Blend Labs reported total revenue of $31.5 million in Q2 2025, representing a 10% year-over-year increase and surpassing the midpoint of guidance.
Consumer banking suite revenue grew 43% year-over-year to $11.4 million, while mortgage suite revenue declined 3% to $18 million due to lower EVPFL.
Free cash flow was negative $9 million, compared to negative $5.1 million in the prior year quarter.
Non-GAAP gross margin improved to 76% from 71% in Q2 2024, with non-GAAP operating income of $4.7 million and a 15% operating margin.
Remaining performance obligations (RPO) reached a record $190 million, up from $158 million in Q1 2025.
The company repurchased approximately 1.3 million shares worth over $4 million year-to-date, with $20.9 million remaining under the repurchase authorization.
Adjusted net income was $9.3 million with adjusted diluted EPS of $0.33, up from $0.30 prior year.
Fiscal 2026 Q1 revenue was a record $76.7 million, up 21% year-over-year, driven by 44% growth in subscription revenue and 16% growth in professional services revenue.
Free cash flow was negative $5 million due to working capital timing and other factors; the company is now debt-free after paying off its credit revolver.
Gross profit was $47.3 million with a margin of 61.7%, slightly down from 62.8% due to onetime revenue margin impacts and ramping professional services costs.
Operating income was $4.5 million and net income was $4.9 million, lower than prior year due to planned one-time costs including the user conference.
Professional services revenue was a record $18.1 million, up 16% year-over-year, indicating strong implementation activity.
Recurring revenue reached a record $48.6 million, representing 63.4% of total revenue, with subscription revenue comprising 65.6% of recurring revenue.
Subscription revenue grew 44.3% year-over-year, with organic subscription revenue up 24%, including a 48% increase in PMS-related revenue and 16% increase in POS-related revenue.
Fortinet reported strong Q2 2025 financial results with total billings growing 15% to $1.78 billion and revenue increasing 14% to $1.63 billion.
Free cash flow was $284 million, adjusted free cash flow was $428 million, up $104 million, with strong cash generation of $1.27 billion year-to-date.
Gross margin improved by 10 basis points to 81.6%, with product gross margin up 180 basis points and service gross margin down 80 basis points.
Infrastructure investments increased to $168 million, up $145 million year-over-year, supporting FortiSASE, FortiCloud, and other services.
Non-GAAP operating margin was 33.1%, slightly above guidance despite a 200 basis point year-over-year decline due to investments and FX headwinds.
Product revenue grew 13% to $509 million, driven by upgrade buying and operational technology growth, while service revenue increased 14% to $1.12 billion.
Dafinchi