BILL HOLDINGS, INC., 10-Q filed on 2/6/2026
Quarterly Report
v3.25.4
Cover - shares
 6 Months Ended
Dec. 31, 2025
Jan. 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-39149  
Entity Registrant Name BILL HOLDINGS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-2661725  
Entity Address, Address Line One 6220 America Center Drive, Suite 100  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95002  
City Area Code 650  
Local Phone Number 621-7700  
Title of 12(b) Security Common Stock, $0.00001 par value  
Trading Symbol BILL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   98,960,440
Entity Central Index Key 0001786352  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Current assets:    
Cash and cash equivalents $ 1,094,530 $ 1,038,346
Short-term investments 1,146,970 1,180,110
Accounts receivable, net 41,163 32,341
Acquired card receivables, net of allowances of $19,542 and $15,020 as of December 31, 2025 and June 30, 2025, respectively 732,084 685,108
Prepaid expenses and other current assets 278,473 258,418
Funds held for customers 4,032,211 4,044,470
Total current assets 7,325,431 7,238,793
Non-current assets:    
Operating lease right-of-use assets, net 52,017 56,086
Property and equipment, net 127,028 116,611
Intangible assets, net 192,475 222,805
Goodwill 2,396,509 2,396,509
Other assets 32,974 33,178
Total assets 10,126,434 10,063,982
Current liabilities:    
Accounts payable 5,044 16,293
Accrued compensation and benefits 33,081 39,581
Deferred revenue 20,887 22,435
Other accruals and current liabilities 339,017 252,455
Borrowings from credit facilities 0 180,005
Convertible senior notes, net 0 33,421
Customer fund deposits 4,032,211 4,044,470
Total current liabilities 4,430,240 4,588,660
Non-current liabilities:    
Deferred revenue 424 285
Operating lease liabilities 53,490 58,372
Borrowings from credit facilities 330,000 0
Convertible senior notes, net 1,503,600 1,501,044
Other long-term liabilities 1,871 1,581
Total liabilities 6,319,625 6,149,942
Commitments and contingencies (Note 11)
Stockholders' equity:    
Common stock 2 2
Additional paid-in capital 5,524,079 5,414,645
Accumulated other comprehensive income 13,775 10,197
Accumulated deficit (1,731,047) (1,510,804)
Total stockholders' equity 3,806,809 3,914,040
Total liabilities and stockholders' equity $ 10,126,434 $ 10,063,982
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Statement of Financial Position [Abstract]            
Acquired card receivables, allowance for credit losses $ 19,542 $ 15,217 $ 15,020 $ 20,768 $ 24,868 $ 20,883
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenue $ 414,671 $ 362,554 $ 810,413 $ 721,004
Cost of revenue        
Service costs 69,190 56,298 135,257 109,900
Depreciation and amortization [1] 14,398 10,310 25,335 21,403
Total cost of revenue 83,588 66,608 160,592 131,303
Gross profit 331,083 295,946 649,821 589,701
Operating expenses        
Research and development 82,806 84,784 163,095 163,469
Sales and marketing 155,439 132,534 304,656 258,856
General and administrative 79,497 71,122 156,414 137,893
Provision for expected credit losses 22,624 21,358 38,720 42,019
Depreciation and amortization [1] 8,381 7,858 16,448 16,871
Restructuring 412 0 9,282 0
Total operating expenses 349,159 317,656 688,615 619,108
Operating loss (18,076) (21,710) (38,794) (29,407)
Other income, net 16,010 55,303 33,916 73,181
Income (loss) before provision for income taxes (2,066) 33,593 (4,878) 43,774
Provision for income taxes 522 45 672 1,314
Net income (loss) $ (2,588) $ 33,548 $ (5,550) $ 42,460
Net income (loss) per share attributable to common stockholders:        
Basic (dollars per share) $ (0.03) $ 0.33 $ (0.05) $ 0.41
Diluted (dollars per share) $ (0.03) $ (0.06) $ (0.05) $ 0.02
Weighted-average number of common shares used to compute net income (loss) per share attributable to common stockholders:        
Basic (in shares) 100,532 103,102 101,227 104,394
Diluted (in shares) 100,532 104,480 101,227 107,718
Subscription and transaction fees        
Revenue $ 375,128 $ 319,616 $ 733,134 $ 634,559
Interest on funds held for customers        
Revenue $ 39,543 $ 42,938 $ 77,279 $ 86,445
[1] Depreciation and amortization do not include amortization of capitalized internal-use software costs paid in cash of $12.6 million and $17.1 million during the three and six months ended December 31, 2025, respectively, and $3.6 million and $7.4 million during the three and six months ended December 31, 2024, respectively, which are included in service costs in the condensed consolidated statements of operations.
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Amortization of capitalized internal-use software costs and other paid in cash $ 12.6 $ 3.6 $ 17.1 $ 7.4
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ (2,588) $ 33,548 $ (5,550) $ 42,460
Other comprehensive income (loss):        
Net unrealized gain (loss) on investments in available-for-sale securities 573 (9,358) 3,578 1,651
Comprehensive income (loss) $ (2,015) $ 24,190 $ (1,972) $ 44,111
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Accumulated deficit
Beginning balance (in shares) at Jun. 30, 2024   106,646      
Beginning balance at Jun. 30, 2024 $ 4,134,201 $ 2 $ 5,233,037 $ (1,890) $ (1,096,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (in shares)   441      
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (287)   (287)    
Issuance of common stock under the employee stock purchase plan (in shares)   113      
Issuance of common stock under the employee stock purchase plan 5,302   5,302    
Repurchase and retirement of common stock, including excise tax (in shares)   (3,711)      
Repurchase and retirement of common stock, including excise tax (201,709)       (201,709)
Stock-based compensation 55,817   55,817    
Other comprehensive income (loss) 11,009     11,009  
Net income (loss) 8,912       8,912
Ending balance (in shares) at Sep. 30, 2024   103,489      
Ending balance at Sep. 30, 2024 4,013,245 $ 2 5,293,869 9,119 (1,289,745)
Beginning balance (in shares) at Jun. 30, 2024   106,646      
Beginning balance at Jun. 30, 2024 4,134,201 $ 2 5,233,037 (1,890) (1,096,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) 42,460        
Ending balance (in shares) at Dec. 31, 2024   101,945      
Ending balance at Dec. 31, 2024 3,809,394 $ 2 5,267,182 (239) (1,457,551)
Beginning balance (in shares) at Sep. 30, 2024   103,489      
Beginning balance at Sep. 30, 2024 4,013,245 $ 2 5,293,869 9,119 (1,289,745)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (in shares)   716      
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (2,175)   (2,175)    
Repurchase and retirement of common stock, including excise tax (in shares)   (2,260)      
Repurchase and retirement of common stock, including excise tax (201,354)       (201,354)
Purchases of capped calls (92,960)   (92,960)    
Stock-based compensation 68,448   68,448    
Other comprehensive income (loss) (9,358)     (9,358)  
Net income (loss) 33,548       33,548
Ending balance (in shares) at Dec. 31, 2024   101,945      
Ending balance at Dec. 31, 2024 3,809,394 $ 2 5,267,182 (239) (1,457,551)
Beginning balance (in shares) at Jun. 30, 2025   103,012      
Beginning balance at Jun. 30, 2025 3,914,040 $ 2 5,414,645 10,197 (1,510,804)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (in shares)   498      
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (13,804)   (13,804)    
Repurchase and retirement of common stock, including excise tax (in shares)   (1,695)      
Repurchase and retirement of common stock, including excise tax (81,713)       (81,713)
Stock-based compensation 64,145   64,145    
Other comprehensive income (loss) 3,005     3,005  
Net income (loss) (2,962)       (2,962)
Ending balance (in shares) at Sep. 30, 2025   101,815      
Ending balance at Sep. 30, 2025 3,882,711 $ 2 5,464,986 13,202 (1,595,479)
Beginning balance (in shares) at Jun. 30, 2025   103,012      
Beginning balance at Jun. 30, 2025 3,914,040 $ 2 5,414,645 10,197 (1,510,804)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (5,550)        
Ending balance (in shares) at Dec. 31, 2025   99,967      
Ending balance at Dec. 31, 2025 3,806,809 $ 2 5,524,079 13,775 (1,731,047)
Beginning balance (in shares) at Sep. 30, 2025   101,815      
Beginning balance at Sep. 30, 2025 3,882,711 $ 2 5,464,986 13,202 (1,595,479)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (in shares)   579      
Issuance of common stock upon exercise of stock options and release of restricted stock units, net of shares withheld and retired for tax (14,840)   (14,840)    
Issuance of common stock under the employee stock purchase plan (in shares)   118      
Issuance of common stock under the employee stock purchase plan 4,648   4,648    
Repurchase and retirement of common stock, including excise tax (in shares)   (2,545)      
Repurchase and retirement of common stock, including excise tax (132,980)       (132,980)
Stock-based compensation 69,285   69,285    
Other comprehensive income (loss) 573     573  
Net income (loss) (2,588)       (2,588)
Ending balance (in shares) at Dec. 31, 2025   99,967      
Ending balance at Dec. 31, 2025 $ 3,806,809 $ 2 $ 5,524,079 $ 13,775 $ (1,731,047)
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (5,550) $ 42,460
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 123,061 120,541
Amortization of intangible assets 30,330 31,595
Depreciation of property and equipment 11,454 6,679
Amortization of capitalized internal-use software costs and other paid in cash 17,117 7,833
Amortization of debt discount and issuance costs 3,235 1,896
Accretion of discount on investments in marketable debt securities (13,886) (21,672)
Accretion of discount on loans held for investment (13,677) (9,960)
Gain on debt extinguishment 0 (40,550)
Provision for expected credit losses on acquired card receivables and other financial assets 38,720 42,019
Non-cash operating lease expense 4,069 4,107
Other 836 590
Changes in assets and liabilities:    
Accounts receivable (8,802) (1,160)
Prepaid expenses and other current assets 12,913 (27,307)
Other assets (210) 8,914
Accounts payable (10,521) (2,074)
Other accruals and current liabilities 19,182 7,011
Operating lease liabilities (4,691) (4,428)
Deferred revenue (1,408) 804
Net cash provided by operating activities 202,172 167,298
Cash flows from investing activities:    
Purchases of corporate and customer fund short-term investments (683,133) (1,210,567)
Proceeds from maturities and sales of corporate and customer fund short-term investments 781,454 1,102,750
Purchase of intangible assets 0 (2,868)
Purchases of loans held for investment (510,284) (380,673)
Principal repayments of loans held for investment 515,567 369,449
Acquired card receivables, net (45,908) 6,950
Purchases of property and equipment (2,791) (399)
Capitalization of internal-use software costs (25,986) (13,759)
Other (1,066) (579)
Net cash provided by (used in) investing activities 27,853 (129,696)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes 0 1,400,000
Cash paid for convertible senior notes issuance costs 0 (23,100)
Payments for repurchase and settlement of convertible senior notes (33,463) (539,403)
Purchase of capped calls 0 (92,960)
Customer fund deposits liability (16,628) 52,731
Prepaid card deposits 29,094 32,371
Repurchase of common stock (215,796) (400,001)
Proceeds from line of credit borrowings 150,000 0
Proceeds from exercise of stock options 834 2,252
Tax withholdings related to net share settlements of equity awards (29,477) (4,714)
Proceeds from issuance of common stock under the employee stock purchase plan 4,648 5,302
Other (1,128) 0
Net cash provided by (used in) financing activities (111,916) 432,478
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 73 (772)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 118,182 469,308
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 3,550,885 3,351,399
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period 3,669,067 3,820,707
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:    
Cash and cash equivalents 1,094,530 1,566,271
Restricted cash included in other current assets 126,324 92,613
Restricted cash included in other assets 3,304 5,297
Restricted cash and restricted cash equivalents included in funds held for customers 2,444,909 2,156,526
Total cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 3,669,067 $ 3,820,707
v3.25.4
The Company and Its Significant Accounting Policies
 6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
The Company and its Significant Accounting Policies THE COMPANY AND ITS SIGNIFICANT ACCOUNTING POLICIES
Bill.com, Inc. was incorporated in the State of Delaware in April 2006. Bill.com Holdings, Inc. was incorporated in the State of Delaware in August 2018 (and renamed BILL Holdings, Inc. in February 2023). In November 2018, Bill.com, Inc. consummated a reorganization with BILL Holdings, Inc., resulting in the latter becoming the parent entity of Bill.com, Inc. BILL Holdings, Inc. and its wholly-owned subsidiaries are collectively referred to as the “Company”.
The Company is a provider of software-as-a-service products for small and midsized businesses, which simplifies, digitizes, and automates back-office financial processes. These include cloud-based payments, accounts payable, accounts receivable, and spend and expense management.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2026 or for any other future annual or interim period. The unaudited condensed consolidated balance sheets as of June 30, 2025 included herein was derived from the audited financial statements for the year ended June 30, 2025, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated.
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (2025 10-K).
Segment Reporting
The Company operates as one operating segment because its chief operating decision maker (CODM), who is the Chief Executive Officer, reviews its financial information on a consolidated basis with net income (loss) as the primary measure of segment profitability for purposes of making decisions regarding allocating resources and assessing performance. The CODM uses this measure to evaluate the Company’s operational efficiency and profitability, make strategic capital allocation decisions, and assess progress against financial targets, and is regularly provided with financial results comparing actual performance to budgeted targets and prior periods. The CODM does not evaluate the performance of the operating segment using asset information.
On a regular basis, the Company’s CODM is provided with significant segment expenses as reported within the consolidated statements of operations, adjusted for depreciation, amortization and restructuring, as presented in the consolidated statements of operations, stock-based compensation (refer to Note 8), amortization of debt issuance costs and gain on debt extinguishment (refer to Note 9). Other items included in the segment's profit or loss measure are interest income, interest expense (refer to Note 9), and provision for income taxes presented in the consolidated statements of operations and comprehensive income. In addition, on a regular basis the CODM is also provided with rewards expense and losses from fraud. Rewards expense, which is included in sales and marketing, was $87.0 million and $168.3 million for the three and six months ended December 31, 2025, respectively, and $64.7 million and $126.8 million for the three and six months ended December 31, 2024, respectively. Losses from fraud, which are included in general and administrative, were $5.3 million and $12.1 million for the three and six months ended December 31, 2025, and $3.3 million and $8.2 million for the three and six months ended December 31, 2024, respectively.
Total revenue from external customers outside of the U.S. was less than 2% of consolidated total revenue during each of the three and six months ended December 31, 2025 and 2024.
Reclassification
Certain accounts in the prior period condensed consolidated statements of cash flows were reclassified to conform with the current year presentation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; the estimate of expected credit losses on accounts receivable, acquired card receivables, and loans held for investment; accrual for rewards; benefit periods used to amortize deferred costs; reserve for losses on funds held for customers; and valuation of deferred tax assets. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements.
Goodwill
Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized. The Company monitors goodwill for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. No triggering events indicating possible impairment were identified during the three and six months ended December 31, 2025 or in any prior period. The Company continually evaluates its current and estimated future financial results, macroeconomic environment and industry-specific conditions, which are subject to many uncertainties, including the impact of government budget cuts, government shut downs and tariffs, volatility related to changes in rates of inflation, interest rates, the strength of the U.S. dollar, and the potential for a slowing economy. These conditions, if sustained or exacerbated, could negatively impact the estimated fair value of the Company’s single reporting unit. As a result, the Company may be required to perform a quantitative goodwill impairment test in a future period, which could result in a non-cash impairment charge.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables and loans held for investment (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents and short-term investments with large multinational financial institutions that may at times exceed federally insured limits. Management believes that the financial institutions with which the Company does business are financially sound with minimal credit risk. Management further believes the associated risk of concentration for the Company’s investments is mitigated by holding a diversified portfolio of highly rated investments consisting of money market funds and short-term debt securities.
The Company performs credit evaluations to verify the credit quality of its Financial Assets and determine any at-risk financial instruments. As of December 31, 2025 and June 30, 2025, the allowance for expected credit losses related to accounts receivable, acquired card receivables, and loans held for investment totaled $33.3 million and $30.3 million, respectively. These amounts do not include the immaterial allowance for expected credit losses on the card receivables that have been authorized but not cleared at the end of the periods.
There were no customers that exceeded 10% of the Company’s total revenue during the three and six months ended December 31, 2025 and 2024.
Foreign Currency
The functional currency of the Company's foreign subsidiary is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other income, net in the accompanying condensed consolidated statements of operations.
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies described in the 2025 10-K, except as noted below:
Restructuring
Restructuring charges may consist of severance, benefits, payroll taxes, costs related to contract terminations, and other related costs. The Company recognizes a liability for involuntary employee termination benefits pursuant to a mutually understood severance benefits plan when it is probable and the termination benefits are estimable. One-time involuntary termination benefits that are not provided under the ongoing severance benefits plan or enhancements to the ongoing severance benefits plan are not accrued until the terms of the benefit arrangement have been communicated to the affected employees. Costs related to contracts without future benefit or contract termination are recognized at the earlier of the contract termination or the cease-use dates. Other exit-related costs are recognized as incurred.
New Accounting Pronouncements and Disclosure Rules Not Yet Adopted
There have been no changes to the Company’s new accounting pronouncements and disclosures not yet adopted as described in the 2025 10-K, except as noted below:
In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The guidance in ASU 2025-05 provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company does not expect this ASU to materially impact the consolidated financial statements.
In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350). The amended guidance modernizes the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when the Company is required to start capitalizing eligible costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is evaluating the impact this amended guidance may have on its consolidated financial statements.
v3.25.4
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,
2025202420252024
BILL AP/AR$185,870 $166,842 $364,467 $329,098 
BILL Spend and Expense166,476 133,853 323,763 266,458 
   Integrated platform352,346 300,695 688,230 595,556 
Embedded and Other Solutions22,782 18,921 44,904 39,003 
   Total subscription and transaction fees375,128 319,616 733,134 634,559 
Interest on funds held for customers39,543 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
v3.25.4
Fair Value Measurement
 6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement FAIR VALUE MEASUREMENT
The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:
Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value.
The following table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):
Fair Value at
Pricing CategoryDecember 31,
2025		June 30,
2025
Assets
Cash equivalents:
Money market fundsLevel 1$347,251$365,456
Corporate bondsLevel 223,56669,956
Certificates of depositLevel 2—2,216
Short-term investments:
Corporate bondsLevel 2647,800758,333
U.S. treasury securitiesLevel 2371,637287,559
Asset-backed securitiesLevel 2117,442118,236
Certificates of depositLevel 210,09115,982
Funds held for customers:
Restricted cash equivalents:
Money market fundsLevel 11,392,9991,642,494
Corporate bondsLevel 248,57718,929
Short-term investments:
Corporate bondsLevel 2439,424486,362
U.S. treasury securitiesLevel 2907,544868,705
Certificates of depositLevel 290,29099,138
Asset-backed securitiesLevel 2126,187167,970
Municipal bondsLevel 218,3336,592
Liabilities (1)
0% 2025 Notes
Level 2—32,567
0% 2027 Notes
Level 2117,472112,738
0% 2030 Notes
Level 2$1,293,460$1,185,128
(1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying condensed consolidated balance sheets.
There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.
The Company's financial instruments that are not measured and recorded at fair value, such as cash, restricted cash, acquired cards receivables, loans held for investment, interest receivables, incentive receivables, and borrowings from credit facilities, are carried at amortized cost, which approximates their fair value. If these financial instruments were measured at fair value in the financial statements, cash would be classified as Level 1; restricted cash, interest receivables, incentive receivables and borrowings from credit facilities would be classified as Level 2 and the acquired card receivables and loans held for investment would be classified as Level 3 in the fair value hierarchy.
v3.25.4
Short-Term Investments and Funds Held for Customers
 6 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Short-Term Investments and Funds Held for Customers SHORT-TERM INVESTMENTS AND FUNDS HELD FOR CUSTOMERS
The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Short-term investments:
Available-for-sale debt securities$1,146,970 $1,180,110 
Total short-term investments1,146,970 1,180,110 
Funds held for customers:
Restricted cash1,009,436 749,111 
Restricted cash equivalents1,441,576 1,661,423 
Funds receivable27,458 25,499 
Available-for-sale debt securities1,581,778 1,628,767 
Total funds held for customers4,060,248 4,064,800 
Less - interest income included in other current assets (1)
(28,037)(20,330)
Total funds held for customers, net of income earned by the Company$4,032,211 $4,044,470 
(1) Represents interest income, accretion of discount, and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.
The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):
December 31, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$644,369 $3,435 $(4)$647,800 
U.S. treasury securities370,818 852 (33)371,637 
Asset-backed securities117,175 273 (6)117,442 
Certificates of deposit10,091 — — 10,091 
Total short-term investments$1,142,453 $4,560 $(43)$1,146,970 
Funds held for customers:
U.S. treasury securities$902,124 $5,431 $(11)$907,544 
Corporate bonds436,225 3,201 (2)439,424 
Asset-backed securities125,435 759 (7)126,187 
Certificates of deposit90,290 — — 90,290 
Municipal bonds18,269 64 — 18,333 
Total funds held for customers$1,572,343 $9,455 $(20)$1,581,778 
June 30, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$756,009 $2,598 $(274)$758,333 
U.S. treasury securities287,356 261 (58)287,559 
Asset-backed securities118,074 177 (15)118,236 
Certificates of deposit15,982 — — 15,982 
Total short-term investments$1,177,421 $3,036 $(347)$1,180,110 
Funds held for customers:
Corporate bonds$483,604 $2,759 $(1)$486,362 
Certificates of deposit99,138 — — 99,138 
Asset-backed securities167,179 791 — 167,970 
Municipal bonds6,560 32 — 6,592 
U.S. treasury securities864,602 4,319 (216)868,705 
Total funds held for customers$1,621,083 $7,901 $(217)$1,628,767 
The amortized cost and fair value amounts for short-term investments include interest receivables of $8.6 million and $8.9 million as of December 31, 2025 and June 30, 2025, respectively. The amortized cost and fair value amounts for funds held for customers include interest receivable of $13.3 million and $12.4 million as of December 31, 2025 and June 30, 2025, respectively.
The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Due within 1 year$1,400,134 $1,118,478 
Due in 1 year through 5 years1,328,170 1,689,477 
Due in 5 years through 10 years444 922 
Total$2,728,748 $2,808,877 
As of December 31, 2025, approximately 30 out of approximately 760 investments in available-for-sale debt securities were in an unrealized loss position. The following tables show gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$31,314 $(4)$— $— $31,314 $(4)
U.S. treasury securities31,677 (33)— — 31,677 (33)
Asset-backed securities3,015 (6)— — 3,015 (6)
Total short-term investments$66,006 $(43)$— $— $66,006 $(43)
Funds held for customers:
U.S. treasury securities$24,445 $(11)$— $— $24,445 $(11)
Corporate bonds12,097 (2)— — 12,097 (2)
Asset-backed securities2,204 (7)— — 2,204 (7)
Total funds held for customers$38,746 $(20)$— $— $38,746 $(20)
June 30, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$209,648 $(274)$— $— $209,648 $(274)
U.S. treasury securities139,598 (58)— — 139,598 (58)
Asset-backed securities30,362 (15)— — 30,362 (15)
Total short-term investments$379,608 $(347)$— $— $379,608 $(347)
Funds held for customers:
Corporate bonds$12,867 $(1)$— $— $12,867 $(1)
Asset-backed securities4,576 — — — 4,576 — 
U.S. treasury securities82,910 (216)— — 82,910 (216)
Total funds held for customers$100,353 $(217)$— $— $100,353 $(217)
Unrealized losses have not been recognized into income as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses.
There have been no significant realized gains or losses on the short-term investments and funds held for customers during the three and six months ended December 31, 2025 and 2024.
v3.25.4
Acquired Card Receivables
 6 Months Ended
Dec. 31, 2025
Acquired Card Receivables [Abstract]  
Acquired Card Receivables ACQUIRED CARD RECEIVABLES
As of December 31, 2025, approximately $437.2 million of the acquired card receivables balance served as collateral for the Company’s borrowings from the Revolving Credit Facilities (as defined below, see Note 7).
The Company incurred losses related to card transactions disputed by spending businesses. The amounts were not material during the three and six months ended December 31, 2025 and 2024.
The acquired card receivables balances do not include purchases of participation interests in card receivables from the Company's card issuing partner banks (Issuing Banks) that have not cleared at the end of the reporting period. Purchases of participation interests in card receivables that have not cleared as of December 31, 2025 totaled $41.9 million. The Company recognized an immaterial amount of expected credit losses on the card receivables that have not cleared yet as of December 31, 2025.
Credit Quality Information
The Company regularly reviews collection experience, delinquencies, and net charge-offs in determining allowance for expected credit losses related to acquired card receivables. Historical collections rates have shown that days past due is the primary indicator of the likelihood of loss. The Company uses the delinquency trends or past due status of the acquired card receivables as the credit quality indicator. Acquired card receivables are considered past due if full payment is not received on the bill date or within a grace period, which is generally limited to five days. Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Current and less than 30 days past due$732,719 $686,070 
30 ~ 59 days past due7,981 6,173 
60 ~ 89 days past due8,121 5,312 
90 ~ 119 days past due2,767 2,562 
Over 119 days past due38 11 
Total$751,626 $700,128 
Allowance for Expected Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$15,217 $24,868 $15,020 $20,883 
Provision for expected credit losses19,658 10,060 31,852 25,231 
Charge-off amounts(18,198)(15,985)(32,846)(29,013)
Recoveries collected2,865 1,825 5,516 3,667 
Balance, ending$19,542 $20,768 $19,542 $20,768 
Card receivables acquired from the Issuing Banks were $6.6 billion and $12.8 billion during the three and six months ended December 31, 2025, respectively, and $5.3 billion and $10.5 billion during the three and six months ended December 31, 2024, respectively. The provision for expected credit losses related to acquired card receivables increased during the three and six months ended December 31, 2025 compared to the same prior year period due to portfolio growth, an increase in delinquencies and a release of the allowance for expected credit losses during the three months ended December 31, 2024 as a result of a decrease in delinquencies during that period. The charge-offs related to acquired card receivables increased during the three and six months ended December 31, 2025 compared to the same prior year period primarily due to portfolio growth.
v3.25.4
Loans Held For Investment
 6 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Loans Held For Investment LOANS HELD FOR INVESTMENT
Loans held for investment represent funds advanced under a line of credit agreement, through a partnership with a third-party bank (the Originating Bank Partner). Loans held for investment are included in
prepaid expenses and other current assets in the accompanying consolidated balance sheets and consisted of the following as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Unpaid principal balance$62,079 $61,938 
Less: Discount at loan purchase, net of amortization(1,785)(1,527)
Less: Allowance for expected credit losses(13,413)(14,853)
Loans held for investment, net$46,881 $45,558 
Credit Quality Information
The Company conducts an eligibility assessment prior to loan origination by the Originating Bank Partner. This process is performed at the invoice level and involves evaluating the invoice repayment likelihood by the respective network members associated with each invoice. Subsequently, the credit quality of these loans is monitored based on the delinquency trends or past due status of the loans held for investment, which are considered the credit quality indicators. Below is a summary of the loans held for investment by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Current and less than 30 days past due$55,289 $55,540 
30 ~ 59 days past due1,747 1,471 
60 ~ 89 days past due1,535 1,461 
90 ~ 119 days past due1,541 1,685 
Over 119 days past due181 254 
Total$60,293 $60,411 
Allowance for Credit Losses
Below is a summary of the changes in allowance for credit losses presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$14,653 $6,230 $14,853 $4,700 
Provision for expected credit losses3,128 11,349 7,035 16,622 
Charge-off amounts(4,739)(4,315)(9,103)(8,212)
Recoveries collected371 76 628 230 
Balance, ending$13,413 $13,340 $13,413 $13,340 
The provision for expected credit losses related to loans held for investment decreased during the three and six months ended December 31, 2025 compared to the same prior year periods due to improvements in delinquency performance, a decrease to estimated loss rates in the current period and an increase to estimated loss rates during the prior year periods, which were partially offset by portfolio growth. The charge-off amounts related to loans held for investment increased during the three and six months ended December 31, 2025 compared to the same prior periods due to portfolio growth.
v3.25.4
Debt and Borrowings
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and Borrowings DEBT AND BORROWINGS
Debt and borrowings consisted of the following (in thousands):
Carrying Value at
December 31,
2025		June 30,
2025		Expected
Remaining Term (years)
Annualized Effective
Interest Rate at December 31, 2025
Current liabilities:
Convertible senior notes:
2025 Notes, principal$— $33,463 
Less: unamortized debt discount and issuance costs— (42)
Convertible senior notes, net current— 33,421 
Revolving credit facility:
2021 Credit Facility— 180,005 
Borrowings from Revolving Credit Facility (1)
— 180,005 
Non-current liabilities:
Convertible senior notes:
2030 Notes, principal1,400,000 1,400,000 4.30.32 %
2027 Notes, principal123,548 123,548 1.30.48 %
Less: unamortized debt discount and issuance costs(19,948)(22,504)
Convertible senior notes, net1,503,600 1,501,044 
Revolving credit facility:
2021 Credit Facility180,000 — 2.36.98 %
2025 Credit Facility150,000 — 1.95.98 %
Borrowings from Revolving Credit Facility (1)
330,000 — 
Total$1,833,600 $1,714,470 
(1) Unamortized debt issuance costs balance for the Revolving Credit Facilities was $2.2 million and $2.1 million as of December 31, 2025 and June 30, 2025, respectively, and is included in other assets on the condensed consolidated balance sheets.
Convertible senior notes
2030 Notes
On December 6, 2024, the Company issued $1.4 billion aggregate principal amount of 0% convertible senior notes due April 1, 2030, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The 2030 Notes are subject to the terms and conditions of the indenture governing the 2030 Notes between the Company and Computershare Trust Company, N.A., as trustee (in its capacity as trustee for each of the 2030 Notes, the 2025 Notes (as defined below) and the 2027 Notes (as defined below), as applicable, the Notes Trustee). The net proceeds from the issuance of the 2030 Notes were $1.38 billion, after deducting the debt discount and debt issuance costs totaling $24.0 million.
The 2030 Notes are senior, unsecured obligations of the Company, and will not accrue interest unless the Company determines to pay special interest as a remedy for failure to timely file any reports required to be filed with the SEC, the failure to remove certain trading restrictions, or failure to deliver reports to the Notes Trustee. The 2030 Notes rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated to the 2030 Notes and rank equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated, including the 2025 Notes and 2027 Notes. In addition, the 2030 Notes are effectively junior in right of payment to any of the Company's secured indebtedness to the extent of the
value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries.
The 2030 Notes have an initial conversion rate of 8.3718 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $119.45 per share of the Company’s common stock and 11.7 million shares issuable upon conversion. The conversion rate is subject to customary adjustments for certain events as described below. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at the Company's election. The Company’s current intent is to settle conversions of the 2030 Notes through a combination settlement, which involves a repayment of the principal portion in cash with any excess of the conversion value over the principal amount settled in shares of common stock.
The Company may redeem for cash, all or any portion of the 2030 Notes, at the Company’s option, on or after December 1, 2027 if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date. No sinking fund is provided for the 2030 Notes. The holders of the 2030 Notes may convert their notes at their option at any time prior to the close of business on the business day immediately preceding January 1, 2030 in multiples of $1,000 principal amount, under the following circumstances:
•during any calendar quarter commencing after the calendar quarter ending on December 31, 2024, and only during such calendar quarter, if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;
•during the 5 business day periods after any 5 consecutive trading day period in which the trading price per $1,000 principal amount of the 2030 Notes for each trading day of that period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day;
•if the Company calls such notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or
•upon the occurrence of specified corporate events.
The conversion rate is subject to adjustment upon the occurrence of certain events or if the Company’s board of directors determines it is in the best interest of the Company. Additionally, holders of the 2030 Notes that convert their notes in connection with a make-whole fundamental change or during the redemption period, may be eligible to receive a make-whole premium through an increase of the conversion rate based on the estimated fair value of the 2030 Notes for the given date and stock price. The make-whole premium is designed to compensate the holder for lost “time-value” of the conversion option. The maximum number of additional shares that may be issued under the make-whole premium is 2.9301 per $1,000 principal (the lowest price of $88.48 in the make whole).
The indenture governing the 2030 Notes contains customary events of default with respect to the 2030 Notes and provides that upon certain events of default occurring and continuing, the holders of the 2030 Notes will have the right, at their option, to require the Company to repurchase for cash all or a portion of their outstanding notes, at a price equal to 100% of the principal amount of the 2030 Notes to be repurchased, plus any accrued and unpaid interest.
2027 Notes
On September 24, 2021, the Company issued $575.0 million in aggregate principal amount of its 0% convertible senior notes due on April 1, 2027, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 2027 Notes). The 2027 Notes are subject to the terms and conditions of the indenture governing the 2027 Notes between the Company and the Notes Trustee.
The net proceeds from the issuance of the 2027 Notes were $560.1 million, after deducting debt discount and debt issuance costs totaling $14.9 million.
On December 6, 2024, using proceeds from the issuance of the 2030 Notes, the Company entered into privately negotiated transactions with certain holders of its 2027 Notes to repurchase $451.5 million aggregate principal amount for an aggregate cash repurchase price of $408.6 million. The carrying amount of the extinguished 2027 Notes was $446.5 million, net of unamortized issuance cost of $5.0 million, resulting in a $37.9 million gain recorded in other income, net in the accompanying consolidated statement of operations.
2025 Notes
On November 30, 2020, the Company issued $1.15 billion in aggregate principal amount of its 0% convertible senior notes due on December 1, 2025, in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the 2025 Notes, and together with the 2027 Notes and 2030 Notes, the Notes). The 2025 Notes are subject to the terms and conditions of the indenture governing the 2025 Notes between the Company and the Notes Trustee. The net proceeds from the issuance of the 2025 Notes were $1.13 billion, after deducting debt discount and debt issuance costs totaling $20.6 million.
On December 6, 2024, using proceeds from the issuance of the 2030 Notes, the Company entered into privately negotiated transactions with certain holders of its 2025 Notes to repurchase $133.9 million aggregate principal amount of the 2025 Notes for an aggregate cash repurchase price of $130.8 million. The carrying amount of the extinguished 2025 Notes was $133.4 million, net of unamortized issuance cost of $0.5 million, resulting in a $2.6 million gain recorded in other income, net in the accompanying consolidated statement of operations. In fiscal 2024, the Company repurchased $982.7 million aggregate principal amount of the 2025 Notes in privately negotiated transactions.
On December 1, 2025, upon maturity of the 2025 Notes, the Company settled the remaining $33.5 million aggregate principal amount of the 2025 Notes in cash.
The "if-converted" value of the Notes did not exceed the principal amount of $1.5 billion and $1.6 billion as of each of December 31, 2025 and June 30, 2025, respectively.
Capped Call Transactions
In conjunction with the issuance of the 2030 Notes, the Company entered into capped call transactions (the Capped Calls) with certain financial institutions at a total cost of $93.0 million. The Capped Calls associated with the 2030 Notes are separate transactions and are not part of the terms of the 2030 Notes. The total amount paid for the Capped Calls associated with the 2030 Notes was recorded as a reduction of additional paid-in capital. The Company used a portion of the proceeds from the 2030 Notes to pay for the cost of the applicable Capped Call premium. The cost of the Capped Calls associated with the 2030 Notes is not expected to be tax-deductible as the Company did not elect to integrate the Capped Calls into the 2030 Notes for tax purposes.
The Capped Calls associated with the 2030 Notes each have an initial strike price of $119.45 per share, subject to certain adjustments, which corresponds to the respective initial conversion price of the 2030 Notes, and have an initial cap price of $154.84 per share, subject to certain adjustments; provided that such cap price shall not be reduced to an amount less than their respective strike price. The Capped Calls associated with the 2030 Notes cover, subject to anti-dilution adjustments, a total of 11.7 million shares of the Company’s common stock. The Capped Calls associated with the 2030 Notes are expected to generally reduce the potential dilution of the Company’s common stock upon any conversion of the 2030 Notes and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap.
In conjunction with the issuance of the 2025 Notes and 2027 Notes, the Company entered into similar capped call transactions. In fiscal 2024, the Company terminated the capped call transactions previously entered into in connection with the issuance of the 2025 Notes.
2021 Credit Facility
The Company's Revolving Credit and Security Agreement, by and among Divvy Peach, LLC, a wholly-owned subsidiary of the Company, and Goldman Sachs Bank USA, as administrative agent, and the lenders party thereto (as amended from time to time, the 2021 Credit Facility), was initially executed in March 2021, amended in August 2022 to finance the acquisition of card receivables and increase the borrowing capacity, and further amended in March 2024 to extend the maturity date and further increase the borrowing capacity. On October 29, 2025, the Company further amended the 2021 Credit Facility to extend the maturity date and reduce the interest rate from 2.65% to 1.95% plus SOFR (subject to a floor rate of 0.25%) per annum. The 2021 Credit Facility matures in May 2028 or earlier pursuant to the agreement and has a total commitment of $300.0 million. Total outstanding borrowings were $180.0 million as of December 31, 2025. The Company is required to comply with certain restricted covenants, including liquidity requirements. As of December 31, 2025, the Company was in compliance with those covenants.
2025 Credit Facility
The Company's Revolving Credit and Security Agreement by and among Odin Financing, LLC, a wholly-owned subsidiary of the Company, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (the 2025 Credit Facility and together with the 2021 Credit Facility, the Revolving Credit Facilities) was executed in May 2025 to finance the acquisition of card receivables. Borrowings bear interest at a rate per annum that is based on SOFR or an adjusted benchmark rate plus 1.80%. The 2025 Credit Facility matures in November 2027 or earlier pursuant to the agreement and has a total commitment of $300.0 million. Total outstanding borrowings were $150.0 million as of December 31, 2025. The Company is required to comply with certain restrictive covenants, including liquidity requirements. As of December 31, 2025, the Company was in compliance with those covenants.
v3.25.4
Stockholders' Equity
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Based Compensation
Stock-based compensation by award type (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
As of December 31, 2025
2025202420252024Unrecognized
compensation
Weighted-average recognition period (in years)
Restricted stock units (RSUs)$60,679 $60,920 $117,462 $111,814 $368,773 2.4
Performance-based awards4,573 4,040 5,120 6,835 21,973 1.8
Employee stock purchase plan1,756 1,597 3,758 3,005 2,420 0.5
Market-based RSUs2,188 1,785 6,614 2,790 16,078 1.3
Stock options89 784 476 2,022 — 0.0
Total stock-based compensation$69,285 $69,126 $133,430 $126,466 $409,244 
Stock-based compensation was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Revenue - subscription and transaction fees$634 $608 $1,242 $1,135 
Cost of revenue - service costs2,248 2,579 4,593 4,732 
Research and development29,161 29,270 55,061 52,903 
Sales and marketing10,019 10,480 19,645 21,274 
General and administrative22,164 22,943 42,489 40,497 
Restructuring31 — 31 — 
Total amount charged to operating loss64,257 65,880 123,061 120,541 
Property and equipment (capitalized internal-use software)5,028 3,246 10,369 5,925 
Total stock-based compensation$69,285 $69,126 $133,430 $126,466 
Share Repurchase Program
In August 2024, the Company's board of directors approved a share repurchase program, pursuant to which the Company announced its intention to purchase up to $300.0 million of its outstanding shares of common stock (the August 2024 Share Repurchase Program). In July 2025, the Company completed the repurchase of shares under the August 2024 Share Repurchase Program.
In August 2025, the Company's board of directors authorized an additional share repurchase program pursuant to which the Company announced its intention to purchase up to $300.0 million of its outstanding shares of common stock (the August 2025 Share Repurchase Program). The Company may repurchase such shares from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The August 2025 Share Repurchase Program has no mandated end date, may be suspended, discontinued or modified at any time, and does not obligate the Company to acquire any amount of common stock.
The table below sets forth information regarding repurchases made pursuant to the Company's share repurchase programs as of December 31, 2025 (in thousands, except per share data):
August 2024 Share Repurchase Program
August 2025 Share Repurchase Program
Period
Shares repurchased
Total amount repurchased(1)
Average price paid per share(1)
Available for future share repurchases
Shares repurchased
Total amount repurchased(1)
Average price paid per share(1)
Available for future share repurchases
Fiscal 2025
First quarter3,711 $201,709 $54.35 — $— $— 
Second quarter— — $— — — $— 
Total3,711 $201,709 — $— 
Fiscal 2026
First quarter1,392 $65,454 $47.02 $303 $16,258 $53.71 
Second quarter— — $— 2,545 132,980 $52.26 
Total1,392 $65,454 $— $2,848 $149,238 $151,857 
(1) Amounts include an immaterial amount of accrued excise tax.
In addition, in December 2024, the Company's board of directors approved the repurchase of up to an additional $200.0 million of its outstanding shares of common stock in connection with the issuance of the 2030 Notes. During the three months ended December 31, 2024, the Company repurchased 2,260,397 shares of its
common stock for $201.4 million, which included an immaterial amount of accrued excise tax, in privately negotiated transactions concurrently with the pricing of, and using proceeds from, the issuance of the 2030 Notes.
The total price of the shares repurchased and related transaction costs are reflected as a reduction of common stock and an increase to accumulated deficit on the Company's condensed consolidated balance sheets.
v3.25.4
Other Income, Net
 6 Months Ended
Dec. 31, 2025
Other Income, Nonoperating [Abstract]  
Other Income, Net OTHER INCOME, NET
Other income, net consisted of the following for the periods presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Interest income$23,325 $19,881 $48,491 $42,705 
Gain on debt extinguishment— 40,472 — 40,550 
Interest expense(5,071)(3,609)(10,191)(7,503)
Amortization of debt discount and issuance costs(1,625)(1,003)(3,235)(1,896)
Other(619)(438)(1,149)(675)
Total other income, net$16,010 $55,303 $33,916 $73,181 
v3.25.4
Income Taxes
 6 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim periods. The Company's income tax provision was $0.5 million and $0.7 million for the three and six months ended December 31, 2025, respectively, and $45 thousand and $1.3 million, for the three and six months ended December 31, 2024, respectively.
The Company’s effective tax rate differs from the federal statutory rate primarily due to valuation allowance positions in its federal, state and foreign jurisdictions. The income tax expense during the three and six months ended December 31, 2025 pertained mainly to an estimated cash tax liability and an increase in the net deferred tax liability.
The Company has subsidiaries in the U.S., Canada, and Australia and may be subject to income tax audits in those jurisdictions. The Company records liabilities related to uncertain tax positions, which provide adequate reserves for income tax uncertainties in all open tax years. Due to the Company’s history of tax losses, all years remain open to tax audit. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future.
On July 4, 2025, legislation commonly referred to as the One Big Beautiful Bill Act of 2025 (OBBBA) was enacted in the U.S. Key tax components of the OBBBA include making permanent certain provisions of the Tax Cuts and Jobs Act and full expensing of domestic research and experimental expenditures. The Company currently expects an immaterial beneficial cash flow impact in fiscal year 2026 from repeal of Section 174. The Company will continue to monitor and assess the impact of OBBBA on the consolidated financial statements.
The Company regularly evaluates the realizability of its deferred tax assets (DTAs) by assessing all available evidence, both positive and negative, to determine whether it is more likely than not that some or all of the DTAs will not be realized. The Company considers its historical earnings, volatility in actual earnings, impact of permanent book to tax difference, the timing of reversal of existing temporary differences, and future profitability to assess its valuation allowance. As of December 31, 2025, substantially all of the Company's U.S. DTAs, net of deferred tax liabilities, were subject to a valuation allowance. If sufficient positive evidence emerges, some or all of the valuation allowance could be released. Such a release would result in a non-cash
income tax benefit in the period of release and the recognition of additional DTAs in the accompanying condensed consolidated statements of operations and balance sheets, respectively. There is a reasonable possibility that, within the next twelve months, sufficient positive evidence may become available to conclude that all or a significant portion of the valuation allowance against U.S. net DTAs is no longer required.
v3.25.4
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Unused Credit Arrangements
As of December 31, 2025, the Company, in partnership with the Issuing Banks and the Originating Bank Partner, had approximately $4.0 billion in unused credit available to spending businesses and borrowers using the invoice financing product. While this balance represents the total unused credit available, historical trends and current expectations indicate that the unused credit will likely not be fully utilized by spending businesses using the spend and expense product and borrowers using the invoice financing product at any one time.
The Company manages credit risk exposure by limiting total credit for each spending business using the spend and expense product and borrowers using the invoice financing product. The Company periodically reviews credit lines to assess different factors, including account usage and creditworthiness of spending businesses using the spend and expense product and borrowers using the invoice financing product. The credit lines can be terminated by the Company at any time, and they do not necessarily represent future cash requirements. The Company does not record a liability for expected credit losses for unused lines of credit as they are unconditionally cancellable.
Commitments
The Company has multi-year agreements with certain third parties and financial institution partners, expiring through 2031, which require the Company to pay fees over the term of the respective agreements. Future payments under these agreements as of December 31, 2025 are as follows (in thousands).
Fiscal years ending June 30:
Amount
Remainder of 2026$22,297 
202750,332 
202838,941 
202911,631 
20304,383 
2031246 
Total$127,830 
During the three and six months ended December 31, 2025, there have been no material changes to the Company's non-cancelable operating leases from those disclosed in Note 14 to the financial statements in the 2025 10-K.
Litigation
From time to time, the Company is involved in lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. The Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. As of each of December 31, 2025 and June 30, 2025, the Company’s reserve for litigation is immaterial. The Company reviews these provisions periodically and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Litigation is inherently unpredictable.
v3.25.4
Restructuring
 6 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring RESTRUCTURING
The Company is committed to undertaking measures to improve organizational agility and efficiency, while also seeking to drive greater profitability. On October 15, 2025, in furtherance of this commitment, the
Company announced a reduction in force (RIF) impacting approximately 6% of employees. The Company incurred the majority of the charges relating to the RIF in the three months ended September 30, 2025. During the three and six months ended December 31, 2025, the Company recorded $0.4 million and $9.3 million of restructuring expenses related to the RIF, as a separate line item in the accompanying condensed consolidated statements of operations. As of December 31, 2025, the Company paid $6.5 million of the accrued amount, subject to local law and consultation requirements. The Company also intends to consider and pursue additional actions to improve structural efficiencies and optimize operations over the course of the year.
v3.25.4
Net Income (Loss) Per Share Attributable To Common Stockholders
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Attributable To Common Stockholders NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025
2024 (1)
2025
2024 (1)
Numerator:
Net income (loss) attributable to common stockholders
Basic$(2,588)$33,548 $(5,550)$42,460 
Gain on debt extinguishment— (39,983)— (39,983)
Diluted$(2,588)$(6,435)$(5,550)$2,477 
Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic100,532 103,102 101,227 104,394 
Effect of dilutive securities:
Convertible senior notes— 1,378 — 689 
Equity awards— — — 2,635 
Diluted100,532 104,480 101,227 107,718 
Net income (loss) per share attributable to common stockholders
Basic$(0.03)$0.33 $(0.05)$0.41 
Diluted$(0.03)$(0.06)$(0.05)$0.02 
(1) For the three and six months ended December 31, 2024, the dilutive effect of outstanding equity awards is reflected in diluted earnings per share by application of the treasury stock method and if-converted method.
Potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been antidilutive were as follows (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Equity awards9,228 10,542 9,233 7,612 
Convertible senior notes12,018 3,818 12,122 3,122 
Total21,246 14,360 21,355 10,734 
Shares issuable under the Notes is subject to adjustment up to approximately 16.3 million shares if certain corporate events occur prior to the maturity date of the Notes or if the Company issues a notice of redemption. As of December 31, 2025, no conversion was triggered for the Notes.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
NameActionDateTrading ArrangementTotal Shares to be SoldExpiration Date
Title
Rule 10b5-1 (1)
Non-Rule 10b5-1 (2)
John Rettig (3)
President and Chief Operating Officer
Modification
12/5/2025X129,469 12/05/2026
Mike Cieri (3)
EVP, Software Solutions
Adopt
12/2/2025
X
111,239 6/04/2027
(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c). The Rule 10b5-1 plan included a representation from the participant to the broker administering the plan that such person was not in possession of any material nonpublic information regarding us or our securities subject to the Rule 10b5-1 plan at the time the Rule 10b5-1 plan was entered into. This representation was made as of the date of adoption of the Rule 10b5-1 plan, and speaks only as of that date. In making this representation, there is no assurance with respect to any material nonpublic information of which the participant was unaware, or with respect to any material nonpublic information acquired by the participant or us after the date of the representation.
(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
(3) Includes certain shares underlying performance-based restricted stock units subject to future determination.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
John Rettig [Member]  
Trading Arrangements, by Individual  
Name John Rettig
Title President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/5/2025
Expiration Date 12/05/2026
Arrangement Duration 365 days
Aggregate Available 129,469
Mike Cieri [Member]  
Trading Arrangements, by Individual  
Name Mike Cieri
Title EVP, Software Solutions
Rule 10b5-1 Arrangement Adopted true
Adoption Date 12/2/2025
Expiration Date 6/04/2027
Arrangement Duration 549 days
Aggregate Available 111,239
v3.25.4
The Company and Its Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2026 or for any other future annual or interim period. The unaudited condensed consolidated balance sheets as of June 30, 2025 included herein was derived from the audited financial statements for the year ended June 30, 2025, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated.
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (2025 10-K).
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies described in the 2025 10-K, except as noted below:
Restructuring
Restructuring charges may consist of severance, benefits, payroll taxes, costs related to contract terminations, and other related costs. The Company recognizes a liability for involuntary employee termination benefits pursuant to a mutually understood severance benefits plan when it is probable and the termination benefits are estimable. One-time involuntary termination benefits that are not provided under the ongoing severance benefits plan or enhancements to the ongoing severance benefits plan are not accrued until the terms of the benefit arrangement have been communicated to the affected employees. Costs related to contracts without future benefit or contract termination are recognized at the earlier of the contract termination or the cease-use dates. Other exit-related costs are recognized as incurred.
Principles of Consolidation All intercompany accounts and transactions have been eliminated.
Segment Reporting
Segment Reporting
The Company operates as one operating segment because its chief operating decision maker (CODM), who is the Chief Executive Officer, reviews its financial information on a consolidated basis with net income (loss) as the primary measure of segment profitability for purposes of making decisions regarding allocating resources and assessing performance. The CODM uses this measure to evaluate the Company’s operational efficiency and profitability, make strategic capital allocation decisions, and assess progress against financial targets, and is regularly provided with financial results comparing actual performance to budgeted targets and prior periods. The CODM does not evaluate the performance of the operating segment using asset information.
Reclassification
Reclassification
Certain accounts in the prior period condensed consolidated statements of cash flows were reclassified to conform with the current year presentation.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make various estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Management regularly assesses these estimates, including, but not limited to useful lives of long-lived assets; capitalization of internal-use software costs; the estimate of expected credit losses on accounts receivable, acquired card receivables, and loans held for investment; accrual for rewards; benefit periods used to amortize deferred costs; reserve for losses on funds held for customers; and valuation of deferred tax assets. The Company evaluates these estimates and assumptions and adjusts them accordingly. Actual results could differ from those estimates, and such differences may be material to the condensed consolidated financial statements.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price of the acquisition over the net fair value of identifiable assets acquired and liabilities assumed. Goodwill amounts are not amortized. The Company monitors goodwill for impairment on at least an annual basis, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. No triggering events indicating possible impairment were identified during the three and six months ended December 31, 2025 or in any prior period. The Company continually evaluates its current and estimated future financial results, macroeconomic environment and industry-specific conditions, which are subject to many uncertainties, including the impact of government budget cuts, government shut downs and tariffs, volatility related to changes in rates of inflation, interest rates, the strength of the U.S. dollar, and the potential for a slowing economy. These conditions, if sustained or exacerbated, could negatively impact the estimated fair value of the Company’s single reporting unit. As a result, the Company may be required to perform a quantitative goodwill impairment test in a future period, which could result in a non-cash impairment charge.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, restricted cash equivalents, short-term investments, accounts receivable, acquired card receivables and loans held for investment (collectively referred to as Financial Assets). The Company maintains its cash, cash equivalents, restricted cash, restricted cash equivalents and short-term investments with large multinational financial institutions that may at times exceed federally insured limits. Management believes that the financial institutions with which the Company does business are financially sound with minimal credit risk. Management further believes the associated risk of concentration for the Company’s investments is mitigated by holding a diversified portfolio of highly rated investments consisting of money market funds and short-term debt securities.
Foreign Currency
Foreign Currency
The functional currency of the Company's foreign subsidiary is the U.S. dollar, which is the Company's reporting currency. Gains and losses from the remeasurement of transactions denominated in foreign currencies other than the functional currency of the foreign subsidiary are included in other income, net in the accompanying condensed consolidated statements of operations.
Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and were prepared in conformity with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all normal and recurring adjustments that are, in the opinion of management, necessary to state fairly the Company’s financial position, results of operations, comprehensive income (loss), changes in stockholders’ equity, and cash flows for the periods presented. The results of operations for the three and six months ended December 31, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2026 or for any other future annual or interim period. The unaudited condensed consolidated balance sheets as of June 30, 2025 included herein was derived from the audited financial statements for the year ended June 30, 2025, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. All intercompany accounts and transactions have been eliminated.
These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (2025 10-K).
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies described in the 2025 10-K, except as noted below:
Restructuring
Restructuring charges may consist of severance, benefits, payroll taxes, costs related to contract terminations, and other related costs. The Company recognizes a liability for involuntary employee termination benefits pursuant to a mutually understood severance benefits plan when it is probable and the termination benefits are estimable. One-time involuntary termination benefits that are not provided under the ongoing severance benefits plan or enhancements to the ongoing severance benefits plan are not accrued until the terms of the benefit arrangement have been communicated to the affected employees. Costs related to contracts without future benefit or contract termination are recognized at the earlier of the contract termination or the cease-use dates. Other exit-related costs are recognized as incurred.
New Accounting Pronouncements and Disclosure Rules Not Yet Adopted
New Accounting Pronouncements and Disclosure Rules Not Yet Adopted
There have been no changes to the Company’s new accounting pronouncements and disclosures not yet adopted as described in the 2025 10-K, except as noted below:
In July 2025, the Financial Accounting Standards Board issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326). The guidance in ASU 2025-05 provides all entities with a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company does not expect this ASU to materially impact the consolidated financial statements.
In September 2025, the Financial Accounting Standards Board issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350). The amended guidance modernizes the accounting for costs related to internal-use software to more closely align with current software development methods. The guidance removes references to project stages and clarifies when the Company is required to start capitalizing eligible costs. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The guidance can be applied on a prospective basis, a modified basis for in-process projects, or a retrospective basis. The Company is evaluating the impact this amended guidance may have on its consolidated financial statements.
Fair Value Measurement
The Company measures and reports its cash equivalents, short-term investments, funds held for customers that are invested in money market funds and marketable debt securities at fair value. Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:
Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs other than quoted prices included within Level 1 that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be
corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities and typically reflect management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
In determining fair value, the Company utilizes quoted market prices, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk in its assessment of fair value.
v3.25.4
Revenue (Tables)
 6 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Subscription and Transaction Fees Disaggregated by Customer Category 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,
2025202420252024
BILL AP/AR$185,870 $166,842 $364,467 $329,098 
BILL Spend and Expense166,476 133,853 323,763 266,458 
   Integrated platform352,346 300,695 688,230 595,556 
Embedded and Other Solutions22,782 18,921 44,904 39,003 
   Total subscription and transaction fees375,128 319,616 733,134 634,559 
Interest on funds held for customers39,543 42,938 77,279 86,445 
Total revenue$414,671 $362,554 $810,413 $721,004 
v3.25.4
Fair Value Measurement (Tables)
 6 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following table summarizes the fair values of the financial assets and liabilities, determined using quoted market prices of identical assets or market prices of similar assets from active markets as of the dates presented (in thousands):
Fair Value at
Pricing CategoryDecember 31,
2025		June 30,
2025
Assets
Cash equivalents:
Money market fundsLevel 1$347,251$365,456
Corporate bondsLevel 223,56669,956
Certificates of depositLevel 2—2,216
Short-term investments:
Corporate bondsLevel 2647,800758,333
U.S. treasury securitiesLevel 2371,637287,559
Asset-backed securitiesLevel 2117,442118,236
Certificates of depositLevel 210,09115,982
Funds held for customers:
Restricted cash equivalents:
Money market fundsLevel 11,392,9991,642,494
Corporate bondsLevel 248,57718,929
Short-term investments:
Corporate bondsLevel 2439,424486,362
U.S. treasury securitiesLevel 2907,544868,705
Certificates of depositLevel 290,29099,138
Asset-backed securitiesLevel 2126,187167,970
Municipal bondsLevel 218,3336,592
Liabilities (1)
0% 2025 Notes
Level 2—32,567
0% 2027 Notes
Level 2117,472112,738
0% 2030 Notes
Level 2$1,293,460$1,185,128
(1) These liabilities are carried at par value, less the unamortized issuance costs in the accompanying condensed consolidated balance sheets.
v3.25.4
Short-Term Investments and Funds Held for Customers (Tables)
 6 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Short-Term Investments and Funds Held for Customers
The following table summarizes the assets underlying short-term investments and funds held for customers as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Short-term investments:
Available-for-sale debt securities$1,146,970 $1,180,110 
Total short-term investments1,146,970 1,180,110 
Funds held for customers:
Restricted cash1,009,436 749,111 
Restricted cash equivalents1,441,576 1,661,423 
Funds receivable27,458 25,499 
Available-for-sale debt securities1,581,778 1,628,767 
Total funds held for customers4,060,248 4,064,800 
Less - interest income included in other current assets (1)
(28,037)(20,330)
Total funds held for customers, net of income earned by the Company$4,032,211 $4,044,470 
(1) Represents interest income, accretion of discount, and net unrealized gains on customer funds that were invested in money market funds and short-term marketable debt securities. The Company contractually earns interest income on these investments, which is expected to be transferred into the Company’s corporate deposit account upon sale or settlement of the associated investment, and is not considered funds held for customers.
Schedule of Available-for-Sale Debt Securities
The following table summarizes the estimated fair value of available-for-sale debt securities, included within short-term investments and funds held for customers, as of the dates presented (in thousands):
December 31, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$644,369 $3,435 $(4)$647,800 
U.S. treasury securities370,818 852 (33)371,637 
Asset-backed securities117,175 273 (6)117,442 
Certificates of deposit10,091 — — 10,091 
Total short-term investments$1,142,453 $4,560 $(43)$1,146,970 
Funds held for customers:
U.S. treasury securities$902,124 $5,431 $(11)$907,544 
Corporate bonds436,225 3,201 (2)439,424 
Asset-backed securities125,435 759 (7)126,187 
Certificates of deposit90,290 — — 90,290 
Municipal bonds18,269 64 — 18,333 
Total funds held for customers$1,572,343 $9,455 $(20)$1,581,778 
June 30, 2025
Amortized costGross unrealized gainsGross unrealized losses Fair value
Short-term investments:
Corporate bonds$756,009 $2,598 $(274)$758,333 
U.S. treasury securities287,356 261 (58)287,559 
Asset-backed securities118,074 177 (15)118,236 
Certificates of deposit15,982 — — 15,982 
Total short-term investments$1,177,421 $3,036 $(347)$1,180,110 
Funds held for customers:
Corporate bonds$483,604 $2,759 $(1)$486,362 
Certificates of deposit99,138 — — 99,138 
Asset-backed securities167,179 791 — 167,970 
Municipal bonds6,560 32 — 6,592 
U.S. treasury securities864,602 4,319 (216)868,705 
Total funds held for customers$1,621,083 $7,901 $(217)$1,628,767 
Schedule of Fair Value of Available-for-Sale Debt Securities
The following table summarizes fair value of the Company's available-for-sale debt securities, included within short-term investments and funds held for customers, by remaining contractual maturity as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Due within 1 year$1,400,134 $1,118,478 
Due in 1 year through 5 years1,328,170 1,689,477 
Due in 5 years through 10 years444 922 
Total$2,728,748 $2,808,877 
Schedule of Gross Unrealized Loss and Fair Values The following tables show gross unrealized losses and fair values for those investments that were in an unrealized loss position as of the dates presented (in thousands):
December 31, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$31,314 $(4)$— $— $31,314 $(4)
U.S. treasury securities31,677 (33)— — 31,677 (33)
Asset-backed securities3,015 (6)— — 3,015 (6)
Total short-term investments$66,006 $(43)$— $— $66,006 $(43)
Funds held for customers:
U.S. treasury securities$24,445 $(11)$— $— $24,445 $(11)
Corporate bonds12,097 (2)— — 12,097 (2)
Asset-backed securities2,204 (7)— — 2,204 (7)
Total funds held for customers$38,746 $(20)$— $— $38,746 $(20)
June 30, 2025
Less than 12 months12 months or longerTotal
Fair valueUnrealized lossesFair valueUnrealized lossesFair valueUnrealized losses
Short-term investments:
Corporate bonds$209,648 $(274)$— $— $209,648 $(274)
U.S. treasury securities139,598 (58)— — 139,598 (58)
Asset-backed securities30,362 (15)— — 30,362 (15)
Total short-term investments$379,608 $(347)$— $— $379,608 $(347)
Funds held for customers:
Corporate bonds$12,867 $(1)$— $— $12,867 $(1)
Asset-backed securities4,576 — — — 4,576 — 
U.S. treasury securities82,910 (216)— — 82,910 (216)
Total funds held for customers$100,353 $(217)$— $— $100,353 $(217)
v3.25.4
Acquired Card Receivables (Tables)
 6 Months Ended
Dec. 31, 2025
Acquired Card Receivables [Abstract]  
Schedule of Acquired Card Receivables by Class Below is a summary of the acquired card receivables by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Current and less than 30 days past due$732,719 $686,070 
30 ~ 59 days past due7,981 6,173 
60 ~ 89 days past due8,121 5,312 
90 ~ 119 days past due2,767 2,562 
Over 119 days past due38 11 
Total$751,626 $700,128 
Schedule of Change in Allowance for Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$15,217 $24,868 $15,020 $20,883 
Provision for expected credit losses19,658 10,060 31,852 25,231 
Charge-off amounts(18,198)(15,985)(32,846)(29,013)
Recoveries collected2,865 1,825 5,516 3,667 
Balance, ending$19,542 $20,768 $19,542 $20,768 
Below is a summary of the changes in allowance for credit losses presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$14,653 $6,230 $14,853 $4,700 
Provision for expected credit losses3,128 11,349 7,035 16,622 
Charge-off amounts(4,739)(4,315)(9,103)(8,212)
Recoveries collected371 76 628 230 
Balance, ending$13,413 $13,340 $13,413 $13,340 
v3.25.4
Loans Held For Investment (Tables)
 6 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Loans Held For Investment Loans held for investment are included in
prepaid expenses and other current assets in the accompanying consolidated balance sheets and consisted of the following as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Unpaid principal balance$62,079 $61,938 
Less: Discount at loan purchase, net of amortization(1,785)(1,527)
Less: Allowance for expected credit losses(13,413)(14,853)
Loans held for investment, net$46,881 $45,558 
Schedule of Loans Held for Investment by Class Below is a summary of the loans held for investment by class (i.e., past due status) as of the dates presented (in thousands):
December 31,
2025		June 30,
2025
Current and less than 30 days past due$55,289 $55,540 
30 ~ 59 days past due1,747 1,471 
60 ~ 89 days past due1,535 1,461 
90 ~ 119 days past due1,541 1,685 
Over 119 days past due181 254 
Total$60,293 $60,411 
Schedule of Change in Allowance for Credit Losses
Below is a summary of the changes in allowance for expected credit losses (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$15,217 $24,868 $15,020 $20,883 
Provision for expected credit losses19,658 10,060 31,852 25,231 
Charge-off amounts(18,198)(15,985)(32,846)(29,013)
Recoveries collected2,865 1,825 5,516 3,667 
Balance, ending$19,542 $20,768 $19,542 $20,768 
Below is a summary of the changes in allowance for credit losses presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Balance, beginning$14,653 $6,230 $14,853 $4,700 
Provision for expected credit losses3,128 11,349 7,035 16,622 
Charge-off amounts(4,739)(4,315)(9,103)(8,212)
Recoveries collected371 76 628 230 
Balance, ending$13,413 $13,340 $13,413 $13,340 
v3.25.4
Debt and Borrowings (Tables)
 6 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt and borrowings consisted of the following (in thousands):
Carrying Value at
December 31,
2025		June 30,
2025		Expected
Remaining Term (years)
Annualized Effective
Interest Rate at December 31, 2025
Current liabilities:
Convertible senior notes:
2025 Notes, principal$— $33,463 
Less: unamortized debt discount and issuance costs— (42)
Convertible senior notes, net current— 33,421 
Revolving credit facility:
2021 Credit Facility— 180,005 
Borrowings from Revolving Credit Facility (1)
— 180,005 
Non-current liabilities:
Convertible senior notes:
2030 Notes, principal1,400,000 1,400,000 4.30.32 %
2027 Notes, principal123,548 123,548 1.30.48 %
Less: unamortized debt discount and issuance costs(19,948)(22,504)
Convertible senior notes, net1,503,600 1,501,044 
Revolving credit facility:
2021 Credit Facility180,000 — 2.36.98 %
2025 Credit Facility150,000 — 1.95.98 %
Borrowings from Revolving Credit Facility (1)
330,000 — 
Total$1,833,600 $1,714,470 
(1) Unamortized debt issuance costs balance for the Revolving Credit Facilities was $2.2 million and $2.1 million as of December 31, 2025 and June 30, 2025, respectively, and is included in other assets on the condensed consolidated balance sheets.
v3.25.4
Stockholders' Equity (Tables)
 6 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Stock Based Compensation Cost
Stock-based compensation by award type (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
As of December 31, 2025
2025202420252024Unrecognized
compensation
Weighted-average recognition period (in years)
Restricted stock units (RSUs)$60,679 $60,920 $117,462 $111,814 $368,773 2.4
Performance-based awards4,573 4,040 5,120 6,835 21,973 1.8
Employee stock purchase plan1,756 1,597 3,758 3,005 2,420 0.5
Market-based RSUs2,188 1,785 6,614 2,790 16,078 1.3
Stock options89 784 476 2,022 — 0.0
Total stock-based compensation$69,285 $69,126 $133,430 $126,466 $409,244 
Stock-based compensation was included in the following line items in the accompanying condensed consolidated statements of operations and condensed consolidated balance sheets (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Revenue - subscription and transaction fees$634 $608 $1,242 $1,135 
Cost of revenue - service costs2,248 2,579 4,593 4,732 
Research and development29,161 29,270 55,061 52,903 
Sales and marketing10,019 10,480 19,645 21,274 
General and administrative22,164 22,943 42,489 40,497 
Restructuring31 — 31 — 
Total amount charged to operating loss64,257 65,880 123,061 120,541 
Property and equipment (capitalized internal-use software)5,028 3,246 10,369 5,925 
Total stock-based compensation$69,285 $69,126 $133,430 $126,466 
Schedule of Share Repurchase Program
The table below sets forth information regarding repurchases made pursuant to the Company's share repurchase programs as of December 31, 2025 (in thousands, except per share data):
August 2024 Share Repurchase Program
August 2025 Share Repurchase Program
Period
Shares repurchased
Total amount repurchased(1)
Average price paid per share(1)
Available for future share repurchases
Shares repurchased
Total amount repurchased(1)
Average price paid per share(1)
Available for future share repurchases
Fiscal 2025
First quarter3,711 $201,709 $54.35 — $— $— 
Second quarter— — $— — — $— 
Total3,711 $201,709 — $— 
Fiscal 2026
First quarter1,392 $65,454 $47.02 $303 $16,258 $53.71 
Second quarter— — $— 2,545 132,980 $52.26 
Total1,392 $65,454 $— $2,848 $149,238 $151,857 
(1) Amounts include an immaterial amount of accrued excise tax
v3.25.4
Other Income, Net (Tables)
 6 Months Ended
Dec. 31, 2025
Other Income, Nonoperating [Abstract]  
Schedule of Other Income, Net
Other income, net consisted of the following for the periods presented (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Interest income$23,325 $19,881 $48,491 $42,705 
Gain on debt extinguishment— 40,472 — 40,550 
Interest expense(5,071)(3,609)(10,191)(7,503)
Amortization of debt discount and issuance costs(1,625)(1,003)(3,235)(1,896)
Other(619)(438)(1,149)(675)
Total other income, net$16,010 $55,303 $33,916 $73,181 
v3.25.4
Commitments and Contingencies (Tables)
 6 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Payments Under Other Agreements Future payments under these agreements as of December 31, 2025 are as follows (in thousands).
Fiscal years ending June 30:
Amount
Remainder of 2026$22,297 
202750,332 
202838,941 
202911,631 
20304,383 
2031246 
Total$127,830 
v3.25.4
Net Income (Loss) Per Share Attributable To Common Stockholders (Tables)
 6 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Income (Loss) per Share
The following table presents the calculation of basic and diluted net income (loss) per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025
2024 (1)
2025
2024 (1)
Numerator:
Net income (loss) attributable to common stockholders
Basic$(2,588)$33,548 $(5,550)$42,460 
Gain on debt extinguishment— (39,983)— (39,983)
Diluted$(2,588)$(6,435)$(5,550)$2,477 
Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic100,532 103,102 101,227 104,394 
Effect of dilutive securities:
Convertible senior notes— 1,378 — 689 
Equity awards— — — 2,635 
Diluted100,532 104,480 101,227 107,718 
Net income (loss) per share attributable to common stockholders
Basic$(0.03)$0.33 $(0.05)$0.41 
Diluted$(0.03)$(0.06)$(0.05)$0.02 
(1) For the three and six months ended December 31, 2024, the dilutive effect of outstanding equity awards is reflected in diluted earnings per share by application of the treasury stock method and if-converted method.
Schedule of Potentially Dilutive Securities Excluded from Diluted Net Income Per Share Calculation
Potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been antidilutive were as follows (in thousands):
Three Months Ended
December 31,		Six Months Ended
December 31,
2025202420252024
Equity awards9,228 10,542 9,233 7,612 
Convertible senior notes12,018 3,818 12,122 3,122 
Total21,246 14,360 21,355 10,734 
v3.25.4
The Company and Its Significant Accounting Policies - Segment Reporting (Narrative) (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]        
Number of operating segments | Segment     1  
External customer revenue, percentage 2.00% 2.00% 2.00% 2.00%
Sales and marketing        
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]        
Rewards and promotions expense $ 87.0 $ 64.7 $ 168.3 $ 126.8
General and administrative        
Organization Consolidation Basis Of Presentation Business Description And Accounting Policies [Line Items]        
Rewards and promotions expense $ 5.3 $ 3.3 $ 12.1 $ 8.2
v3.25.4
The Company and Its Significant Accounting Policies - Concentrations of Credit Risk (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jun. 30, 2025
Accounting Policies [Abstract]    
Allowance for potential credit losses related to accounts receivable and acquired card receivables $ 33.3 $ 30.3
v3.25.4
Revenue - Schedule of Subscription and Transaction Fees Disaggregated by Customer Category (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disaggregation Of Revenue [Line Items]        
Total revenue $ 414,671 $ 362,554 $ 810,413 $ 721,004
Subscription and transaction fees        
Disaggregation Of Revenue [Line Items]        
Total revenue 375,128 319,616 733,134 634,559
Integrated platform        
Disaggregation Of Revenue [Line Items]        
Total revenue 352,346 300,695 688,230 595,556
BILL AP/AR        
Disaggregation Of Revenue [Line Items]        
Total revenue 185,870 166,842 364,467 329,098
BILL Spend and Expense        
Disaggregation Of Revenue [Line Items]        
Total revenue 166,476 133,853 323,763 266,458
Embedded and Other Solutions        
Disaggregation Of Revenue [Line Items]        
Total revenue 22,782 18,921 44,904 39,003
Interest on funds held for customers        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 39,543 $ 42,938 $ 77,279 $ 86,445
v3.25.4
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Jun. 30, 2025
Disaggregation Of Revenue [Line Items]      
Deferred revenue, recognized $ 6.5 $ 18.9  
Aggregate amount of transaction price allocated to performance obligations 65.0 65.0  
Unbilled revenue $ 18.3 $ 18.3 $ 17.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 56.00% 56.00%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 24.00% 24.00%  
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01      
Disaggregation Of Revenue [Line Items]      
Aggregate amount of transaction price allocated to performance obligations, percentage 20.00% 20.00%  
Revenue, remaining performance obligation, expected timing of satisfaction, period  
v3.25.4
Fair Value Measurement - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Dec. 06, 2024
Sep. 24, 2021
Nov. 30, 2020
2025 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Debt stated percentage 0.00%       0.00%
2027 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Debt stated percentage 0.00%     0.00%  
2030 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Debt stated percentage 0.00%   0.00%    
Level 2 | 2025 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Liabilities $ 0 $ 32,567      
Level 2 | 2027 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Liabilities 117,472 112,738      
Level 2 | 2030 Notes, principal          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Liabilities 1,293,460 1,185,128      
Level 2 | Corporate bonds          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Short-term investments: 647,800 758,333      
Funds held for customers: 439,424 486,362      
Level 2 | U.S. treasury securities          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Short-term investments: 371,637 287,559      
Funds held for customers: 907,544 868,705      
Level 2 | Asset-backed securities          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Short-term investments: 117,442 118,236      
Funds held for customers: 126,187 167,970      
Level 2 | Certificates of deposit          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Short-term investments: 10,091 15,982      
Funds held for customers: 90,290 99,138      
Level 2 | Municipal bonds          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Funds held for customers: 18,333 6,592      
Money market funds | Level 1          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Cash equivalents: 347,251 365,456      
Money market funds | Level 1 | Restricted cash equivalents          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Funds held for customers: 1,392,999 1,642,494      
Corporate bonds | Level 2          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Cash equivalents: 23,566 69,956      
Corporate bonds | Level 2 | Restricted cash equivalents          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Funds held for customers: 48,577 18,929      
Certificates of deposit | Level 2          
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]          
Cash equivalents: $ 0 $ 2,216      
v3.25.4
Short-Term Investments and Funds Held for Customers - Schedule of Funds Held for Customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Short-term investments:    
Available-for-sale debt securities $ 1,146,970 $ 1,180,110
Funds held for customers:    
Total funds held for customers 4,060,248 4,064,800
Less - interest income included in other current assets (28,037) (20,330)
Total funds held for customers, net of income earned by the Company 4,032,211 4,044,470
Restricted cash    
Funds held for customers:    
Total funds held for customers 1,009,436 749,111
Restricted cash equivalents    
Funds held for customers:    
Total funds held for customers 1,441,576 1,661,423
Funds receivable    
Funds held for customers:    
Total funds held for customers 27,458 25,499
Available-for-sale debt securities    
Funds held for customers:    
Total funds held for customers $ 1,581,778 $ 1,628,767
v3.25.4
Short-Term Investments And Funds Held For Customers - Schedule of Short-Term Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Short-term investments:    
Amortized cost $ 1,142,453 $ 1,177,421
Gross unrealized gains 4,560 3,036
Gross unrealized losses (43) (347)
Fair value 1,146,970 1,180,110
Funds held for customers:    
Amortized cost 1,572,343 1,621,083
Gross unrealized gains 9,455 7,901
Gross unrealized losses (20) (217)
Fair value 1,581,778 1,628,767
Corporate bonds    
Short-term investments:    
Amortized cost 644,369 756,009
Gross unrealized gains 3,435 2,598
Gross unrealized losses (4) (274)
Fair value 647,800 758,333
Funds held for customers:    
Amortized cost 436,225 483,604
Gross unrealized gains 3,201 2,759
Gross unrealized losses (2) (1)
Fair value 439,424 486,362
U.S. treasury securities    
Short-term investments:    
Amortized cost 370,818 287,356
Gross unrealized gains 852 261
Gross unrealized losses (33) (58)
Fair value 371,637 287,559
Funds held for customers:    
Amortized cost 902,124 864,602
Gross unrealized gains 5,431 4,319
Gross unrealized losses (11) (216)
Fair value 907,544 868,705
Asset-backed securities    
Short-term investments:    
Amortized cost 117,175 118,074
Gross unrealized gains 273 177
Gross unrealized losses (6) (15)
Fair value 117,442 118,236
Funds held for customers:    
Amortized cost 125,435 167,179
Gross unrealized gains 759 791
Gross unrealized losses (7) 0
Fair value 126,187 167,970
Certificates of deposit    
Short-term investments:    
Amortized cost 10,091 15,982
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Fair value 10,091 15,982
Funds held for customers:    
Amortized cost 90,290 99,138
Gross unrealized gains 0 0
Gross unrealized losses 0 0
Fair value 90,290 99,138
Municipal bonds    
Funds held for customers:    
Amortized cost 18,269 6,560
Gross unrealized gains 64 32
Gross unrealized losses 0 0
Fair value $ 18,333 $ 6,592
v3.25.4
Short-Term Investments and Funds Held for Customers - Additional Information (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2025
USD ($)
position
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
position
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Debt Securities, Available-for-Sale [Line Items]          
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Short-term investments   Short-term investments   Short-term investments
Accrued interest receivable $ 8,600,000   $ 8,600,000   $ 8,900,000
Amortized cost 1,572,343,000   1,572,343,000   1,621,083,000
Fair value $ 1,581,778,000   $ 1,581,778,000   1,628,767,000
Number of unrealized loss investment positions | position 30   30    
Number of investment positions | position 760   760    
Short-term investments realized gains or losses $ 0 $ 0 $ 0 $ 0  
Accrued Interest Receivable          
Debt Securities, Available-for-Sale [Line Items]          
Amortized cost 13,300,000   13,300,000   12,400,000
Fair value $ 13,300,000   $ 13,300,000   $ 12,400,000
v3.25.4
Short-Term Investments and Funds Held for Customers - Schedule of Fair Value of Available-for-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]    
Due within 1 year $ 1,400,134 $ 1,118,478
Due in 1 year through 5 years 1,328,170 1,689,477
Due in 5 years through 10 years 444 922
Total $ 2,728,748 $ 2,808,877
v3.25.4
Short-Term Investments and Funds Held for Customers - Schedule of Gross Unrealized Losses And Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Short-term investments:    
Fair value, less than 12 months $ 66,006 $ 379,608
Unrealized losses, less than 12 months (43) (347)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 66,006 379,608
Unrealized losses (43) (347)
Funds held for customers:    
Fair value, less than 12 months 38,746 100,353
Unrealized losses, less than 12 months (20) (217)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 38,746 100,353
Unrealized losses (20) (217)
Corporate bonds    
Short-term investments:    
Fair value, less than 12 months 31,314 209,648
Unrealized losses, less than 12 months (4) (274)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 31,314 209,648
Unrealized losses (4) (274)
Funds held for customers:    
Fair value, less than 12 months 12,097 12,867
Unrealized losses, less than 12 months (2) (1)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 12,097 12,867
Unrealized losses (2) (1)
U.S. treasury securities    
Short-term investments:    
Fair value, less than 12 months 31,677 139,598
Unrealized losses, less than 12 months (33) (58)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 31,677 139,598
Unrealized losses (33) (58)
Funds held for customers:    
Fair value, less than 12 months 24,445 82,910
Unrealized losses, less than 12 months (11) (216)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 24,445 82,910
Unrealized losses (11) (216)
Asset-backed securities    
Short-term investments:    
Fair value, less than 12 months 3,015 30,362
Unrealized losses, less than 12 months (6) (15)
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 3,015 30,362
Unrealized losses (6) (15)
Funds held for customers:    
Fair value, less than 12 months 2,204 4,576
Unrealized losses, less than 12 months (7) 0
Fair value, 12 months or longer 0 0
Unrealized losses, 12 months or longer 0 0
Fair value 2,204 4,576
Unrealized losses $ (7) $ 0
v3.25.4
Acquired Card Receivables - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Acquired Card Receivables [Abstract]        
Acquired card receivable as collateral $ 437.2   $ 437.2  
Authorized transactions but not cleared 41.9   $ 41.9  
Grace period to payment on acquired card receivables     5 days  
Card receivables acquired during the period $ 6,600.0 $ 5,300.0 $ 12,800.0 $ 10,500.0
v3.25.4
Acquired Card Receivables - Schedule of Acquired Card Receivables by Class (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Financing Receivable, Past Due [Line Items]    
Total $ 751,626 $ 700,128
Current and less than 30 days past due    
Financing Receivable, Past Due [Line Items]    
Total 732,719 686,070
30 ~ 59 days past due    
Financing Receivable, Past Due [Line Items]    
Total 7,981 6,173
60 ~ 89 days past due    
Financing Receivable, Past Due [Line Items]    
Total 8,121 5,312
90 ~ 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total 2,767 2,562
Over 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total $ 38 $ 11
v3.25.4
Acquired Card Receivables - Schedule of Change in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Allowance For Credit Losses [Roll Forward]        
Balance, beginning $ 15,217 $ 24,868 $ 15,020 $ 20,883
Provision for expected credit losses 19,658 10,060 31,852 25,231
Charge-off amounts (18,198) (15,985) (32,846) (29,013)
Recoveries collected 2,865 1,825 5,516 3,667
Balance, ending $ 19,542 $ 20,768 $ 19,542 $ 20,768
v3.25.4
Loans Held For Investment - Schedule of Loans Held For Investment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Receivables [Abstract]            
Unpaid principal balance $ 62,079   $ 61,938      
Less: Discount at loan purchase, net of amortization (1,785)   (1,527)      
Less: Allowance for expected credit losses (13,413) $ (14,653) (14,853) $ (13,340) $ (6,230) $ (4,700)
Loans held for investment, net $ 46,881   $ 45,558      
v3.25.4
Loans Held For Investment - Schedule of Loans Held For Investment, Past Due (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Jun. 30, 2025
Financing Receivable, Past Due [Line Items]    
Total $ 60,293 $ 60,411
Current and less than 30 days past due    
Financing Receivable, Past Due [Line Items]    
Total 55,289 55,540
30 ~ 59 days past due    
Financing Receivable, Past Due [Line Items]    
Total 1,747 1,471
60 ~ 89 days past due    
Financing Receivable, Past Due [Line Items]    
Total 1,535 1,461
90 ~ 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total 1,541 1,685
Over 119 days past due    
Financing Receivable, Past Due [Line Items]    
Total $ 181 $ 254
v3.25.4
Loans Held For Investment - Schedule of Change in Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance, beginning $ 14,653 $ 6,230 $ 14,853 $ 4,700
Provision for expected credit losses 3,128 11,349 7,035 16,622
Charge-off amounts (4,739) (4,315) (9,103) (8,212)
Recoveries collected 371 76 628 230
Balance, ending $ 13,413 $ 13,340 $ 13,413 $ 13,340
v3.25.4
Debt and Borrowings - Schedule of Debt (Details) - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Convertible senior notes:    
Less: unamortized debt discount and issuance costs $ 0 $ (42)
Convertible senior notes, net 0 33,421
Convertible senior notes:    
Less: unamortized debt discount and issuance costs (19,948) (22,504)
Convertible senior notes, net 1,503,600 1,501,044
Total 1,833,600 1,714,470
Line of Credit    
Convertible senior notes:    
2025 Notes, principal 0 180,005
Convertible senior notes:    
Non-current liabilities: 330,000 0
Unamortized debt issuance costs 2,200 2,100
Line of Credit | 2021 Revolving Credit Agreement    
Convertible senior notes:    
2025 Notes, principal 0 180,005
Convertible senior notes:    
Non-current liabilities: $ 180,000 0
Expected Remaining Term (years) 2 years 3 months 18 days  
Annualized Effective Interest Rate 6.98%  
Line of Credit | 2025 Revolving Credit Agreement    
Convertible senior notes:    
Non-current liabilities: $ 150,000 0
Expected Remaining Term (years) 1 year 10 months 24 days  
Annualized Effective Interest Rate 5.98%  
2025 Notes, principal    
Convertible senior notes:    
2025 Notes, principal $ 0 33,463
2030 Notes, principal    
Convertible senior notes:    
Non-current liabilities: $ 1,400,000 1,400,000
Expected Remaining Term (years) 4 years 3 months 18 days  
Annualized Effective Interest Rate 0.32%  
2027 Notes, principal    
Convertible senior notes:    
Non-current liabilities: $ 123,548 $ 123,548
Expected Remaining Term (years) 1 year 3 months 18 days  
Annualized Effective Interest Rate 0.48%  
v3.25.4
Debt and Borrowings - Convertible Senior Notes (Details)
$ / shares in Units, shares in Millions
 6 Months Ended
Dec. 01, 2025
USD ($)
Dec. 06, 2024
USD ($)
Tradingday
$ / shares
shares
Sep. 24, 2021
USD ($)
Nov. 30, 2020
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Debt Instrument [Line Items]                
Proceeds from issuance of convertible senior notes         $ 0 $ 1,400,000,000    
Debt issuance costs         0 23,100,000    
Aggregate cash repurchase price         $ 33,463,000 $ 539,403,000    
2030 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount   $ 1,400,000,000            
Debt stated percentage   0.00%     0.00%      
Proceeds from issuance of convertible senior notes   $ 1,380,000,000            
Debt issuance costs   $ 24,000,000.0            
Debt initial conversion rate   0.0083718            
Initial conversion price per share (dollars per share) | $ / shares   $ 119.45            
Notes issued upon conversion (in shares) | shares   11.7            
Redemption period, start date   Dec. 01, 2027            
Debt instrument threshold percentage of conversion price (in shares)   130.00%            
Number of trading days for conversion of notes | Tradingday   20            
Number of consecutive trading days for conversion of notes | Tradingday   30            
Redemption price percentage of principal amount redeemed (in shares)   100.00%            
Sinking fund   $ 0            
Debt convertible date   Jan. 01, 2030            
Debt instrument denomination of principal amount for conversion into common stock   $ 1,000            
Number of business day period for conversion of notes   5 years            
Number of consecutive trading day period in consideration for conversion of notes   5 years            
Threshold percentage of stock price trigger in measurement period   98.00%            
Debt conversion rate in make whole   2.9301            
Debt conversion price per share in make whole (dollars per share) | $ / shares   $ 88.48            
Debt default threshold principal amount percentage   100.00%            
2027 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount     $ 575,000,000.0          
Debt stated percentage     0.00%   0.00%      
Proceeds from issuance of convertible senior notes     $ 560,100,000          
Debt issuance costs     $ 14,900,000          
Repurchased face amount   $ 451,500,000            
Aggregate cash repurchase price   408,600,000            
Carrying amount   446,500,000            
Unamortized issuance cost   5,000,000.0            
Gain on extinguishment of debt   37,900,000            
2025 Notes, principal                
Debt Instrument [Line Items]                
Debt instrument, aggregate principal amount       $ 1,150,000,000        
Debt stated percentage       0.00% 0.00%      
Proceeds from issuance of convertible senior notes       $ 1,130,000,000        
Debt issuance costs       $ 20,600,000        
Repurchased face amount   133,900,000           $ 982,700,000
Aggregate cash repurchase price   130,800,000            
Carrying amount   133,400,000            
Unamortized issuance cost   500,000            
Gain on extinguishment of debt   $ 2,600,000            
Repayments of senior debt $ 33,500,000              
Long term debt, gross         $ 1,500,000,000   $ 1,600,000,000  
v3.25.4
Debt and Borrowings - Capped Call Transactions and Revolving Credit Facilities (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 6 Months Ended
Oct. 29, 2025
Oct. 28, 2025
Dec. 06, 2024
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]          
Payments for notes       $ 0 $ 92,960
2021 Revolving Credit Agreement          
Debt Instrument [Line Items]          
Debt instrument basis spread on variable rate 1.95% 2.65%      
Debt instrument floor rate 0.25%        
Line of credit facility, maximum borrowing capacity       300,000  
Line of credit facility, borrowing deduction       180,000  
2025 Revolving Credit Agreement | Line of Credit          
Debt Instrument [Line Items]          
Line of credit facility, maximum borrowing capacity       300,000  
Line of credit facility, borrowing deduction       $ 150,000  
2030 Notes, principal          
Debt Instrument [Line Items]          
Payments for notes     $ 93,000    
Capped call, initial strike price (dollars per share)       $ 119.45  
Capped call, initial cap price (dollars per share)       $ 154.84  
Cap calls cover subject to anti-dilution adjustments to common stock (in shares)       11.7  
2025 Revolving Credit Agreement | Line of Credit          
Debt Instrument [Line Items]          
Debt instrument basis spread on variable rate       1.80%  
v3.25.4
Stockholders' Equity - Summary of Stock-Based Compensation By Award Type (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense $ 69,285 $ 69,126 $ 133,430 $ 126,466
Unrecognized compensation 409,244   409,244  
Restricted stock units (RSUs)        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 60,679 60,920 117,462 111,814
Unrecognized compensation 368,773   $ 368,773  
Weighted-average recognition period (in years)     2 years 4 months 24 days  
Performance-based awards        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 4,573 4,040 $ 5,120 6,835
Unrecognized compensation 21,973   $ 21,973  
Weighted-average recognition period (in years)     1 year 9 months 18 days  
Employee stock purchase plan        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 1,756 1,597 $ 3,758 3,005
Unrecognized compensation 2,420   $ 2,420  
Weighted-average recognition period (in years)     6 months  
Market-based RSUs        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 2,188 1,785 $ 6,614 2,790
Unrecognized compensation 16,078   $ 16,078  
Weighted-average recognition period (in years)     1 year 3 months 18 days  
Stock options        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Share-based compensation expense 89 $ 784 $ 476 $ 2,022
Unrecognized compensation $ 0   $ 0  
Weighted-average recognition period (in years)     0 years  
v3.25.4
Stockholders' Equity - Schedule of Stock Based Compensation Cost from Stock Options, RSUs and ESPP (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss $ 64,257 $ 65,880 $ 123,061 $ 120,541
Property and equipment (capitalized internal-use software) 5,028 3,246 10,369 5,925
Total stock-based compensation 69,285 69,126 133,430 126,466
Cost of revenue - service costs        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss 2,248 2,579 4,593 4,732
Research and development        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss 29,161 29,270 55,061 52,903
Sales and marketing        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss 10,019 10,480 19,645 21,274
General and administrative        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss 22,164 22,943 42,489 40,497
Restructuring        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss 31 0 31 0
Subscription and transaction fees | Revenue - subscription and transaction fees        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Total amount charged to operating loss $ 634 $ 608 $ 1,242 $ 1,135
v3.25.4
Stockholder's Equity - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Aug. 28, 2025
Aug. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]                  
Stock repurchased and retired, value   $ 132,980 $ 81,713 $ 201,354 $ 201,709        
August 2024 Share Repurchase Program                  
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]                  
Share repurchase program, authorized amount                 $ 300,000
Stock repurchased and retired, value   0 65,454 0 201,709 $ 65,454 $ 201,709    
August 2025 Share Repurchase Program                  
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]                  
Share repurchase program, authorized amount               $ 300,000  
Stock repurchased and retired, value   $ 132,980 $ 16,258 0 $ 0 $ 149,238 0    
December 2024 Share Repurchase Program                  
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]                  
Share repurchase program, authorized amount $ 200,000     $ 200,000     $ 200,000    
Stock repurchased (in shares) 2,260,397                
Stock repurchased and retired, value $ 201,400                
v3.25.4
Stockholders' Equity - Share Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Share Repurchase Program [Line Items]            
Total amount repurchased $ 132,980 $ 81,713 $ 201,354 $ 201,709    
August 2024 Share Repurchase Program            
Share Repurchase Program [Line Items]            
Shares repurchased (in shares) 0 1,392 0 3,711 1,392 3,711
Total amount repurchased $ 0 $ 65,454 $ 0 $ 201,709 $ 65,454 $ 201,709
Average price paid per share (in dollars per share) $ 0 $ 47.02 $ 0 $ 54.35    
Available for future share repurchases $ 0       $ 0  
August 2025 Share Repurchase Program            
Share Repurchase Program [Line Items]            
Shares repurchased (in shares) 2,545 303 0 0 2,848 0
Total amount repurchased $ 132,980 $ 16,258 $ 0 $ 0 $ 149,238 $ 0
Average price paid per share (in dollars per share) $ 52.26 $ 53.71 $ 0 $ 0    
Available for future share repurchases $ 151,857       $ 151,857  
v3.25.4
Other Income, Net - Schedule of Other Income (Expense), Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Other Income, Nonoperating [Abstract]        
Interest income $ 23,325 $ 19,881 $ 48,491 $ 42,705
Gain on debt extinguishment 0 40,472 0 40,550
Interest expense (5,071) (3,609) (10,191) (7,503)
Amortization of debt discount and issuance costs (1,625) (1,003) (3,235) (1,896)
Other (619) (438) (1,149) (675)
Total other income, net $ 16,010 $ 55,303 $ 33,916 $ 73,181
v3.25.4
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 522 $ 45 $ 672 $ 1,314
v3.25.4
Commitments and Contingencies - Additional Information (Details)
$ in Billions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Unused credit available $ 4.0
v3.25.4
Commitments and Contingencies - Schedule of Future Payments Under Agreements (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Remainder of 2026 $ 22,297
2027 50,332
2028 38,941
2029 11,631
2030 4,383
2031 246
Total $ 127,830
v3.25.4
Restructuring (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Oct. 15, 2025
Restructuring and Related Activities [Abstract]      
Restructuring and related cost, expected number of positions eliminated, percent     6.00%
Restructuring expenses $ 0.4 $ 9.3  
Restructuring payments   $ 6.5  
v3.25.4
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Net income (loss) attributable to common stockholders        
Basic $ (2,588) $ 33,548 $ (5,550) $ 42,460
Gain on debt extinguishment 0 (39,983) 0 (39,983)
Diluted $ (2,588) $ (6,435) $ (5,550) $ 2,477
Weighted-average shares used to compute net income per share attributable to common stockholders        
Basic (in shares) 100,532 103,102 101,227 104,394
Effect of dilutive securities:        
Convertible senior notes (in shares) 0 1,378 0 689
Equity awards (in shares) 0 0 0 2,635
Diluted (in shares) 100,532 104,480 101,227 107,718
Net income (loss) per share attributable to common stockholders        
Basic (dollars per share) $ (0.03) $ 0.33 $ (0.05) $ 0.41
Diluted (dollars per share) $ (0.03) $ (0.06) $ (0.05) $ 0.02
v3.25.4
Net Income (Loss) Per Share Attributable To Common Stockholders - Schedule of Potentially Dilutive Securities Excluded from Diluted Net Income Per Share Calculation (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Numerator:        
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 21,246 14,360 21,355 10,734
Equity awards        
Numerator:        
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 9,228 10,542 9,233 7,612
Convertible senior notes        
Numerator:        
Potentially dilutive securities excluded from calculation of diluted net loss per share (shares) 12,018 3,818 12,122 3,122
v3.25.4
Net Income (Loss) Per Share Attributable To Common Stockholders - Additional Information (Details)
shares in Millions
 6 Months Ended
Dec. 31, 2025
shares
Notes | Maximum  
Numerator:  
Number of shares subject to adjustment 16.3