Blend Labs (BLND) Gross Margin (2020 - 2026)
Blend Labs (BLND) posted Gross Margin of 73.54% for Q2 2026, down 2.92% on a QoQ basis from 75.75% in Q1 2026, and down 30.0% year-over-year from 105.06% in Q2 2025.
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Blend Labs (BLND) Gross Margin (2020 - 2026) Analysis & Trends
Blend Labs has reported Gross Margin for 7 years, with the latest figure at 73.54% in Q2 2026.
- On a quarterly basis, Gross Margin fell 30.0% year-over-year to 73.54% in Q2 2026; TTM through Jun 2026 was 74.33%, a 104.0% increase from a year earlier, with the FY2025 full-year figure at 73.77%, up 188.0% from the prior year.
- Gross Margin was 73.54% for Q2 2026 at Blend Labs, down from 75.75% in the prior quarter.
- The five-year high for Gross Margin was 75.75% in Q1 2026, with the low at 134.46% in Q4 2023.
- Average Gross Margin over 5 years is 49.79%, with a median of 69.03% recorded in 2024.
- The sharpest annual moves came in 2023 and 2024: Gross Margin tumbled 16813 bps in 2023, then jumped 20862 bps in 2024.
- Over 5 years, Gross Margin stood at 33.67% in 2022, then plunged by 499 bps to 134.46% in 2023, then jumped by 155 bps to 74.16% in 2024, then dropped by 0 bps to 73.84% in 2025, then declined by 0 bps to 73.54% in 2026.
- The last three Gross Margin figures came in at 73.54% (Q2 2026), 75.75% (Q1 2026), and 73.84% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Upstart Holdings | 2.73 Bn | 2.28 Bn | 303.39 Mn | 83.19% |
| 2 | Pagaya Technologies | 1.92 Bn | 1.72 Bn | 168.33 Mn | 43.49% |
| 3 | Qfin Holdings | 1.10 Bn | 108.74 Mn | - | - |
| 4 | FinVolution | 856.70 Mn | -70.30 Mn | - | - |
| 5 | X Financial | 432.29 Mn | -136.02 Mn | 84.09 Mn | 57.43% |
| 6 | Open Lending | 371.20 Mn | 186.25 Mn | 15.64 Mn | 76.31% |
| 7 | Blend Labs | 361.86 Mn | 317.00 Mn | 24.89 Mn | 73.54% |
| 8 | LexinFintech Holdings | 294.80 Mn | 294.80 Mn | 73.06 Mn | 15.55% |
| 9 | Antalpha Platform Holding | 85.61 Mn | -804.10 Mn | 11.94 Mn | 97.79% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 73.54% |
| Mar 31, 2026 | 75.75% |
| Dec 31, 2025 | 73.84% |
| Sep 30, 2025 | 74.26% |
| Jun 30, 2025 | 73.84% |
| Mar 31, 2025 | 70.78% |
| Dec 31, 2024 | 74.16% |
| Sep 30, 2024 | 74.01% |
| Jun 30, 2024 | 70.88% |
| Mar 31, 2024 | 67.29% |
| Dec 31, 2023 | -134.46% |
| Sep 30, 2023 | 54.35% |
| Jun 30, 2023 | 54.87% |
| Mar 31, 2023 | 42.46% |
| Dec 31, 2022 | 33.67% |
| Sep 30, 2022 | 38.14% |
| Jun 30, 2022 | 38.55% |
| Mar 31, 2022 | 40.36% |
| Dec 31, 2021 | 43.15% |
| Sep 30, 2021 | 45.02% |