BLND

MKT CAP:$367M

Blend Labs, Inc.

Market Cap

$367M

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$1.57-$1.45 (-48.01%)

Apr 17, 2026

Company Details

Blend Labs, Inc. provides cloud-based software platform solutions for financial services firms in the United States. It operates in two segments, Blend Platform and Title365. The company offers a suite of white-label products for mortgages,...

CEO

Nima Ghamsari

IPO Date

Jul 16, 2021

Website

blend.com

Key Metrics TTM

Revenue

$175M

-0.3% YoY

Net Income

-$541M

EPS (Diluted)

-$2.33

Free Cash Flow

-$100M

Revenue / Share

$0.65

Gross Margin

52.3%

Operating Margin

-305.2%

Net Margin

-308.9%

FCF Margin

-57.2%

P/S

2.1x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 6, 2025

$33MEPS $0.03

Q4 2023

Mar 14, 2024

$36MEPS -$0.13

Q3 2023

Nov 7, 2023

$41MEPS -$0.18

Q2 2022

Aug 15, 2022

$66M+104.4%EPS -$2.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$16M	$8M	-$23M
Q2 20	$22M	$13M	-$21M
Q3 20	$28M	$18M	-$15M
Q4 20	$31M	$22M	-$16M
Q1 21	$32M	$21M	-$27M
Q2 21	$32M	$20M	-$40M
Q4 21	$81M	$35M	-$60M
Q2 22	$66M	$25M	-$471M
Q3 23	$41M	$22M	-$36M
Q4 23	$36M	$20M	-$22M
Q3 25	$33M	$24M	-$5M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	37.4x	—
Q1 21	32.0x	—
Q2 21	29.3x	—
Q4 21	9.7x	—
Q2 22	2.9x	—
Q3 23	1.5x	—
Q4 23	2.9x	—
Q3 25	5.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$22M	-$22M
Q2 20	-$18M	-$18M
Q3 20	-$14M	-$15M
Q4 20	-$11M	-$12M
Q1 21	-$20M	-$21M
Q2 21	-$33M	-$33M
Q4 21	-$43M	-$44M
Q2 22	-$47M	-$48M
Q3 23	-$26M	-$26M
Q4 23	-$21M	-$21M
Q3 25	-$3M	-$6M

Capital Expenditures

Quarter	CapEx
Q1 20	$103.0K
Q2 20	$447.0K
Q3 20	$205.0K
Q4 20	$567.0K
Q1 21	$302.0K
Q2 21	$223.0K
Q4 21	$801.0K
Q2 22	$896.0K
Q3 23	$31.0K
Q4 23	$82.0K
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	+104.3%	+52.7%
Q2 21	+46.3%	+67.8%
Q4 21	+190.5%	+225.9%
Q2 22	+114.0%	+1050.3%
Q3 23	+27.3%	+30.0%
Q4 23	+12.6%	-19.1%
Q3 25	-59.4%	-73.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$3M	20.8%
Q2 20	$3M	15.5%
Q3 20	$1M	3.9%
Q4 20	$2M	7.8%
Q1 21	$4M	12.6%
Q2 21	$7M	20.6%
Q4 21	$17M	20.7%
Q2 22	$29M	44.6%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q3 25	$8M	23.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 20	$12M	$6M	$13M
Q2 20	$15M	$8M	$12M
Q3 20	$14M	$8M	$12M
Q4 20	$15M	$8M	$14M
Q1 21	$17M	$15M	$16M
Q2 21	$21M	$20M	$18M
Q4 21	$29M	$34M	$28M
Q2 22	$36M	$36M	$22M
Q3 23	$19M	$16M	$14M
Q4 23	$14M	$15M	$12M
Q3 25	$9M	$13M	$8M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 20	—	-140.2%	—
Q2 20	—	-84.1%	—
Q3 20	—	-49.7%	—
Q4 20	—	-45.9%	—
Q1 21	104.3%	-80.4%	23.8
Q2 21	46.3%	-119.0%	-72.7
Q4 21	190.5%	-67.9%	122.7
Q2 22	114.0%	-710.9%	-597.0
Q3 23	27.3%	-79.2%	-51.8
Q4 23	12.6%	-60.7%	-48.1
Q3 25	-59.4%	37.9%	-21.5

Rule of 40

Revenue Segments

Quarter	Professional Services	Technology Service	Software
Q2 21	$1M	$31M	—
Q3 25	$2M	—	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$168M	$332M	$499M
Q2 22	$133M	$318M	$450M
Q3 22	$114M	$286M	$401M
Q4 22	$124M	$230M	$354M
Q1 23	$46M	$261M	$307M
Q2 23	$35M	$231M	$266M
Q3 23	$85M	$160M	$245M
Q4 23	$31M	$106M	$137M
Q1 24	$85M	$44M	$128M
Q2 24	$45M	$67M	$113M
Q3 24	$55M	$62M	$117M
Q4 24	$42M	$56M	$98M
Q1 25	$56M	$49M	$105M
Q2 25	$36M	$52M	$88M
Q3 25	$55M	$22M	$77M
Q4 25	$44M	$25M	$68M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	220M	—	—
Q2 20	220M	0.0%	—
Q3 20	220M	0.0%	—
Q4 20	220M	0.0%	—
Q1 21	220M	0.0%	0.0%
Q2 21	220M	0.0%	0.0%
Q4 21	228M	+3.8%	+3.8%
Q2 22	233M	+2.0%	+5.9%
Q3 23	246M	+6.0%	+12.2%
Q4 23	249M	+0.9%	+13.2%
Q3 25	269M	+8.1%	+17.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q4 21	$48.0K	2K
Q2 22	$38.8K	2K
Q3 23	$26.3K	2K
Q4 23	$41.0K	881
Q3 25	$60.9K	540

Revenue / Employee