.47	2.41	2.40	2.54	2.53	1.81	1.62
Quick Ratio	4.92	3.44	3.18	2.93	2.97	1.99	1.96	1.96	1.99	1.50	1.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-17	-20	-1.78	-7.04	-12	6.23	-9.24	-43	-26	-35	-15
Operating Cash Flow to CapEx	-25,232.93%	-196.95%	-357.04%	60.49%	-177.68%	444.52%	-170.59%	-153.61%	97.90%	658.19%	960.85%
Free Cash Flow to Firm to Interest Expense	-2.41	-3.91	-1.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-2.92	-0.76	-4.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.93	-1.14	-5.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.53	0.57	0.62	0.84	0.85	0.91	0.89	0.71	0.73	0.79
Accounts Receivable Turnover	7.64	8.11	7.43	8.83	9.07	11.43	9.71	11.93	10.54	8.93	8.83
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	32.38	27.12	24.17	22.11	19.92	14.36	11.65	10.25	7.13	6.44	6.02
Accounts Payable Turnover	44.15	37.09	33.32	35.73	31.16	31.33	62.45	54.01	18.64	21.92	40.43
Days Sales Outstanding (DSO)	47.78	44.99	49.13	41.31	40.22	31.94	37.60	30.61	34.62	40.87	41.32
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)	8.27	9.84	10.96	10.22	11.71	11.65	5.84	6.76	19.58	16.66	9.03
Cash Conversion Cycle (CCC)	39.51	35.15	38.17	31.10	28.51	20.29	31.75	23.85	15.04	24.22	32.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	28	29	30	23	39	18	36	61	56	49	50
Invested Capital Turnover	5.71	5.81	4.54	6.54	4.80	7.08	5.13	3.99	2.74	3.82	3.03
Increase / (Decrease) in Invested Capital	1.78	5.10	-7.56	-2.28	11	-12	6.00	38	22	32	14
Enterprise Value (EV)	681	884	671	1,026	1,173	911	915	1,024	879	542	538
Market Capitalization	633	819	596	953	1,077	870	853	947	790	437	414
Book Value per Share	($0.08)	($0.14)	($0.18)	($0.20)	($0.22)	($0.07)	($0.09)	($0.05)	($0.12)	($0.22)	($0.31)
Tangible Book Value per Share	($0.09)	($0.15)	($0.19)	($0.20)	($0.23)	($0.07)	($0.09)	($0.05)	($0.12)	($0.22)	($0.31)
Total Capital	165	157	142	140	138	129	128	142	129	108	95
Total Debt	138	145	5.17	0.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	138	145	5.17	0.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	1.41	17	-107	-116	-98	-105	-88	-77	-70	-59	-45
Capital Expenditures (CapEx)	0.08	1.96	1.87	3.43	2.58	4.59	3.73	2.27	1.00	1.12	0.83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1.34	-11	-12	-16	-2.26	-23	-14	-6.94	-9.45	-17	-16
Debt-free Net Working Capital (DFNWC)	138	117	101	101	96	82	74	70	60	42	29
Net Working Capital (NWC)	138	117	101	101	96	82	74	70	60	42	29
Net Nonoperating Expense (NNE)	15	5.84	10	-6.70	-0.54	4.03	3.41	-17	0.30	4.51	0.38
Net Nonoperating Obligations (NNO)	1.41	17	-107	-116	-98	-111	-92	-81	-73	-59	-45
Total Depreciation and Amortization (D&A)	2.70	2.21	1.82	4.56	0.97	0.80	1.19	1.62	1.83	1.94	1.92
Debt-free, Cash-free Net Working Capital to Revenue	0.85%	-7.16%	-7.63%	-9.97%	-1.39%	-13.92%	-8.47%	-4.14%	-7.65%	-13.63%	-12.08%
Debt-free Net Working Capital to Revenue	88.15%	75.73%	66.39%	64.55%	59.39%	49.62%	44.16%	41.97%	48.83%	32.65%	22.48%
Net Working Capital to Revenue	88.15%	75.73%	66.39%	64.55%	59.39%	49.62%	44.16%	41.97%	48.83%	32.65%	22.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.09)	($0.09)	($0.03)	($0.03)	$0.00	$0.00	$0.03	$0.00	($0.05)	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	259.63M	258.95M	255.63M	239.91M
Adjusted Diluted Earnings per Share	($0.12)	($0.09)	($0.09)	($0.03)	($0.03)	$0.00	$0.00	$0.02	$0.00	($0.05)	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	245.21M	250.93M	253.07M	254.91M	253.92M	258.83M	259.21M	268.72M	258.95M	255.63M	239.91M
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	252.05M	252.38M	254.24M	255.93M	259.66M	258.52M	259.32M	259.75M	257.11M	242.12M	236.51M
Normalized Net Operating Profit after Tax (NOPAT)	-15	-14	-9.19	-5.01	-1.17	-4.88	-3.22	-4.81	-3.13	-3.08	-1.10
Normalized NOPAT Margin	-41.05%	-40.45%	-22.71%	-11.08%	-2.82%	-18.24%	-10.21%	-14.63%	-9.66%	-9.98%	-3.25%
Pre Tax Income Margin	-84.34%	-59.01%	-47.92%	-5.77%	-1.65%	-24.58%	-11.44%	37.85%	-9.65%	-16.28%	-4.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.30	-3.04	-10.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-2.16	-2.91	-5.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-3.31	-3.43	-11.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.17	-3.29	-6.80	0.00	0.00	0.00	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%	-21.83%	-37.45%	-23.31%	-215.99%	-356.15%	-733.88%	187,074.19%

Financials Breakdown Chart

Key Financial Trends

Blend Labs (NYSE: BLND) shows improving operating performance, but its balance sheet and shareholder returns remain key risks. Revenue increased to $33.8 million in Q2 2026 from $31.6 million in Q2 2025 and $23.8 million in Q1 2024. Gross profit reached $24.9 million, representing an approximately 73.5% gross margin, while operating expenses declined to $26.5 million from $28.2 million a year earlier. As a result, the operating loss narrowed to $1.6 million from $4.8 million in Q2 2025 and $13.1 million in Q2 2024.

Cash generation has also improved recently. Operating cash flow was $7.9 million in Q2 2026, compared with negative operating cash flow of $6.4 million in Q2 2025. However, substantial share repurchases caused cash and equivalents to decline by $14.1 million during the quarter. Blend ended Q2 with $23.3 million of cash and $21.6 million of short-term investments, while common equity remained negative at $74.4 million. Investors should also note that common shareholders continue to absorb preferred-stock dividends, which contributed to a $6.4 million loss attributable to common shareholders despite a consolidated net loss of only $1.5 million.

Revenue recovery: Q2 2026 revenue rose approximately 7% year over year and was substantially above the $23.8 million reported in Q1 2024.
Much stronger gross margins: Gross margin improved to about 73.5% in Q2 2026, compared with approximately 39% in Q2 2022, indicating a more favorable revenue mix and lower cost of revenue.
Operating losses are narrowing: The operating loss improved to $1.6 million in Q2 2026 from $5.1 million in Q1 2026 and $4.8 million in Q2 2025.
Operating cash flow turned positive: Blend generated $7.9 million from continuing operations in Q2 2026, following $8.5 million in Q1 and a negative $5.3 million in Q2 2025.
Lower share count: Weighted-average basic shares declined to 239.9 million in Q2 2026 from 259.2 million in Q2 2025, which can support per-share results if the repurchases are made at attractive prices.
Investment liquidity remains meaningful: Cash and short-term investments totaled approximately $44.9 million at quarter-end, providing liquidity, although this is down sharply from the more than $100 million held in early 2025.
Cash flow relies heavily on adjustments: Q2 operating cash flow included $7.5 million of non-cash adjustments, so investors should monitor whether future cash generation is sustained by earnings and recurring operations.
Common equity is negative: Total common equity was negative $74.4 million in Q2 2026, worsening from negative $16.9 million in Q1 2024, reflecting the company’s large accumulated deficit.
Common shareholders remain unprofitable: Blend reported a $6.4 million loss attributable to common shareholders, or negative $0.03 per share, after recording $4.9 million of preferred-stock dividends.
Aggressive repurchases are consuming cash: Blend repurchased $20.4 million of common equity in Q2 2026, following $16.8 million in Q1 and $15.7 million in Q4 2025. These buybacks helped reduce the share count but contributed to declining cash balances while the company is not yet consistently profitable.

10/16/26 01:12 AM ETAI Generated. May Contain Errors.

Blend Labs Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Blend Labs' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Blend Labs' net income appears to be on an upward trend, with a most recent value of -$6.98 million in 2025, rising from -$81.45 million in 2019. The previous period was -$43.42 million in 2024. See Blend Labs' forecast for analyst expectations on what's next for the company.

Blend Labs' total operating income in 2025 was -$21.74 million, based on the following breakdown:

Total Gross Profit: $91.17 million
Total Operating Expenses: $112.90 million

Over the last 6 years, Blend Labs' total revenue changed from $50.67 million in 2019 to $123.59 million in 2025, a change of 143.9%.

In the past 13 quarters, Blend Labs' cash and equivalents has ranged from $23.31 million in Q2 2026 to $84.56 million in Q3 2023, and is currently $23.31 million as of their latest financial filing in Q2 2026.

Blend Labs had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2019.

Over the last 6 years, Blend Labs' book value per share changed from 0.00 in 2019 to -0.12 in 2025.

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Financial statements for NYSE:BLND last updated on 8/7/2026 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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Quarterly Cash Flow Statements for Blend Labs

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Quarterly Metrics And Ratios for Blend Labs

Financials Breakdown Chart

Key Financial Trends

Blend Labs Financials - Frequently Asked Questions

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How has Blend Labs' net income changed over the last 6 years?

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How has Blend Labs' revenue changed over the last 6 years?

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How has Blend Labs' book value per share changed over the last 6 years?

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