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Blend Labs, Inc. (BLND) stock

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NYSE: BLND NYSE Application Software Next results ~November 5, 2026

Blend Labs, Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Blend Labs, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders6 buying, 5 selling34 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds82 adding, 104 cuttingOf 29 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Blend Labs files

Where Blend Labs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $129m, up 6.0% on a year earlier, slower than the 6.8% growth a quarter earlier. Free-cash-flow margin rose to 5.9% from -2.2% a year earlier. Operating margin widened to -13.0% from -22.5%. It passes 2 of our 2 financial-health checks.

Our model value for Blend Labs is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Blend Labs, Inc.'s trailing-twelve-month revenue grew 6.0% year on year, with a free-cash-flow margin of 5.9%.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 86% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 9.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 1.6% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -13.0%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 22.5% of revenue: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 1.6 against the S&P 500.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 41.2% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.03 against an average estimate of $0.02: beat by 85.6%
Revenue
$34m, up 7.0% on a year earlier
Share reaction
-18.9% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
total Revenue $31.5m to $33.5m (third quarter of 2026); non-GAAP Operating Income $3.5m to $4.5m (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate $0.01

Blend Labs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+7.1%
  • 1 week+3.4%
  • 1 month+16.5%
  • This year-60.5%
  • 1 year-63.7%
  • 5 years-91.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$129M
Operating margin
-13.0%
Net margin
-3.3%
EPS (TTM, diluted)
$-0.02

Growth

Revenue growth
+6.0%
Change in growth rate
−0.8 pts
Share count change
−1.6%

Cash

Free cash flow (TTM)
$7.6M
FCF margin
5.9%
Stock pay % of revenue
22.5%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Blend Labs, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Blend Labs, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.5 ~$0.4–$0.6 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 ~$0.7–$1.4 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.7 ~$0.6–$0.9 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Blend Labs, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$7.34$1.44$2.55$4.21$3.04$1.20
Market value$969m$337m$625m$1.1bn$787m$304m
+ Net debt (− = net cash)$761000$93m$115m−$38m−$45m−$23m
Enterprise value$970m$430m$740m$1.0bn$742m$281m
Multiples
Price / sales 4.1x1.4x5.7x9.2x6.4x2.4x
Price / earnings ——————
Price / free cash flow —————40.2x
EV / EBITDA ——————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

18 /100

Weak moat

How hard Blend Labs's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Cash operating profit has been a median 3.9% of total assets over 5 years.

  • Pricing power 12 / 20

    Gross margin has been a median 69.8%, moving by 15.6 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -88.8%; its worst year was -218.3%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 1 of 6 years, at a median -60.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (33 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $32m and EPS of $0.01 (range $0.00 to $0.02) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.05 −35% $128m +4%
Next $0.06 +26% $140m +9%

Next year's EPS estimate has moved −41.2% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −15.2% on 90 days ago. In the last 30 days, 2 analysts raised Blend Labs, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Blend Labs, Inc., last 90 days
$0.04 $0.06 $0.08 $0.10 $0.12 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.06 Current fiscal year, 60 days ago: $0.06 Current fiscal year, 30 days ago: $0.05 Current fiscal year, 7 days ago: $0.05 Current fiscal year, Now: $0.05 $0.05 Next fiscal year, 90 days ago: $0.10 Next fiscal year, 60 days ago: $0.10 Next fiscal year, 30 days ago: $0.10 Next fiscal year, 7 days ago: $0.10 Next fiscal year, Now: $0.06 $0.06

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.06$0.10
60 days ago $0.06$0.10
30 days ago $0.05$0.10
7 days ago $0.05$0.10
Now $0.05$0.06

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.02 $0.03 +85.6%
Mar 2026 $0.01 $0.02 +36.0%
Dec 2025 $0.01 $0.03 +154.0%
Sept 2025 $0.01 $0.02 +72.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Total Revenue third quarter of 2026 $31.5m to $33.5m
    “Total Revenue $31.5M - $33.5M” source
  • Non-GAAP Operating Income third quarter of 2026 $3.5m to $4.5m Non-GAAP
    “Non-GAAP Operating Income $3.5M - $4.5M” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy583%
Hold117%
Sell00%

Monthly trend

  1. Oct 20261416
  2. Sep 20261416

Counts of recommendations published by analysts covering Blend Labs, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
5.08
at average volume
Short interest, 1 month
−25%
to October 15, 2026
Held by institutions
70%
of shares
Held by insiders
9.9%
of shares
Employees
419
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −63.7%

$3.31 on October 31, 2025 to $1.20

ThenNowEffect
Revenue (last 12 months) $122m $129m +6.0%
P/S multiple 7.0x 2.4x −66.3%
Share count 257m 253m +1.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −13.0%

$1.38 on November 3, 2023 to $1.20

ThenNowEffect
Revenue (last 12 months) $178m $129m −27.6%
P/S multiple 1.9x 2.4x +26.9%
Share count 240m 253m −5.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
BLND−80%+77%+65%−28%−61%
Industry peers (median)−50%+19%+2%−20%−14%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
BLND50%50%58%42%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
BLND−90%−74%−36%−36%−73%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 16, 2021: 97% from July 16, 2021 to May 2, 2023. Getting back needed a 3700% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.90 – $3.34
From 52-week high
−64.1%
vs 50-day average
−1.2%
vs 200-day average
−25.4%
Volatility (1 year)
72%
Beta vs S&P 500
1.55

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±13.9%
After a week
5 up, 7 down
typical move ±18.2%
After a month
7 up, 5 down
typical move ±14.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −18.9% +0.5% −22.9% −23.4%
May 7, 2026 −13.8% +0.5% −13.1% +6.9%
March 10, 2026 +9.0% −0.3% −10.2% −8.4%
November 6, 2025 −13.4% −1.0% −3.4% 0.0%
August 7, 2025 −23.7% +0.7% −20.1% +22.1%
May 8, 2025 +7.0% +0.6% +10.6% +11.6%
February 27, 2025 −14.0% −0.1% −15.7% −2.2%
November 6, 2024 +16.8% +3.3% +14.7% +40.8%
August 8, 2024 +23.6% +2.8% +50.6% +31.1%
May 8, 2024 +15.4% +0.6% +29.0% +10.4%
March 14, 2024 +7.7% −0.9% +17.2% −7.3%
November 7, 2023 −3.5% +0.4% −10.6% +12.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Blend Labs, Inc.
$50M $100M $150M $200M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $163.5M Revenue (TTM), FY23 Q4: $109.5M Revenue (TTM), FY24 Q1: $96.1M Revenue (TTM), FY24 Q2: $81.9M Revenue (TTM), FY24 Q3: $74.4M Revenue (TTM), FY24 Q4: $115.8M Revenue (TTM), FY25 Q1: $118.8M Revenue (TTM), FY25 Q2: $121.7M Revenue (TTM), FY25 Q3: $121.3M Revenue (TTM), FY25 Q4: $122.8M Revenue (TTM), FY26 Q1: $126.8M Revenue (TTM), FY26 Q2: $129M $129M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $163.5M
FY23 Q4 $109.5M
FY24 Q1 $96.1M
FY24 Q2 $81.9M
FY24 Q3 $74.4M
FY24 Q4 $115.8M
FY25 Q1 $118.8M
FY25 Q2 $121.7M
FY25 Q3 $121.3M
FY25 Q4 $122.8M
FY26 Q1 $126.8M
FY26 Q2 $129M
Revenue growth, TTM YoY Blend Labs, Inc.
-100% -50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -40.2% Revenue growth, TTM YoY, FY23 Q4: -53.4% Revenue growth, TTM YoY, FY24 Q1: -52.2% Revenue growth, TTM YoY, FY24 Q2: -54.0% Revenue growth, TTM YoY, FY24 Q3: -54.5% Revenue growth, TTM YoY, FY24 Q4: 5.7% Revenue growth, TTM YoY, FY25 Q1: 23.6% Revenue growth, TTM YoY, FY25 Q2: 48.5% Revenue growth, TTM YoY, FY25 Q3: 62.9% Revenue growth, TTM YoY, FY25 Q4: 6.1% Revenue growth, TTM YoY, FY26 Q1: 6.8% Revenue growth, TTM YoY, FY26 Q2: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -40.2%
FY23 Q4 -53.4%
FY24 Q1 -52.2%
FY24 Q2 -54.0%
FY24 Q3 -54.5%
FY24 Q4 5.7%
FY25 Q1 23.6%
FY25 Q2 48.5%
FY25 Q3 62.9%
FY25 Q4 6.1%
FY26 Q1 6.8%
FY26 Q2 6.0%
Operating margin (TTM) Blend Labs, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -128.1% Operating margin (TTM), FY23 Q4: -131.1% Operating margin (TTM), FY24 Q1: -107.6% Operating margin (TTM), FY24 Q2: -97.3% Operating margin (TTM), FY24 Q3: -73.6% Operating margin (TTM), FY24 Q4: -42.2% Operating margin (TTM), FY25 Q1: -30.0% Operating margin (TTM), FY25 Q2: -22.5% Operating margin (TTM), FY25 Q3: -17.7% Operating margin (TTM), FY25 Q4: -18.7% Operating margin (TTM), FY26 Q1: -15.8% Operating margin (TTM), FY26 Q2: -13.0% -13.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -128.1%
FY23 Q4 -131.1%
FY24 Q1 -107.6%
FY24 Q2 -97.3%
FY24 Q3 -73.6%
FY24 Q4 -42.2%
FY25 Q1 -30.0%
FY25 Q2 -22.5%
FY25 Q3 -17.7%
FY25 Q4 -18.7%
FY26 Q1 -15.8%
FY26 Q2 -13.0%
FCF margin (TTM) Blend Labs, Inc.
-150% -100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -94.9% FCF margin (TTM), FY23 Q4: -116.5% FCF margin (TTM), FY24 Q1: -90.1% FCF margin (TTM), FY24 Q2: -73.8% FCF margin (TTM), FY24 Q3: -48.3% FCF margin (TTM), FY24 Q4: -19.7% FCF margin (TTM), FY25 Q1: -1.0% FCF margin (TTM), FY25 Q2: -2.2% FCF margin (TTM), FY25 Q3: -5.9% FCF margin (TTM), FY25 Q4: -0.1% FCF margin (TTM), FY26 Q1: -7.6% FCF margin (TTM), FY26 Q2: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -94.9%
FY23 Q4 -116.5%
FY24 Q1 -90.1%
FY24 Q2 -73.8%
FY24 Q3 -48.3%
FY24 Q4 -19.7%
FY25 Q1 -1.0%
FY25 Q2 -2.2%
FY25 Q3 -5.9%
FY25 Q4 -0.1%
FY26 Q1 -7.6%
FY26 Q2 5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 51 96 234 235 110 116 124 129
Gross profit 31 62 116 90 76 83 91 96
EBITDA −77 −71 −187 −735 −142 −48 −18 −13
Operating income −82 −75 −197 −746 −144 −49 −22 −17
Net income −81 −75 −170 −720 −179 −43 −7 −4
Diluted EPS −$2.49 −$1.89 −$1.30 −$3.28 −$0.76 −$0.24 −$0.10 −$0.02
Growth (year on year)
Revenue — +89.5% +144.2% +0.3% −53.4% +5.7% +6.8% +6.0%
Margins
Gross margin 61.4% 64.3% 49.5% 38.1% 69.8% 71.9% 73.8% 74.3%
EBITDA margin −151.9% −74.2% −79.6% −312.7% −129.7% −41.0% −14.9% −9.9%
Operating margin −161.3% −78.4% −84.1% −317.3% −131.1% −42.2% −17.6% −13.0%
Net margin −160.7% −77.7% −72.5% −306.2% −163.1% −37.4% −5.5% −3.3%
Free-cash-flow margin −117.5% −69.1% −55.1% −81.8% −116.5% −19.7% −0.1% 5.9%
Cash flow
Cash from operations −59 −65 −128 −190 −128 −13 12 13
Capital spending 1 1 2 2 0 10 12 6
Free cash flow −60 −66 −129 −192 −128 −23 −0 8
Stock-based pay 10 10 71 110 46 28 29 29
Free cash flow after stock pay −69 −76 −200 −302 −173 −51 −29 −21
Balance sheet
Cash 23 41 213 124 24 38 45 23
Total debt 0 0 214 217 138 0 0 0
Net debt (negative = net cash) −23 −41 1 93 115 −38 −45 −23
Diluted shares 33m 39m 132m 234m 245m 254m 259m 253m
Returned to shareholders
Buybacks 0 0 0 — 0 0 25 58
Total returned 0 0 0 — 0 0 25 58

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $144m
Short-term assets $76mLonger-term assets $68m
What it owes, and who funded it · $49m
Short-term liabilities $47mLonger-term liabilities $2mShareholders' equity $-74m
  • Short-term assets cover short-term liabilities $76m of assets due within a year against $47m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $76m short-term assets against $2m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Blend Labs, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$58M
Returned to shareholders
768%
of free cash flow
Buybacks, last 3 fiscal years
$24.9M
Diluted share count
−1.6%
year over year
Total shareholder yield
20.4%
dividends 0.0% + buybacks 20.4% of market value
R&D spending
26.6%
of revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated BLND EXFY API FIRY BBAI LGCL Median
Revenue, last 12 months $129m $138m $141m $117m $142m $145m $479m
Revenue growth, last 12 months 6.0% −4.3% 5.9% 31.3% −1.5% −1.9% 11.9%
Revenue growth, 3-year average −10.2% −5.8% — −14.9% −2.9% — 11.1%
Revenue growth, latest quarter 7.0% −5.3% — 22.9% 31.5% — 11.8%
Gross margin 74.3% 48.7% 66.4% 87.8% 30.2% 33.8% 69.3%
Operating margin −13.0% −8.0% −6.7% −53.4% −164.2% 1.9% 1.1%
Operating margin, 3-year average −44.3% −10.6% — −61.4% −116.2% — −1.0%
Net margin −3.3% −11.3% 6.8% −60.2% −126.8% 0.9% 1.6%
Cash from operations / revenue 10.2% 9.1% 19.3% −52.6% −50.4% 3.4% 18.1%
Free-cash-flow margin 5.9% 9.1% 18.1% −52.3% −51.2% −4.6% 14.9%
Free-cash-flow margin, 3-year average −23.4% 10.8% — −44.0% −30.3% — 15.9%
Stock pay / revenue 22.5% 18.0% 3.9% 16.5% 13.4% — 9.3%
Change in share count −1.6% 3.6% 6.0% −6.1% 45.2% 21.6% 2.2%

Median of all 186 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Software $114M 92.6% ▲ 7.0%
Mortgage Suite $69.2M 60.5% ▼ 5.5%
Consumer Banking Suite $45.2M 39.5% ▲ 34.4%
Professional Services $9.1M 7.4% ▲ 3.3%

From Blend Labs, Inc.'s 10-K filed March 16, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$259M
Institutions reporting
182
Shares held vs prior quarter
▼ 4.6%
Positions opened / closed
28 / 37

Top buyers and sellers, Q2 2026: 82 institutions bought and 104 sold ; the biggest buyer was Haveli Investment Management LLC (+7.8M shares) and the biggest seller Lightspeed Management Company, L.L.C (−23.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Haveli Investment Management LLC $32M 18.7M 12.3% ▲ 72.3%
Blackrock, Inc. $26.6M 15.6M 10.3% ▼ 4.3%
Cypress Point Investment Management LP $24.4M 14.3M 9.4% ▼ 1.6%
Capricorn Fund Managers Ltd $19.3M 11.3M 7.5% ▲ 74.1%
Vanguard Capital Management LLC $14.5M 8.5M 5.6% ▼ 12.1%
Whitebark Investors LP $10.8M 6.3M 4.2% 0.0%
Vanguard Portfolio Management LLC $10.6M 6.2M 4.1% ▼ 7.3%
State Street Corp $10.6M 6.2M 4.1% ▼ 2.0%
Geode Capital Management, LLC $8.7M 5.1M 3.4% ▲ 5.0%
Citadel Advisors LLC $8.7M 5.1M 3.3% ▲ 7.9%
8Vc Opportunities Gp Ii, LLC $8.5M 5.0M 3.3% —
Marshall Wace, LLP $8.2M 4.8M 3.2% ▲ 176.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Blend Labs, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $33.7M 34 trades by 6 insiders, last 12 months Insider sales History → $594,750 16 trades by 5 insiders · 100% under pre-set plans
Net ▲ $33.1M net buying
Insider Date Trade Shares Price Value
Ghamsari Nima HEAD OF BLEND October 26, 2026 Sell pre-set plan 21,368 $1.12 $23,911
Ghamsari Nima HEAD OF BLEND October 19, 2026 Sell pre-set plan 27,775 $0.92 $25,664
Ghamsari Nima HEAD OF BLEND October 12, 2026 Sell pre-set plan 25,098 $0.97 $24,471
Ghamsari Nima HEAD OF BLEND October 5, 2026 Sell pre-set plan 24,272 $1.02 $24,660
Ghamsari Nima HEAD OF BLEND September 28, 2026 Sell pre-set plan 22,523 $1.10 $24,775
Ghamsari Nima HEAD OF BLEND September 21, 2026 Sell pre-set plan 21,009 $1.19 $25,001
Ghamsari Nima HEAD OF BLEND September 14, 2026 Sell pre-set plan 17,731 $1.43 $25,355
Venkatramani Srinivasan Head of Product Tech & Cust Op September 11, 2026 Sell pre-set plan 74,705 $1.43 $106,828
Tkach Oxana PRINCIPAL ACCOUNTING OFFICER August 17, 2026 Sell pre-set plan 21,209 $1.45 $30,753
Sheth Brian Niranjan Director August 17, 2026 Buy 17,397 $1.44 $25,052
Thomson Matthew Christopher Head of Revenue August 5, 2026 Sell pre-set plan 15,041 $2.00 $30,082
Haveli Investments Software Fund I Gp, Llc Director June 15, 2026 Buy 650,000 $1.72 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • March 10, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Blend Labs, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Blend Labs, Inc. in brief

What does Blend Labs, Inc. do?
Blend Labs, Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Blend Labs, Inc.'s stock ticker?
Blend Labs, Inc. trades under the ticker BLND on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Blend Labs, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Blend Labs, Inc. reported revenue of $129M, 6.0% higher than a year earlier, according to its SEC filings.
What is Blend Labs, Inc.'s free cash flow?
Blend Labs, Inc.'s free-cash-flow margin is 5.9% of revenue over the trailing twelve months.
Who are Blend Labs, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Haveli Investment Management LLC, Blackrock, Inc. and Cypress Point Investment Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Blend Labs, Inc. buying back stock, and does it pay a dividend?
Blend Labs, Inc. spent $58M on share repurchases over the trailing twelve months, and its diluted share count fell 1.6% over the year.
What is Blend Labs, Inc.'s market cap?
On November 2, 2026, Blend Labs, Inc.'s market capitalisation was about $304M and net debt of -$23.3M. Market figures come from third-party market data and may be delayed.
Who are Blend Labs, Inc.'s competitors?
In our Application Software peer group, the companies closest to Blend Labs, Inc. are Expensify, Inc., Agora, Inc., Firy Inc., Bigbear.ai Holdings, Inc. and Lucas GC Ltd. The side-by-side comparison below sets their revenue, margins and growth against Blend Labs, Inc.'s.
Are insiders buying or selling Blend Labs, Inc. stock?
Over the last 12 months, Blend Labs, Inc.'s directors and officers reported 34 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Blend Labs, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Blend Labs, Inc. announces its own schedule.