What is the revenue and EPS growth rate for Bullish year over year?

What is Bullish's latest dividend and current dividend yield?

What factors drove the changes in Bullish's revenue and profit?

What is Bullish's gross profit margin?

What were the key takeaways from Bullish's earnings call?

What is the market's earnings forecast for Bullish next quarter?

What does Bullish do and what are its main business segments?

Did Bullish beat or miss consensus estimates last quarter?

- **Revenue Growth**: 284% YoY SS&amp;O revenue growth to $54.6M, with 48% EBITDA margin
- **Options Dominance**: #2 Bitcoin options platform with $4B+ open interest and 29% market share
- **2026 Guidance**: 50% revenue growth driven by tokenized RWA, U.S. expansion
- **Regulatory Strength**: Secured 10+ global licenses, exploring U.S. DCO/DCM registrations
- **Resilient Pipeline**: Record monthly active customers despite crypto volatility
- **M&A Focus**: Strategic acquisitions to accelerate regulatory and tokenization growth

**【CEO Summary Section】**
- **Record Financial Performance**: Q4 2025 SS&amp;O revenue reached $54.6 million (284% YoY growth), with full-year adjusted EBITDA of $94.3 million (181% YoY growth). 
- **Options Trading Success**: Launched in Q4 2025, options business achieved $4 billion+ open interest and 29% market share, becoming the #2 Bitcoin options platform globally.
- **2026 Priorities**: 
  1. Expand U.S. institutional derivatives market share
  2. Lead tokenization of real-world assets (RWA) with liquidity services
  3. Strengthen digital asset indices & insights leadership
- **Regulatory Momentum**: Secured key licenses (NY BitLicense, MICA, SFC) and exploring DCO/DCM registrations to capitalize on tokenization trends.

**【CFO Financial Commentary】**
- **2025 Results**: 
  - Total revenue: $288.5 million (35% YoY growth)
  - Adjusted EBITDA: $94.3 million (48% margin)
  - Adjusted net income: $38.8 million
- **2026 Guidance**: 
  - SS&amp;O revenue: $220-250 million (50% YoY growth)
  - OpEx: $210-230 million (low single-digit growth)
  - Key drivers: tokenized RWA bookings, cross-selling efficiency, regulatory tailwinds
- **Liquidity Services Growth**: Added 5+ new partners Q4, including Fidelity stablecoin, with pipeline supporting high-end guidance.

**【Q&A Highlights】**
- **Clarity Act Impact**: CEO optimistic on 2026 passage, sees carve-outs protecting liquidity services business. CFO notes Bullish is "an honest broker" in D.C. with minimal regulatory risk.
- **M&A Strategy**: Focus on strategic acquisitions to accelerate regulatory footprint and tokenization capabilities.
- **Pipeline Resilience**: Despite crypto volatility, Q4 saw record monthly active customers and AUM. CFO: "Every metric of active customer has been hitting new all-time highs."
- **U.S. Expansion**: Secured major retail brokerages as clients, with pipeline suggesting U.S. volumes could drive 2x+ multiplier on global trading activity.
- **Tokenization Outlook**: Liquidity services bookings growing 30%+ QoQ, with 2026 focus on listing tokenized securities (e.g., USD AI's $650M AUM GPU-backed loans).

Bullish (BLSH) Q4 2025 Earnings Call Transcript

- **Q3 Records**: $76.5M revenue, $28.6M EBITDA, $13.8M net income. 
- **Options Dominance**: 4% market share in 2 weeks, $240M daily trading. 
- **Tokenization Leap**: 100% QoQ growth in liquidity services partners. 
- **U.S. Onslaught**: 80+ new U.S. customers post-BitLicense, including top brokers. 
- **2026 Vision**: Options + U.S. exchange to drive >50% revenue growth.

**【CEO Summary Section】**
- **Record Q3 Performance**: Adjusted revenue of $76.5M, EBITDA of $28.6M, and net income of $13.8M, all records. 
- **Options Trading Success**: Launched in late October with $1B+ volume in 2 weeks, 4% market share, and $240M single-day trading. 
- **Liquidity Services Growth**: Active partners up 100% QoQ, added 4 new Layer 1 blockchains (Canton, Cardano, Midnight, VeChain). 
- **Tokenization Strategy**: Seeking SEC transfer agent license to expand into U.S. securities tokenization. 
- **U.S. Exchange Momentum**: Onboarded Webull, Moomoo, Cantor Fitzgerald, and others post-BitLicense approval. 

**【CFO Financial Commentary】**
- **Revenue Growth**: Total adjusted revenue +72% YoY, SS&amp;O (liquidity services + CoinDesk) revenue $49.8M (+300% YoY). 
- **Profitability**: EBITDA margin 37.4%, net income margin 18.0%. 
- **Q4 Guidance**: SS&amp;O revenue $47-53M, expenses $48-50M. 
- **Trading Metrics**: Q4 trading volume $126B+ (through Nov 17), spreads 1.7-1.8bps. 

**【Q&A Highlights】**
- **Liquidity Services Expansion**: 9+ stablecoin partners, pipeline shifting to non-stable assets. 
- **Regulatory Impact**: CLARITY Act could accelerate U.S. crypto adoption, Bullish expects to benefit from preemption. 
- **Options Margining**: Portfolio margining reduces capital requirements, driving new customer acquisition. 
- **Competitive Position**: AMM outperformed peers during Oct 10 flash crash with less volatility and liquidations. 
- **2026 Outlook**: Options to become material revenue driver, U.S. exchange growth offsetting crypto market seasonality.

Bullish (BLSH) Q3 2025 Earnings Call Transcript

**【CEO Summary Section】**
- Bullish achieved $530 billion in total exchange volume year-to-date, with no U.S. participation despite holding all major global regulatory licenses.
- Received New York BitLicense, enabling U.S. exchange launch with immediate access to global liquidity for institutional clients.
- Liquidity Services business grew rapidly, signing agreements with Solana, USDG, and other stablecoin issuers, with pipeline expansion into non-stablecoin tokens.
- Options trading platform in beta phase with select clients, showing promise for Q4 full launch.
- CoinDesk Indices now anchor $41 billion in AUM, with CDOR (CoinDesk Overnight Rate) as benchmark for stablecoin interest rates.

**【CFO Financial Commentary】**
- Q2 2025 total adjusted revenue: $57 million (down 8.7% QoQ, 6.1% YoY) due to low BTC volatility.
- Subscription, services & other (SS&amp;O) revenue: 45% of total adjusted revenue, up 28% YoY.
- Q3 2025 guidance: $69-76 million revenue, $25-28 million adjusted EBITDA.
- Adjusted operating expenses: $48.9 million (down 13% QoQ in compensation costs).
- Balance sheet remains strong with $1.2 billion in stablecoin IPO proceeds.

**【Q&A Highlights】**
- Liquidity Services growth: Q3 guidance includes $43.5-48 million SS&amp;O revenue, driven by Solana collaboration and stablecoin issuers.
- U.S. market entry: Onboarding institutional clients expected to take 2-6 months, with conservative volume guidance for near-term quarters.
- Options platform: Beta phase shows promise, with potential to expand crypto derivatives market share.
- Trader Challenge: $10 million seed investment program to attract new fund managers and cross-sell products.
- Regulatory progress: U.S. crypto market structure bill expected to create long-term growth opportunities.

Actual	-0.0515	0.1	0.1954
Forecast	-0.0267	0.1031	0.1465
Surprise	-92.88%	-3.01%	+33.38%

Actual	57.00M	76.50M	92.51M
Forecast	56.12M	72.92M	87.19M
Surprise	+1.58%	+4.90%	+6.10%

BLSH

BLSH fundamentals

BLSH Q4 2025 Earnings

Earnings Call

You can ask Aime

BLSH

BLSH fundamentals

BLSH Q4 2025 Earnings

Earnings Call

BLSH Earnings Call Summary for Q4/20258:30 AM on Feb 5, 2026

BLSH Earnings Call Summary for Q3/20258:30 AM on Nov 19, 2025

BLSH Earnings Call Summary for Q2/20255:30 PM on Sep 17, 2025

You can ask Aime