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Bullish (BLSH)
NYSE:BLSH
Earnings Data
Report Date
Sep 23, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
―Last Year’s EPS
-0.05Same Quarter Last Year
Moderate Buy
Based on 6 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized pronounced operational and financial progress: strong revenue and profitability gains, rapid adoption of options, expanding regulatory footprint, deepening tokenization and liquidity-service partnerships, and a robust information-services franchise. Management provided growth guidance that implies continued momentum (SS&O midpoint implying ~50% YoY growth). Headwinds include recent sharp crypto price declines, month-to-month transaction revenue volatility, regulatory uncertainty around U.S. market-structure legislation, and planned product sunsetting and higher operating/event costs. Overall, the positives (record revenues, margin expansion, product traction and regulatory wins) materially outweigh the risks discussed, though execution and macro/regulatory developments remain key near-term monitors.Company Guidance
Record SS&O Revenue and Strong Top-Line Growth
Q4 SS&O revenue of $54.6M (management cited +284% YoY); full-year SS&O revenue $157.7M (≈+160% YoY). Adjusted total revenue: Q4 $92.5M and FY2025 $288.5M (≈+35% FY growth; management noted Q4 growth near +70% YoY).
Robust Profitability and Margin Expansion
Q4 adjusted EBITDA of $44.5M, up ~55% sequentially and ~181% YoY, representing a record 48% adjusted EBITDA margin; full-year adjusted EBITDA $94.3M.
Options Product Launch Quickly Scaled
Options went live Oct 29; by end of Q4 open interest exceeded $2B, earlier peaked >$4B, and reached a high of 29% volume market share. Bullish is now the clear #2 Bitcoin options platform by open interest and is pursuing market leadership.
Growing Customer Engagement and Platform Metrics
Every month in 2025 saw all-time highs in monthly active customers; records set for total customer funds on platform and open interest for perpetuals and options; options launch attracted new client segments who trade across spot, perps, and options.
Material Regulatory and Market Access Progress
Secured tier-one licenses including New York BitLicense, MICA (Europe), Hong Kong SFC authorizations, and Germany BaFin; registered as a transfer agent and exploring DCO/DCM/broker-dealer/ATS in the U.S.; completed public markets listing (IPO) milestone.
Momentum in Liquidity Services and Tokenization
Expanded liquidity services with new listings/partners including IOTA, VeChain, Paxos, Midnight, Canton and USDAI (partner AUM >$650M). Pipeline strong; expecting to list five new partner assets including a Fidelity stablecoin.
Information Services and Index Franchise Strength
CoinDesk indices served as benchmark data provider for 30 single-token ETFs in 2025; listed 15 of 39 new digital asset ETFs in Q4. ICE to launch futures tied to CoinDesk indices. CoinDesk Insights and paid research traction (9 distinct customers paid for research in Q4, first full quarter).
2026 Financial Guidance Reflects Continued Growth
SS&O revenue guidance $220M–$250M (midpoint implies ~50% YoY growth per management). Adjusted operating expenses guidance $210M–$230M; finance expense guidance $52M–$60M (flat to slightly down from Q4 run rate).
BLSH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BLSH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $27.20 | $24.90 | -8.46% |
Nov 19, 2025 | $37.76 | $36.39 | -3.63% |
Sep 17, 2025 | $54.35 | $65.61 | +20.72% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Bullish (BLSH) report earnings?
Bullish (BLSH) is schdueled to report earning on Sep 23, 2026, After Close (Confirmed).
What is Bullish (BLSH) earnings time?
Bullish (BLSH) earnings time is at Sep 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BLSH EPS forecast?
Currently, no data Available
