Bullish (BLSH) EBITDA (2024 - 2025)
Bullish's (BLSH) quarterly EBITDA came in at -$686.0 million in Q4 2025, down 195.05% year-on-year from $721.7 million in Q4 2024, and down 511.92% quarter-over-quarter from $166.5 million in Q3 2025.
Bullish (BLSH) EBITDA (2024 - 2025) Analysis & Trends
Bullish has disclosed EBITDA across 2 years of filings, most recently posting -$686.0 million for Q4 2025.
- EBITDA for Q4 2025 came in at -$686.0 million, down 195.05% year-over-year; the trailing twelve-month figure through Dec 2025 was $584.4 billion (changed N/A YoY), and the FY2025 annual result was -$377.2 million, down 134.83% from the prior year.
- EBITDA came in at -$686.0 million for Q4 2025 at Bullish, down from $166.5 million in the prior quarter.
- In the past five years, EBITDA ranged from a high of $584.2 billion in Q2 2025 to a low of -$293.3 billion in Q2 2024.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 2,819.83 Bn | 2,741.56 Bn | 56.06 Bn | 38.40 Bn |
| 2 | Alarum Technologies | 1,056.91 Bn | 1,042.76 Bn | 7.23 Mn | 372,000.00 |
| 3 | Oracle | 530.68 Bn | 492.11 Bn | 15.14 Bn | 5.46 Bn |
| 4 | Palantir Technologies | 306.85 Bn | 298.93 Bn | 1.42 Bn | 754.00 Mn |
| 5 | Palo Alto Networks | 199.03 Bn | 194.49 Bn | 1.91 Bn | 397.00 Mn |
| 6 | CrowdStrike Holdings | 170.56 Bn | 167.51 Bn | 993.68 Mn | 13.79 Mn |
| 7 | Fortinet | 106.91 Bn | 103.62 Bn | 1.49 Bn | 580.00 Mn |
| 8 | Synopsys | 86.43 Bn | 86.31 Bn | 1.77 Bn | 203.05 Mn |
| 9 | Cloudflare | 79.42 Bn | 78.48 Bn | 455.60 Mn | -61.99 Mn |
| 10 | Bullish | 3.08 Bn | 3.00 Bn | 21.51 Mn | -685.99 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -685.99 Mn |
| Sep 30, 2025 | 166.54 Mn |
| Jun 30, 2025 | 584.20 Bn |
| Dec 31, 2024 | 721.72 Mn |
| Sep 30, 2024 | 38.49 Mn |
| Jun 30, 2024 | -293.28 Bn |