Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Bullish files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
116,492
250,201
244,811
Cost of revenue
116,419
250,105
244,733
Gross profit
72.9
96.5
78.3
General and administrative
104
153
182
Interest expense
2.98
38.5
52.4
Pre-tax income
1,301
84.6
-786
Income tax
1.46
5.01
-0.94
Net income to minority interests
0.85
1.04
-20.8
Net income
1,299
78.5
-765
EPS, basic
11.55
0.70
-5.99
EPS, diluted
10.63
0.68
-5.99
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
113
31.5
87.9
Total current assets
2,912
3,804
Goodwill
61.5
63.1
Intangible assets
33.3
31.1
Total assets
3,047
3,957
Short-term debt
25
50
Total current liabilities
85
130
Lease liabilities
10.8
14.4
Total liabilities
647
658
Retained earnings
-2,309
-2,668
Shareholders' equity
2,390
3,216
Minority interests
11
82.1
Total equity
1,282
2,401
3,298
Total liabilities and equity
3,047
3,957
Cash flow statement
FY2023
FY2025
FY2025
Net income
1,300
79.6
-785
Cash from operations
-127
-30
28.6
Capital expenditures
-0.97
-0.39
-9.93
Cash from investing
3.92
-45.1
2.1
Dividends paid
-535
0
0
Cash from financing
-1,213
-0.98
42.4
Exchange rate effect
0
0.3
1.59
Free cash flow
-128
-30.4
18.7
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $37.58 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
0.0%
Gross profit / revenue.
Pre-tax margin
-0.3%
Pre-tax income / revenue.
Net margin
-0.3%
Net income / revenue.
FCF margin
0.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
0.0%
Cash from operations / revenue.
Return on equity (ROE)
-27.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-21.8%
Net income / average total assets.
Capex / revenue
0.0%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-2.2%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-18.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-1,074.0%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-980.9%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
34.6%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
29.8%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
29.3x
Current assets / current liabilities.
Quick ratio
0.68x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.68x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$5.99
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$5.99
Net income per basic share, as reported (split-adjusted).
Dividends / FCF
0.0%
Dividends paid / free cash flow, when free cash flow is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$6.00B
Share price x shares outstanding.
Enterprise value
$5.91B
Market cap + total debt - cash - short-term investments.
P/S
0.02x
Market cap / revenue.
P/B
1.87x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.92x
Market cap / tangible book value, when positive.
P/FCF
321x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
210x
Market cap / cash from operations, when positive.
EV/Sales
0.02x
Enterprise value / revenue.
EV/FCF
316x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.3%
Free cash flow / market cap.
Earnings yield
-12.7%
Net income / market cap (the inverse of P/E).
Dividend yield
0.0%
Dividends paid over the period / market cap.
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was Bullish's revenue in fiscal 2025?
Bullish reported revenue of $244.81B for fiscal 2025, 2.2% lower than the year before.
Was Bullish profitable in fiscal 2025?
No. It reported a net loss of $764.7M.
How much free cash flow did Bullish generate in fiscal 2025?
Cash from operations of $28.6M minus capital expenditures of $9.9M left free cash flow of $18.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.