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Bullish (BLSH)
NYSE: BLSH · Real-Time Price · USD
34.91
+2.83 (8.82%)
At close: Sep 17, 2026, 4:00 PM EDT
34.90
-0.01 (-0.03%)
After-hours: Sep 17, 2026, 7:46 PM EDT

Bullish Financials Overview

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Revenue
300.72237.24158.4888.2897.980.29
Revenue Growth
80.50%49.70%79.52%-9.90%33339.93%-
Gross Profit
300.72237.24158.4888.2897.980.29
Operating Income
-796.4-182.9191.881,301-4,122-1,276
Net Income
-1,380-764.6878.531,299-4,246-1,401
Earnings Per Share
-9.41-5.990.6810.63-37.74-12.46
EPS Growth
---93.60%---

Revenue by Segment
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22
Adjusted Transaction
132.5130.7153.2131186
Subscription & Services
221.4155.559.8155
Digital Assets Held as Investments & Other
-2.20.94-
Revenue (Total)
190,571244,970250,263116,50872,895

Cash & Debt
Chart
Fiscal YearCurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Cash & Investments
312.85492.04117.711141,3841,235
Total Debt
518.15581.09590.94488.281,2971,173
Net Cash (Debt)
-205.3-89.05-473.23-374.2886.4961.95
Net Cash Growth
----39.61%-
Net Cash Per Share
-1.40-0.70-4.10-3.060.770.55

Cash Flow & CapEx
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Operating Cash Flow
123.0228.63-29.98-126.67194.93-120.95
Capital Expenditures
-10.73-9.93-0.39-0.97-1.29-2.09
Free Cash Flow
112.2918.7-30.37-127.63193.64-123.03
Free Cash Flow Growth
167.98%-----

Margins
Chart
Fiscal YearTTMFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingJun '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Gross Margin
100.00%100.00%100.00%100.00%100.00%100.00%
Operating Margin
-264.83%-77.09%121.08%1474.18%-4206.98%-435362.12%
Pretax Margin
-475.96%-331.48%53.36%1474.22%-4332.24%-478151.54%
Profit Margin
-458.93%-322.32%49.55%1471.61%-4333.46%-478241.30%
FCF Margin
37.34%7.88%-19.16%-144.58%197.63%-41990.44%

Valuation
Chart
Fiscal YearCurrentFY 2025FY 2024FY 2023FY 2022FY 2021
Period EndingSep '26 Dec '25 Dec '24 Dec '23 Dec '22 Dec '21
Forward PE
65.4555.89----
P/FCF Ratio
47.15305.14----
PS Ratio
17.6024.05----