BILL (BILL) Expanded Non-GAAP Operating Profit While Reported Business Metric Fell. Has its Efficiency Push Gone Too Far?

BILL Holdings, Inc. (NYSE:BILL) finished fiscal 2026 with stronger revenue and sharply higher non-GAAP profitability, but its aggregate business metric moved in the opposite direction. Fourth-quarter revenue increased 14% year over year to $436.2 million, while core revenue—subscription and transaction fees—grew 16% to $400.5 million. Non-GAAP operating income at BILL Holdings, Inc. (NYSE:BILL)…