Blend Labs, Inc. (BLND) Balance Sheet
BLND balance sheet, 2025
December 31, 2025 · U.S. dollars$170.0M assets = $200.6M liabilities + −$30.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$30.6M).
Both columns are drawn to the same scale: what BLND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BLND financial health
Descriptive bands, not a rating. Fiscal 2025.
BLND balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $161.3M2019 | $170.0M2025 | +0.9%/yr | |
| Total liabilities | $26.3M2019 | $200.6M2025 | +40.3%/yr | |
| Shareholders’ equity | $135.0M2019 | −$30.6M2025 | — | |
| Cash & short-term investments | $127.3M2019 | $68.3M2025 | −9.8%/yr | |
| Total debt | $5.9M2019 | $161.0M2025 | +73.6%/yr | |
| Net cash (debt) | $121.4M2019 | −$92.7M2025 | −$214.0M | |
| Working capital | $123.1M2019 | $58.3M2025 | −$64.8M | |
| Book value per share | $0.612019 | −$0.122025 | — | |
| Current ratio | 6.672019 | 2.482025 | −4.19 | |
| Debt / equity | 0.042019 | 1.882022 | +1.84 | |
| Shares outstanding | 219.6M2019 | 258.9M2025 | +2.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLND assets
BLND liabilities and equity
BLND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BLND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $68.3M | $98.5M | $136.9M | $354.1M | $547.2M | $151.7M | $127.3M |
| Cash & equivalents | $43.6M | $42.2M | $31.0M | $124.2M | $213.1M | $41.1M | $22.6M |
| Short-term investments | $24.7M | $56.2M | $106.0M | $229.9M | $334.1M | $110.6M | $104.6M |
| Receivables | $14.1M | $19.9M | $19.9M | $24.0M | $39.4M | $24.2M | $10.8M |
| Inventory | $0 | $0 | $0 | $1 | $28.4M | $1 | $3.9M |
| Other current assets | $15.5M | $16.8M | $13.0M | $18.0M | $0 | $10.2M | $2.9M |
| Total current assets | $97.9M | $135.2M | $169.8M | $396.1M | $613.0M | $186.1M | $144.8M |
| Property, plant & equipment (net) | $24.4M | $13.8M | $12.5M | $17.4M | $20.9M | $17.3M | $3.0M |
| Goodwill & intangible assets | $0 | $2.1M | $2.1M | $2.1M | $460.2M | $1.2M | $4.1M |
| Long-term investments | $40.1M | $9.8M | $5.4M | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.7M | $17.2M | $16.2M | $17.1M | $18.4M | $11.1M | $9.4M |
| Total assets | $170.0M | $178.0M | $206.1M | $432.8M | $1.11B | $215.7M | $161.3M |
| Liabilities | |||||||
| Accounts payable | $1.8M | $2.4M | $2.2M | $1.3M | $6.2M | $3.4M | $3.1M |
| Short-term debt | $254,000 | $3.0M | $4.4M | $4.1M | $3.9M | $2.6M | $5.9M |
| Deferred revenue | $19.5M | $19.2M | $9.0M | $8.7M | $8.1M | $13.6M | $12.4M |
| Total current liabilities | $39.5M | $38.9M | $31.6M | $35.5M | $60.0M | $35.0M | $21.7M |
| Long-term debt | $0 | $0 | $138.3M | $216.8M | $213.8M | $0 | $0 |
| Lease obligations | $1.5M | $3.8M | $11.4M | $15.2M | $14.6M | $16.6M | $0 |
| Other long-term liabilities | $161.1M | $143.0M | $9.2M | $16.6M | $28.0M | $17.4M | $4.6M |
| Total liabilities | $200.6M | $182.0M | $179.1M | $268.8M | $301.9M | $52.4M | $26.3M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$1.39B | −$1.38B | −$1.34B | −$1.16B | −$442.8M | −$272.9M | −$198.2M |
| Accumulated other comprehensive income | $597,000 | $602,000 | $441,000 | −$708,000 | −$808,000 | −$5,000 | $93,000 |
| Minority interest | $0 | $52.4M | $46.2M | $40.7M | — | — | — |
| Total shareholders' equity | −$30.6M | −$56.4M | −$19.2M | $123.2M | $774.6M | $163.3M | $135.0M |
| Key figures | |||||||
| Total debt | $161.0M | $3.8M | $149.7M | $232.0M | $232.3M | $16.6M | $5.9M |
| Net cash (debt) | −$92.7M | $94.6M | −$12.8M | $122.2M | $314.9M | $135.1M | $121.4M |
| Working capital | $58.3M | $96.2M | $138.3M | $360.6M | $553.0M | $151.1M | $123.1M |
| Tangible book value | −$30.6M | −$58.4M | −$21.4M | $121.0M | $314.4M | $162.1M | $130.8M |
| Book value per share | −$0.12 | −$0.22 | −$0.08 | $0.53 | $3.36 | $0.74 | $0.61 |
| Shares outstanding | 258.9M | 253.9M | 245.2M | 234.2M | 230.3M | 219.6M | 219.6M |
| Current ratio | 2.48 | 3.47 | 5.38 | 11.17 | 10.21 | 5.31 | 6.67 |
| Quick ratio | 2.08 | 3.04 | 4.97 | 10.66 | 9.77 | 5.02 | 6.36 |
| Debt / equity | — | — | — | 1.88 | 0.30 | 0.10 | 0.04 |
| Equity / assets | −18.0% | −31.7% | −9.3% | 28.5% | 69.6% | 75.7% | 83.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $44.9M | $61.0M | $68.3M | $77.3M | $88.3M | $104.8M | $98.5M | $116.8M | $112.6M | $128.0M | $136.9M | $245.0M |
| Cash & equivalents | $23.3M | $39.4M | $43.6M | $55.0M | $36.5M | $56.2M | $42.2M | $55.0M | $45.5M | $84.5M | $31.0M | $84.6M |
| Short-term investments | $21.6M | $21.6M | $24.7M | $22.2M | $51.8M | $48.6M | $56.2M | $61.7M | $67.2M | $43.5M | $106.0M | $160.4M |
| Receivables | $18.6M | $21.2M | $14.1M | $15.3M | $16.3M | $13.5M | $19.9M | $19.1M | $20.7M | $20.4M | $19.9M | $20.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $12.4M | $9.2M | $15.5M | $23.4M | $22.3M | $21.6M | $16.8M | $10.6M | $9.3M | $11.1M | $13.0M | $18.2M |
| Total current assets | $75.9M | $91.4M | $97.9M | $116.0M | $126.8M | $139.9M | $135.2M | $146.4M | $142.5M | $159.5M | $169.8M | $283.2M |
| Property, plant & equipment (net) | $23.9M | $23.9M | $24.4M | $24.6M | $23.0M | $17.3M | $13.8M | $11.4M | $15.1M | $14.3M | $12.5M | $13.9M |
| Goodwill & intangible assets | $0 | $0 | $0 | $69,000 | $73,000 | $154,000 | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M |
| Long-term investments | $39.4M | $39.7M | $40.1M | $30.4M | $13.8M | $9.8M | $9.8M | $0 | $0 | $0 | $5.4M | $0 |
| Other non-current assets | $4.4M | $6.3M | $7.7M | $18.6M | $19.4M | $21.1M | $17.2M | $26.2M | $25.7M | $25.8M | $16.2M | $19.2M |
| Total assets | $143.6M | $161.3M | $170.0M | $189.6M | $183.1M | $188.3M | $178.0M | $186.1M | $185.4M | $201.8M | $206.1M | $318.4M |
| Liabilities | ||||||||||||
| Accounts payable | $418,000 | $259,000 | $1.8M | $772,000 | $1.2M | $2.7M | $2.4M | $1.9M | $1.1M | $1.9M | $2.2M | $2.1M |
| Short-term debt | $407,000 | $254,000 | $254,000 | $305,000 | $958,000 | $1.7M | $3.0M | $4.3M | $4.7M | $4.6M | $4.4M | $4.3M |
| Deferred revenue | $31.5M | $34.0M | $19.4M | $25.3M | $32.7M | $33.3M | $19.2M | $19.9M | $20.8M | $21.5M | $9.0M | $10.1M |
| Total current liabilities | $46.7M | $51.5M | $39.5M | $45.7M | $52.7M | $58.1M | $38.9M | $45.2M | $41.5M | $42.6M | $31.6M | $36.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $138.9M | $138.3M | $219.0M |
| Lease obligations | $2.0M | $1.4M | $1.5M | $1.6M | $2.4M | $1.7M | $3.8M | $5.3M | $9.9M | $11.0M | $11.4M | $8.1M |
| Other long-term liabilities | $2.1M | $165.7M | $161.1M | $1.6M | $2.7M | $147.1M | $143.0M | $2.2M | $6.7M | $8.5M | $9.2M | $11.5M |
| Total liabilities | $48.8M | $217.2M | $200.5M | $47.3M | $55.4M | $205.2M | $182.0M | $47.5M | $48.3M | $189.9M | $179.1M | $267.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | −$1.40B | −$1.40B | −$1.39B | −$1.39B | −$1.40B | −$1.39B | −$1.38B | −$1.38B | −$1.38B | −$1.36B | −$1.34B | −$1.31B |
| Accumulated other comprehensive income | $623,000 | $663,000 | $597,000 | $554,999 | $513,999 | $565,000 | $602,000 | $765,000 | $304,000 | $346,000 | $441,000 | −$402,000 |
| Minority interest | — | — | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Total shareholders' equity | $94.8M | −$55.9M | −$30.5M | $142.3M | $127.7M | −$16.9M | −$56.4M | $87.9M | $88.0M | −$35.8M | −$19.2M | $6.3M |
| Key figures | ||||||||||||
| Total debt | $2.0M | $165.6M | $1.5M | $1.6M | $2.4M | $1.7M | $3.8M | $5.3M | $9.9M | $149.8M | $149.7M | $231.4M |
| Net cash (debt) | $42.8M | −$104.6M | $66.8M | $75.6M | $85.9M | $103.1M | $94.6M | $111.5M | $102.7M | −$21.8M | −$12.8M | $13.5M |
| Working capital | $29.2M | $39.9M | $58.4M | $70.3M | $74.1M | $81.9M | $96.2M | $101.2M | $101.0M | $117.0M | $138.3M | $246.4M |
| Tangible book value | $94.8M | −$55.9M | −$30.5M | $142.2M | $127.6M | −$17.0M | −$58.4M | $85.8M | $85.9M | −$37.9M | −$21.4M | $4.2M |
| Book value per share | $0.40 | −$0.22 | −$0.12 | $0.53 | $0.49 | −$0.07 | −$0.22 | $0.34 | $0.35 | −$0.14 | −$0.08 | $0.03 |
| Shares outstanding | 239.9M | 255.6M | 258.1M | 268.7M | 259.2M | 258.8M | 256.7M | 254.9M | 253.1M | 250.9M | 248.6M | 246.4M |
| Current ratio | 1.62 | 1.78 | 2.48 | 2.54 | 2.40 | 2.41 | 3.47 | 3.24 | 3.43 | 3.75 | 5.38 | 7.69 |
| Quick ratio | 1.36 | 1.60 | 2.09 | 2.03 | 1.98 | 2.04 | 3.04 | 3.00 | 3.21 | 3.49 | 4.97 | 7.20 |
| Debt / equity | 0.02 | — | — | 0.01 | 0.02 | — | — | 0.06 | 0.11 | — | — | 36.78 |
| Equity / assets | 66.0% | −34.7% | −17.9% | 75.1% | 69.7% | −9.0% | −31.7% | 47.2% | 47.4% | −17.7% | −9.3% | 2.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.
BLND financial position
At the end of fiscal 2025 (December 31, 2025), Blend Labs had total assets of $170.0 million (down 4.5% from a year earlier), total liabilities of $200.6 million and shareholders' equity of -$30.6 million. It held $68.3 million in cash and short-term investments against $161.0 million of debt, net debt of $92.7 million. Its current ratio was 2.48. In the latest quarter (ended June 30, 2026) total assets were $143.6 million and equity $94.8 million.
Related: BLND income statement, BLND cash flow statement, BLND key metrics. See the BLND stock overview for the latest quote and news.
BLND balance sheet FAQ
What are Blend Labs's total assets?
Blend Labs reported total assets of $170.0 million at the end of fiscal 2025 (December 31, 2025), compared with $178.0 million a year earlier.
How much debt does Blend Labs have?
Blend Labs had $161.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Blend Labs have?
Blend Labs held $68.3 million in cash and short-term investments at the end of fiscal 2025; with $161.0 million of debt that is net debt of $92.7 million.
What is Blend Labs's book value?
Blend Labs's shareholders' equity (book value) was -$30.6 million at the end of fiscal 2025, or −$0.12 per share.
What is Blend Labs's current ratio?
Blend Labs had current assets of $97.9 million and current liabilities of $39.5 million, a current ratio of 2.48 (it can cover its short-term obligations).