Bullish (BLSH)

Bullish Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	-	78.53	1,299	-4,246	-1,401
Depreciation & Amortization	-	8.55	5.42	3.6	0.47
Loss (Gain) From Sale of Assets	-	-	-	0.04	0.01
Asset Writedown & Restructuring Costs	-	0.96	-	-	-
Stock-Based Compensation	-	22.59	6.17	17.79	44.8
Other Operating Activities	-	-153.68	-1,350	4,167	1,169
Change in Accounts Payable	-	-	-	-	63.55
Change in Other Net Operating Assets	-	11.49	-88.48	255.75	4.16
Operating Cash Flow	-	-29.98	-126.67	194.93	-120.95
Capital Expenditures	-	-0.39	-0.97	-1.29	-2.09
Sale of Property, Plant & Equipment	-	-	0.03	-	-
Cash Acquisitions	-	-4.63	1.29	-	-
Sale (Purchase) of Intangibles	-	-12	-	-	1,504
Investment in Securities	-	-24.83	3.57	-	-
Other Investing Activities	-	-3.23	-	-	1.51
Investing Cash Flow	-	-45.08	3.92	-1.29	1,503
Short-Term Debt Issued	-	25	43	225	-
Total Debt Issued	-	25	43	225	-
Short-Term Debt Repaid	-	-	-	-225	-
Long-Term Debt Repaid	-	-4.88	-3.46	-2.3	-0.2
Total Debt Repaid	-	-4.88	-3.46	-227.3	-0.2
Net Debt Issued (Repaid)	-	20.12	39.54	-2.3	-0.2
Preferred Dividends Paid	-	-	-534.64	-	-120.62
Common Dividends Paid	-	-	-	-	-371.25
Dividends Paid	-	-	-534.64	-	-491.87
Other Financing Activities	-	-21.1	-2.98	-5.44	-0.29
Financing Cash Flow	-	-0.98	-1,213	-7.73	-340.36
Foreign Exchange Rate Adjustments	-	0.3	-	-	-
Net Cash Flow	-	-75.74	-1,335	185.91	1,042
Free Cash Flow	-	-30.37	-127.63	193.64	-123.03
Free Cash Flow Margin	-	-19.16%	-144.58%	197.63%	-41990.44%
Free Cash Flow Per Share	-	-0.26	-1.04	1.72	-1.09
Cash Interest Paid	-	21.1	2.98	5.44	-
Levered Free Cash Flow	-	-1,082	1,032	1,709	-5,343
Unlevered Free Cash Flow	-	-1,058	1,034	1,713	-5,263
Change in Working Capital	-	13.08	-87.02	252.43	65.89

Updated Feb 5, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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