Bullish (BLSH) Net Margin (2024 - 2026)
Bullish's (BLSH) quarterly Net Margin came in at 0.79% in Q2 2026, down 20.0% year-over-year from 0.99% in Q2 2025, and up 166.51% quarter-over-quarter from 1.19% in Q1 2026.
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Analysis
Bullish (BLSH) Net Margin (2024 - 2026) Analysis & Trends
Bullish has disclosed Net Margin across 3 years of filings, most recently posting 0.79% for Q2 2026.
- In Q2 2026, Net Margin fell 20.0% year-over-year to 0.79%; the TTM figure through Jun 2026 stood at 0.46% (down 78.0% YoY), while the FY2025 annual figure was 0.15%, down 28.0% from the prior year.
- Net Margin came in at 0.79% for Q2 2026 at Bullish, up from 1.19% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 1.09% in Q4 2024 to a low of 1.19% in Q1 2026.
- Average Net Margin over 3 years is 0.02%, with a median of 0.07% recorded in 2024.
- The largest YoY upside for Net Margin was 159 bps in 2025 against a maximum downside of 216 bps in 2025.
- Over 3 years, Net Margin stood at 1.09% in 2024, then tumbled by 198 bps to 1.07% in 2025, then surged by 174 bps to 0.79% in 2026.
- Per Business Quant data, the three most recent Net Margin figures were 0.79% in Q2 2026, 1.19% in Q1 2026, and 1.07% in Q4 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.68 Bn | 57.34 Bn | 40.81 Mn | -179.60% |
| 2 | Coinbase Global | 52.26 Bn | 43.47 Bn | 1.16 Bn | -29.46% |
| 3 | PayPal Holdings | 45.26 Bn | 34.01 Bn | - | 12.72% |
| 4 | Block | 44.88 Bn | 38.42 Bn | 3.17 Bn | 1.32% |
| 5 | Iren | 35.80 Bn | 28.23 Bn | 103.89 Mn | -498.44% |
| 6 | Corpay | 25.96 Bn | 19.27 Bn | 1.19 Bn | 18.81% |
| 7 | Fiserv | 24.43 Bn | 23.83 Bn | 3.59 Bn | 11.70% |
| 8 | Global Payments | 22.33 Bn | 17.57 Bn | 2.03 Bn | 0.22% |
| 9 | Hut 8 | 12.62 Bn | 6.14 Bn | 48.04 Mn | -236.35% |
| 10 | Bullish | 6.05 Bn | 5.99 Bn | 15.53 Mn | -0.79% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -0.79% |
| Mar 31, 2026 | -1.19% |
| Dec 31, 2025 | -1.07% |
| Sep 30, 2025 | 0.40% |
| Jun 30, 2025 | 1.00% |
| Mar 31, 2025 | -0.55% |
| Dec 31, 2024 | 1.09% |
| Sep 30, 2024 | -0.07% |
| Jun 30, 2024 | -0.59% |
API Access
Bullish Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=BLSH&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "BLSH", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=BLSH&period=max&api_key=YOUR_API_KEY");
const data = await res.json();