Filing Flows › Blend Labs (BLND) › Q4 2025
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).
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 2025 | Amount | Q/Q | Y/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.
Source: Blend Labs 10-K on SEC EDGAR.