Bullish (BLSH)

NYSE: BLSH · Real-Time Price · USD

23.62

+0.58 (2.52%)

At close: Aug 7, 2026, 4:00 PM EDT

23.74

+0.12 (0.51%)

After-hours: Aug 7, 2026, 7:52 PM EDT

Bullish Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	216,584	244,970	250,263	116,508	72,895	1,323
Revenue Growth	-13.40%	-2.11%	114.80%	59.83%	5409.53%	-
Gross Profit	267.91	237.24	158.48	88.28	97.98	1.8
Operating Income	-6.27	-5.37	-40.72	-50.39	-77.67	-230.39
Net Income	-1,042	-764.68	78.53	1,299	-4,246	2,424
Earnings Per Share	-6.55	-5.99	0.68	10.63	-37.74	-12.46
EPS Growth	-	-	-93.60%	-	-	-

Revenue by Segment

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Adjusted Transaction	126.7	130.7	153.2	131	186
Subscription & Services	190.6	155.5	59.8	15	5
Digital Assets Held as Investments & Other	-	2.2	0.9	4	-
Revenue (Total)	216,584	244,970	250,263	116,508	72,895

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Cash & Investments	2,505	3,067	2,129	367.67	1,412
Total Debt	507.1	581.09	590.94	488.28	1,297
Net Cash (Debt)	1,998	2,486	1,538	-120.61	115.39
Net Cash Growth	45.08%	61.67%	-	-	-
Net Cash Per Share	14.31	19.46	13.32	-0.99	1.03

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	123.13	28.63	-29.98	-126.67	194.93	-119.44
Capital Expenditures	-10.15	-9.93	-0.39	-0.97	-1.29	-
Free Cash Flow	112.99	18.7	-30.37	-127.63	193.64	-119.44
Free Cash Flow Growth	194.47%	-	-	-	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	0.12%	0.10%	0.06%	0.08%	0.13%	0.14%
Operating Margin	-0.00%	-0.00%	-0.02%	-0.04%	-0.11%	-17.41%
Pretax Margin	-0.48%	-0.32%	0.03%	1.12%	-5.82%	-105.89%
Profit Margin	-0.48%	-0.32%	0.03%	1.12%	-5.82%	-105.91%
FCF Margin	0.05%	0.01%	-0.01%	-0.11%	0.27%	-9.03%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug '26 Aug 8, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Forward PE	38.22	55.89	-	-	-	-
P/FCF Ratio	31.70	305.44	-	-	-	-
PS Ratio	13.37	0.02	-	-	-	-