Bullish(BLSH)Earnings, Financials & Key Ratios
BLSH•NYSE
$23.29
Price updated Jun 27, 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$244.97B-2.1%
- EBITDA$59M+45.4%
- Net Income-$765M-1073.8%
- EPS (Diluted)-5.99-1209.3%
- Gross Margin0.03%+1338.1%
- EBITDA Margin0.02%+48.1%
- Operating Margin0.02%+61.7%
- Net Margin-0.31%-1094.3%
- ROE-26.84%-729.3%
BLSH Price & Volume
Bullish (BLSH) stock price & volume — 10-year historical chart
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Structural Revenue Volatility Challenges Bullish Operational Sustainability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Contracting
Profitability:Negative
Financial Position:Adequate
Cash Flow:Burning
Primary Risk:Liquidity Provision Volatility
"Bullish faces significant structural headwinds as evidenced by a 35.4% year-over-year revenue decline in 2026Q1 and persistent net losses that have eroded retained earnings to negative $2.9B. The company's reliance on liquidity provision creates extreme earnings volatility, with net income swinging from a $157.0M profit in 2024Q4 to a $581.7M loss in 2026Q1. Investors should remain cautious as the firm struggles to achieve consistent operating leverage, evidenced by a 2026Q1 operating loss of $57.8M despite its low capital intensity."
Verdict Logic
the company's inability to maintain consistent profitability, evidenced by a net margin of -1.1% in 2026Q1, suggests that the current business model lacks the necessary scale to overcome its high operating overhead.
BLSH Growth Metrics
Bullish (BLSH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years49.79%
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-3.23%
5 Years-3.4%
3 Years1.13%
Last Year1.49%
BLSH Recent Earnings
Bullish (BLSH) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/9 qtrs (50%)●Beat Revenue 3/9 qtrs (75%)
Q2 2026Latest
May 14, 2026Metric
Actual
Est
EPS
$0.13-12.9%
$0.15
Rev
$93M-2.3%
$95M
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.20+39.6%
$0.14
Rev
$93M+5.6%
$88M
Q4 2025
Nov 19, 2025Metric
Actual
Est
EPS
$0.10-3.0%
$0.10
Rev
$76.5B+104803.2%
$73M
Q4 2025
Sep 17, 2025Metric
Actual
Est
EPS
$0.05+2.4%
$0.05
Rev
$58.7B+5.2%
$55.7B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 14, 2026 | $0.13vs $0.15-12.9% | $93Mvs $95M-2.3% |
| Q1 2026 | Feb 5, 2026 | $0.20vs $0.14+39.6% | $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% |
Based on last 9 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Bullish (BLSH)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $23.29 | $3.53B | -3.89 | -2.11% | -0.31% | -26.84% | — | |
| $149.06 | $39.27B | 33.50 | 9.4% | 13.78% | 5.68% | — | |
| $98.69 | $88.9B | 48.14 | 51.58% | 41.12% | 21.38% | — | |
| $14.54 | $5.54B | -3.94 | 38.2% | -234.83% | -51.65% | — | |
| $28.57 | $10.83B | -14.65 | 71.89% | -132.76% | -28.78% | — | |
| $96.40 | $13.45B | 9.44 | 67.83% | 44.27% | 26.38% | — |
Compare BLSH vs Peers
Bullish (BLSH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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BLSH Frequently Asked Questions
Bullish (BLSH) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Bullish's revenue?
Bullish (BLSH) reported $216.53B in revenue for fiscal year 2025.
How fast is Bullish growing?
Bullish (BLSH) saw revenue decline by 2.1% over the past year.
Is BLSH profitable?
Bullish (BLSH) reported a net loss of $1.00B for fiscal year 2025.
Dividend & Returns
What is BLSH's return on equity?
Bullish (BLSH) has a return on equity (ROE) of -26.8%. Negative ROE indicates the company is unprofitable.
What is Bullish's free cash flow?
Bullish (BLSH) generated $44.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.