
• Reported GAAP EPS of -$3.73 down -366.43% YoY • Reported revenue of $64.4B down -2.48% YoY • Bullish projects full year 2026 Subscription, services & other revenue (non-IFRS) between $220M to $250M, with Adjusted operating expense (non-IFRS) guided from $210M to $230M.
Bullish
Bullish achieved record Adjusted revenue, EBITDA, and net income in Q4 2025, demonstrated strong options trading volume and market share leadership, and secured key regulatory registration for its tokenization stack.
Bearish
Bullish experienced a significant net loss of -$563.6M and a decline in digital asset sales and transaction revenue, alongside ongoing risks from digital asset volatility and intense competition.