BILL Holdings Q2 2025: Contradictions in TPV Growth, Macroeconomic Impact, and Monetization

These are the key contradictions discussed in BILL Holdings' latest 2025Q2 earnings call, specifically including: TPV per Customer Growth Expectations, Impact of Macroeconomic Conditions, and Monetization and FX Volatility:



Revenue Growth and Profitability:
- BILL Holdings reported total revenue of $363 million in Q2, up 14% year-over-year. Non-GAAP operating income increased 42% year-over-year.
- Growth was driven by strong execution, efficient go-to-market strategies, and disciplined operations that expanded non-GAAP operating margin to 17%.

Platform Usage and Customer Base Expansion:
- The BILL platform was used by more than 480,000 businesses in Q2, processing nearly $85 billion in payment volume across 30 million transactions.
- This reflects the company's leadership in the SMB market and its ability to automate financial operations for a vast number of businesses, driving customer adoption and engagement.

Product Innovation and Payment Solutions:
- Revenue from BILL's Spend & Expense segment increased 21% year-over-year, driven by 23% card payment volume growth.
- This growth was supported by the expansion of card offerings, enhanced virtual card solutions, and the integration of cards as an alternative to ACH and check payments.

Accountant and Supplier Engagement:
- The company increased net new accounts by 38% year-over-year in the accounting channel, driven by enhanced product capabilities and support teams.
- BILL's success in partnering with accountants and suppliers, notably through embedded solutions and enhanced automation, has expanded its ecosystem and driven greater adoption.