Bill.com Holdings, Inc. (BILL) Cash Flow Statement
Where BILL’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $425.8M +21.4% vs FY2025
- Capital expenditures
- $3.3M 0.2% of revenue
- Free cash flow
- $422.4M 25.6% margin
- Returned to shareholders
- $560.5M 133% of free cash flow
- Change in cash
- $28.7M cash at year-end $1.17B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BILL operating cash flow, capex and free cash flow
BILL cash flow trends, FY2018–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$8.4MFY2018 | $425.8MFY2026 | — | |
| Capital expenditures | $2.0MFY2018 | $3.3MFY2026 | +6.3%/yr | |
| Free cash flow | −$10.4MFY2018 | $422.4MFY2026 | — | |
| Free cash flow margin | −16.0%FY2018 | 25.6%FY2026 | +41.6 pts | |
| Stock-based compensation | $1.5MFY2018 | $229.8MFY2026 | +86.9%/yr | |
| Dividends paid | $37.1MFY2021 | $60.0MFY2023 | +27.2%/yr | |
| Share buybacks (net) | $0FY2018 | $560.5MFY2026 | — | |
| Capex / revenue | 3.2%FY2018 | 0.2%FY2026 | −3.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BILL cash flow by activity
BILL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BILL cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$11.2M | $23.8M | −$28.9M | −$223.7M | −$326.4M | −$98.7M | −$31.1M | −$7.3M | −$7.2M |
| Depreciation & amortization | $116.6M | $89.4M | $103.2M | $95.8M | $87.5M | $11.0M | $4.3M | $3.2M | $2.3M |
| Stock-based compensation | $229.8M | $242.5M | $248.4M | $313.6M | $197.2M | $68.3M | $18.1M | $4.1M | $1.5M |
| Change in working capital | $56.9M | $7.6M | −$9.3M | −$9.0M | −$16.2M | $27.9M | $7.4M | −$2.7M | −$5.2M |
| Other non-cash items | $33.7M | −$12.7M | −$34.5M | $11.1M | $39.8M | −$3.8M | −$3.1M | −$1.2M | $182,000 |
| Cash from operating activities | $425.8M | $350.6M | $278.8M | $187.8M | −$18.1M | $4.6M | −$4.4M | −$3.9M | −$8.4M |
| Investing activities | |||||||||
| Capital expenditures | −$3.3M | −$41.0M | −$20.9M | −$31.2M | −$15.6M | −$21.2M | −$12.1M | −$4.3M | −$2.0M |
| Investments (net) | $173.8M | −$817.4M | −$409.4M | $259.3M | −$843.5M | −$823.1M | −$236.5M | −$81.6M | −$419.5M |
| Acquisitions & other investing | −$199.1M | $41.0M | $20.9M | $31.2M | −$268.2M | −$582.6M | −$959,000 | −$333.9M | $3.7M |
| Cash from investing activities | −$28.6M | −$817.4M | −$409.4M | $259.3M | −$1.13B | −$1.43B | −$249.5M | −$419.8M | −$417.8M |
| Financing activities | |||||||||
| Dividends paid | — | — | — | −$60.0M | — | −$37.1M | — | — | — |
| Share repurchases & issuance (net) | −$560.5M | −$430.0M | −$211.9M | −$87.6M | $12.8M | $8.9M | — | $86.9M | $56.5M |
| Net borrowing (repayment) | $116.5M | $860.6M | −$888.2M | $60.0M | $557.6M | $1.13B | $2.3M | −$9.5M | $6.1M |
| Shares issued | $0 | $0 | $0 | $0 | $1.34B | $308.1M | $533.7M | $85.2M | $0 |
| Other financing | $261.2M | $235.9M | $357.5M | $322.7M | $967.0M | $232.6M | $327.2M | $329.1M | $263.7M |
| Cash from financing activities | −$182.8M | $666.5M | −$742.6M | $235.1M | $2.88B | $1.64B | $863.1M | $491.7M | $326.3M |
| Summary | |||||||||
| Net change in cash | $28.7M | $199.5M | −$873.4M | $682.1M | $1.73B | −$53.1M | $609.2M | $67.9M | −$99.9M |
| Cash at end of period | $1.17B | $3.55B | $3.35B | $4.22B | $3.54B | $520.6M | $1.59B | $90.3M | $591.6M |
| Free cash flow | $422.4M | $309.7M | $257.9M | $156.6M | −$33.7M | −$16.6M | −$16.5M | −$8.2M | −$10.4M |
| Free cash flow margin | 25.6% | 21.2% | 20.0% | 14.8% | −5.3% | −7.0% | −10.5% | −7.6% | −16.0% |
| Capex / revenue | 0.2% | 2.8% | 1.6% | 2.9% | 2.4% | 8.9% | 7.7% | 4.0% | 3.2% |
| Operating cash flow / net income | — | 14.73 | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$18.5M | $12.8M | −$2.6M | −$3.0M | −$7.1M | −$11.6M | $33.5M | $8.9M | $7.6M | $31.8M | −$40.4M | −$27.9M |
| Depreciation & amortization | $29.3M | $28.4M | $35.4M | $23.5M | $21.9M | $21.4M | $22.1M | $24.1M | $26.0M | $26.0M | $25.8M | $25.3M |
| Stock-based compensation | $52.8M | $53.9M | $64.3M | $58.8M | $59.8M | $62.2M | $65.9M | $54.7M | $58.3M | $59.4M | $65.5M | $65.1M |
| Change in working capital | $53.2M | −$2.7M | −$4.9M | $11.4M | $4.1M | $21.7M | −$12.3M | −$5.9M | $1.4M | −$20.7M | $21.7M | −$11.8M |
| Other non-cash items | $4.2M | $10.3M | $13.2M | $6.1M | $5.2M | $5.7M | −$30.5M | $6.9M | −$14.7M | −$29.7M | $7.0M | $2.9M |
| Cash from operating activities | $120.9M | $102.7M | $105.3M | $96.9M | $83.8M | $99.5M | $78.7M | $88.6M | $78.6M | $66.8M | $79.7M | $53.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$43.4M | −$25.8M | −$1.5M | −$14.6M | −$15.3M | −$6.1M | −$7.1M | −$7.0M | −$5.5M | −$4.6M | −$5.5M | −$6.0M |
| Investments (net) | $259.7M | −$184.2M | $142.4M | −$108.7M | −$43.6M | −$644.1M | $9.8M | −$139.5M | −$43.0M | −$618.0M | −$50.2M | $301.8M |
| Acquisitions & other investing | $28.2M | −$91.0M | −$4.3M | $14.6M | $15.3M | $6.1M | $7.1M | $7.0M | $5.5M | $4.6M | $5.5M | $6.0M |
| Cash from investing activities | $244.5M | −$301.0M | $136.6M | −$108.7M | −$43.6M | −$644.1M | $9.8M | −$139.5M | −$43.0M | −$618.0M | −$50.2M | $301.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$287.8M | −$56.9M | −$132.7M | −$83.1M | −$30.0M | $400.0M | −$200.0M | −$200.0M | −$2.2M | −$1.7M | −$199.8M | −$12.1M |
| Net borrowing (repayment) | $0 | $0 | −$33.5M | $150.0M | $0 | $0 | $860.6M | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $326.5M | −$52.7M | $53.1M | −$65.8M | $369.6M | −$505.6M | −$123.0M | $94.8M | −$18.0M | −$799.5M | $390.6M | −$99.8M |
| Cash from financing activities | $38.7M | −$109.6M | −$113.0M | $1.1M | $339.6M | −$105.6M | $537.6M | −$105.2M | −$20.2M | −$801.2M | $190.7M | −$111.9M |
| Summary | ||||||||||||
| Net change in cash | $63.6M | −$115.8M | $9.4M | −$10.7M | $379.7M | −$518.4M | $625.5M | −$156.2M | $54.5M | −$1.35B | $57.6M | $243.3M |
| Cash at end of period | $1.17B | $1.11B | $1.22B | $3.54B | $3.55B | $1.14B | $3.82B | $3.20B | $1.16B | $3.34B | $1.68B | $4.47B |
| Free cash flow | $164.3M | $128.5M | $103.8M | $82.3M | $68.5M | $93.4M | $71.6M | $81.5M | $73.1M | $62.2M | $74.2M | $47.6M |
| Free cash flow margin | 37.7% | 31.6% | 25.0% | 20.8% | 17.9% | 26.1% | 19.7% | 22.7% | 21.3% | 19.3% | 23.3% | 15.6% |
| Capex / revenue | 9.9% | 6.4% | 0.4% | 3.7% | 4.0% | 1.7% | 2.0% | 2.0% | 1.6% | 1.4% | 1.7% | 2.0% |
| Operating cash flow / net income | — | 8.03 | — | — | — | — | 2.35 | 9.94 | 10.35 | 2.10 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BILL cash generation
In fiscal 2026 (ended June 30, 2026), Bill.com generated $425.8 million of cash from operations (up 21.4%) and spent $3.3 million on capital expenditures, leaving free cash flow of $422.4 million, 25.6% of revenue. It returned $560.5 million to shareholders through dividends ($0) and net share buybacks ($560.5 million). Cash and equivalents rose by $28.7 million over the year.
Related: BILL income statement, BILL balance sheet. See the BILL stock overview for the latest quote and news.
BILL cash flow FAQ
What is Bill.com's free cash flow?
Bill.com's free cash flow was $422.4 million in fiscal 2026: $425.8 million of operating cash flow minus $3.3 million of capital expenditures It was $309.7 million a year earlier..
How much cash does Bill.com generate from operations?
Bill.com generated $425.8 million of cash from operating activities in fiscal 2026.
How much does Bill.com spend on capital expenditures?
Bill.com spent $3.3 million on capital expenditures in fiscal 2026, 0.2% of revenue, compared with $41.0 million the year before.
How much stock does Bill.com buy back?
Bill.com spent $560.5 million on net share repurchases in fiscal 2026.