BLSH revenueFY2025$244.81B
- FY YoY
- -2.2%
BLSH revenue was $244.81B for fiscal 2025 (ended Dec 31, 2025), down 2.2% from fiscal 2024.
Bullish (BLSH) financials
For fiscal 2025 (ended Dec 31, 2025), Bullish reported $244.81B of revenue and -$764.68M of net income.
- Revenue, FY2025
- $244.81B
- Revenue growth, YoY
- -2.2%
- Net income, FY2025
- -$764.68M
- Net margin
- -0.3%
- Free cash flow, FY2025
- $18.70M
- EPS, diluted, FY2025
- -$5.99
- Cash
- $87.89M
- Total debt
- $49.98M
- P/S
- 0.01
- Market cap
- $3.40B
FY2023FY2025
FY2023FY2025
FY2023FY2025
BLSH revenue and earnings growth
BLSH net incomeFY2025-$764.68M
BLSH net income was -$764.68M for fiscal 2025 (ended Dec 31, 2025), compared with $78.53M in fiscal 2024.
BLSH EPSFY2025-$5.99
BLSH diluted EPS was -$5.99 for fiscal 2025 (ended Dec 31, 2025), compared with $0.68 in fiscal 2024.
BLSH free cash flowFY2025$18.70M
BLSH free cash flow was $18.70M for fiscal 2025 (ended Dec 31, 2025), compared with -$30.37M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Revenue | $244.81B | $250.20B | $116.49B |
| Cost of revenue | $244.73B | $250.10B | $116.42B |
| Gross profit | $78.30M | $96.51M | $72.94M |
| Selling, general and admin | $182.19M | $153.12M | $104.21M |
| Interest expense | $52.37M | $38.53M | $2.98M |
| Pre-tax income | -$786.41M | $84.57M | $1.30B |
| Income tax | -$944.0K | $5.00M | $1.46M |
| Net income | -$764.68M | $78.53M | $1.30B |
| EPS, basic | -$5.99 | $0.70 | $11.55 |
| EPS, diluted | -$5.99 | $0.68 | $10.63 |
| Diluted shares | 127.7M | 115.4M | 122.2M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Cash and equivalents | $87.89M | $31.54M | $112.90M |
| Current assets | $3.80B | $2.91B | - |
| Goodwill | $63.06M | $61.48M | - |
| Total assets | $3.96B | $3.05B | - |
| Current liabilities | $129.91M | $85.05M | - |
| Long-term debt | $49.98M | $25.00M | - |
| Total debt | $49.98M | $25.00M | - |
| Total liabilities | $658.17M | $646.75M | - |
| Shareholders' equity | $3.22B | $2.39B | $1.28B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Operating cash flow | $28.63M | -$29.98M | -$126.67M |
| Capital expenditures | $9.93M | $391.0K | $966.0K |
| Free cash flow | $18.70M | -$30.37M | -$127.63M |
| Investing cash flow | $2.10M | -$45.08M | $3.92M |
| Financing cash flow | $42.40M | -$980.0K | -$1.21B |
| Dividends paid | $0 | $0 | $534.64M |
| Stock-based compensation | $16.20M | $22.59M | $6.17M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Revenue growth, YoY | -2.2% | 114.8% | - |
| Net income growth, YoY | - | -94.0% | - |
| EPS growth, YoY | - | -93.6% | - |
| Gross margin | 0.0% | 0.0% | 0.1% |
| Net margin | -0.3% | 0.0% | 1.1% |
| Free cash flow margin | 0.0% | -0.0% | -0.1% |
| Return on equity | -23.8% | 3.3% | 101.3% |
| Return on assets | -19.3% | 2.6% | - |
| Current ratio | 29.28 | 34.24 | - |
| Debt to equity | 0.02 | 0.01 | - |
Source: XBRL data Bullish files with the SEC, latest filing dated Mar 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
BLSH peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| BLSH | $244.81B | -2.2% | -$764.68M | -0.3% | $3.40B |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $215.24B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $135.62B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $87.18B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $58.39B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $42.74B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $35.68B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $23.08B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.96B |
BLSH FAQ
9 questionsWhat is BLSH revenue?
Bullish (BLSH) reported $244.81B of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 2.2% from the year before.Is BLSH profitable?
No. Bullish reported a net loss of $764.68M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does BLSH have?
Bullish reported $87.89M in cash and cash equivalents and $49.98M of debt on its most recent balance sheet in SEC filings.How fast is BLSH revenue growing?
Bullish's revenue changed -2.2% in fiscal 2025, to $244.81B.What is BLSH gross margin?
Bullish's gross profit was $78.30M on $244.81B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 0.0%.What is BLSH free cash flow?
Bullish generated $18.70M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $28.63M less capital expenditures.What is BLSH earnings per share?
Diluted earnings per share were -$5.99 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did BLSH last report financial results?
The latest statements here come from Bullish's 20-F filed on Mar 10, 2026, covering the period ended Dec 31, 2025.Where does this BLSH financial data come from?
Quantisnow builds these statements from the structured XBRL data Bullish files with the SEC. It is provided for information only and is not investment advice.