Bill.com (BILL 4.06%) reported fiscal fourth quarter and full-year 2025 results on Aug. 27, 2025, with total revenue reaching $1.5 billion for the fiscal year and core revenue growing 16% year over year in fiscal 2025 (period ended June 30, 2025). Non-GAAP operating income for fiscal 2025 exceeded the high end of initial guidance by 23%, and management announced a $300 million share repurchase plan for fiscal 2026, reflecting strong capital allocation confidence. Upcoming launches of AI-powered financial agents and strategic embedded finance partnerships signal substantial business model evolution and long-term growth initiatives for the company.
Non-GAAP operating leverage accelerates Bill.com margin profile
Non-GAAP operating margin excluding float revenue expanded by 345 basis points year over year in fiscal 2025, driven by both disciplined cost management and portfolio efficiencies despite muted overall business-to-business (B2B) spend. Non-GAAP operating income for fiscal 2025 reached $240 million as a result of investment prioritization in its AgenTeq AI platform and structural expense control.
"With disciplined management of investment dollars and portfolio efficiencies, we were able to fund and execute on our AI platform while exceeding the top end of our initial guidance for non-GAAP operating income by 23% or $45 million. For the full year, we generated $240 million in non-GAAP operating income and improved our explored profitability. Non-GAAP operating margin ex-float expanded 345 basis points year over year."
-- Rohini Jain, CFO
This margin outperformance in fiscal 2025, achieved alongside significant investment in next-generation automation technology, demonstrates management’s ability to scale operating efficiency while pursuing innovation and lays the foundation for future profitability expansion.
Bill.com launches Supplier Payments Plus and drives embedded partnerships
Supplier Payments Plus, which began rollout in fiscal fourth quarter 2025, enables national law firms, environmental services companies, and large suppliers to automate reconciliation and transition thousands of check payments into digital transactions, capturing new ad valorem (value-based) revenue directly from suppliers. Embedded finance (“Embed 2.0”) momentum included a signed partnership with a Fortune 500 software company and the onboarding of another partner serving hundreds of thousands of small and midsize businesses (SMBs).
"In Q4, we launched Supplier Payments Plus, previously referred to as Advanced ACH, which streamlines millions of payment transactions from SMBs and simplifies incoming payments at scale for suppliers. Supplier Payments Plus leverages Bill.com Holdings, Inc.'s expertise of unifying software and payments to solve a critical problem for suppliers managing thousands of disparate weekly payments from millions of SMBs. With Bill.com Holdings, Inc., large suppliers can now do reconciliation at scale and convert the thousands of paper checks sent by their small business customers directly into faster digital payments with rich remittance data. This speeds the collection cycle, significantly reduces manual reconciliation efforts, which is much better for suppliers and for SMBs. This product will allow us to move from a flat fee ACH transaction paid by the buyer to an ad valorem fee paid by the supplier. The value proposition resonates across industries, with companies ranging from a national law firm to a global environmental and waste management company. Businesses are using Supplier Payments Plus to optimize their receivables from thousands of SMBs."
-- Rene Lacerte, Chairman, CEO, and Founder
This evolution transforms the fee model and opens a more lucrative revenue stream tied to transaction value and supplier adoption at scale, expanding addressable market and deepening network effects within the B2B payment ecosystem.
Bill.com scales embedded AI agents to automate SMB finance operations
The company processed over 1.3 billion documents, including more than 500 million through its AI assistant, and increased the volume of fully automated bills by 80% since the start of 2025. AI-enabled fraud solutions prevented more than 8 million fraudulent attempts in fiscal 2025, and initiatives such as AgenTeq AI agents are positioned to enable autonomous finance functions for most customers by fiscal 2026.
"We are investing in AgenTeq AI, building a new generation of intelligent agents that will deliver autonomous finance for SMBs and accelerate the shift from doing it with you to doing it for you. To be clear, we are not just adding AgenTeq AI into workflows. We are eliminating the workflows themselves. Our first agents will transform how our SMBs complete critical business tasks, paperwork, documentation, and onboarding of vendors. We are also building new agents that provide additional security to keep money safe and flowing faster. We firmly believe our AgenTeq AI initiative will further improve customer retention, accelerate multiproduct adoption, and fuel customer acquisition as a result of the increased value we deliver. By the end of fiscal 2026, we expect the majority of customers will be using at least one Bill agent in addition to our AI solutions, extending Bill.com Holdings, Inc.'s leadership in delivering AI and strategic financial capabilities to SMBs."
-- Rene Lacerte, Chairman, CEO, and Founder
The widespread rollout of autonomous agents could increase subscription revenue and average revenue per user (ARPU) while creating differentiated stickiness that competitors without proprietary data scale and network density are unable to replicate.
Looking ahead
Management guided total revenue for fiscal 2026 (period ending June 30, 2026) to $1.59 billion-$1.63 billion (9%-11% year-over-year growth), with core revenue expected to grow 12%-15% and non-GAAP operating income targeted at $240 million-$270 million (15%-17% margin). AI-powered Bill agents for SMB finance automation, expanded embedded finance partnerships, and enhanced mid-market capabilities are slated for rollout, and a new $300 million share repurchase program will be executed outside of fiscal 2026 earnings guidance. Management expects growth to accelerate in the second half of fiscal 2026 as macro headwinds ease and strategic initiatives scale.
