Bullish (BLSH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 30, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLSH SEC filings page.
This page shows Bullish (BLSH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (20-F and 6-K reports).
Bullish’s 2025 accounts show an equity-funded balance sheet, positive operating cash, and a sharp accounting loss.
The unusual split between a net loss of$765M and operating cash flow of$28.6M means reported earnings and current-period cash were shaped by different items; the loss should not be read as equivalent to cash consumption. After$9.9M of capital spending, free cash flow still reached$18.7M , showing that reinvestment did not eliminate cash generation.
Assets grew
Capital spending jumped
Financial Health Signals
We are recalculating Bullish's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Bullish passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Bullish reported a net loss of $764.7M while generating $28.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Bullish reported a net loss of $764.7M in fiscal year 2025. This represents a decrease of 1073.8% from the prior year.
Bullish earned -$5.99 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 980.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Bullish generated $18.7M in free cash flow in fiscal year 2025, representing cash available after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Bullish held $87.9M in cash against $50.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Bullish's ROE was -23.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 27.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Bullish invested $9.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2439.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BLSH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Revenue | N/A | N/A | $116.5B |
| Cost of Revenue | N/A | N/A | $116.4B |
| Gross Profit | $78.3M-18.9% | $96.5M+32.3% | $72.9M |
| Interest Expense | $51.6M+37.7% | $37.5M+1623.4% | $2.2M |
| Income Tax | -$944K-118.9% | $5.0M+243.5% | $1.5M |
| Net Income | -$764.7M-1073.8% | $78.5M-94.0% | $1.3B |
| EPS (Basic) | -$5.99-955.7% | $0.70-93.9% | $11.55 |
| EPS (Diluted) | -$5.99-980.9% | $0.68-93.6% | $10.63 |
| Diluted Shares (Avg) | 128M+10.7% | 115M-5.6% | 122M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
BLSH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F |
|---|---|---|---|
| Total Assets | $4.0B+29.8% | $3.0B | N/A |
| Current Assets | $3.8B+30.6% | $2.9B | N/A |
| Cash & Equivalents | $87.9M+178.7% | $31.5M-72.1% | $112.9M |
| Goodwill | $63.1M+2.6% | $61.5M | N/A |
| Total Liabilities | $658.2M+1.8% | $646.8M | N/A |
| Current Liabilities | $129.9M+52.7% | $85.0M | N/A |
| Non-Current Liabilities | $528.3M-6.0% | $561.7M | N/A |
| Long-Term Debt | $50.0M+99.9% | $25.0M | N/A |
| Total Equity | $3.2B+34.6% | $2.4B+86.4% | $1.3B |
| Retained Earnings | -$2.7Bn/m | -$2.3B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments.
BLSH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Share Buybacks.
BLSH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Margin, Asset Turnover.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Bullish BLSH | FY2025 | N/A | -$764.7M | N/A | $3.6B | — |
| DLocal Limited DLO | FY2025 | $1.1B | $196.8M | 18.0% | $3.8B | 79/100 |
| Paymentus Holdings, Inc. PAY | FY2025 | $1.2B | $66.9M | 5.6% | $4.1B | 72/100 |
| AvePoint, Inc. AVPT | FY2025 | $419.5M | $34.8M | 8.3% | $3.6B | 61/100 |
| Appian Corporation APPN | FY2025 | $726.9M | $1.2M | 0.2% | $3.5B | 31/100 |
| WIX.com Ltd. WIX | FY2025 | $2.0B | $50.6M | 2.5% | $3.2B | 35/100 |
Where Bullish Ranks
Frequently Asked Questions
No, Bullish (BLSH) reported a net loss of $764.7M in fiscal year 2025.
As of fiscal year 2025, Bullish (BLSH) had $87.9M in cash and equivalents against $50.0M in long-term debt.
Bullish (BLSH) has a return on equity of -23.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Bullish (BLSH) generated $18.7M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Bullish (BLSH) generated $28.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Bullish (BLSH) had $4.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Bullish (BLSH) invested $9.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Bullish (BLSH) had a current ratio of 29.28 as of fiscal year 2025, which is generally considered healthy.
Bullish (BLSH) had a debt-to-equity ratio of 0.02 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Bullish (BLSH) had a liabilities-to-equity ratio of 0.20 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Bullish (BLSH) had a return on assets of -19.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Bullish (BLSH) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.6B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Bullish (BLSH) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $3.6B as of Oct 30, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Bullish (BLSH) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Bullish (BLSH) reported a net loss of $764.7M while generating $28.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.