Bullish (BLSH) EBITDA (2024 - 2025)
Bullish recorded quarterly EBITDA of $686.0 million in Q4 2025, up 311.92% quarter-over-quarter from $166.5 million in Q3 2025, and down 4.95% year-over-year from $721.7 million in Q4 2024.
Bullish's EBITDA history runs 2 years deep, the most recent figure standing at $686.0 million for Q4 2025.
- In Q4 2025, EBITDA fell 4.95% year-over-year to $686.0 million; the TTM figure through Dec 2025 stood at $585.8 billion (changed N/A YoY), while the FY2025 annual figure was $377.2 million, down 65.17% from the prior year.
- EBITDA came in at $686.0 million for Q4 2025 at Bullish, up 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.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,425.08 Bn | 3,346.81 Bn | 56.06 Bn | 38.40 Bn |
| 2 | Oracle | 712.03 Bn | 673.46 Bn | 15.14 Bn | 5.46 Bn |
| 3 | Palantir Technologies | 384.58 Bn | 376.66 Bn | 1.42 Bn | 754.00 Mn |
| 4 | Palo Alto Networks | 208.80 Bn | 204.26 Bn | 1.91 Bn | 397.00 Mn |
| 5 | CrowdStrike Holdings | 195.63 Bn | 192.58 Bn | 993.68 Mn | 13.79 Mn |
| 6 | Fortinet | 108.69 Bn | 105.40 Bn | 1.49 Bn | 580.00 Mn |
| 7 | Cloudflare | 95.27 Bn | 94.32 Bn | 455.60 Mn | -61.99 Mn |
| 8 | Synopsys | 93.41 Bn | 93.30 Bn | 1.77 Bn | 203.05 Mn |
| 9 | CoreWeave | 65.84 Bn | 63.57 Bn | 2.01 Bn | -735.00 Mn |
| 10 | Bullish | 4.10 Bn | 4.01 Bn | -64,323,503.65 Bn | 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 |
| Jun 30, 2024 | -293.28 Bn |