Bullish (BLSH) Cost of Revenue (2024 - 2026)
Bullish (BLSH) posted Cost of Revenue of $64.3 billion for Q4 2025, up 54.68% sequentially from $41.6 billion in Q3 2025, and down 2.54% YoY from $66.0 billion in Q4 2024.
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Analysis
Bullish (BLSH) Cost of Revenue (2024 - 2026) Analysis & Trends
Bullish has reported Cost of Revenue for 2 years, with the latest figure at $64.3 billion in Q4 2025.
- Quarterly Cost of Revenue fell 2.54% year-over-year to $64.3 billion in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $172.0 billion (changed N/A YoY) and the FY2025 annual result came in at $244.7 billion, down 2.15% from the prior year.
- Cost of Revenue grew to $64.3 billion in Q4 2025 per BLSH's latest filing, from $41.6 billion in the prior quarter.
- Over five years, Cost of Revenue peaked at $66.0 billion in Q4 2024 and troughed at $80.2 million in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,718.29 Bn | 3,585.54 Bn | 60.48 Bn | 29.53 Bn |
| 2 | Oracle | 452.14 Bn | 420.24 Bn | - | - |
| 3 | Palantir Technologies | 418.25 Bn | 408.84 Bn | 1.64 Bn | 296.87 Mn |
| 4 | Palo Alto Networks | 265.90 Bn | 262.79 Bn | 2.03 Bn | 974.00 Mn |
| 5 | CrowdStrike Holdings | 217.15 Bn | 212.14 Bn | 1.10 Bn | 374.00 Mn |
| 6 | Fortinet | 114.54 Bn | 110.47 Bn | 1.64 Bn | 404.70 Mn |
| 7 | Cloudflare | 98.54 Bn | 94.37 Bn | 499.52 Mn | 196.54 Mn |
| 8 | Synopsys | 75.44 Bn | 71.83 Bn | 1.80 Bn | 679.39 Mn |
| 9 | Block | 49.56 Bn | 43.13 Bn | 3.17 Bn | 3.45 Bn |
| 10 | Bullish | 4.59 Bn | 4.49 Bn | 15.53 Mn | 32.57 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 32.57 Bn |
| Mar 31, 2026 | 51.79 Bn |
| Dec 31, 2025 | 64.32 Bn |
| Sep 30, 2025 | 41.58 Bn |
| Jun 30, 2025 | 58.62 Bn |
| Mar 31, 2025 | 80.21 Bn |
| Dec 31, 2024 | 66.00 Bn |
| Sep 30, 2024 | 54.17 Bn |
| Jun 30, 2024 | 49,556.48 Bn |