Bullish (BLSH) Operating Expenses (2024 - 2025)
Bullish recorded quarterly Operating Expenses of -$46.3 million in Q4 2025, up 99.89% quarter-over-quarter from -$43.0 billion in Q2 2025, and down 24.79% year-over-year from -$61.5 million in Q4 2024.
Bullish's Operating Expenses history runs 2 years deep, the most recent figure standing at -$46.3 million for Q4 2025.
- In Q4 2025, Operating Expenses fell 24.79% year-over-year to -$46.3 million; the TTM figure through Dec 2025 stood at -$43.1 billion (changed N/A YoY), while the FY2025 annual figure was -$176.2 million, down 19.95% from the prior year.
- Operating Expenses came in at -$46.3 million for Q4 2025 at Bullish, up from -$43.0 billion 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.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,425.08 Bn | 3,346.81 Bn | 56.06 Bn | 10.85 Bn |
| 2 | Oracle | 712.03 Bn | 673.46 Bn | 15.14 Bn | 11.73 Bn |
| 3 | Palantir Technologies | 384.58 Bn | 376.66 Bn | 1.42 Bn | 662.79 Mn |
| 4 | Palo Alto Networks | 208.80 Bn | 204.26 Bn | 1.91 Bn | 1.51 Bn |
| 5 | CrowdStrike Holdings | 195.63 Bn | 192.58 Bn | 993.68 Mn | 979.89 Mn |
| 6 | Fortinet | 108.69 Bn | 105.40 Bn | 1.49 Bn | 905.10 Mn |
| 7 | Cloudflare | 95.27 Bn | 94.32 Bn | 455.60 Mn | 517.59 Mn |
| 8 | Synopsys | 93.41 Bn | 93.30 Bn | 1.77 Bn | 1.57 Bn |
| 9 | CoreWeave | 65.84 Bn | 63.57 Bn | 2.01 Bn | 2.22 Bn |
| 10 | Bullish | 4.10 Bn | 4.01 Bn | -64,323,503.65 Bn | -46.28 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -46.28 Mn |
| Jun 30, 2025 | -43.02 Bn |
| Dec 31, 2024 | -37.08 Mn |
| Jun 30, 2024 | -39.66 Bn |