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Bill Holdings cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$96.7M in Q1 FY27 · $414M over twelve months

Operating cash flow$96.8M
Capital spending−$80K
Free cash flow+$96.7M
Cash / net income1.6×
Cash conversion cycle-1 days

Analysis

In Q1 FY27, Bill Holdings generated $96.8M of operating cash flow and spent $80K on capital projects, leaving free cash flow of $96.7M. That is $1.2M more than in Q1 FY26 ($95.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $416M; the largest uses were buybacks ($790M), taxes on employees’ shares ($59.5M), capital spending ($2.1M); besides operations, cash came from other investing ($225M), other financing ($121M); the cash balance fell by $86.5M.

Operating cash flow was $96.8M against net income of $60.3M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities −$62.3M, stock-based pay +$40.7M, impairments +$25.8M.

Its cash conversion cycle was -1 days (receivables 8 + inventory 0 − payables 9): suppliers fund its working capital.

Free cash flow

Bill Holdings: free cash flow by quarterBill Holdings: free cash flow by quarter$78.3MQ2 FY25$98.4MQ3 FY25$81.0MQ4 FY25$95.6MQ1 FY26$104MQ2 FY26$103MQ3 FY26$111MQ4 FY26$96.7MQ1 FY27
Operating cash flow less capital spending.
Bill Holdings: operating cash flow against capital spendingBill Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$78.7M$382KQ2 FY25$99.5M$1.1MQ3 FY25$83.8M$2.8MQ4 FY25$96.9M$1.3MQ1 FY26$105M$1.5MQ2 FY26$103M$168KQ3 FY26$111M$375KQ4 FY26$96.8M$80KQ1 FY27
Latest (Q1 FY27): Operating cash flow $96.8M, Capital spending $80K.

Capital allocation, year by year

Bill Holdings: where the cash came from (up) and went (down), by fiscal yearBill Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$18.1MFY22: Net borrowing $598MFY22: Shares issued $46.9MFY22: Capital spending −$5.4MFY22: Acquisitions −$144M$644MFY22FY23: Operating cash flow $188MFY23: Net borrowing $60.0MFY23: Shares issued $31.8MFY23: Capital spending −$7.6MFY23: Acquisitions −$28.9MFY23: Buybacks −$87.6M$280MFY23FY24: Operating cash flow $279MFY24: Net borrowing −$888MFY24: Shares issued $24.6MFY24: Capital spending −$976KFY24: Buybacks −$212M$303MFY24FY25: Operating cash flow $351MFY25: Net borrowing $861MFY25: Shares issued $15.3MFY25: Capital spending −$4.3MFY25: Buybacks −$430M$1.2BFY25FY26: Operating cash flow $416MFY26: Net borrowing $117MFY26: Shares issued $14.9MFY26: Capital spending −$3.3MFY26: Buybacks −$560M$547MFY26
Over these 5 years operating cash flow totalled $1.2B; the largest uses were buybacks ($1.3B) and net borrowing ($888M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.6B
Debt$1.8B
Net debt$244M

Bill Holdings funds itself: free cash flow was $414M over the last twelve months, and $1.6B of cash and investments stands against $1.8B of debt.

Where the cash came from and went

Bill Holdings: sources (+) and uses (−) of cash, Q1 FY27Bill Holdings: sources (+) and uses (−) of cash, Q1 FY27Buybacks−$312MCash drawn (+) / kept (−)$312MOther financing−$222MOther investing$142MOperating cash flow$96.8MTaxes on employees’ shares−$18.0MShares issued$1.0MCapital spending−$80KExchange rates$8K
Bill Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Bill Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Buybacks−$790MOperating cash flow$416MOther investing$225MOther financing$121MCash drawn (+) / kept (−)$86.5MTaxes on employees’ shares−$59.5MShares issued$3.7MCapital spending−$2.1MExchange rates−$117K

From profit to cash

Bill Holdings: net income to operating cash flow, Q1 FY27Bill Holdings: net income to operating cash flow, Q1 FY27Net income$60.3MDepreciation & amortization$8.3MStock-based pay$40.7MImpairments$25.8MOther non-cash$94KReceivables$385KPayables−$2.6MAccrued liabilities−$62.3MDeferred revenue$905KPrepaid and other assets−$1.2MOperating cash flow$96.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY278—9-1
Q4 FY267—10-3
Q3 FY268—71
Q2 FY268—72
Q1 FY269—14-4
Q4 FY257—16-9
Q3 FY257—10-3
Q2 FY258—12-4

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$96.8M−$80K−$312M—$1.0M$312M$96.7M
Q4 FY26$111M−$375K−$288M—$8.7M−$404M$111M
Q3 FY26$103M−$168K−$56.9M—$683K$308M$103M
Q2 FY26$105M−$1.5M−$133M—$5.2M−$129M$104M
Q1 FY26$96.9M−$1.3M−$83.1M$150M$276K$10.7M$95.6M
Q4 FY25$83.8M−$2.8M−$30.0M—$7.2M−$380M$81.0M
Q3 FY25$99.5M−$1.1M——$520K$650M$98.4M
Q2 FY25$78.7M−$382K−$200M—$1.2M−$626M$78.3M

Bill Holdings: income statement and cash flow

Bill Holdings, Q1 FY27: revenue $354M (+12% year over year), operating margin 14.5%. The chart follows the revenue to costs, profit and cash.

Bill Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.