该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
BILL delivered strong Q3 FY2026 results with revenue up 13.5% YoY to $406.6M, swinging to net income of $12.8M from a prior-year loss, and operating margin nearly reaching breakeven at -0.1%.
营收
4.07亿美元
同比 +13.50%
每股收益（稀释）
0.12美元
同比 +209.09%
毛利率
81.6%
同比 +0.4 个百分点
营业利润
-39.9万美元
同比 +98.62%
SEC XBRL 原值
BILL Holdings (BILL) Q3 FY2026 营收 4.07亿美元，同比增长 13.5%。 营业利润率 -0.1%，去年同期为 -8.1%。 BILL 的财年 Q3 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.84 | 0.72 | 超预期 +16.9% |
| 2026年3月本次财报 | 0.68 | 0.57 | 超预期 +19.8% |
| 2025年12月 | 0.64 | 0.57 | 超预期 +12.7% |
| 2025年9月 | 0.61 | 0.52 | 超预期 +17.2% |
2026年3月 调整后（非 GAAP） EPS 0.68美元，分析师一致预期 0.57美元，超预期 +19.8%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 0.12美元。
由 AI 基于本次 SEC 报告整理
Total revenue grew 13.5% YoY to $406.6M in Q3 FY2026, up from $358.2M in the prior-year period, reflecting continued adoption of BILL's financial operations platform among small and mid-sized businesses.
来源: 10-Q Income Statement
Operating loss narrowed dramatically to just -$0.4M (operating margin of -0.1%) from -$28.9M (-8.1% margin) a year ago, representing a 98.6% improvement and signaling the company is approaching sustained operating profitability.
来源: 10-Q Income Statement
R&D expenses declined 14.0% YoY to $74.4M from $86.5M, suggesting improved operational efficiency and cost discipline that contributed meaningfully to the margin improvement.
来源: 10-Q Income Statement
Gross margin remained robust at 81.6%, essentially flat YoY (+0.4%), demonstrating the scalability of BILL's software-driven business model and pricing power with its SMB customer base.
来源: 10-Q Key Ratios
Cumulative fiscal year-to-date operating cash flow reached $304.8M, up 14.2% from $266.8M in the same period last year, indicating healthy cash generation that supports the business without reliance on external financing.
来源: 10-Q Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
BILL's debt-to-equity ratio stands at 1.65x, with long-term debt of $1.83B growing 9.2% YoY. This elevated leverage increases financial risk, particularly if revenue growth slows or interest rates remain elevated, potentially constraining future capital allocation flexibility.
来源: 10-Q Balance Sheet
Despite significant improvement, BILL's operating margin remains marginally negative at -0.1%, meaning the company has not yet achieved consistent operating profitability. Any unexpected cost increases or revenue shortfalls could push the company back into deeper operating losses.
来源: 10-Q Income Statement
Total assets of $10.1B significantly exceed stockholders' equity of $3.8B, with current liabilities of $4.4B, largely reflecting customer payment funds held on behalf of clients. Disruptions in payment processing or customer fund management could create significant operational and reputational risk.
来源: 10-Q Balance Sheet
Cash and equivalents fell 5.1% YoY to $994.7M, while the company spent $272.7M on share buybacks year-to-date. Continued buybacks alongside rising long-term debt could pressure liquidity if business conditions deteriorate.
来源: 10-Q Balance Sheet & Cash Flow Statement
BILL primarily serves small and mid-sized businesses, a segment historically more vulnerable to economic downturns, credit tightening, and business closures. A macroeconomic slowdown could disproportionately impact BILL's customer base and lead to elevated churn or reduced transaction volumes.
来源: 10-Q Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 4.07 亿美元 | 3.58 亿美元 | +13.50% |
营业成本 万美元 | 7470.80 万美元 | 6721.20 万美元 | +11.15% |
毛利润 亿美元 | 3.32 亿美元 | 2.91 亿美元 | +14.04% |
营业利润 万美元 | -39.90 万美元 | -2894.60 万美元 | +98.62% |
净利润 万美元 | 1278.60 万美元 | -1158.90 万美元 | +210.33% |
每股收益（基本） 美元 | 0.13 美元 | -0.11 美元 | +218.18% |
每股收益（稀释） 美元 | 0.12 美元 | -0.11 美元 | +209.09% |
研发费用 万美元 | 7438.50 万美元 | 8654.00 万美元 | -14.05% |
答案基于本次 SEC 报告与本页数据