Bullish (BLSH) Operating Expenses (2024 - 2025)
Bullish (BLSH) reported Operating Expenses of -$46.3 million for Q4 2025, down 24.79% on a YoY basis from -$61.5 million in Q4 2024, and down 1.24% sequentially from -$45.7 million in Q3 2025.
Bullish (BLSH) Operating Expenses (2024 - 2025) Analysis & Trends
Bullish (BLSH) has 2 years of Operating Expenses data on file, last reported at -$46.3 million in Q4 2025.
- For the quarter ending Q4 2025, Operating Expenses fell 24.79% year-over-year to -$46.3 million; the trailing twelve-month figure through Dec 2025 stood at -$43.1 billion (changed N/A YoY), and the FY2025 full-year result was -$182.2 million, down 18.98% from the prior year.
- Operating Expenses fell to -$46.3 million in Q4 2025, from -$45.7 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$37.1 million in Q4 2024 to a low of -$43.0 billion in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 2,842.90 Bn | 2,718.46 Bn | 56.06 Bn | 8.75 Bn |
| 2 | PagSeguro Digital | 2,572.26 Bn | 2,572.26 Bn | 358.92 Mn | -363.49 Mn |
| 3 | Oracle | 329.59 Bn | 297.69 Bn | - | 13.05 Bn |
| 4 | Repay Holdings | 314.63 Bn | 314.48 Bn | - | - |
| 5 | Palantir Technologies | 294.47 Bn | 286.44 Bn | 1.42 Bn | 662.79 Mn |
| 6 | Palo Alto Networks | 227.51 Bn | 222.98 Bn | 1.91 Bn | 1.51 Bn |
| 7 | CrowdStrike Holdings | 183.28 Bn | 180.18 Bn | 993.68 Mn | 979.89 Mn |
| 8 | Fortinet | 112.44 Bn | 109.14 Bn | 1.49 Bn | 905.10 Mn |
| 9 | Cloudflare | 92.78 Bn | 91.83 Bn | 455.60 Mn | 517.59 Mn |
| 10 | Bullish | 3.08 Bn | 2.99 Bn | - | -46.28 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -46.28 Mn |
| Sep 30, 2025 | -45.71 Mn |
| Jun 30, 2025 | -43.02 Bn |
| Dec 31, 2024 | -37.08 Mn |
| Sep 30, 2024 | -39.62 Mn |
| Jun 30, 2024 | -39.66 Bn |