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Bullish Earnings Calls
| Release date | Feb 05, 2026 |
| EPS estimate | $0.140 |
| EPS actual | $0.195 |
| EPS Surprise | 39.57% |
| Revenue estimate | 87.264M |
| Revenue actual | 92.508B |
| Revenue Surprise | 105,909.85% |
| Release date | Nov 19, 2025 |
| EPS estimate | $0.103 |
| EPS actual | $0.100 |
| EPS Surprise | -3.01% |
| Revenue estimate | 72.924M |
| Revenue actual | 76.5B |
| Revenue Surprise | 104,803.21% |
| Release date | Sep 17, 2025 |
| EPS estimate | -$0.0512 |
| EPS actual | -$0.0500 |
| EPS Surprise | 2.40% |
| Revenue estimate | 55.738B |
| Revenue actual | 58.663B |
| Revenue Surprise | 5.25% |
| Release date | Mar 31, 2025 |
| EPS estimate | - |
| EPS actual | -$2.35 |
| Revenue estimate | - |
| Revenue actual | 80.256B |
Last 4 Quarters for Bullish
Below you can see how BLSH performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Mar 31, 2025 |
| Price on release | $ |
| EPS estimate | - |
| EPS actual | -$2.35 |
| Date | Price |
|---|---|
| Aug 13, 2025 | $68.00 |
| Aug 14, 2025 | $74.63 |
| Aug 15, 2025 | $69.54 |
| Aug 18, 2025 | $63.37 |
| 4 days before | -100.00% |
| 4 days after | 0% |
| On release day | 0% |
| Change in period | -6.81% |
| Release date | Sep 17, 2025 |
| Price on release | $54.35 |
| EPS estimate | -$0.0512 |
| EPS actual | -$0.0500 |
| EPS surprise | 2.40% |
| Date | Price |
|---|---|
| Sep 11, 2025 | $53.99 |
| Sep 12, 2025 | $51.84 |
| Sep 15, 2025 | $51.08 |
| Sep 16, 2025 | $51.36 |
| Sep 17, 2025 | $54.35 |
| Sep 18, 2025 | $65.61 |
| Sep 19, 2025 | $69.18 |
| Sep 22, 2025 | $69.09 |
| Sep 23, 2025 | $69.49 |
| 4 days before | 0.667% |
| 4 days after | 27.86% |
| On release day | 20.72% |
| Change in period | 28.71% |
| Release date | Nov 19, 2025 |
| Price on release | $36.39 |
| EPS estimate | $0.103 |
| EPS actual | $0.100 |
| EPS surprise | -3.01% |
| Date | Price |
|---|---|
| Nov 13, 2025 | $41.02 |
| Nov 14, 2025 | $38.48 |
| Nov 17, 2025 | $36.75 |
| Nov 18, 2025 | $37.76 |
| Nov 19, 2025 | $36.39 |
| Nov 20, 2025 | $36.50 |
| Nov 21, 2025 | $38.60 |
| Nov 24, 2025 | $41.50 |
| Nov 25, 2025 | $40.50 |
| 4 days before | -11.29% |
| 4 days after | 11.29% |
| On release day | 0.302% |
| Change in period | -1.27% |
| Release date | Feb 05, 2026 |
| Price on release | $24.90 |
| EPS estimate | $0.140 |
| EPS actual | $0.195 |
| EPS surprise | 39.57% |
| Date | Price |
|---|---|
| Jan 30, 2026 | $30.20 |
| Feb 02, 2026 | $28.77 |
| Feb 03, 2026 | $27.64 |
| Feb 04, 2026 | $27.20 |
| Feb 05, 2026 | $24.90 |
| Feb 06, 2026 | $27.45 |
| Feb 09, 2026 | $32.05 |
| Feb 10, 2026 | $32.05 |
| Feb 11, 2026 | $31.88 |
| 4 days before | -17.55% |
| 4 days after | 28.03% |
| On release day | 10.24% |
| Change in period | 5.56% |
Bullish Earnings Call Transcript Summary of Q4 2025
Bullish closed 2025 with strong momentum driven by institutional adoption, regulatory progress, product expansion and tokenization services. Key operational highlights: record SS&O revenue of $54.6M in Q4 (up 284% YoY), full-year adjusted revenue of $288.5M (+35% YoY), Q4 adjusted EBITDA of $44.5M (48% margin), options launch (launched Oct 29) that made Bullish the #2 global Bitcoin options platform by open interest, and growth in monthly active customers, customer funds, and open interest. Regulatory progress includes New York BitLicense, MICA, SFC and BaFin authorizations and registration as a transfer agent; Bullish is exploring additional U.S. licenses (DCO, DCM, broker-dealer, ATS). The liquidity services/tokenization business is scaling (new listings and partners including IOTA, VeChain, Paxos, Fidelity stablecoin planned), and CoinDesk indices/insights continue to win mandates (including upcoming ICE futures tied to CoinDesk indices). For 2026 Bullish guided SS&O revenue of $220M–$250M, adjusted operating expenses of $210M–$230M, and finance expense of $52M–$60M; management emphasized continued institutional focus, selective M&A opportunities, and resilience amid volatile crypto markets. Risks include macro/market volatility, legislative/regulatory outcomes (e.g., the U.S. market structure/Clarity Act), and potential variability in transaction revenue.
