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Blend Labs (BLND) Q4 2025 earnings results (fourth quarter 2025)

10-K filed Mar 16, 2026

Blend Labs (BLND) reported revenue of $31.6M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -3% from the quarter before. Operating margin was -15.3%, net loss $2.5M (8.0% of revenue).

Revenue$31.6M
Year over year+5%
Quarter over quarter-3%
Operating margin-15.3%
Net earnings−$2.5M

Blend Labs, Q4 2025: revenue $31.6M (+5% year over year), operating margin -15.3%, net loss $2.5M, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.

Q4 2025AmountQ/QY/Y
Revenue$31.6M-3%+5%
Operating profit−$4.8M——
Net earnings−$2.5M-121%—
Operating cash flow$1.5M——

What changed

Revenue was $31.6M in Q4 2025, up 5% year over year and down 3% from the previous quarter.

Gross margin was 73.8%, down 0.3 points from a year earlier. Operating costs exceeded revenue by $4.8M, an operating margin of -15.3%. Operating expenses grew 10% against revenue growth of 5%. The fastest-growing cost line was General & admin (+31%). The quarter ended with a net loss of $2.5M, after a profit of $12.1M the previous quarter. Non-operating items added $2.4M, -103% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $1.5M. Non-cash charges added back $1.2M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $4.6M. Capital expenditures of $1.6M exceeded it, leaving free cash flow of −$21K.

Questions

What was Blend Labs' revenue in the fourth quarter 2025?

Blend Labs (BLND) reported revenue of $31.6M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -3% from the quarter before.

Was Blend Labs profitable in the fourth quarter 2025?

Operating loss was $4.8M (-15.3% of revenue) and net loss $2.5M.

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Source: Blend Labs 10-K on SEC EDGAR.