Bullish most recently reported annual revenue of $245.0B, a net loss of $765.0M. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
Bullish: net profit was positive in 2 of 6 reported years; operating margin moved from -96.5% to 0.0%, a shift of +96.5 percentage points; the most recent year shows a net loss of $765.0M.
Income Statement — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Revenue
$0
$1.3B
$72.9B
$116.5B
$250.3B
$245.0B
Operating Expenses
$119.0M
$2.6B
$72.9B
$116.5B
$250.2B
$244.9B
Operating Profit
$-119.0M
$-1.3B
$16.0M
$10.0M
$32.0M
$51.0M
Operating Margin
0.0%
-96.5%
0.0%
0.0%
0.0%
0.0%
Other Income
$0
$-125.0M
$-4.3B
$1.3B
$53.0M
$-837.0M
Interest
$0
$127.0M
$123.0M
$3.0M
$39.0M
$52.0M
Depreciation
$119.0M
$0
$4.0M
$5.0M
$9.0M
$8.0M
Profit Before Tax
$-119.0M
$-1.4B
$-4.2B
$1.3B
$85.0M
$-786.0M
Tax
$0
$-20,000
$-30,000
$110,000
$5.9M
$120,000
Net Profit
$-119.0M
$-1.4B
$-4.2B
$1.3B
$79.0M
$-765.0M
EPS
$-0.74
$-9.59
$-29.04
$8.89
$0.54
$-5.99
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 10 Quarters (USD millions)
Metric
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$80.4B
$49.6B
$54.2B
$66.0B
$80.3B
$58.7B
$41.6B
$64.4B
$51.8B
$93.0M
Operating Expenses
$80.4B
$49.6B
$54.2B
$66.0B
$80.3B
$58.7B
$41.6B
$64.4B
$51.9B
$86.0M
Operating Profit
$11.0M
$-8.0M
$-7.0M
$29.0M
$3.0M
$-13.0M
$19.0M
$27.0M
$-58.0M
$6.0M
Operating Margin
0.0%
-0.0%
-0.0%
0.0%
0.0%
-0.0%
0.1%
0.0%
-0.1%
6.6%
Interest
$9.0M
$9.0M
$10.0M
$11.0M
$10.0M
$13.0M
$14.0M
$15.0M
$14.0M
$10.0M
Profit Before Tax
$105.0M
$-116.0M
$-67.0M
$162.0M
$-349.0M
$109.0M
$18.0M
$-565.0M
$-605.0M
$-280.0M
Tax
$170,000
$-260,000
$-1.1M
$2.3M
$60,000
$800,000
$-410,000
$270,000
$-40,000
$0
Net Profit
$104.0M
$-115.0M
$-67.0M
$157.0M
$-344.0M
$108.0M
$18.0M
$-547.0M
$-582.0M
$-270.0M
EPS
$0.71
$-0.79
$-0.46
$1.07
$-2.35
$0.74
$0.13
$-3.62
$-3.85
$-1.78
Over the 6 years reported for Bullish, borrowings decreased from $1.0B in 2020 to $581.0M in 2025, cash stood at $105.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 29.26 times.
Balance Sheet — 6 Years (USD millions)
Metric
2020
2021
2022
2023
2024
2025
Total Assets
$5.0B
$7.5B
$3.4B
$1.8B
$3.0B
$4.0B
Current Assets
$292.0M
$7.4B
$3.4B
$1.7B
$2.9B
$3.8B
Cash
$239.0M
$1.2B
$1.4B
$113.0M
$32.0M
$105.0M
Inventory
$0
$6.2B
$1.7B
$1.3B
$574.0M
$206.0M
Receivables
$0
$0
$0
$25.0M
$179.0M
$475.0M
Fixed Assets
$0
$8.0M
$17.0M
$14.0M
$14.0M
$28.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
Investments
$0
$0
$0
$255.0M
$219.0M
$410.0M
Other Assets
$0
$0
$0
$40.0M
$61.0M
$63.0M
Total Liabilities
$1.0B
$1.3B
$1.5B
$522.0M
$647.0M
$658.0M
Current Liabilities
$28.0M
$172.0M
$1.5B
$38.0M
$85.0M
$130.0M
Borrowings
$1.0B
$1.2B
$1.3B
$440.0M
$543.0M
$581.0M
Other Liabilities
$28.0M
$171.0M
$226.0M
$82.0M
$104.0M
$77.0M
Equity
$3.8B
$3.8B
$3.8B
$3.8B
$3.8B
$0
Reserves
$4.0B
$6.1B
$1.9B
$1.3B
$2.4B
$3.2B
For Bullish, operating cash flow was positive in 2 of 6 reported years; free cash flow in the latest year was negative at $23.0M; free cash flow was positive in 1 of 6 years; financing activities used $41.0M in the latest year, which covers debt repayment, dividends and buybacks.
Bullish (BLSH) reported annual revenue of $245.0B in its most recent fiscal year.
What is Bullish's net profit?
Bullish (BLSH) reported a net loss of $765.0M in its most recent fiscal year.
What is BLSH EV/EBITDA?
Bullish's enterprise value to EBITDA (EV/EBITDA) ratio is -5.13. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.