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Bullish vs Progressive: revenue, profit, margins and growth compared

Bullish brought in $244.8B of revenue in fiscal 2025, Progressive $87.7B in fiscal 2025. Revenue changed by -2.2% at Bullish and +16.3% at Progressive on the year before, so Progressive grew faster. Bullish kept -0.3% of its revenue as net profit, Progressive 12.9%. Free cash flow was $18.7M at Bullish and $17.2B at Progressive.

Side by side, latest fiscal year

BLSHPGR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$244.8B$87.7B
Revenue growth-2.2%+16.3%
Net income-$764.7M$11.3B
Net margin-0.3%12.9%
Free cash flow$18.7M$17.2B
Free cash flow margin0.0%19.6%
Earnings per share (diluted)-$5.99$19.23
Cash$87.9M$138M
Debtn/a$0
Price to earningsn/a10.7
Market value$6B$119.5B
Dividend yieldn/a6.76%
Rank by revenue in sector#2 of 444 · Finance#5 of 444 · Finance

Over the years

Revenue
BLSH FY2023: $116.5BBLSH FY2025: $250.2BBLSH FY2025: $244.8BPGR FY2018: $32BPGR FY2019: $39BPGR FY2020: $42.7BPGR FY2021: $47.7BPGR FY2022: $49.6BPGR FY2023: $62.1BPGR FY2024: $75.4BPGR FY2025: $87.7BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $244.8BPGR $87.7B
Net income
BLSH FY2023: $1.3BBLSH FY2025: $78.5MBLSH FY2025: -$764.7MPGR FY2018: $2.6BPGR FY2019: $4BPGR FY2020: $5.7BPGR FY2021: $3.4BPGR FY2022: $722MPGR FY2023: $3.9BPGR FY2024: $8.5BPGR FY2025: $11.3BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH -$764.7MPGR $11.3B
Net margin
BLSH FY2023: 1.1%BLSH FY2025: 0.0%BLSH FY2025: -0.3%PGR FY2018: 8.2%PGR FY2019: 10.2%PGR FY2020: 13.4%PGR FY2021: 7.0%PGR FY2022: 1.5%PGR FY2023: 6.3%PGR FY2024: 11.3%PGR FY2025: 12.9%FY18FY19FY20FY21FY22FY23FY24FY25
BLSH -0.3%PGR 12.9%
Revenue growth
BLSH FY2025: +114.8%BLSH FY2025: -2.2%PGR FY2019: +22.0%PGR FY2020: +9.3%PGR FY2021: +11.8%PGR FY2022: +4.0%PGR FY2023: +25.2%PGR FY2024: +21.4%PGR FY2025: +16.3%FY19FY20FY21FY22FY23FY24FY25
BLSH -2.2%PGR +16.3%
Free cash flow
BLSH FY2023: -$127.6MBLSH FY2025: -$30.4MBLSH FY2025: $18.7MPGR FY2018: $6BPGR FY2019: $5.9BPGR FY2020: $6.7BPGR FY2021: $7.5BPGR FY2022: $6.6BPGR FY2023: $10.4BPGR FY2024: $14.8BPGR FY2025: $17.2BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $18.7MPGR $17.2B

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

Questions about Bullish and Progressive

Which is bigger by revenue, Bullish or Progressive?

Bullish is bigger by revenue: $244.8B in fiscal 2025, against $87.7B for Progressive in fiscal 2025.

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

Bullish had a net margin of -0.3% in fiscal 2025; Progressive had 12.9% in fiscal 2025.

Which grew revenue faster, Bullish or Progressive?

In their latest fiscal years revenue changed by -2.2% at Bullish and +16.3% at Progressive.

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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