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

Bullish brought in $244.8B of revenue in fiscal 2025, Qfin $2.7B in fiscal 2025. Revenue changed by -2.2% at Bullish and +16.8% at Qfin on the year before, so Qfin grew faster. Bullish kept -0.3% of its revenue as net profit, Qfin 31.2%. Free cash flow was $18.7M at Bullish and $1.6B at Qfin.

Side by side, latest fiscal year

BLSHQFIN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$244.8B$2.7B
Revenue growth-2.2%+16.8%
Net income-$764.7M$856.5M
Net margin-0.3%31.2%
Free cash flow$18.7M$1.6B
Free cash flow margin0.0%56.5%
Earnings per share (diluted)-$5.99$3.15
Cash$87.9M$671.6M
Debtn/an/a
Price to earningsn/an/a
Market value$5.7B$858.4M
Dividend yieldn/an/a
Rank by revenue in sector#2 of 536 · Finance#140 of 536 · Finance

Over the years

Revenue
BLSH FY2023: $116.5BBLSH FY2025: $250.2BBLSH FY2025: $244.8BQFIN FY2018: $646.8MQFIN FY2019: $1.3BQFIN FY2020: $2.1BQFIN FY2021: $2.6BQFIN FY2022: $2.4BQFIN FY2023: $2.3BQFIN FY2024: $2.4BQFIN FY2025: $2.7BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $244.8BQFIN $2.7B
Net income
BLSH FY2023: $1.3BBLSH FY2025: $78.5MBLSH FY2025: -$764.7MQFIN FY2018: $173.6MQFIN FY2019: $359.3MQFIN FY2020: $535.9MQFIN FY2021: $907.3MQFIN FY2022: $583.5MQFIN FY2023: $603.6MQFIN FY2024: $858.2MQFIN FY2025: $856.5MFY18FY19FY20FY21FY22FY23FY24FY25
BLSH -$764.7MQFIN $856.5M
Net margin
BLSH FY2023: 1.1%BLSH FY2025: 0.0%BLSH FY2025: -0.3%QFIN FY2018: 26.8%QFIN FY2019: 27.1%QFIN FY2020: 25.8%QFIN FY2021: 34.8%QFIN FY2022: 24.3%QFIN FY2023: 26.3%QFIN FY2024: 36.5%QFIN FY2025: 31.2%FY18FY19FY20FY21FY22FY23FY24FY25
BLSH -0.3%QFIN 31.2%
Revenue growth
BLSH FY2025: +114.8%BLSH FY2025: -2.2%QFIN FY2019: +104.8%QFIN FY2020: +57.0%QFIN FY2021: +25.6%QFIN FY2022: -8.1%QFIN FY2023: -4.4%QFIN FY2024: +2.5%QFIN FY2025: +16.8%FY19FY20FY21FY22FY23FY24FY25
BLSH -2.2%QFIN +16.8%
Free cash flow
BLSH FY2023: -$127.6MBLSH FY2025: -$30.4MBLSH FY2025: $18.7MQFIN FY2018: $40.2MQFIN FY2019: $423.4MQFIN FY2020: $813.9MQFIN FY2021: $904.6MQFIN FY2022: $854.8MQFIN FY2023: $990.7MQFIN FY2024: $1.3BQFIN FY2025: $1.6BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $18.7MQFIN $1.6B

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

Questions about Bullish and Qfin

Which is bigger by revenue, Bullish or Qfin?

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

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

Bullish had a net margin of -0.3% in fiscal 2025; Qfin had 31.2% in fiscal 2025.

Which grew revenue faster, Bullish or Qfin?

In their latest fiscal years revenue changed by -2.2% at Bullish and +16.8% at Qfin.

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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