Bullish (BLSH) financials

NYSE · Technology · Software - Application · 414 employees · CEO Thomas W. Farley

Price: $23.90 -16.05%
Market cap: $3.62B
Enterprise value: $4.04B
Last report: Q2 '26 filed 2026-08-13
Next report: 2026-11-18 EPS est. $0.08

Revenue (TTM)$158B-39.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-0.0%0.0 pp vs a year agoOperating income -$5.36M

Net income (TTM)-$1.38B-844.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$97M+3,421.7% vs a year agoCapex $11.8M

Diluted EPS (TTM)-$9.12-812.0% vs a year agoSum of the last 4 quarters

Net cash-$188M-571.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $3.62B
Revenue: $158B
Revenue growth: –
Profit margin: -0.9%
P/E: -2.6×
P/S: 0.0×
EV / EBITDA: -3.7×
Free cash flow: $97M
Net income: -$1.38B
Revenue estimate: –
Earnings: 2026-11-18
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-13): revenue beat by 5.9%, EPS beat by 14.2%Revenue $92.6M vs $87.4M expected (+5.9%); EPS $0.10 vs $0.09 (+14.2%).
Revenue growth slowing: -99.8% year on yearQ2 '26 revenue $92.6M, against an average of -10.7% over the four quarters before.
Operating margin -0.0% (TTM), 0.0 pp on a year agoOperating income grew -142.8% while revenue grew -39.1%.
Capex 0.0% of revenue (a year ago 0.0%)$11.8M invested in the last 4 quarters (-73.9% on a year earlier). Free cash flow $97M.
Diluted share count up 3.6% in a year151M diluted shares in Q2 '26, 146M a year earlier.
Net debt $188MCash + short-term investments $330M, debt incl. leases $518M; a year ago net debt $28M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$92.6M	$58.7B	-99.8%
Gross margin	70.3%	0.1%	+70.3 pp
Operating income	$6.11M	-$12.7M	+148.1%
Operating margin	6.6%	-0.0%	+6.6 pp
Net income	-$270M	$108M	-351.3%
Diluted EPS	-$1.78	$0.74	-340.5%
Operating cash flow	$2.69M	$17M	-84.2%
Capex	$635K	$227K	+179.7%
Free cash flow	$2.06M	$16.8M	-87.7%
R&D	$0	$0	–
Stock-based compensation	$0	$3.26M	-100.0%

Reported vs consensus

2026-08-13

	Actual	Consensus	vs consensus
Revenue	$92.6M	$87.4M	+5.9%
EPS (as estimated)	$0.10	$0.09	+14.2%

From the report of 2026-08-13 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $109M
Capex: -$11.8M
Buybacks: $0
Dividends: $0
Acquisitions: $9K
Net debt issued: -$51.1M
Stock-based compensation: $13.4M
Free cash flow: $97M
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-2.6×	66.8× 2 of 5 years	7.6× – 125.9×
EV / EBITDA	-3.7×	43.6× 2 of 5 years	7.8× – 79.4×
EV / Sales	0.0×	1.6×	0.0× – 7.5×
Price / FCF	37.4×	51.3× 1 of 5 years	51.3× – 51.3×
Price / Book	1.5×	4.1×	1.5× – 7.8×
FCF yield	2.7%	-0.9%	-4.6% – 1.9%
Return on invested capital	-0.2%	-2.8%	-17.5% – 1.3%
Return on equity	-45.3%	-33.5%	-225.5% – 101.4%

Analysts

Consensus target $44.00 (+84.1%)
range $30.00 – $61.00 · rating Buy

Strong buy0

Buy6

Hold4

Sell0

Strong sell0

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02