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Capital markets · Financial Services · Fiscal year ends Dec 31
Bullish reported revenue of $245B in the fiscal year ended Dec 2025, down 2.2% from the year before. Operating income was −$734M, an operating margin of −0.3%, and net income was −$785M. Operating cash flow of $29M less capital expenditure of $10M left free cash flow of $19M. Net debt was $12M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 116,492 | 250,201 | 244,811 |
| Cost of revenue | 116,419 | 250,105 | 244,733 |
| Gross profit | 72.9 | 96.5 | 78.3 |
| Operating incomederived: pre-tax income + interest | 1,304 | 123 | −734 |
| Interest expense | 3.0 | 38.5 | 52.4 |
| Pre-tax income | 1,301 | 84.6 | −786 |
| Income tax | 1.5 | 5.0 | −0.9 |
| Net income | 1,300 | 79.6 | −785 |
| Diluted EPS | 10.63 | 0.68 | −5.99 |
| Diluted shares | 122 | 115 | 128 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 113 | 31.5 | 87.9 |
| Receivables | – | 9.1 | 24.6 |
| Current assets | – | 2,912 | 3,804 |
| Goodwill | – | 61.5 | 63.1 |
| Total assets | – | 3,047 | 3,957 |
| Current liabilities | – | 85.0 | 130 |
| Short-term debt | – | 25.0 | 50.0 |
| Long-term debt | – | 25.0 | 50.0 |
| Total liabilities | – | 647 | 658 |
| Shareholders' equity | 1,282 | 2,390 | 3,216 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | −127 | −30.0 | 28.6 |
| Capital expenditure | 1.0 | 0.4 | 9.9 |
| Free cash flow | −128 | −30.4 | 18.7 |
| Stock-based compensation | 17.8 | 22.5 | 15.3 |
| Dividends paid | 535 | 0.0 | 0.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 114.8% | −2.2% |
| Operating income growth (YoY) | – | −90.6% | −696.3% |
| EPS growth (YoY) | – | −93.6% | −980.9% |
| Gross margin | 0.1% | 0.0% | 0.0% |
| Operating margin | 1.1% | 0.0% | −0.3% |
| Net margin | 1.1% | 0.0% | −0.3% |
| Return on equityBlank when equity is negative | 101.4% | 3.3% | −24.4% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 4.2% | −19.2% |
| Free cash flow margin | −0.1% | −0.0% | 0.0% |
| Cash conversion (CFO ÷ net income) | −0.10x | −0.38x | −0.04x |
| Receivable days | – | 0 | 0 |
| Interest cover | 437x | 3.19x | −14.0x |
| Debt ÷ equity | – | 0.02x | 0.03x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 18.5 | 12.1 |
| Current ratio | – | 34.2x | 29.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.