Filing Flows › Blend Labs (BLND) › Q3 2025
Blend Labs (BLND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Blend Labs (BLND) reported revenue of $32.7M for the third quarter 2025 (Q3 2025), -1% from a year earlier and +3% from the quarter before. Operating margin was -15.0%, net earnings $12.1M (37.0% of revenue).
Blend Labs, Q3 2025: revenue $32.7M (-1% year over year), operating margin -15.0%, net earnings $12.1M, operating cash flow −$3.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $32.7M | +3% | -1% |
| Operating profit | −$4.9M | — | — |
| Net earnings | $12.1M | — | — |
| Operating cash flow | −$3.1M | — | — |
What changed
Revenue was $32.7M in Q3 2025, down 1% year over year and up 3% from the previous quarter.
Gross margin was 74.3%, up 0.2 points from a year earlier. Operating costs exceeded revenue by $4.9M, an operating margin of -15.0%. Operating expenses fell 18% while revenue fell 1%. Net earnings were $12.1M. The effective tax rate was 0.2%. Non-operating items added $17.0M, 141% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.1M. Non-cash charges added back $1.0M of depreciation and amortization and $7.8M of share-based compensation. Working capital and other items used $24.0M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$5.8M.
Questions
What was Blend Labs' revenue in the third quarter 2025?
Blend Labs (BLND) reported revenue of $32.7M for the third quarter 2025 (Q3 2025), -1% from a year earlier and +3% from the quarter before.
Was Blend Labs profitable in the third quarter 2025?
Operating loss was $4.9M (-15.0% of revenue) and net earnings $12.1M.
Source: Blend Labs 10-Q on SEC EDGAR.