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Bullish vs Coinbase Global: revenue, profit, margins and growth compared

Bullish brought in $244.8B of revenue in fiscal 2025, Coinbase Global $7.2B in fiscal 2025. Revenue changed by -2.2% at Bullish and +9.4% at Coinbase Global on the year before, so Coinbase Global grew faster. Bullish kept -0.3% of its revenue as net profit, Coinbase Global 17.6%.

Side by side, latest fiscal year

BLSHCOIN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$244.8B$7.2B
Revenue growth-2.2%+9.4%
Net income-$764.7M$1.3B
Net margin-0.3%17.6%
Free cash flow$18.7Mn/a
Free cash flow margin0.0%n/a
Earnings per share (diluted)-$5.99$4.45
Cash$87.9M$11.3B
Debtn/a$7.2B
Price to earningsn/a43.8
Market value$6B$51.5B
Dividend yieldn/an/a
Rank by revenue in sector#2 of 444 · Finance#76 of 444 · Finance

Over the years

Revenue
BLSH FY2023: $116.5BBLSH FY2025: $250.2BBLSH FY2025: $244.8BCOIN FY2019: $533.7MCOIN FY2021: $1.3BCOIN FY2021: $7.8BCOIN FY2022: $3.2BCOIN FY2023: $3.1BCOIN FY2024: $6.6BCOIN FY2025: $7.2BFY19FY21FY22FY23FY24FY25
BLSH $244.8BCOIN $7.2B
Net income
BLSH FY2023: $1.3BBLSH FY2025: $78.5MBLSH FY2025: -$764.7MCOIN FY2019: -$30.4MCOIN FY2021: $322.3MCOIN FY2021: $3.6BCOIN FY2022: -$2.6BCOIN FY2023: $94.9MCOIN FY2024: $2.6BCOIN FY2025: $1.3BFY19FY21FY22FY23FY24FY25
BLSH -$764.7MCOIN $1.3B
Net margin
BLSH FY2023: 1.1%BLSH FY2025: 0.0%BLSH FY2025: -0.3%COIN FY2019: -5.7%COIN FY2021: 25.2%COIN FY2021: 46.2%COIN FY2022: -82.2%COIN FY2023: 3.1%COIN FY2024: 39.3%COIN FY2025: 17.6%FY19FY21FY22FY23FY24FY25
BLSH -0.3%COIN 17.6%
Revenue growth
BLSH FY2025: +114.8%BLSH FY2025: -2.2%COIN FY2021: +139.3%COIN FY2021: +513.7%COIN FY2022: -59.3%COIN FY2023: -2.7%COIN FY2024: +111.2%COIN FY2025: +9.4%FY21FY22FY23FY24FY25
BLSH -2.2%COIN +9.4%
Free cash flow
BLSH FY2023: -$127.6MBLSH FY2025: -$30.4MBLSH FY2025: $18.7MCOIN FY2019: -$114.1MCOIN FY2021: $283.6MCOIN FY2021: $4BCOIN FY2022: -$1.6BFY19FY21FY22FY23FY25
BLSH $18.7MCOIN -$1.6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Bullish and Coinbase Global

Which is bigger by revenue, Bullish or Coinbase Global?

Bullish is bigger by revenue: $244.8B in fiscal 2025, against $7.2B for Coinbase Global in fiscal 2025.

Which keeps more of its revenue as profit, Bullish or Coinbase Global?

Bullish had a net margin of -0.3% in fiscal 2025; Coinbase Global had 17.6% in fiscal 2025.

Which grew revenue faster, Bullish or Coinbase Global?

In their latest fiscal years revenue changed by -2.2% at Bullish and +9.4% at Coinbase Global.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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