Bullish (BLSH) Operating Expenses (2024 - 2025)
Bullish's (BLSH) quarterly Operating Expenses came in at -$44.8 million in Q4 2025, down 25.51% year-on-year from -$60.1 million in Q4 2024, and down 0.77% quarter-over-quarter from -$44.4 million in Q3 2025.
Bullish (BLSH) Operating Expenses (2024 - 2025) Analysis & Trends
Bullish has disclosed Operating Expenses across 2 years of filings, most recently posting -$44.8 million for Q4 2025.
- Operating Expenses for Q4 2025 came in at -$44.8 million, down 25.51% year-over-year; the trailing twelve-month figure through Dec 2025 was -$43.1 billion (down 8.57% YoY), and the FY2025 annual result was -$176.2 million, down 19.95% from the prior year.
- Operating Expenses came in at -$44.8 million for Q4 2025 at Bullish, down from -$44.4 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of -$35.7 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 | 2,819.83 Bn | 2,741.56 Bn | 56.06 Bn | 10.85 Bn |
| 2 | Alarum Technologies | 1,056.91 Bn | 1,042.76 Bn | 7.23 Mn | 6.42 Mn |
| 3 | Oracle | 530.68 Bn | 492.11 Bn | 15.14 Bn | 11.73 Bn |
| 4 | Palantir Technologies | 306.85 Bn | 298.93 Bn | 1.42 Bn | 662.79 Mn |
| 5 | Palo Alto Networks | 199.03 Bn | 194.49 Bn | 1.91 Bn | 1.51 Bn |
| 6 | CrowdStrike Holdings | 170.56 Bn | 167.51 Bn | 993.68 Mn | 979.89 Mn |
| 7 | Fortinet | 106.91 Bn | 103.62 Bn | 1.49 Bn | 905.10 Mn |
| 8 | Synopsys | 86.43 Bn | 86.31 Bn | 1.77 Bn | 1.57 Bn |
| 9 | Cloudflare | 79.42 Bn | 78.48 Bn | 455.60 Mn | 517.59 Mn |
| 10 | Bullish | 3.08 Bn | 3.00 Bn | 21.51 Mn | -44.75 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -44.75 Mn |
| Sep 30, 2025 | -44.41 Mn |
| Jun 30, 2025 | -43.02 Bn |
| Dec 31, 2024 | -35.66 Mn |
| Sep 30, 2024 | -38.12 Mn |
| Jun 30, 2024 | -39.66 Bn |