Bullish (BLSH) Income Statement
BLSH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBLSH revenue and net income
Where BLSH's revenue goes
2025Each bar shows an amount and its share of revenue. BLSH kept −0.3% of revenue as net income.
BLSH profit margins
BLSH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.1% | +49.8% | — | — |
| Gross profit | +1,303.1% | — | — | — |
| Operating income | +58.7% | +47.9% | — | — |
| Net income | −1,073.8% | — | — | — |
| EPS (diluted) | −42.6% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BLSH quarterly EPS vs estimates
Bullish beat the analyst EPS estimate in 5 of the last 6 quarters. Next report: November 18, 2026 (estimate $0.08).
BLSH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $244.97B | $250.26B | $116.51B | $72.90B | $1.32B | $0 |
| Cost of revenue | $244.90B | $250.26B | $116.53B | $72.90B | $2.37B | — |
| Gross profit | $74.1M | $5.3M | −$21.7M | −$6.6M | −$1.04B | — |
| Sales, general & admin | $49.0M | $21.5M | $13.6M | $44.4M | $99.7M | $119.0M |
| Total operating expenses | $23.4M | −$26.6M | −$31.9M | −$22.2M | $232.2M | $119.0M |
| Operating income | $50.7M | $31.9M | $10.2M | $15.7M | −$1.28B | −$119.0M |
| Interest income | — | — | $9.2M | — | $1.5M | — |
| Interest expense | $52.4M | $38.5M | $3.0M | $122.7M | $126.8M | — |
| Income before taxes | −$786.4M | $84.6M | $1.30B | −$4.24B | −$1.40B | −$119.0M |
| Income taxes | −$944,000 | $5.0M | $1.5M | $1.2M | $263,000 | — |
| Net income | −$764.7M | $78.5M | $1.30B | −$4.25B | −$1.40B | −$119.0M |
| EBITDA | −$725.8M | $131.6M | $1.31B | −$4.12B | −$1.27B | — |
| EPS (diluted) | $0.31 | $0.54 | $10.65 | — | — | — |
| Gross margin | 0.0% | 0.0% | −0.0% | −0.0% | −79.0% | — |
| Operating margin | 0.0% | 0.0% | 0.0% | 0.0% | −96.5% | — |
| Net margin | −0.3% | 0.0% | 1.1% | −5.8% | −106.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92.6M | $51.81B | $64.40B | $41.65B | $58.66B | $80.26B | $66.04B | $54.20B | $49.60B | $80.41B |
| Cost of revenue | $27.5M | $51.79B | $64.49B | $41.58B | $58.62B | $80.25B | $66.15B | $54.17B | $49.56B | $80.41B |
| Gross profit | $65.1M | $17.8M | −$85.5M | $65.1M | $47.7M | $3.7M | −$113.9M | $32.9M | $48.0M | $1.2M |
| Sales, general & admin | $27.4M | $27.5M | $86.9M | $45.7M | $43.0M | $11.6M | $94.6M | $39.6M | $39.7M | $4.3M |
| Total operating expenses | $59.0M | $75.6M | −$112.5M | $45.7M | $60.4M | $407,000 | −$142.7M | $39.6M | $56.4M | −$9.6M |
| Operating income | $6.1M | −$57.8M | $27.0M | $19.3M | −$12.7M | $3.3M | $28.7M | −$6.8M | −$8.4M | $10.9M |
| Interest expense | $9.5M | $14.1M | $14.9M | $13.9M | $13.3M | $10.2M | $10.7M | $9.9M | $9.1M | $8.9M |
| Income before taxes | −$280.0M | −$604.6M | −$565.1M | $18.4M | $109.1M | −$348.8M | $162.2M | −$66.5M | −$116.1M | $104.9M |
| Income taxes | $4,000 | $226,000 | −$1.5M | −$76,000 | $876,000 | −$221,000 | $3.8M | $745,000 | $302,000 | $176,000 |
| Net income | −$270.2M | −$581.7M | −$546.6M | $18.4M | $107.5M | −$344.0M | $157.0M | −$66.7M | −$115.3M | $103.6M |
| EBITDA | $8.2M | −$588.3M | −$549.2M | $34.1M | $124.6M | −$336.5M | $175.1M | −$54.6M | −$104.7M | $115.9M |
| EPS (diluted) | $0.10 | $0.13 | $0.19 | $0.10 | −$0.05 | $0.07 | — | — | — | — |
| Gross margin | 70.3% | 0.0% | −0.1% | 0.2% | 0.1% | 0.0% | −0.2% | 0.1% | 0.1% | 0.0% |
| Operating margin | 6.6% | −0.1% | 0.0% | 0.0% | −0.0% | 0.0% | 0.0% | −0.0% | −0.0% | 0.0% |
| Net margin | −291.8% | −1.1% | −0.8% | 0.0% | 0.2% | −0.4% | 0.2% | −0.1% | −0.2% | 0.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BLSH's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BLSH financial results
In fiscal year 2025 (ended December 31, 2025), Bullish reported revenue of $245.0 billion, down 2.1% from the year before. It had a net loss of $764.7 million, a net profit margin of −0.3%. Diluted earnings per share came to $0.31.
See the BLSH stock overview for the latest quote and news, or the BLSH chart for price history and technical indicators.
BLSH income statement FAQ
What is Bullish's annual revenue?
Bullish reported total revenue of $245.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.1% from $250.3 billion the previous year.
Is Bullish profitable?
No. Bullish reported a net loss of $764.7 million in fiscal 2025, a net profit margin of −0.3%; its operating margin was 0.0%.
What is Bullish's gross margin?
Bullish's gross margin was 0.0% in fiscal 2025: for every $100 of revenue, Bullish kept $0 after the direct cost of its products and services.
What are Bullish's earnings per share?
Bullish earned $0.31 per diluted share in fiscal 2025, compared with $0.54 a year earlier.
When will Bullish report its next earnings?
Bullish is expected to report results for the quarter ending September 30, 2026 on November 18, 2026 before the market opens.
When does Bullish's fiscal year end?
Bullish's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.