NYSE$BLSH
Bullish · Q4 2025 earnings
Q4 2025 earnings · · Before market open
Briefing
Bullish reported record adjusted revenue and EBITDA in the fourth quarter while posting a net loss driven by digital asset valuation changes.
In Q4 2025, Bullish generated record adjusted revenue of $92.5 million and adjusted EBITDA of $44.5 million. The company reported a net loss of $563.6 million due primarily to changes in the fair value of digital assets, while core operating performance improved year over year.
- Adjusted revenue reached a record $92508000 in Q4 2025.
- Adjusted EBITDA increased significantly to $44450000 year over year.
- Net loss of $563567000 was driven by digital asset fair value changes.
- Digital asset sales totaled $64345078000 during the quarter.
Headline financials
Revenue & EPS history
Bullish · Revenue · Quarterly
$92.5M
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 full-year 2026, Bullish guided to continued growth in subscription and services revenue with disciplined cost management.
Tailwinds
- Subscription, services and other revenue guidance of $220M to $250M.
- Adjusted operating expense expected between $210M and $230M.
- Continued momentum in options trading activity.
- Expanding institutional partnerships in liquidity services.
- Strengthening regulatory position in the U.S. and Europe.
Headwinds
- Ongoing volatility in digital asset prices may impact reported earnings.
- Finance expense expected between $52M and $60M.
- Non-IFRS measures are not reconciled to IFRS guidance.
- Market conditions for crypto assets remain uncertain.
- Earnings may continue to be affected by fair value adjustments.
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 Q4 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% |
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