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BILL NYSE BILL Investor Deck February 2026
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2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements other than statements of historical facts, and statements in the future tense. Forward-looking statements are based on our expectations as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. These statements include, but are not limited to, statements regarding our expectations of future performance, including guidance for our total revenue, core revenue, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share for the fiscal third quarter ending March 31, 2026 and full fiscal year ending June 30, 2026, our planned investments in fiscal year 2026, our revenue growth and profitability profile in future years, activity under our share repurchase program, and our expectations for the growth of demand for our platform and the expansion of our customersʼ utilization of our services. These risks and uncertainties include, but are not limited to macroeconomic factors, including changes in interest rates, significant political and regulatory developments or changes in trade policy, including government budget cuts, government shutdowns, the imposition of tariffs and other trade barriers, inflationary, recessionary and volatile market environments, as well as fluctuations in foreign exchange rates, our history of operating losses, our recent rapid growth, the large sums of customer funds that we transfer daily, the risk of loss, errors and fraudulent activity, credit risk related to our BILL Divvy Cards and our invoice financing offering, our ability to attract new customers and convert trial customers into paying customers, our expectations for developing and deploying AI agents and other AI tools, our ability to invest in our business and develop new products and services, increased competition or new entrants in the marketplace, potential impacts of acquisitions, investments and other strategic transactions, changes to card network rules and interchange fee rates, our relationships with accounting firms, financial institutions and software providers, the global impacts of ongoing geopolitical conflicts, the actual and expected impacts of the above factors on the SMBs we serve and other risks detailed in the registration statements and periodic reports we file with the Securities and Exchange Commission SEC, including our quarterly and annual reports, which may be obtained on the Investor Relations section of our website (https://investor.bill.com/financials/sec-filings/default.aspx) and on the SEC website at www.sec.gov. You should not rely on these forward-looking statements, as actual results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this presentation are based on information available to us as of the date hereof. We assume no obligation to update or revise the forward-looking statements contained in this presentation because of new information, future events or otherwise. In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles GAAP, this presentation contains non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP net income. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry; however, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. Please see the reconciliation tables in the Appendix for a reconciliation of GAAP and non-GAAP measures. Safe harbor
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3 Who we are: Champions of small and midsize businesses. Our mission: Make it simple to connect and do business.
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BILL at a glance Total Revenue $ Millions) $95B Total payment volume¹ 8.3M Network members3 Suppliers & Clients) 1 For the three months ended December 31, 2025. A breakout of the total payment volume and transactions processed by solution can be seen in the footnote on slide 20. 2 As of December 31, 2025. Includes BILL AP/AR customers, BILL Spend and Expense spending businesses, and Embedded Solutions & Other customers. Businesses using more than one of our solutions are included separately for each solution. 3 As of June 30, 2025, approximately 8.3 million network members have paid or received funds electronically using our platform. See our Annual Report on Form 10K for the fiscal year ended June 30, 2025 for definition and additional information. 4 498K Businesses using our solutions2 35M Transactions processed¹ 14% $363 Q2 ‘25 $415 Q2 ‘26
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All SMBs have a need for back-office efficiency Disparate systems Antiquated paper-based processes. Spending hours manually processing bill payments and chasing down approvals and receipts. Lack of visibility Lack of visibility into cash flow and real time financial status, making informed decisions difficult. Siloed workflows Inability to scale financial operations without growing finance team, which can be time- and cost-intensive 5
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6 We empower SMBs with
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7 The Essential Financial Operations Platform ● Digital on-ramp to replace legacy paper-based processes ● Automate financial operations ● Make and receive payments ● Manage budgets and cash flow ● Gain insight, visibility, and control Payments Spend Management Accounts Payable Accounts Receivable
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8 Integrated Financial Operations Platform Accounts Payable Accounts Receivable Spend & Expense Financial Planning & Analysis Tools
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9 We digitally transform back-office operations with intelligent workflow Invoice Get paid ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Engage Reconcile Reconcile Pay Approve Receive NETWORK SPEND MANAGEMENT
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10 U.S. Opportunity Global Opportunity 34M 72M $75B $344B $36T $135T Number of SMBs and Sole Proprietors SMB Software Spend B2B Payment Volume 1 Nonemployer Statistics, 2021 Census; Small Business Administration, 2021 Census. 2 McKinsey: Winning the SMB tech market in a challenging economy: 2021 SMB tech spending, 2023. 3 eMarketer: Cards, ACH, and FedNow will drive B2B payments growth, 2024 estimates, April 2024. 4 Nonemployer Statistics, 2019 Census; Statistics of US Businesses, 2020 Census; Government of Canada Key Small Business Statistics, 2021; Eurostat, 2021; Australian Bureau of Statistics, 2022; New Zealand Ministry of Business, Innovation, and Employment, 2022; UK Office for National Statistics, 2022. Figure includes SMEs in US, CAN, EU, AUS, NZ, and the UK only). 5 Gartner Market Statistics Forecast: IT Spending by Employment Size: 20212027, Q1 2023. Includes Software and IT Services spend. 6 Mastercard, World Bank, IMF, and UBS estimates, 2021. 1 2 3 4 5 6 Our opportunity to create value in the SMB segment is significant
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11 MARKET SEGMENT Enterprise Mid-Market SMB Micro Businesses CURRENT TOOLS ERP, Point Solutions Point Solutions, Paper Excel, Paper Excel, Paper Our target segments
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12 We work closely with SMBsʼ most trusted financial partners. Our partners use our platform to better serve their clients. ACCOUNTING FIRMS 9,500+ on the BILL platform LEADING FINANCIAL INSTITUTIONS
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13 Platform Ecosystem Scale Why we win ● Purpose-built financial operations platform ● Proprietary money movement rails & infrastructure ● Proprietary risk management and compliance ● Efficient go-to-market: self-serve, direct to SMBs; strategic partnerships with accounting firms, financial institutions, and software providers ● Proprietary network for customers and suppliers ● Over 498,000 SMBs1 ● 8.3 million network members2 ● $380 billion annualized run rate total payment volume3 ● Large and growing data assets 1 As of December 31, 2025. 2 As of June 30, 2025. Approximately 8.3 million network members have paid or received funds electronically using our platform. See our Annual Report on Form 10K for the fiscal year ended June 30, 2025 for definition and additional information. 3 For the fiscal quarter ended December 31, 2025. Annualized rate was calculated by multiplying the most recent quarter by four. Total payment volume transacted by BILL AP/AR customers was approximately $79.9 billion; the total card payment volume transacted by spending businesses that used BILL Divvy Cards was approximately $6.5 billion; the total payment volume transacted by Embedded Solutions and Other customers was approximately $8.7 billion.
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14 Suppliers and Buyers SMBs Products & Capabilities Transactions Data Adoption, Engagement, and Stickiness 8.3M1 Network Members and Growing 1 As of June 30, 2025. Expanding network effects
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15 Increasing adoption by our existing customers Growing the number of network members Developing our platform capabilities Expanding internationally Acquiring new customers Multiple drivers for future growth
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Financial Overview
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17 $1,552M Trailing 12 month revenue1 Scale 1 Total revenue for the 12 months ended December 31, 2025. 2 For the fiscal quarter ended December 31, 2025. 3 Core revenue defined as revenue derived from subscription and transaction fees. 4 Non-GAAP gross margin is a non-GAAP metric. GAAP gross margin was approximately 80%. See Appendix for reconciliation. 5 Represents core revenue generated in the fiscal year ended June 30, 2025 from BILL AP/AR customers acquired prior to the fiscal year ended June 30, 2024. See our Annual Report on Form 10K for the fiscal year ended June 30, 2025, for definitions and additional information. 17% Core revenue y/y growth2,3 Growth 84% Non-GAAP gross margin2,4 Attractive Margin Profile 86% Of core revenue3,5 From Existing Customers Our financial profile
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18 Our business model CORE Subscription Revenue Per user pricing to use our platform Fixed monthly or annual rate Price plans depend on feature and functionality Transaction Revenue Usage-based transactional fees and interchange income Charged on either fixed or variable basis FLOAT Float Revenue Interest we earn from customer funds while payment transactions are clearing Derived from payment volume, transit times, and interest rates % of Q2 ‘26 Total Revenue % of Q2 ‘26 Total Revenue % of Q2 ‘26 Total Revenue 17% 73% 10%
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Strong core revenue growth1 CORE REVENUE FLOAT REVENUE 1 Dollars in millions for all charts. 8% 19 TOTAL REVENUE 14% 17% $320 Q2 ‘25 $375 Q2 ‘26 $43 Q2 ‘25 $40 Q2 ‘26 $363 Q2 ‘25 $415 Q2 ‘26
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Growing adoption & usage Businesses using our solutions1 Transactions processed2 Total payment volume3 (in thousands) (in millions) $ in billions) 1 As of December 31, 2025, the total number of BILL AP/AR customers was approximately 177,500; the total number of spending businesses that used our BILL Spend and Expense solution was approximately 44,000; and the total number of Embedded Solutions and Other customers was approximately 277,000; Businesses using more than one of our solutions are included separately for each solution. 2 For the three months ended December 31, 2025, the total transactions executed by BILL AP/AR customers was approximately 12.8 million; the total transactions executed by spending businesses that used BILL Divvy Cards were approximately 19.8 million; the total transactions executed by Embedded Solutions and Other customers were approximately 2.1 million. 3 For the three months ended December 31, 2025, the total payment volume transacted by BILL AP/AR customers was approximately $79.9 billion; the total card payment volume transacted by spending businesses that used BILL Divvy Cards was approximately $6.5 billion; the total payment volume transacted by Embedded Solutions and Other customers was approximately $8.7 billion. 20 4% 13%16% 481 Q2 ‘25 498 Q2 ‘26 30 Q2 ‘25 35 Q2 ‘26 $84 Q2 ‘25 $95 Q2 ‘26
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21 Appendix
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22 This Appendix provides BILL AP/AR and BILL Spend and Expense metrics, which exclude financial institution metrics. These two solutions comprise our Integrated Platform. Sales of these solutions and our Integrated Platform happen through direct sales and relationships with accounting firms. This presentation also provides combined metrics for solutions that are not a part of our Integrated Platform in a line called Embedded Solutions and Other. These include embedded solutions provided by financial institutions and other organizations, Invoice2go, and other. These solutions are either completely separate from our Integrated Platform (such as Invoice2go) or use select or customized features of our Integrated Platform (such as financial institutions). Sales of these solutions to SMBs happen through embedded partnersʼ platforms or separate sales motions from the Integrated Platform. Metrics Presentation
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23 * “BILL AP/ARˮ and “BILL Spend & Expenseˮ exclude revenue contributed by customers referred through financial institutions (“FI Channelˮ). “Embedded Solutions & Otherˮ include revenue contributed from the FI Channel, Invoice2go, and other solutions. Note: Totals may not sum due to rounding. Supplemental Information
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24 * “BILL AP/ARˮ and “BILL Spend & Expenseˮ exclude revenue contributed by customers referred through our FI Channel. “Embedded Solutions & Otherˮ includes revenue contributed from our FI Channel, Invoice2go, and other solutions. Note: Totals may not sum due to rounding. Supplemental Information
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25 * “BILL AP/ARˮ and “BILL Spend & Expenseˮ exclude revenue contributed by customers referred through our FI Channel. “Embedded Solutions & Otherˮ includes revenue contributed from our FI Channel, Invoice2go, and other solutions. Note: Totals may not sum due to rounding. Supplemental Information
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26 Gross Profit * Note: Totals may not sum due to rounding. GAAP to Non-GAAP Reconciliation
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27 Operating Expenses * Note: Totals may not sum due to rounding. GAAP to Non-GAAP Reconciliation
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28 1 Non-GAAP provision for income taxes is calculated using a blended tax rate of 20%, taking into consideration the nature of the taxed item and the applicable statutory tax rate in each relevant taxing jurisdiction. * Note: Totals may not sum due to rounding. Operating Income and Net Income GAAP to Non-GAAP Reconciliation