BILL Holdings Processes $330B in TPV, Eyes AI-Driven Growth

TL;DR

**BILL is a strong buy; their AI-powered platform and massive payment volume position them for continued dominance in SMB financial tech.**

AI Summary

BILL Holdings, Inc. reported processing approximately $330 billion in Total Payment Volume (TPV) during fiscal year 2025, serving approximately 493,800 businesses. The company's integrated financial operations platform, headquartered in San Jose, California, focuses on automating payables, receivables, and spend and expense management for small and midsize businesses (SMBs). Key business changes include the continued enhancement of its AI-enabled platform for intelligent bill capture and digital workflows, and the expansion of its BILL Spend and Expense product, which offers smart corporate cards and budget management. Risks include the competitive and rapidly changing environment, potential economic downturns affecting SMBs, and the ability to attract and retain customers. Strategically, BILL aims to expand its customer base, develop new AI-driven products, and leverage its large data asset and proprietary risk management expertise to drive product innovation and secure transactions.

Why It Matters

BILL's robust platform, processing $330 billion in TPV for nearly 500,000 businesses, signifies its critical role in modernizing SMB financial operations. For investors, this indicates strong market penetration and potential for continued growth in a vital sector. Employees benefit from a company at the forefront of financial technology, while customers gain efficiency and security in their financial processes, freeing up valuable time. In a competitive landscape with other fintech players, BILL's AI-enabled automation and extensive network provide a significant competitive advantage, potentially driving further market consolidation and innovation in business payments.

Risk Assessment

Risk Level: medium — The risk level is medium due to the highly competitive and rapidly changing environment, as stated in the 'Special Note Regarding Forward-Looking Statements' section. While BILL Holdings, Inc. has a strong market position with approximately 493,800 businesses using its solutions and processing $330 billion in TPV, the continuous need for product innovation, especially with AI, and the potential impact of economic downturns on its SMB customer base, present notable challenges.

Analyst Insight

Investors should consider BILL Holdings, Inc. as a potential long-term holding, given its strong market position in SMB financial operations and its commitment to AI-driven innovation. Monitor the company's ability to sustain customer acquisition and TPV growth amidst increasing competition and macroeconomic shifts, as these will be key indicators of continued success.

Key Numbers

• $330B — Total Payment Volume (TPV) (processed during fiscal 2025, indicating significant transaction activity)
• 493,800 — Businesses using solutions (as of June 30, 2025, demonstrating a large customer base)
• 8.3M — Network members (as of June 30, 2025, highlighting extensive network effects)
• $8.4B — Aggregate market value of common equity (as of December 31, 2024, reflecting company valuation)
• 101,628,611 — Shares of common stock outstanding (as of August 21, 2025)

Key Players & Entities

• BILL Holdings, Inc. (company) — registrant
• New York Stock Exchange (regulator) — exchange for common stock
• SEC (regulator) — Securities and Exchange Commission
• San Jose, CA (location) — headquarters of BILL Holdings, Inc.
• Mastercard (company) — card network for BILL Divvy Card
• Visa (company) — card network for BILL Divvy Card

FAQ

Risk Factors

• Intense Competition and Rapid Technological Change [high — market]: The market for financial operations software is highly competitive and rapidly evolving. Competitors include established players and emerging fintech companies. BILL's ability to maintain and grow its market share depends on its capacity to innovate and adapt to new technologies, such as AI, and changing customer preferences. Failure to do so could negatively impact its financial performance.
• Economic Downturns Affecting SMBs [high — market]: BILL's customer base consists primarily of small and midsize businesses (SMBs). Economic downturns or recessions can disproportionately affect SMBs, leading to reduced spending, business closures, and increased payment defaults. This could result in lower transaction volumes and increased credit risk for BILL.
• Cybersecurity Threats and Data Breaches [high — operational]: BILL handles sensitive financial data for hundreds of thousands of businesses. A cybersecurity incident, data breach, or failure to protect customer data could lead to significant financial losses, reputational damage, regulatory penalties, and loss of customer trust. The company specifically mentions cybersecurity as a key area of focus in Item 1C.
• Reliance on Third-Party Integrations and Services [medium — operational]: The company's platform integrates with various third-party software, banks, card issuers, and payment processors. Disruptions or failures in these third-party services could impact BILL's ability to deliver its services to customers, potentially leading to service interruptions and customer dissatisfaction.
• Compliance with Financial Regulations [medium — regulatory]: As a financial technology provider, BILL is subject to various complex and evolving regulations related to payments, data privacy, and financial services. Non-compliance could result in significant fines, legal actions, and reputational harm. The company's operations are subject to U.S. federal and state laws and regulations.
• Ability to Attract and Retain Customers [medium — operational]: The success of BILL's platform depends on its ability to attract new SMB customers and retain existing ones. Competition, pricing pressures, and the need for continuous product improvement are key factors. Failure to effectively acquire and retain customers could limit growth and profitability.

Industry Context

BILL operates in the highly competitive financial operations software market, serving small and midsize businesses (SMBs). The industry is characterized by rapid technological advancements, particularly in AI, and a dynamic fintech landscape. Key trends include the increasing demand for automated financial workflows, integrated spend and expense management solutions, and seamless payment processing.

Regulatory Implications

BILL faces significant regulatory scrutiny due to its role in processing financial transactions. Compliance with evolving financial regulations, data privacy laws (like GDPR or CCPA), and anti-money laundering (AML) requirements is critical. Non-compliance can lead to substantial fines and reputational damage, necessitating robust compliance programs.

What Investors Should Do

1. Monitor competitive landscape and BILL's AI innovation pace.
2. Assess SMB economic health and its impact on TPV.
3. Evaluate cybersecurity and data protection measures.
4. Track customer acquisition and retention metrics.

Key Dates

• 2025-06-30: End of Fiscal Year 2025 — Reporting period for key metrics such as Total Payment Volume (TPV) of $330 billion and 493,800 businesses using solutions.
• 2024-12-31: Valuation Date for Common Equity — Reported aggregate market value of common equity was $8.4 billion.
• 2025-08-21: Date for Shares Outstanding — Reported 101,628,611 shares of common stock outstanding.

Glossary

Total Payment Volume (TPV)

The total dollar amount of payments processed through the company's platform over a specific period. (A key indicator of the scale of BILL's operations and transaction activity, with $330 billion processed in fiscal 2025.)

Network Members

The total number of entities (businesses, suppliers, clients) that have paid or received funds electronically using BILL's platform. (Demonstrates the reach and network effects of BILL's platform, with 8.3 million members as of June 30, 2025.)

SMBs

Small and Midsize Businesses. (BILL's primary target customer segment, highlighting the company's focus and the specific economic risks associated with this group.)

AI-enabled platform

A software platform that utilizes Artificial Intelligence to automate tasks, enhance decision-making, and improve efficiency. (Central to BILL's strategy for intelligent bill capture, digital workflows, and product innovation.)

Year-Over-Year Comparison

While specific comparative figures for revenue growth, margin changes, and new risks are not detailed in the provided excerpt, the filing highlights significant operational scale with $330 billion in Total Payment Volume (TPV) processed in fiscal 2025 and a customer base of 493,800 businesses. The emphasis on AI-enabled platform enhancements and expansion of the BILL Spend and Expense product suggests a strategic focus on innovation and product development compared to previous periods. Key risks remain consistent, with a continued focus on competitive pressures, economic sensitivity of SMBs, and cybersecurity threats.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value BILL The New York Stock Excha
• $330 billion — r solutions and processed approximately $330 billion in Total Payment Volume (TPV) during fi

Filing Documents

• bill-20250630.htm (10-K) — 2504KB
• bill-20250630xex108.htm (EX-10.8) — 131KB
• bill-20250630xex109.htm (EX-10.9) — 151KB
• bill-20250630xex1010.htm (EX-10.10) — 197KB
• bill-20250630xex1011.htm (EX-10.11) — 165KB
• bill-20250630xex211.htm (EX-21.1) — 15KB
• bill-20250630xex231.htm (EX-23.1) — 2KB
• bill-20250630xex232.htm (EX-23.2) — 5KB
• bill-20250630xex311.htm (EX-31.1) — 11KB
• bill-20250630xex312.htm (EX-31.2) — 11KB
• bill-20250630xex321.htm (EX-32.1) — 5KB
• bill-20250630xex322.htm (EX-32.2) — 5KB
• bill-20250630_g1.jpg (GRAPHIC) — 20KB
• bill-20250630_g2.jpg (GRAPHIC) — 9KB
• bill-20250630_g3.jpg (GRAPHIC) — 313KB
• 0001786352-25-000037.txt ( ) — 13731KB
• bill-20250630.xsd (EX-101.SCH) — 88KB
• bill-20250630_cal.xml (EX-101.CAL) — 137KB
• bill-20250630_def.xml (EX-101.DEF) — 365KB
• bill-20250630_lab.xml (EX-101.LAB) — 965KB
• bill-20250630_pre.xml (EX-101.PRE) — 701KB
• bill-20250630_htm.xml (XML) — 1854KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 54 Item 1C. Cybersecurity 54 Item 2.

Properties

Properties 56 Item 3.

Legal Proceedings

Legal Proceedings 56 Item 4. Mine Safety Disclosures 56 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 57 Item 6. Reserved 59 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 80 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 127

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 130 PART III Item 10. Directors, Executive Officers and Corporate Governance 128 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128 Item 13. Certain Relationships and Related Transactions, and Director Independence 128 Item 14. Principal Accountant Fees and Services 128 PART IV Item 15. Exhibits, Financial Statement Schedules 129 Item 16 Form 10-K Summary 131

Signatures

Signatures 132 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," and similar expressions are intended to identify forward-looking statements. Our fiscal year end is June 30. Our fiscal years ended June 30, 2025 , 2024 , and 2023 are referred to herein as fiscal 2025 , fiscal 2024 , and fiscal 2023, respectively. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit, and operating expenses, and our ability to sustain and expand profitability; our business plan and our ability to effectively manage our growth; our market opportunity, including our total addressable market; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to further attract, retain, and expand our customer base; the political, economic, and macroeconomic climate, including economic downturns or recessions, inflation, significant political and regulatory developments or changes in trade policy, including tariffs, fluctuations in market interest rates and currency exchange rates, cybersecurity events, and actual or perceived instability in the U.S. and global banking systems, and their impact on our customers, partners, vendors, employees, results of operations, liquidity, and financial condition; our ability to develop new

BUSINESS

Item 1. BUSINESS Overview Our mission is to make it simple to connect and do business. We are a leading financial operations platform for small and midsize businesses (SMBs). As a champion of SMBs, we are automating the future of finance so businesses can thrive. Our integrated platform helps businesses to more efficiently control their payables, receivables, and spend and expense management. Hundreds of thousands of businesses rely on BILL's proprietary network of millions of members to pay or get paid faster. Headquartered in San Jose, California, we are a trusted partner of leading U.S. financial institutions, accounting firms, and software providers. BILL's purpose-built, artificial intelligence (AI)-enabled financial software platform creates seamless connections between our customers, their suppliers, and their clients. Businesses on our platform generate and process invoices, streamline approvals, make and receive payments, manage employee expenses, sync with their accounting system, foster collaboration, and manage their cash flow. We have built sophisticated integrations with popular software solutions, banks, card issuers, and payment processors, enabling our customers to access these mission-critical services quickly and easily. Our integrated platform also includes BILL Spend and Expense, our spend and expense management product, which provides a solution for businesses to have smart corporate cards, build and monitor budgets, manage payments, and eliminate the need for manual expense reports. As of June 30, 2025, approximately 493,800 businesses used our solutions and processed approximately $330 billion in Total Payment Volume (TPV) during fiscal 2025. As of June 30, 2025, approximately 8.3 million network members have paid or received funds electronically using our platform. See " Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Business Metrics " for definitions and a detailed discussion of our key bus

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View this 10-K filing on SEC EDGAR