NYSE$BLSH
Bullish · Q3 2025 earnings
Q3 2025 earnings · · Before market open
Briefing
Bullish posts record Q3 adjusted revenue of $76.5M; launches crypto options and U.S. spot trading
Bullish reported Q3 2025 results with record adjusted revenue of $76.5 million (+71% YoY) and adjusted EBITDA of $28.6 million versus $7.7 million a year ago. Net income was $18.5 million or $0.10 per diluted share compared with a net loss of $67.3 million in Q3 2024. Adjusted net income was $13.8 million versus an adjusted net loss of $3.1 million last year. Digital asset sales volume was $41.6 billion versus $54.2 billion in the prior year. The company launched crypto options trading with 14 partners, surpassed $1 billion in options volume, gained NY BitLicense approval for U.S. spot trading in September, and expanded liquidity services partnerships. CoinDesk indices won benchmark switches and powered five of six recent U.S. spot crypto ETP launches. Q4 guidance calls for subscription, services and other revenue of $47.0–53.0 million and adjusted operating expenses of $48.0–50.0 million.
- Q3 adjusted revenue was $76.5 million (+71% YoY); adjusted EBITDA reached a record $28.6 million.
- Net income was $18.5 million ($0.10 diluted EPS) versus a $67.3 million net loss a year ago.
- Digital asset sales volume was $41.6 billion; adjusted transaction revenue was $26.7 million.
- Crypto options launched with 14 partners; options trading volume surpassed $1 billion.
- U.S. spot trading launched after NY BitLicense approval; Q4 SS&O revenue guided to $47–53 million.
Headline financials
Revenue & EPS history
Bullish · Revenue · Quarterly
$76.5M
Revenue by segment
Bullish · $76.5M total across 2 segments · Q3 2025
- Subscription, services and other (within adjusted revenue)$49.8M—65.1%
- Adjusted transaction revenue$26.7M—34.9%
Forward guidance
For Q4 2025, Bullish guided subscription, services and other revenue of $47.0–53.0 million and adjusted operating expenses of $48.0–50.0 million.
Tailwinds
- Record adjusted revenue and adjusted EBITDA in Q3
- Options product surpassed $1B volume; Q4 spot volume up 77% quarter-to-date vs Q3
- Liquidity services partnerships more than doubled sequentially
Headwinds
- Digital asset sales volume declined to $41.6B from $54.2B YoY
- Adjusted transaction revenue fell to $26.7M from $32.9M despite overall adjusted revenue growth
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 2 quarterly earnings reports · overlaid with Q3 2025
-3.0%
Avg return
Earnings day
+12.2%
Avg return
5 days after
+5.7%
Avg return
30 days after
25%
1 / 4 earnings
Positive
+5.8%
Q2 2025
Best reaction
-8.5%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -5.7% | -13.3% | -34.9% | |
| Q4 2025 | -8.5% | +17.8% | +28.5% | |
| Q3 2025 | -3.6% | +9.9% | +18.1% | |
| Q2 2025 | +5.8% | +34.5% | +11.1% |
Discussion
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