BILL's Q3 2025 Earnings Call: Navigating Contradictions in FX Losses, Revenue Growth, and Small Business Health

Impact of FX losses on monetization, core revenue growth expectations, small business health and economic uncertainty, ad valorem payment revenue and take rate strategy, tariff impact on cross-border transactions are the key contradictions discussed in BILL's latest 2025Q3 earnings call.



Strong Financial Performance:
- BILL reported core revenue growth of 14% year-over-year in Q3 2025, with a non-GAAP operating margin of 15%.
- The growth was driven by disciplined execution of strategy, investments in platform capabilities, and strong customer adoption.

Payment Volume and Monetization:
- Total payment volume grew 10% year-over-year, with BILL, AP, AR payment monetization expansion fueled by new ad valorem products like instant transfer and pay by card.
- The company benefited from payment mix and managed FX losses effectively, contributing to the take rate expansion.

Strategic Investments and Product Innovation:
- BILL expanded its capabilities with new products like advanced solutions for large businesses, enhanced supplier experience, and AI-driven strategies.
- These investments are focused on serving larger mid-market companies, automating financial processes, and leveraging AI to change the game for SMBs.

Expansion of Ecosystem and Partnerships:
- BILL expanded its ecosystem by doubling down on accounting partnerships, increasing net adds from the accounting channel by over 60% year-over-year.
- The integration of BILL with the Xero platform and other financial institution partnerships are expected to drive adoption and increase value propositions.