Revenue growth remains highly unstable, characterized by a 35.4% year-over-year decline in 2026Q1 and gross margins that frequently hover near 0.0%.
| Sales/Revenue | 216.53B | 244.97B | 250.26B | 116.51B | 72.9B | 1.32B | 0 |
| Revenue Growth % | - | -2.11% | 114.8% | 59.83% | 5415.83% | - | - |
| Cost of Goods Sold | 216.48B | 244.9B | 250.26B | 116.53B | 72.9B | 2.37B | 0 |
| COGS % of Revenue | - | 99.97% | 100% | 100.02% | 100.01% | 178.96% | - |
| Gross Profit | 45.04M | 74.08M | 5.28M | -21.67M | -6.55M | -1.04B | 0 |
| Gross Margin % | 0.02% | 0.03% | 0% | -0.02% | -0.01% | -78.96% | - |
| Gross Profit Growth % | - | 1303.11% | 124.36% | -230.62% | 99.37% | - | - |
| Operating Expenses | 69.23M | 23.43M | -26.64M | -31.88M | -22.22M | 232.19M | 119.04M |
| OpEx % of Revenue | - | 0.01% | -0.01% | -0.03% | -0.03% | 17.57% | - |
| Selling, General & Admin | 82.25M | 53.81M | 24.79M | 15.31M | 53.67M | 99.68M | 118.96M |
| SG&A % of Revenue | - | 0.02% | 0.01% | 0.01% | 0.07% | 7.54% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -30.39M | -51.44M | -47.2M | -75.9M | 132.52M | 84K |
| Operating Income | -24.19M | 50.66M | 31.92M | 10.21M | 15.67M | -1.28B | -119.04M |
| Operating Margin % | -0.01% | 0.02% | 0.01% | 0.01% | 0.02% | -96.53% | - |
| Operating Income Growth % | - | 58.7% | 212.62% | -34.83% | 101.23% | -971.62% | - |
| EBITDA | -17.01M | 58.86M | 40.47M | 15.63M | 19.27M | -1.28B | 0 |
| EBITDA Margin % | -0.01% | 0.02% | 0.02% | 0.01% | 0.03% | -96.49% | - |
| EBITDA Growth % | - | 45.44% | 158.85% | -18.87% | 101.51% | - | - |
| D&A (Non-Cash Add-back) | 7.18M | 8.2M | 8.55M | 5.42M | 3.6M | 471K | 119.04M |
| EBIT | -453.29M | -734.04M | 123.1M | 1.3B | -4.12B | -1.27B | -119.04M |
| Net Interest Income | -50.72M | -52.37M | -38.53M | -2.98M | -122.73M | -125.32M | 18K |
| Interest Income | 5.5M | 0 | 0 | 0 | 0 | 1.51M | 18K |
| Interest Expense | 56.22M | 52.37M | 38.53M | 2.98M | 122.73M | 126.83M | 0 |
| Other Income/Expense | -1.02B | -837.07M | 52.65M | 1.29B | -4.26B | -125.32M | 18K |
| Pretax Income | -1.04B | -786.41M | 84.57M | 1.3B | -4.24B | -1.4B | -119.02M |
| Pretax Margin % | -0.48% | -0.32% | 0.03% | 1.12% | -5.82% | -106.01% | - |
| Income Tax | -497K | -944K | 5M | 1.46M | 1.2M | 263K | 0 |
| Effective Tax Rate % | 0.05% | 0.12% | 5.92% | 0.11% | -0.03% | -0.02% | 0% |
| Net Income | -1B | -764.68M | 78.53M | 1.3B | -4.25B | -1.4B | -119.02M |
| Net Margin % | -0.46% | -0.31% | 0.03% | 1.12% | -5.82% | -106.03% | - |
| Net Income Growth % | - | -1073.78% | -93.96% | 130.6% | -203.01% | -1077.3% | - |
| Net Income (Continuing) | -1.04B | -785.47M | 79.56M | 1.3B | -4.25B | -1.4B | -119.02M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 53.88M | 70.37M | 10.98M | 848K | 0 | 0 | 0 |
| EPS (Diluted) | -6.63 | -5.99 | 0.54 | 8.89 | -29.04 | -9.59 | -0.74 |
| EPS Growth % | - | -1209.26% | -93.93% | 130.61% | -202.82% | -1195.95% | - |
| EPS (Basic) | - | -5.99 | 0.54 | 8.89 | -29.04 | -9.59 | -0.74 |
| Diluted Shares Outstanding | 151.15M | 127.72M | 146.18M | 146.18M | 146.18M | 146.18M | 160.75M |
| Basic Shares Outstanding | 151.15M | 127.72M | 146.18M | 146.18M | 146.18M | 146.18M | 160.75M |
| Dividend Payout Ratio | - | - | - | 41.15% | - | - | - |
Extreme Revenue Volatility
As reported in the most recent quarterly filings, Bullish experienced a significant 35.4% year-over-year revenue decline in 2026Q1, highlighting the inherent instability of its transactional model compared to the more consistent growth trajectories observed in diversified financial infrastructure peers like Coinbase or Robinhood.
The sharp contraction in top-line figures suggests that the company's reliance on high-frequency trading volumes leaves it highly susceptible to market-wide liquidity shifts. Investors should monitor whether the recent acquisition of CoinDesk can eventually provide a recurring revenue floor to offset this extreme cyclicality.
Based on the provided financial data, Bullish maintains a razor-thin gross margin that frequently approaches 0.0%, a stark contrast to the high-margin profiles of traditional financial data providers, suggesting that the current cost of revenue is heavily burdened by the mechanics of liquidity provision.
This structural limitation implies that the company is essentially operating as a pass-through entity for trading volume rather than a high-margin software business. Without a meaningful shift toward high-margin index licensing, the firm may struggle to achieve the profitability levels required to justify its infrastructure-heavy cost base.
According to the income statement history, operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q1 operating loss of $57.8M, which indicates that the company's fixed overhead remains disproportionately high relative to its current net revenue generation capacity.
The inability to achieve positive operating leverage suggests that the firm is currently over-invested in administrative and regulatory infrastructure relative to its actual transaction capture. This warrants further investigation into whether management can rationalize its cost structure without compromising the competitive depth of its liquidity pools.
As indicated by the erratic net income swings, ranging from a $157.0M profit in 2024Q4 to a $581.7M loss in 2026Q1, the quality of reported earnings appears compromised by non-operating items and the inherent volatility of digital asset holdings used for market making.
The lack of consistent profitability suggests that the bottom line is currently driven more by balance sheet fluctuations than by core operational efficiency. Analysts should exercise caution when interpreting these figures, as they may not accurately reflect the underlying health of the exchange's primary business segments.
Based on the reported figures, the persistent net losses and negative revenue growth trends suggest that the company's current strategy of vertical integration may be failing to generate the necessary returns to cover its substantial global operating expenses and regulatory compliance costs.
Short-term observers may argue that the company is effectively subsidizing its exchange operations with capital that could be better deployed elsewhere. The risk remains that the firm may be forced to dilute shareholders or curtail its expansion efforts if it cannot demonstrate a clear path to self-sustaining profitability.
Quick answers to the most common questions about buying BLSH stock.
For fiscal year 2025, Bullish (BLSH) reported total revenue of $244.97B.
Bullish (BLSH) reported a net loss of $764.7M for the fiscal year ending 2025.
Bullish (BLSH) reported an operating income of $50.7M, resulting in an operating profit margin of 0.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Bullish (BLSH) generated $74.1M in gross profit for the year, representing a gross profit margin of 0.0%. This demonstrates the company's core pricing power and production efficiency.