Bullish(BLSH)Earnings, Financials & Key Ratios
BLSH•NYSE
$44.31
$6.68B mkt cap·Price updated May 6, 2026
AboutBullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity. The company also offers CoinDesk Indices, a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data, a comprehensive suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics; and CoinDesk Insights, operates Coindesk.com, a leading digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology. Bullish was founded in 2020 and is based in George Town, Cayman Islands.Show more
- Revenue$244.81B-2.2%
- EBITDA-$96M-336.6%
- Net Income-$765M-1073.8%
- EPS (Diluted)-5.99-1209.3%
- Gross Margin0.03%+1423.8%
- EBITDA Margin-0.04%-341.4%
- Operating Margin-0.04%-431.3%
- Net Margin-0.31%-1094.9%
- ROE-26.84%-729.3%
- ROIC-2.32%-319.4%
- Debt/Equity0.18-19.4%
- Interest Coverage-1.98-339.4%
BLSH Key Insights
Bullish (BLSH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Good 3Y average ROE of 19.8%
- ✓Share count reduced 12.6% through buybacks
- ✓Efficient asset utilization: 61.9x turnover
✗Weaknesses
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
BLSH Price & Volume
Bullish (BLSH) stock price & volume — 10-year historical chart
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BLSH Growth Metrics
Bullish (BLSH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years49.75%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-3.99%
5 Years-4.31%
3 Years-0.38%
Last Year-3.06%
BLSH Recent Earnings
Bullish (BLSH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/8 qtrs (33%)●Beat Revenue 3/8 qtrs (100%)
Q1 2026Latest
Feb 5, 2026EPS
$0.08
Est $0.14
-42.9%
Revenue
$93M
Est $88M
+5.6%
Q4 2025
Nov 19, 2025EPS
$0.10
Est $0.10
-3.0%
Revenue
$76.5B
Est $73M
+104803.2%
Q4 2025
Sep 17, 2025EPS
$0.05
Est $0.05
+2.4%
Revenue
$58.7B
Est $55.7B
+5.2%
Q2 2025
Mar 31, 2025EPS
$2.35
Revenue
$80.3B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 5, 2026 | $0.08vs $0.14-42.9% | $93Mvs $88M+5.6% |
| Q4 2025 | Nov 19, 2025 | $0.10vs $0.10-3.0% | $76.5Bvs $73M+104803.2% |
| Q4 2025 | Sep 17, 2025 | $0.05vs $0.05+2.4% | $58.7Bvs $55.7B+5.2% |
| Q2 2025 | Mar 31, 2025 | $2.35 | $80.3B |
Based on last 8 quarters of dataView full earnings history →
BLSH Peer Comparison
Bullish (BLSH) competitors in Payments and fintech infrastructure — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 COIN | 56.86B | 197.96 | 44.49 | 1.03% | 20.08% | 0.52 | ||
 HOOD | 71.21B | 79.05 | 38.56 | 51.58% | 21.38% | 1.68 | ||
 MARA | 4.95B | 13.03 | -3.53 | 38.2% | -30.54% | 1.05 | ||
 RIOT | 8.98B | 23.68 | -12.14 | 71.89% | -28.78% | 0.10 | ||
 FUTU | 59.73B | 168.00 | 33.86 | 35.79% | 26.38% | 0.31 | ||
 IBKR | 38.79B | 87.04 | 39.21 | 9.83% | 5.18% | 0.00 | ||
 LPRO | 202.15M | 1.71 | -47.90 | 288.02% | -5.53% | 1.17 | ||
 SOFI | 20.79B | 16.30 | 41.79 | 28.78% | 5.87% | 0.17 |
Compare BLSH vs Peers
Bullish (BLSH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BLSH Income Statement
Bullish (BLSH) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Sales/Revenue | 0 | 1.32B | 72.9B | 116.51B | 250.26B | 244.81B |
| Revenue Growth % | - | - | 5415.83% | 59.83% | 114.8% | -2.18% |
| Cost of Goods Sold | 0 | 2.37B | 72.9B | 116.53B | 250.26B | 244.73B |
| COGS % of Revenue | - | 178.96% | 100.01% | 100.02% | 100% | 99.97% |
| Gross Profit | 0▲ 0% | -1.04B▲ 0% | -6.55M▲ 99.4% | -21.67M▼ 230.6% | 5.28M▲ 124.4% | 78.3M▲ 1383.0% |
| Gross Margin % | - | -78.96% | -0.01% | -0.02% | 0% | 0.03% |
| Gross Profit Growth % | - | - | 99.37% | -230.62% | 124.36% | 1382.95% |
| Operating Expenses | 119.04M | 232.19M | -22.22M | -31.88M | -26.64M | 182.19M |
| OpEx % of Revenue | - | 17.57% | -0.03% | -0.03% | -0.01% | 0.07% |
| Selling, General & Admin | 118.96M | 99.68M | 53.67M | 15.31M | 24.79M | 182.19M |
| SG&A % of Revenue | - | 7.54% | 0.07% | 0.01% | 0.01% | 0.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 84K | 132.52M | -75.9M | -47.2M | -51.44M | 0 |
| Operating Income | -119.04M▲ 0% | -1.28B▼ 971.6% | 15.67M▲ 101.2% | 10.21M▼ 34.8% | 31.92M▲ 212.6% | -103.89M▼ 425.4% |
| Operating Margin % | - | -96.53% | 0.02% | 0.01% | 0.01% | -0.04% |
| Operating Income Growth % | - | -971.62% | 101.23% | -34.83% | 212.62% | -425.44% |
| EBITDA | 0 | -1.28B | 19.27M | 15.63M | 40.47M | -95.73M |
| EBITDA Margin % | - | -96.49% | 0.03% | 0.01% | 0.02% | -0.04% |
| EBITDA Growth % | - | - | 101.51% | -18.87% | 158.85% | -336.55% |
| D&A (Non-Cash Add-back) | 119.04M | 471K | 3.6M | 5.42M | 8.55M | 8.16M |
| EBIT | -119.04M | -1.27B | -4.12B | 1.3B | 123.1M | -680.34M |
| Net Interest Income | 18K | -125.32M | -122.73M | -2.98M | -38.53M | -52.37M |
| Interest Income | 18K | 1.51M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 126.83M | 122.73M | 2.98M | 38.53M | 52.37M |
| Other Income/Expense | 18K | -125.32M | -4.26B | 1.29B | 52.65M | -682.52M |
| Pretax Income | -119.02M▲ 0% | -1.4B▼ 1077.1% | -4.24B▼ 203.0% | 1.3B▲ 130.7% | 84.57M▼ 93.5% | -786.41M▼ 1029.9% |
| Pretax Margin % | - | -106.01% | -5.82% | 1.12% | 0.03% | -0.32% |
| Income Tax | 0 | 263K | 1.2M | 1.46M | 5M | 944K |
| Effective Tax Rate % | 0% | -0.02% | -0.03% | 0.11% | 5.92% | -0.12% |
| Net Income | -119.02M▲ 0% | -1.4B▼ 1077.3% | -4.25B▼ 203.0% | 1.3B▲ 130.6% | 78.53M▼ 94.0% | -764.68M▼ 1073.8% |
| Net Margin % | - | -106.03% | -5.82% | 1.12% | 0.03% | -0.31% |
| Net Income Growth % | - | -1077.3% | -203.01% | 130.6% | -93.96% | -1073.78% |
| Net Income (Continuing) | -119.02M | -1.4B | -4.25B | 1.3B | 79.56M | -785.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 848K | 10.98M | 70.37M |
| EPS (Diluted) | -0.74▲ 0% | -9.59▼ 1195.9% | -29.04▼ 202.8% | 8.89▲ 130.6% | 0.54▼ 93.9% | -5.99▼ 1209.3% |
| EPS Growth % | - | -1195.95% | -202.82% | 130.61% | -93.93% | -1209.26% |
| EPS (Basic) | -0.74 | -9.59 | -29.04 | 8.89 | 0.54 | -5.99 |
| Diluted Shares Outstanding | 160.75M | 146.18M | 146.18M | 146.18M | 146.18M | 127.72M |
| Basic Shares Outstanding | 160.75M | 146.18M | 146.18M | 146.18M | 146.18M | 127.72M |
| Dividend Payout Ratio | - | - | - | 41.15% | - | - |
BLSH Balance Sheet
Bullish (BLSH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Total Current Assets | 292M | 7.44B | 3.38B | 1.71B | 2.91B | 3.8B |
| Cash & Short-Term Investments | 239.38M | 1.23B | 1.41B | 367.67M | 250.36M | 508.88M |
| Cash Only | 239.38M | 1.23B | 1.38B | 112.9M | 31.54M | 104.73M |
| Short-Term Investments | 0 | 0 | 28.89M | 254.77M | 218.82M | 404.14M |
| Accounts Receivable | 0 | 12K | 87.46M | 24.52M | 178.98M | 446.48M |
| Days Sales Outstanding | - | 0 | 0.44 | 0.08 | 0.26 | 0.67 |
| Inventory | 0 | 6.11B | 1.66B | 1.29B | 573.88M | 206.18M |
| Days Inventory Outstanding | - | 943.09 | 8.3 | 4.04 | 0.84 | 0.31 |
| Other Current Assets | 52.52M | 92.42M | 212.59M | 14.86M | 1.9B | 2.64B |
| Total Non-Current Assets | 4.76B | 11.69M | 28.55M | 98.65M | 135.03M | 152.44M |
| Property, Plant & Equipment | 0 | 8.27M | 17.32M | 13.86M | 14.12M | 28.37M |
| Fixed Asset Turnover | - | 159.88x | 4208.49x | 8407.24x | 17726.54x | 8629.54x |
| Goodwill | 0 | 0 | 0 | 40.23M | 61.48M | 63.06M |
| Intangible Assets | 4.76B | 1.34M | 1.34M | 34.94M | 53.34M | 31.1M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 5.73M |
| Other Non-Current Assets | 4K | 267K | 4.72M | 5.92M | 4.01M | 24.18M |
| Total Assets | 5.05B▲ 0% | 7.46B▲ 47.6% | 3.41B▼ 54.3% | 1.8B▼ 47.0% | 3.05B▲ 68.9% | 3.96B▲ 29.8% |
| Asset Turnover | - | 0.18x | 21.40x | 64.56x | 82.12x | 61.88x |
| Asset Growth % | - | 47.65% | -54.31% | -47.02% | 68.88% | 29.83% |
| Total Current Liabilities | 28.12M | 172.42M | 1.51B | 37.74M | 85.05M | 129.91M |
| Accounts Payable | 27.97M | 33.58M | 66.08M | 62K | 0 | 0 |
| Days Payables Outstanding | - | 5.18 | 0.33 | 0 | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 25M | 50.32M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 4.57M | 9.5M | 0 |
| Other Current Liabilities | 151K | 46.16M | 1.42B | 15.82M | 22.45M | 74.07M |
| Current Ratio | 10.38x | 43.17x | 2.23x | 45.20x | 34.24x | 29.28x |
| Quick Ratio | 10.38x | 7.73x | 1.14x | 11.04x | 27.50x | 27.69x |
| Cash Conversion Cycle | - | 937.91 | 8.41 | 4.12 | - | - |
| Total Non-Current Liabilities | 1.01B | 1.17B | 11.09M | 484.49M | 561.7M | 528.26M |
| Long-Term Debt | 1.01B | 0 | 0 | 428.91M | 503.06M | 528.25M |
| Capital Lease Obligations | 0 | 5.54M | 10.91M | 7.67M | 10.76M | 17.38M |
| Deferred Tax Liabilities | 0 | 14K | 42K | 25K | 6K | 18K |
| Other Non-Current Liabilities | 0 | 1.17B | 145K | 47.88M | 47.88M | -17.38M |
| Total Liabilities | 1.04B | 1.34B | 1.52B | 522.23M | 646.75M | 658.17M |
| Total Debt | 1.01B | 6.5M | 14.13M | 440.4M | 543.07M | 601.46M |
| Net Debt | 770M | -1.23B | -1.37B | 327.5M | 511.52M | 496.73M |
| Debt / Equity | 0.25x | 0.00x | 0.01x | 0.34x | 0.23x | 0.18x |
| Debt / EBITDA | - | - | 0.73x | 28.17x | 13.42x | - |
| Net Debt / EBITDA | - | - | -71.07x | 20.95x | 12.64x | - |
| Interest Coverage | - | -10.06x | 0.13x | 3.42x | 0.83x | -1.98x |
| Total Equity | 4.01B▲ 0% | 6.11B▲ 52.3% | 1.88B▼ 69.2% | 1.28B▼ 31.9% | 2.4B▲ 87.2% | 3.3B▲ 37.4% |
| Equity Growth % | - | 52.32% | -69.19% | -31.9% | 87.22% | 37.39% |
| Book Value per Share | 24.96 | 41.80 | 12.88 | 8.77 | 16.42 | 25.82 |
| Total Shareholders' Equity | 4.01B | 6.11B | 1.88B | 1.28B | 2.39B | 3.23B |
| Common Stock | 3.79B | 3.79B | 3.79B | 3.79B | 3.82B | 5.11B |
| Retained Earnings | -19.84M | 2.03B | -2.21B | -2.67B | -2.31B | -2.66B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 142.74M | 858.8M | 774.22M |
| Minority Interest | 0 | 0 | 0 | 848K | 10.98M | 70.37M |
BLSH Cash Flow Statement
Bullish (BLSH) cash flow — operating, investing & free cash flow history
| Line item | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|
| Cash from Operations | -150K | -120.95M | 194.93M | -126.67M | -29.98M | 0 |
| Operating CF Margin % | - | -9.15% | 0.27% | -0.11% | -0.01% | - |
| Operating CF Growth % | - | -80530.67% | 261.17% | -164.98% | 76.33% | 100% |
| Net Income | -119.02M | -1.4B | -4.25B | 1.3B | 79.56M | -764.68M |
| Depreciation & Amortization | 0 | 471K | 3.6M | 5.42M | 8.55M | 0 |
| Stock-Based Compensation | 0 | 44.8M | 17.79M | 6.17M | 22.59M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 118.87M | 1.17B | 4.17B | -1.35B | -153.76M | 764.68M |
| Working Capital Changes | 0 | 65.89M | 252.43M | -87.02M | 13.08M | 0 |
| Change in Receivables | 0 | 0 | -83.59M | 65.9M | -28.53M | 0 |
| Change in Inventory | 0 | -23.71M | 326.8M | 139.19M | -49.34M | 0 |
| Change in Payables | 0 | 33.58M | -3K | 0 | 0 | 0 |
| Cash from Investing | 128.41M | 1.5B | -1.29M | 3.92M | -45.08M | 0 |
| Capital Expenditures | 0 | -2.09M | -1.29M | -966K | -391K | 0 |
| CapEx % of Revenue | - | 0.16% | 0% | 0% | 0% | - |
| Acquisitions | 128.39M | 0 | 0 | 1.29M | -4.63M | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 18K | 1.51B | 0 | 32K | -15.23M | 0 |
| Cash from Financing | 1.31B | -340.36M | -7.73M | -1.21B | -980K | 0 |
| Debt Issued (Net) | 0 | 31.18M | -2.3M | -675.02M | 20.12M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -371.25M | 0 | -534.64M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.31B | -285K | -5.43M | -2.98M | -21.1M | 0 |
| Net Change in Cash | 0▲ 0% | 1.04B▲ 0% | 185.91M▼ 82.2% | -1.34B▼ 818.3% | -75.74M▲ 94.3% | -55.78M▲ 26.4% |
| Free Cash Flow | -150K▲ 0% | -455.26M▼ 303404.0% | 193.64M▲ 142.5% | -127.63M▼ 165.9% | -33.69M▲ 73.6% | 0▲ 100.0% |
| FCF Margin % | - | -34.45% | 0.27% | -0.11% | -0.01% | - |
| FCF Growth % | - | -303404% | 142.53% | -165.91% | 73.6% | 100% |
| FCF per Share | -0.00 | -3.11 | 1.32 | -0.87 | -0.23 | - |
| FCF Conversion (FCF/Net Income) | 0.00x | 0.09x | -0.05x | -0.10x | -0.38x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
BLSH Key Ratios
Bullish (BLSH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -2.97% | -27.68% | -106.23% | 82.09% | 4.26% | -26.84% |
| Return on Invested Capital (ROIC) | - | -19.8% | 0.44% | 0.72% | 1.06% | -2.32% |
| Gross Margin | - | -78.96% | -0.01% | -0.02% | 0% | 0.03% |
| Net Margin | - | -106.03% | -5.82% | 1.12% | 0.03% | -0.31% |
| Debt / Equity | 0.25x | 0.00x | 0.01x | 0.34x | 0.23x | 0.18x |
| Interest Coverage | - | -10.06x | 0.13x | 3.42x | 0.83x | -1.98x |
| FCF Conversion | 0.00x | 0.09x | -0.05x | -0.10x | -0.38x | - |
| Revenue Growth | - | - | 5415.83% | 59.83% | 114.8% | -2.18% |
BLSH Frequently Asked Questions
Bullish (BLSH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Bullish (BLSH) reported $244.91B in revenue for fiscal year 2025.
Bullish (BLSH) saw revenue decline by 2.2% over the past year.
Bullish (BLSH) reported a net loss of $764.7M for fiscal year 2025.
Dividend & Returns
Bullish (BLSH) has a return on equity (ROE) of -26.8%. Negative ROE indicates the company is unprofitable.
Bullish (BLSH) had negative free cash flow of $77.2M in fiscal year 2025, likely due to heavy capital investments.
Explore More BLSH
Bullish (BLSH) financial analysis — history, returns, DCA and operating performance tools
Total Return Calculator
Historical returns with dividends reinvested
DCA Calculator
Dollar cost averaging vs lump sum
Dividend History
Yield, growth, payout safety & DRIP
Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates