10-K · March 16, 2026
Blend describes a single-segment SaaS origination platform that processed nearly $1.3 trillion in loan applications in 2025 and emphasizes network effects, a 'land-and-expand' success-based pricing model, and Blend…
Earnings analysis · 10-Q
BLND earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Blend Labs reported solid Q1 2026 results with total revenue of $30.8 million, exceeding consensus estimates of $29.5 million and showing a 15% increase year-over-year. EPS improved to -$0.04 compared to -$0.05 in the…
Read full summary
Blend Labs reported solid Q1 2026 results with total revenue of $30.8 million, exceeding consensus estimates of $29.5 million and showing a 15% increase year-over-year. EPS improved to -$0.04 compared to -$0.05 in the same quarter last year, while non-GAAP operating income significantly increased to $4.1 million from $0.7 million year-over-year. Management provided optimistic revenue guidance of $32-34 million for Q2 2026, reflecting a positive outlook amidst ongoing operational refinements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.04
- Gross margin
- 76%
- Segment
- Mortgage Suite
- Segment
- Consumer Banking Suite
- Segment
- Professional Services
What stood out
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Revenue Exceeds Estimates
Total Q1 2026 revenue reached $30.8 million, surpassing estimated $29.5 million.
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Year-over-Year Growth
Revenue increased by 15% compared to $26.8 million in Q1 2025.
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Improved Non-GAAP Operating Income
Non-GAAP operating income rose to $4.1 million, up from $0.7 million YOY.
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Higher Gross Margin
Gross margin improved to 76% in Q1 2026, compared to 71% in Q1 2025.
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Cash Flow from Operations
Net cash from operations was $8.5 million in Q1 2026, down from $19.8 million in Q1 2025.
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Positive Guidance for Q2 2026
Management expects Q2 2026 revenue of $32.0 million to $34.0 million.
What to watch
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High Customer Concentration Risk
In 2025, the top five customers accounted for 39% of revenue, indicating reliance on a limited customer base.
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Material Weaknesses in Internal Controls
Two material weaknesses in internal control over financial reporting remain unresolved, impacting financial statement accuracy.
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Increased Regulatory Scrutiny
Changes in financial regulations could impose additional compliance costs and operational limits.
Management's outlook
Q2 2026 revenue guidance of $32M to $34M; non-GAAP operating income projected between $5.5M to $6.5M.
Earlier filings 4
10-Q · November 6, 2025
Q3 2025 revenue was essentially flat at $32.86M (vs $33.10M in Q3 2024), while gross margin improved to ~74.4% driven by lower cost of revenue. Operating loss narrowed to $(4.91)M (op margin -15.0%) and diluted EPS…
10-Q · May 8, 2025
Blend reported Q1 2025 revenue of $26,770 (in thousands), up from $23,840 in Q1 2024 (+$2,930), with gross profit of $18,958 (70.8% margin). Loss from operations narrowed to $(7,693) from $(21,221) a year ago and the…
10-Q · August 8, 2024
Blend reported Q2 revenue of $40.480M, down 5.5% year-over-year but up 15.9% sequentially. Gross profit was $21.678M (53.6% margin), while loss from operations narrowed to $(13.339)M from $(36.721)M a year ago. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.