Filing Flows › Blend Labs (BLND) › Q2 2025
Blend Labs (BLND) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Blend Labs (BLND) reported revenue of $31.6M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +18% from the quarter before. Operating margin was -15.3%, net loss $6.8M (21.6% of revenue).
Blend Labs, Q2 2025: revenue $31.6M (+10% year over year), operating margin -15.3%, net loss $6.8M, operating cash flow −$6.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $31.6M | +18% | +10% |
| Operating profit | −$4.8M | — | — |
| Net earnings | −$6.8M | — | — |
| Operating cash flow | −$6.5M | -132% | — |
What changed
Revenue was $31.6M in Q2 2025, up 10% year over year and up 18% from the previous quarter. Mortgage Suite was the largest line at 57% of revenue. Consumer Banking Suite added $3.4M year over year (up 43%), 116% of the total change. Professional services declined 4%.
Gross margin was 73.8%, up 3.0 points from a year earlier. Operating costs exceeded revenue by $4.8M, an operating margin of -15.3%. Operating expenses fell 16% while revenue rose 10%. The fastest-growing cost line was General & admin (+21%). The quarter ended with a net loss of $6.8M, narrower than the previous quarter's $9.7M loss.
Operating cash flow was −$6.5M. Non-cash charges added back $640K of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items used $7.9M. Capital expenditures of $3.3M exceeded it, leaving free cash flow of −$9.8M.
Questions
What was Blend Labs' revenue in the second quarter 2025?
Blend Labs (BLND) reported revenue of $31.6M for the second quarter 2025 (Q2 2025), +10% from a year earlier and +18% from the quarter before.
Was Blend Labs profitable in the second quarter 2025?
Operating loss was $4.8M (-15.3% of revenue) and net loss $6.8M.
Source: Blend Labs 10-Q on SEC EDGAR.