NYSE$BLND

Blend Labs Inc. · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

BLND reported Q4 2025, revenue of $32.4M, net loss of $3.6M.

For Q4 2025, BLND reported revenue of $32.4M, a net loss of $3.6M, adjusted diluted EPS was $0.00. Management discusses segment performance, capital allocation, and macro risks in the quarterly filing.

  • Revenue $32.4M.
  • Net loss $3.6M.
  • BLND MD&A covers liquidity, credit, and operating priorities.

Headline financials

Total Revenue

$32.4M

Previous: $41.4M-21.8%
EPS (adj)

$0.00

Previous: $0.00
GAAP Gross Margin

76.0%

No prior period
Non-GAAP Gross Margin

80.0%

No prior period
Non-GAAP Operating Margin

17.0%

No prior period
Free Cash Flow Margin

4.0%

No prior period
Non-GAAP Software Margin

83.0%

No prior period
Net Income

-$3.6M

Previous: -$708K-408.5%
Operating Income

-$3.63M

Previous: -$1.79M-103.1%
Gross Profit

$24.5M

Previous: $24.7M-1.0%

Revenue & EPS history

Blend · Revenue · Quarterly

$32.4M

Q4 2025-21.8%vs Q4 2024
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

Blend · $28.6M total across 3 segments · Q3 2023

  • Mortgage Suite
    $20.3M
  • Consumer Banking Suite
    $6.2M
  • Professional Services
    $2.14M+147.1%

Forward guidance

Q1 2026 revenue $28.5M–$30.0M; non-GAAP operating income $2.0M–$3.0M.

Tailwinds

  • Q4 non-GAAP operating income $5.4M.
  • $50M buyback authorized.

Headwinds

  • Mortgage market volume assumptions.
  • GAAP still loss-making.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+1.6%

Avg return

Earnings day

+0.4%

Avg return

5 days after

-7.0%

Avg return

30 days after

50%

12 / 24 earnings

Positive

+40.1%

Q1 2023

Best reaction

-37.9%

Q4 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+1.9%-11.9%+0.6%
Q4 2025+11.8%-9.8%-12.9%
Q3 2025-7.5%-6.8%-3.4%
Q1 2025+7.3%+9.7%+13.7%
Q4 2024-10.8%-11.4%+1.4%
Q3 2024+16.8%+25.0%+40.8%
Q2 2024+23.6%+40.8%+25.8%
Q1 2024+15.4%+16.2%+10.4%
Q4 2023+7.7%+24.5%-3.1%
Q3 2023-3.5%-14.8%+12.7%
Q2 2023+13.5%+7.1%-11.9%
Q1 2023+40.1%+36.8%+46.3%
Q4 2022-37.9%-32.7%-48.2%
Q3 2022+11.8%+16.6%-33.7%
Q2 2022+16.8%+2.0%+1.6%
Q1 2022+27.3%+18.0%+2.8%
Q4 2019-20.3%-17.3%-28.4%
Q4 2021-20.3%-17.3%-28.4%
Q3 2020-5.6%-8.6%-40.8%
Q3 2021-16.7%-16.5%-47.2%
Q4 2020-8.7%-8.7%-16.0%
Q2 2020-8.7%-8.7%-16.0%
Q1 2021-8.7%-8.7%-16.0%
Q2 2021-7.4%-13.1%-17.4%
Q1 2020

Discussion

Share your read of this quarter. Sign-in carries your eToro identity.

Join the conversation

Sign in with eToro to post your read of this quarter and vote on others'.

Sign in with eToro