Revenue: As of FY2025, the actual value is USD 123.59 M, beating the estimate of USD 122.93 M.EPS: As of FY2025, the actual value is USD -0.1.EBIT: As of FY2025, the actual value is USD -878 K.<h4>Segment Revenue</h4><ul><li>Total Revenue: Increased by $7.8 million, or 7%, from $115,762 thousand in 2024 to $123,585 thousand in 2025.<ul><li>Mortgage Suite Revenue: Decreased by $4.0 million, or -6%, from $73,257 thousand in 2024 to $69,223 thousand in 2025.</li><li>Consumer Banking Suite Revenue: Increased by $11.6 million, or 34%, from $33,657 thousand in 2024 to $45,223 thousand in 2025.</li><li>Professional Services Revenue: Increased by $0.3 million, or 3%, from $8,848 thousand in 2024 to $9,139 thousand in 2025.</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Total Cost of Revenue: Decreased by $0.1 million, from $32,541 thousand in 2024 to $32,418 thousand in 2025.<ul><li>Software Platform Cost of Revenue: Increased from $23,107 thousand in 2024 to $25,312 thousand in 2025.</li><li>Professional Services Cost of Revenue: Decreased from $9,434 thousand in 2024 to $7,106 thousand in 2025.</li></ul></li><li>Gross Profit: Increased by $7.9 million, or 10%, from $83,221 thousand in 2024 to $91,167 thousand in 2025.</li><li>Gross Margin: Increased from 72% in 2024 to 74% in 2025.</li><li>Total Operating Expenses: Decreased by $19.2 million, or -15%, from $132,066 thousand in 2024 to $112,902 thousand in 2025.<ul><li>Research and Development Expenses: Decreased by $13.2 million, or -29%, from $46,087 thousand in 2024 to $32,843 thousand in 2025.</li><li>Sales and Marketing Expenses: Decreased by $5.3 million, or -16%, from $34,410 thousand in 2024 to $29,073 thousand in 2025.</li><li>General and Administrative Expenses: Increased by $4.4 million, or 10%, from $45,687 thousand in 2024 to $50,115 thousand in 2025.</li><li>Restructuring Expenses: Decreased by $5.0 million, or -85%, from $5,882 thousand in 2024 to $871 thousand in 2025.</li></ul></li><li>Loss from Operations: Decreased from -$48,845 thousand in 2024 to -$21,735 thousand in 2025.</li><li>Net Loss from Continuing Operations: Decreased from -$42,760 thousand in 2024 to -$1,127 thousand in 2025.</li><li>Interest Expense: Decreased by $6.7 million, or -100%, from -$6,747 thousand in 2024 to $0 thousand in 2025 due to debt repayment.</li><li>Other Income (Expense), Net: Increased by $7.9 million, or 61%, from $12,941 thousand in 2024 to $20,857 thousand in 2025.</li><li>Income Tax Expense: Increased from -$109 thousand in 2024 to -$249 thousand in 2025.</li><li>Net Loss: Decreased from -$43,419 thousand in 2024 to -$6,983 thousand in 2025.</li><li>Accumulated Deficit: -$1,391.8 million as of December 31, 2025.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by (Used in) Operating Activities - Continuing Operations: Increased from -$8,200 thousand in 2024 to $14,398 thousand in 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Loan Applications Processed: Blend Labs, Inc.’s platform helped financial services firms process nearly $1.3 trillion in loan applications in 2025.</li><li>Customer Concentration: In 2025, 75.0% of revenue was generated from 25 customers with over $1 million each, and the top five customers accounted for 39% of revenue.</li><li>Share Repurchase Program: The board authorized a new share repurchase program for up to $50.0 million of Class A common stock on March 10, 2026.</li><li>Liquidity: Cash, cash equivalents, and marketable securities totaled $68.3 million as of December 31, 2025.</li></ul><h4>Outlook / Guidance</h4>Blend Labs, Inc. anticipates continued growth in overall mortgage origination activity into 2026 according to current industry forecasts. The company expects its cost of revenue to increase in dollar amounts but decrease as a percentage of revenue long-term as it achieves greater scale. Overall expenses are projected to slightly increase in 2026 compared to 2025, primarily due to a decrease in software capitalization rates.

Blend Labs | 10-K: FY2025 Revenue Beats Estimate at USD 123.59 M