Bullish (BLSH) financial statements
Bullish reported revenue of $244.8B in fiscal 2025, up 45.0% a year over 2 years.
Net income was -$765M.
Free cash flow was -$23M.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Bullish's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $116.5B | $250.2B | $244.8B |
| Cost of revenue | $116.4B | $250.1B | $244.7B |
| Gross profit | $73M | $97M | $78M |
| Selling, general and admin | $104M | $153M | $182M |
| Interest expense | $3M | $39M | $52M |
| Pre-tax income | $1.3B | $85M | -$786M |
| Income tax | $1M | $5M | -$944,000 |
| Net income | $1.3B | $79M | -$765M |
| EPS (diluted) | $10.63 | $0.68 | -$5.99 |
| Diluted shares | 122M | 115M | 128M |
| Gross margin | 0.1% | 0.0% | 0.0% |
| Net margin | 1.1% | 0.0% | -0.3% |
Balance sheet
Fiscal years, from Bullish's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $113M | $32M | $88M |
| Receivables | — | $9M | $25M |
| Total current assets | — | $2.9B | $3.8B |
| Property, plant and equipment | — | $14M | $28M |
| Goodwill | — | $61M | $63M |
| Total assets | — | $3.0B | $4.0B |
| Total current liabilities | — | $85M | $130M |
| Long-term debt | — | $25M | $50M |
| Total liabilities | — | $647M | $658M |
| Shareholders' equity | $1.3B | $2.4B | $3.2B |
| Net debt | -$113M | $18M | $12M |
Cash flow
Fiscal years, from Bullish's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$127M | -$30M | $29M |
| Capital spending | $966,000 | $4M | $52M |
| Free cash flow | -$128M | -$34M | -$23M |
| Stock-based compensation | $6M | $23M | $16M |
| Dividends paid | $535M | $0 | $0 |
| Free cash flow margin | -0.1% | -0.0% | -0.0% |
| Dividends per share | $4.38 | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BLSH.
Open BLSH in InvestinglyQuestions
What was Bullish's revenue in 2025?
$244.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Bullish generate?
-$23M in fiscal 2025 (operating cash flow minus capital spending).
From Bullish's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.