Bullish
BLSH NYSE· Finance Services
Last close · Nov 13, 2026
$22.49
Latest fiscal year · FY25 results fiscal year ended Dec 31, 2025 · vs FY24
| Line | FY24 | FY25 | Change (y/y) |
|---|---|---|---|
| Revenue | $250.2B | $244.8B | 2.2% |
| Net income | $78.5M | −$765M | 1,073.8% |
| Diluted EPS | $0.68 | −$5.99 | 980.9% |
| Free cash flow | −$30.4M | $18.7M | — |
Key numbers, fiscal 2025
Market cap
$2.9B
P/E
—
Revenue
$244.8B
Net income
−$765M
Free cash flow
$18.7M
Operating margin
—
Bullish in 30 seconds fiscal 2025
Are sales growing?
−2.2%
No. Sales fell 2.2% last year.
Does it make a profit?
−0.3%
No. It lost money last year.
Does profit turn into cash?
0.0%
Partly. 0.0% of sales ends up as free cash.
Is debt under control?
$12.1M
Risky. It owes more than it holds in cash and has no operating profit to repay it.
How healthy are the accounts?
2 / 9
Weak. It passes 2 of 9 health tests.
How is the share priced?
—
No P/E: it made no profit over the last four quarters.
What Bullish does
Bullish provides trading services and information for digital assets, such as cryptocurrencies, to institutions and individual investors. Its Bullish brand operates a regulated exchange for buying and selling digital assets, including spot and derivatives trading, and provides liquidity services that help partner assets find buyers and sellers. CoinDesk provides digital asset indices, market data, news, research and events, including the Consensus conference. Customers include fund managers, market makers, trading firms, brokerages, asset managers, investors, analysts, data providers, regulators and digital asset businesses. Bullish has two core business areas: Market Infrastructure and Information Services. Market Infrastructure covers the Bullish Exchange and liquidity services, earning money from trading volumes, spreads and transaction fees, as well as subscriptions and other liquidity-related services. Information Services covers CoinDesk Indices, Data and Insights.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 10, 2026
- Legal name
- Bullish
- CIK
- 0001872195
Bullish · BLSH · stoqly.net
Results and finances
The last 3 fiscal years. Amounts in USD. Compiled by stoqly.net.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Sales and profit | |||
| Revenue | $116.5B | $250.2B | $244.8B |
| Revenue growth | — | 114.8% | −2.2% |
| Gross margin | 0.1% | 0.0% | 0.0% |
| Net income | $1.3B | $78.5M | −$765M |
| Net margin | 1.1% | 0.0% | −0.3% |
| Diluted EPS | $10.63 | $0.68 | −$5.99 |
| Cash | |||
| Cash from operations | −$127M | −$30.0M | $28.6M |
| Capital expenditure | $1.0M | $0.4M | $9.9M |
| Free cash flow | −$128M | −$30.4M | $18.7M |
| FCF margin | −0.1% | −0.0% | 0.0% |
| Dividends paid | $535M | $0.0M | $0.0M |
| Share count change | — | −5.6% | 10.7% |
| Debt and strength | |||
| Cash and short-term investments | $113M | $31.5M | $87.9M |
| Debt incl. finance leases | — | $50.0M | $100.0M |
| Shareholders' equity | $1.3B | $2.4B | $3.2B |
| Current ratio | — | 34.2x | 29.3x |
| Returns and quality | |||
| Return on equity | 101.3% | 4.3% | −27.3% |
| Return on tangible equity | 101.3% | 3.4% | −24.5% |
| Piotroski F-score | — | — | 2 |
Insider trades 12 months
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$16.4M
2 insiders
Of sales under plans
100%
$16.4M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Bullish · BLSH · stoqly.net
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Compiled and analysed by stoqly.net from SEC EDGAR XBRL filings (CIK 0001872195). Latest version: stoqly.net/companies/blsh. Data updated November 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.