Bullish (BLSH) Operating Expenses (2024 - 2026)
Bullish (BLSH) posted Operating Expenses of -$46.3 million for Q4 2025, down 1.24% sequentially from -$45.7 million in Q3 2025, and down 24.79% YoY from -$61.5 million in Q4 2024.
Powered by 
Analysis
Bullish (BLSH) Operating Expenses (2024 - 2026) Analysis & Trends
Bullish has reported Operating Expenses for 2 years, with the latest figure at -$46.3 million in Q4 2025.
- Quarterly Operating Expenses fell 24.79% year-over-year to -$46.3 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was -$43.1 billion (changed N/A YoY) and the FY2025 annual result came in at -$182.2 million, down 18.98% from the prior year.
- Operating Expenses fell to -$46.3 million in Q4 2025 per BLSH's latest filing, from -$45.7 million in the prior quarter.
- Over five years, Operating Expenses peaked at -$37.1 million in Q4 2024 and troughed at -$43.0 billion in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,718.29 Bn | 3,585.54 Bn | 60.48 Bn | 12.28 Bn |
| 2 | Oracle | 452.14 Bn | 420.24 Bn | - | 13.05 Bn |
| 3 | Palantir Technologies | 418.25 Bn | 408.84 Bn | 1.64 Bn | 726.59 Mn |
| 4 | Palo Alto Networks | 265.90 Bn | 262.79 Bn | 2.03 Bn | 2.21 Bn |
| 5 | CrowdStrike Holdings | 217.15 Bn | 212.14 Bn | 1.10 Bn | 1.13 Bn |
| 6 | Fortinet | 114.54 Bn | 110.47 Bn | 1.64 Bn | 953.90 Mn |
| 7 | Cloudflare | 98.54 Bn | 94.37 Bn | 499.52 Mn | 705.21 Mn |
| 8 | Synopsys | 75.44 Bn | 71.83 Bn | 1.80 Bn | 1.44 Bn |
| 9 | Block | 49.56 Bn | 43.13 Bn | 3.17 Bn | 2.72 Bn |
| 10 | Bullish | 4.59 Bn | 4.49 Bn | 15.53 Mn | -56.27 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -56.27 Mn |
| Mar 31, 2026 | -49.05 Mn |
| Dec 31, 2025 | -46.85 Mn |
| Sep 30, 2025 | -46.61 Mn |
| Jun 30, 2025 | -43.82 Mn |
| Mar 31, 2025 | -47.98 Mn |
| Dec 31, 2024 | -38.06 Mn |
| Sep 30, 2024 | -40.42 Mn |
| Jun 30, 2024 | -39.66 Bn |