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Bullish vs Circle Internet: revenue, profit, margins and growth compared

Bullish brought in $244.8B of revenue in fiscal 2025, Circle Internet $2.7B in fiscal 2025. Revenue changed by -2.2% at Bullish and +63.9% at Circle Internet on the year before, so Circle Internet grew faster. Bullish kept -0.3% of its revenue as net profit, Circle Internet -2.5%. Free cash flow was $18.7M at Bullish and $529.7M at Circle Internet.

Side by side, latest fiscal year

BLSHCRCL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$244.8B$2.7B
Revenue growth-2.2%+63.9%
Net income-$764.7M-$69.5M
Net margin-0.3%-2.5%
Free cash flow$18.7M$529.7M
Free cash flow margin0.0%19.3%
Earnings per share (diluted)-$5.99-$0.44
Cash$87.9M$1.5B
Debtn/an/a
Price to earningsn/an/a
Market value$6B$22.6B
Dividend yieldn/an/a
Rank by revenue in sector#2 of 444 · Finance#129 of 444 · Finance

Over the years

Revenue
BLSH FY2023: $116.5BBLSH FY2025: $250.2BBLSH FY2025: $244.8BCRCL FY2023: $1.5BCRCL FY2025: $1.7BCRCL FY2025: $2.7BFY23FY25
BLSH $244.8BCRCL $2.7B
Net income
BLSH FY2023: $1.3BBLSH FY2025: $78.5MBLSH FY2025: -$764.7MCRCL FY2023: $267.6MCRCL FY2025: $155.7MCRCL FY2025: -$69.5MFY23FY25
BLSH -$764.7MCRCL -$69.5M
Net margin
BLSH FY2023: 1.1%BLSH FY2025: 0.0%BLSH FY2025: -0.3%CRCL FY2023: 18.4%CRCL FY2025: 9.3%CRCL FY2025: -2.5%FY23FY25
BLSH -0.3%CRCL -2.5%
Free cash flow
BLSH FY2023: -$127.6MBLSH FY2025: -$30.4MBLSH FY2025: $18.7MCRCL FY2023: $138.9MCRCL FY2025: $326.4MCRCL FY2025: $529.7MFY23FY25
BLSH $18.7MCRCL $529.7M

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

Questions about Bullish and Circle Internet

Which is bigger by revenue, Bullish or Circle Internet?

Bullish is bigger by revenue: $244.8B in fiscal 2025, against $2.7B for Circle Internet in fiscal 2025.

Which keeps more of its revenue as profit, Bullish or Circle Internet?

Bullish had a net margin of -0.3% in fiscal 2025; Circle Internet had -2.5% in fiscal 2025.

Which grew revenue faster, Bullish or Circle Internet?

In their latest fiscal years revenue changed by -2.2% at Bullish and +63.9% at Circle Internet.

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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