Blend Labs, Inc. (BLND) Income Statement
BLND 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBLND revenue and net income
Where BLND's revenue goes
2025Each bar shows an amount and its share of revenue. BLND kept −6.5% of revenue as net income.
BLND profit margins
BLND growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −23.7% | −19.3% | +5.2% | — |
| Gross profit | +0.7% | +0.6% | +8.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BLND quarterly EPS vs estimates
Blend Labs beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.02).
BLND income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $123.6M | $162.0M | $156.8M | $235.2M | $234.5M | $96.0M | $50.7M |
| Cost of revenue | $32.4M | $71.5M | $75.7M | $145.6M | $118.5M | $34.3M | $19.5M |
| Gross profit | $91.2M | $90.5M | $81.1M | $89.7M | $116.0M | $61.7M | $31.1M |
| Research & development | $32.8M | $46.1M | $81.6M | $138.1M | $92.2M | $55.5M | $48.6M |
| Sales, general & admin | $79.2M | $86.6M | $130.8M | $224.4M | $212.9M | $81.5M | $64.2M |
| Total operating expenses | $112.0M | $140.2M | $237.4M | $835.8M | $313.2M | $137.0M | $112.8M |
| Operating income | −$20.9M | −$49.6M | −$156.2M | −$746.2M | −$197.2M | −$75.3M | −$81.7M |
| Interest expense | $0 | $6.7M | $30.8M | $24.8M | $11.3M | $700,000 | $283,000 |
| Income before taxes | −$878,000 | −$43.3M | −$179.8M | −$766.1M | −$208.0M | −$74.6M | −$81.4M |
| Income taxes | $249,000 | $109,000 | $94,000 | −$2.2M | −$38.9M | $26,000 | $13,000 |
| Net income | −$8.1M | −$49.6M | −$185.3M | −$768.6M | −$171.3M | −$74.6M | −$81.5M |
| EBITDA | $2.9M | −$31.7M | −$143.2M | −$726.8M | −$182.9M | −$68.2M | −$76.7M |
| EPS (diluted) | $0.03 | −$0.10 | −$0.42 | −$0.79 | −$0.81 | −$0.20 | −$0.21 |
| Gross margin | 73.8% | 55.9% | 51.7% | 38.1% | 49.5% | 64.3% | 61.4% |
| Operating margin | −16.9% | −30.6% | −99.6% | −317.3% | −84.1% | −78.4% | −161.3% |
| Net margin | −6.5% | −30.6% | −118.2% | −326.8% | −73.1% | −77.7% | −160.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.8M | $30.8M | $32.4M | $32.9M | $31.5M | $26.8M | $41.4M | $45.2M | $28.7M | $23.8M | $36.1M | $40.6M |
| Cost of revenue | $9.0M | $7.5M | $8.0M | $8.4M | $8.2M | $7.8M | $16.7M | $19.2M | $8.4M | $7.8M | $16.4M | $18.5M |
| Gross profit | $24.9M | $23.4M | $24.4M | $24.5M | $23.3M | $19.0M | $24.7M | $26.0M | $20.3M | $16.0M | $19.7M | $22.1M |
| Research & development | $8.7M | $9.4M | $9.5M | $8.5M | $7.3M | $7.5M | $8.9M | $10.1M | $12.9M | $14.2M | $14.4M | $18.8M |
| Sales, general & admin | $17.8M | $18.4M | $19.5M | $20.8M | $20.6M | $18.4M | $17.5M | $23.0M | $20.4M | $22.1M | $26.5M | $30.3M |
| Total operating expenses | $26.5M | $27.8M | $28.9M | $29.4M | $27.9M | $26.7M | $26.5M | $39.3M | $33.4M | $37.3M | $41.6M | $58.3M |
| Operating income | −$1.6M | −$4.4M | −$4.5M | −$4.9M | −$4.6M | −$7.7M | −$1.8M | −$13.3M | −$13.1M | −$21.2M | −$21.9M | −$36.2M |
| Interest expense | — | — | $0 | $0 | $0 | $0 | $13.5M | $0 | $1.6M | $5.1M | $7.1M | $8.2M |
| Income before taxes | −$1.4M | −$5.4M | −$3.1M | $12.4M | −$3.6M | −$6.6M | −$682,000 | −$2.6M | −$19.2M | −$20.7M | −$30.4M | −$41.8M |
| Income taxes | $119,000 | $63,000 | $151,000 | $27,000 | $41,000 | $30,000 | $26,000 | $18,000 | $30,000 | $42,000 | −$74,000 | $44,000 |
| Net income | −$1.5M | −$8.0M | −$3.5M | $12.5M | −$6.6M | −$10.5M | −$2.3M | −$4.2M | −$20.9M | −$22.1M | −$31.8M | −$43.2M |
| EBITDA | $1.5M | −$3.5M | −$1.7M | $14.1M | −$2.8M | −$6.1M | $289,000 | −$551,000 | −$16.5M | −$14.5M | −$21.9M | −$32.1M |
| EPS (diluted) | −$0.02 | $0.02 | $0.03 | $0.02 | −$0.03 | $0.01 | −$0.03 | $0.01 | −$0.02 | −$0.06 | −$0.09 | −$0.09 |
| Gross margin | 73.5% | 75.8% | 75.4% | 74.4% | 73.9% | 70.8% | 59.7% | 57.5% | 70.9% | 67.3% | 54.6% | 54.4% |
| Operating margin | −4.7% | −14.3% | −13.8% | −14.9% | −14.7% | −28.7% | −4.3% | −29.5% | −45.5% | −89.0% | −60.6% | −89.2% |
| Net margin | −4.4% | −26.1% | −10.7% | 38.1% | −21.1% | −39.2% | −5.6% | −9.3% | −73.0% | −92.8% | −88.1% | −106.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BLND's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BLND financial results
In fiscal year 2025 (ended December 31, 2025), Blend Labs reported revenue of $123.6 million, down 23.7% from the year before. It had a net loss of $8.1 million, a net profit margin of −6.5%. Diluted earnings per share came to $0.03. Over five years revenue grew at an average rate of 5.2% a year.
See the BLND stock overview for the latest quote and news, or the BLND chart for price history and technical indicators.
BLND income statement FAQ
What is Blend Labs's annual revenue?
Blend Labs reported total revenue of $123.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 23.7% from $162.0 million the previous year.
Is Blend Labs profitable?
No. Blend Labs reported a net loss of $8.1 million in fiscal 2025, a net profit margin of −6.5%; its operating margin was −16.9%.
What is Blend Labs's gross margin?
Blend Labs's gross margin was 73.8% in fiscal 2025: for every $100 of revenue, Blend Labs kept $74 after the direct cost of its products and services.
How much does Blend Labs spend on research and development?
Blend Labs spent $32.8 million on research and development in fiscal 2025, 26.6% of revenue.
How fast is Blend Labs growing?
Revenue grew 5.2% a year on average over the last five fiscal years, from $96.0 million to $123.6 million.
What are Blend Labs's earnings per share?
Blend Labs earned $0.03 per diluted share in fiscal 2025, compared with $-0.10 a year earlier.
When will Blend Labs report its next earnings?
Blend Labs is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Blend Labs's fiscal year end?
Blend Labs's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.