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Dec 31, 2025
Bullish Q4 2025 Earnings Report
Bullish reported record adjusted revenue and EBITDA in the fourth quarter while posting a net loss driven by digital asset valuation changes.
Key Takeaways
In Q4 2025, Bullish generated record adjusted revenue of $92.5 million and adjusted EBITDA of $44.5 million. The company reported a net loss of $563.6 million due primarily to changes in the fair value of digital assets, while core operating performance improved year over year.
Adjusted revenue reached a record $92508000 in Q4 2025.
Adjusted EBITDA increased significantly to $44450000 year over year.
Net loss of $563567000 was driven by digital asset fair value changes.
Digital asset sales totaled $64345078000 during the quarter.
Revenue by Segment
Forward Guidance
For full-year 2026, Bullish guided to continued growth in subscription and services revenue with disciplined cost management.
Positive Outlook
- Subscription, services and other revenue guidance of $220M to $250M.
- Adjusted operating expense expected between $210M and $230M.
- Continued momentum in options trading activity.
- Expanding institutional partnerships in liquidity services.
- Strengthening regulatory position in the U.S. and Europe.
Challenges Ahead
- Ongoing volatility in digital asset prices may impact reported earnings.
- Finance expense expected between $52M and $60M.
- Non-IFRS measures are not reconciled to IFRS guidance.
- Market conditions for crypto assets remain uncertain.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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