Bullish (BLSH) income statement
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
Bullish (BLSH) reported revenue of $92.6M for Q2 '26 (-99.8% year on year), operating income of $6.11M (6.6% of revenue) and net income of -$270M. Over the last four quarters revenue was $158B.
Income statement
| Income statement | Trend | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.4B | $49.6B | $54.2B | $66B | $80.3B | $58.7B | $41.6B | $64.4B | $51.8B | $92.6M | |
| Cost of revenue | $80.4B | $49.6B | $54.2B | $66.2B | $80.3B | $58.6B | $41.6B | $64.5B | $51.8B | $27.5M | |
| Gross profit | $1.24M | $48M | $32.9M | -$114M | $3.67M | $47.7M | $65.1M | -$85.5M | $17.8M | $65.1M | |
| Sales & marketing | $511K | $0 | $0 | $3.33M | $1.87M | $0 | $0 | $4.82M | $0 | $0 | |
| General & administrative | $4.33M | $39.7M | $39.6M | -$94.6M | $11.6M | $43M | $45.7M | -$86.9M | $0 | $0 | |
| Other operating expenses | -$14.5M | $16.7M | $0 | -$51.4M | -$13.1M | $17.4M | $0 | -$30.4M | $0 | $0 | |
| Operating expenses | -$9.61M | $56.4M | $39.6M | -$143M | $407K | $60.4M | $45.7M | -$112M | $75.6M | $59M | |
| Operating income | $10.9M | -$8.4M | -$6.76M | $28.7M | $3.26M | -$12.7M | $19.3M | $27M | -$57.8M | $6.11M | |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.5M | $0 | |
| Interest expense | $8.93M | $9.06M | $9.88M | $10.7M | $10.2M | $13.3M | $13.9M | $14.9M | $14.1M | $9.54M | |
| Other non-operating income (gains on investments, FX ...) | -$103M | $98.6M | $49.9M | -$144M | $342M | -$135M | -$12.9M | $577M | $533M | $0 | |
| Total non-operating income | $94.1M | -$108M | -$59.8M | $133M | -$352M | $122M | -$968K | -$592M | -$547M | -$286M | |
| Income before tax | $105M | -$116M | -$66.5M | $162M | -$349M | $109M | $18.4M | -$565M | -$605M | -$280M | |
| Income tax | $176K | $302K | $745K | $3.78M | -$221K | $876K | -$76K | -$1.52M | $226K | $4K | |
| Net income | $104M | -$115M | -$66.7M | $157M | -$344M | $108M | $18.4M | -$547M | -$582M | -$270M | |
| EPS (basic) | $0.71 | -$0.79 | -$0.46 | $1.07 | -$2.35 | $0.74 | $0.14 | -$3.62 | -$3.85 | -$1.78 | |
| EPS (diluted) | $0.71 | -$0.79 | -$0.46 | $1.07 | -$2.35 | $0.74 | $0.13 | -$3.62 | -$3.85 | -$1.78 | |
| Shares (basic, weighted) | 146M | 146M | 146M | 146M | 146M | 146M | 133M | 151M | 151M | 151M | |
| Shares (diluted, weighted) | 146M | 146M | 146M | 146M | 146M | 146M | 133M | 151M | 151M | 151M | |
| Depreciation & amortization | $2.06M | $2.29M | $2.04M | $2.15M | $2.11M | $2.19M | $1.82M | $949K | $2.23M | $2.04M | |
| EBITDA | $116M | -$105M | -$54.6M | $175M | -$336M | $125M | $34.1M | -$549M | -$588M | $8.15M |
| Income statement | Trend | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $1.32B | $72.9B | $117B | $250B | $245B | |
| Cost of revenue | $0 | $2.37B | $72.9B | $117B | $250B | $245B | |
| Gross profit | $0 | -$1.04B | -$6.56M | -$21.7M | $5.28M | $74.1M | |
| Sales & marketing | $0 | $6.67M | $9.26M | $1.73M | $3.33M | $4.82M | |
| General & administrative | $119M | $93M | $44.4M | $13.6M | $21.5M | $49M | |
| Other operating expenses | $84K | $133M | -$75.9M | -$47.2M | -$51.4M | -$30.4M | |
| Operating expenses | $119M | $232M | -$22.2M | -$31.9M | -$26.6M | $23.4M | |
| Operating income | -$119M | -$1.28B | $15.7M | $10.2M | $31.9M | $50.7M | |
| Interest income | $18K | $1.51M | $0 | $0 | $0 | $0 | |
| Interest expense | $0 | $127M | $123M | $2.98M | $38.5M | $52.4M | |
| Other non-operating income (gains on investments, FX ...) | $0 | -$1.51M | $4.14B | -$1.29B | -$91.2M | $785M | |
| Total non-operating income | $18K | -$125M | -$4.26B | $1.29B | $52.6M | -$837M | |
| Income before tax | -$119M | -$1.4B | -$4.24B | $1.3B | $84.6M | -$786M | |
| Income tax | $0 | $263K | $1.2M | $1.46M | $5.01M | -$944K | |
| Net income | -$119M | -$1.4B | -$4.25B | $1.3B | $78.5M | -$765M | |
| EPS (basic) | -$0.74 | -$9.59 | -$29.04 | $8.89 | $0.54 | -$5.99 | |
| EPS (diluted) | -$0.74 | -$9.59 | -$29.04 | $8.89 | $0.54 | -$5.99 | |
| Shares (basic, weighted) | 161M | 146M | 146M | 146M | 146M | 128M | |
| Shares (diluted, weighted) | 161M | 146M | 146M | 146M | 146M | 128M | |
| Depreciation & amortization | $119M | $471K | $3.6M | $5.42M | $8.55M | $8.2M | |
| EBITDA | $0 | -$1.27B | -$4.12B | $1.31B | $132M | -$726M |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Revenue, operating income and growth
quarterlyMargins
quarterlyCosts as % of revenue
quarterlyThe other statements
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings.
Data as of 2026-11-02