Revenue

6 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The Company generates revenue primarily from subscription and transaction fees. For the purpose of disaggregating revenue by solutions, the Company defines BILL AP/AR as transaction and subscription revenue derived from businesses that use its core BILL accounts payable and receivable platform; BILL Spend and Expense as interchange revenue derived from BILL Divvy Card transactions; and Embedded and Other Solutions as transaction and subscription revenue from businesses that access the Company's solutions through its embedded partners' platforms and other indirect sales channels (including financial institution partners), and Invoice2go revenue. The table below shows the Company’s revenue from subscription and

transaction fees, which are disaggregated by solutions, and revenue from interest on funds held for customers (in thousands).

	Three Months Ended December 31,				Six Months Ended December 31,
	2025		2024		2025		2024
BILL AP/AR	$	185,870	$	166,842	$	364,467	$	329,098
BILL Spend and Expense	166,476		133,853		323,763		266,458
Integrated platform	352,346		300,695		688,230		595,556
Embedded and Other Solutions	22,782		18,921		44,904		39,003
Total subscription and transaction fees	375,128		319,616		733,134		634,559
Interest on funds held for customers	39,543		42,938		77,279		86,445
Total revenue	$	414,671	$	362,554	$	810,413	$	721,004

Deferred revenue

Fees from customers with which the Company has annual or multi-year contracts are generally billed in advance. These fees are initially recorded as deferred revenue and subsequently recognized as revenue as the performance obligation is satisfied. During the three and six months ended December 31, 2025, the Company recognized $6.5 million and $18.9 million of revenue that was included in the deferred revenue balances as of June 30, 2025.

Remaining performance obligations

The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. As of December 31, 2025, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied), including deferred revenue, was $65.0 million. Of the total remaining performance obligations, the Company expects to recognize approximately 56% over the next year, 24% between one to two years and 20% thereafter. The Company determines remaining performance obligations at a point in time based on contracts with customers. However, actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals and/or terminations.

Unbilled revenue

Unbilled revenue consists of revenue recognized that has not been billed to the customers yet. The unbilled revenue amounted to $18.3 million and $17.3 million as of December 31, 2025 and June 30, 2025, respectively, and are included in accounts receivable, net in the accompanying condensed consolidated balance sheets