Cash flow generation is erratic and disconnected from earnings, highlighted by a $581.7M net loss in 2026Q1 that was paradoxically accompanied by $77.1M in positive operating cash flow.
| Cash from Operations | 47.53M | 0 | -29.98M | -126.67M | 194.93M | -120.95M | -150K |
| Operating CF Margin % | - | - | -0.01% | -0.11% | 0.27% | -9.15% | - |
| Operating CF Growth % | 2155.52% | 100% | 76.33% | -164.98% | 261.17% | -80530.67% | - |
| Net Income | -1B | -764.68M | 79.56M | 1.3B | -4.25B | -1.4B | -119.02M |
| Depreciation & Amortization | 6.23M | 0 | 8.55M | 5.42M | 3.6M | 471K | 0 |
| Stock-Based Compensation | 6.39M | 0 | 22.59M | 6.17M | 17.79M | 44.8M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 963.64M | 764.68M | -153.76M | -1.35B | 4.17B | 1.17B | 118.87M |
| Working Capital Changes | 72.86M | 0 | 13.08M | -87.02M | 252.43M | 65.89M | 0 |
| Change in Receivables | 2.77B | 0 | -28.53M | 65.9M | -83.59M | 0 | 0 |
| Change in Inventory | -15.06M | 0 | -49.34M | 139.19M | 326.8M | -23.71M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | -3K | 33.58M | 0 |
| Cash from Investing | 39.24M | 0 | -45.08M | 3.92M | -1.29M | 1.5B | 128.41M |
| Capital Expenditures | -3.47M | 0 | -391K | -966K | -1.29M | -2.09M | 0 |
| CapEx % of Revenue | 0% | - | 0% | 0% | 0% | 0.16% | - |
| Acquisitions | 20K | 0 | -4.63M | 1.29M | 0 | 0 | 128.39M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 4.27M | 0 | -15.23M | 32K | 0 | 1.51B | 18K |
| Cash from Financing | -13.63M | 0 | -980K | -1.21B | -7.73M | -340.36M | 1.31B |
| Debt Issued (Net) | -52.73M | 0 | 20.12M | -675.02M | -2.3M | 31.18M | 0 |
| Equity Issued (Net) | 60.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -534.64M | 0 | -371.25M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -21.44M | 0 | -21.1M | -2.98M | -5.43M | -285K | 1.31B |
| Net Change in Cash | -64.56M | -55.78M | -75.74M | -1.34B | 185.91M | 1.04B | 0 |
| Free Cash Flow | 44.79M | 0 | -33.69M | -127.63M | 193.64M | -455.26M | -150K |
| FCF Margin % | 0.02% | - | -0.01% | -0.11% | 0.27% | -34.45% | - |
| FCF Growth % | - | 100% | 73.6% | -165.91% | 142.53% | -303404% | - |
| FCF per Share | 0.30 | - | -0.23 | -0.87 | 1.32 | -3.11 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.04x | - | -0.38x | -0.10x | -0.05x | 0.09x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity Provision Volatility
As reported in financial statements, Bullish exhibits a profound divergence between net income and operating cash flow, exemplified by the 2026Q1 period where a $581.7M net loss was paradoxically accompanied by $77.1M in positive operating cash flow, suggesting significant non-cash adjustments or working capital swings.
The persistent gap between accounting losses and cash generation indicates that reported net income is heavily influenced by non-cash items, likely related to the valuation of digital asset holdings. Investors should monitor whether this cash flow resilience is sustainable or merely a byproduct of temporary accounting timing differences.
Based on the company's historical filings, free cash flow trajectory has been highly volatile, swinging from a $76.7M inflow in 2026Q1 to a $72.7M outflow in 2024Q1, reflecting the underlying instability of a business model tethered to fluctuating digital asset trading volumes.
The lack of a consistent positive FCF trend suggests that the company has yet to achieve the operational scale required to self-fund its infrastructure requirements. This inconsistency warrants caution, as it implies that cash generation is highly sensitive to external market conditions rather than internal operational efficiency.
According to recent SEC filings, Bullish's operating cash flow is frequently dictated by working capital movements, such as the $99.7M inflow observed in 2026Q1, which appears to be the primary driver of cash availability rather than core operational profitability or margin expansion.
These large, periodic swings in working capital suggest that the company's cash position is highly susceptible to changes in customer balances or liquidity pool requirements. Analysts should investigate whether these movements represent genuine operational efficiency or simply the cyclical nature of managing institutional client assets.
As indicated by the provided financial data, Bullish maintains an exceptionally low capital intensity, with CapEx/Revenue ratios consistently near 0.0%, suggesting that the firm's primary infrastructure costs are likely expensed through the income statement rather than capitalized as long-term assets.
The minimal investment in tangible assets implies that the company's competitive moat is built on software and liquidity pools rather than physical hardware. While this reduces the burden of depreciation, it also suggests that the company's technological edge may require constant, high-cost maintenance that is not captured in traditional CapEx metrics.
Quick answers to the most common questions about buying BLSH stock.
Bullish (BLSH) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bullish (BLSH) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Bullish (BLSH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.