Risk factors

BILL Holdings (BILL) risk factors

Item 1A of every BILL Holdings, Inc. 10-K on file, and what changed from one year to the next.

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  • FY2026 10-K risk factors

    65 risks, 5 new, 7 dropped, 20 reworded since the prior year. Credit performance and funding risks now cover BILL Divvy Card warehouse facilities, invoice financing losses, and potentially inadequate credit models.

    Filed Aug 20, 2026
  • FY2025 10-K risk factors

    67 risks. The company relies heavily on small and medium-sized businesses and card transaction fees. Credit products like the BILL Divvy Card expose the company to potential default and fraud losses. Interest income on customer funds and relationships with key issuing banks are critical to revenue.

    Filed Aug 28, 2025