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

Bullish brought in $244.8B of revenue in fiscal 2025, StoneX $132.4B in fiscal 2025. Revenue changed by -2.2% at Bullish and +32.5% at StoneX on the year before, so StoneX grew faster. Bullish kept -0.3% of its revenue as net profit, StoneX 0.2%. Free cash flow was $18.7M at Bullish and $4.3B at StoneX.

Side by side, latest fiscal year

BLSHSNEX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 30, 2025)
Revenue$244.8B$132.4B
Revenue growth-2.2%+32.5%
Net income-$764.7M$305.9M
Net margin-0.3%0.2%
Free cash flow$18.7M$4.3B
Free cash flow margin0.0%3.3%
Earnings per share (diluted)-$5.99$5.89
Cash$87.9M$1.6B
Debtn/an/a
Price to earningsn/a11.3
Market value$6B$8.1B
Dividend yieldn/an/a
Rank by revenue in sector#2 of 444 · Finance#4 of 444 · Finance

Over the years

Revenue
BLSH FY2023: $116.5BBLSH FY2025: $250.2BBLSH FY2025: $244.8BSNEX FY2018: $27.6BSNEX FY2019: $32.9BSNEX FY2020: $54.1BSNEX FY2021: $42.5BSNEX FY2022: $66BSNEX FY2023: $60.9BSNEX FY2024: $99.9BSNEX FY2025: $132.4BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $244.8BSNEX $132.4B
Net income
BLSH FY2023: $1.3BBLSH FY2025: $78.5MBLSH FY2025: -$764.7MSNEX FY2018: $55.5MSNEX FY2019: $85.1MSNEX FY2020: $169.6MSNEX FY2021: $116.3MSNEX FY2022: $207.1MSNEX FY2023: $238.5MSNEX FY2024: $260.8MSNEX FY2025: $305.9MFY18FY19FY20FY21FY22FY23FY24FY25
BLSH -$764.7MSNEX $305.9M
Net margin
BLSH FY2023: 1.1%BLSH FY2025: 0.0%BLSH FY2025: -0.3%SNEX FY2018: 0.2%SNEX FY2019: 0.3%SNEX FY2020: 0.3%SNEX FY2021: 0.3%SNEX FY2022: 0.3%SNEX FY2023: 0.4%SNEX FY2024: 0.3%SNEX FY2025: 0.2%FY18FY19FY20FY21FY22FY23FY24FY25
BLSH -0.3%SNEX 0.2%
Revenue growth
BLSH FY2025: +114.8%BLSH FY2025: -2.2%SNEX FY2019: +19.1%SNEX FY2020: +64.6%SNEX FY2021: -21.4%SNEX FY2022: +55.3%SNEX FY2023: -7.8%SNEX FY2024: +64.1%SNEX FY2025: +32.5%FY19FY20FY21FY22FY23FY24FY25
BLSH -2.2%SNEX +32.5%
Free cash flow
BLSH FY2023: -$127.6MBLSH FY2025: -$30.4MBLSH FY2025: $18.7MSNEX FY2018: -$486.1MSNEX FY2019: $183.7MSNEX FY2020: $1.9BSNEX FY2021: $2.1BSNEX FY2022: -$279MSNEX FY2023: -$70.6MSNEX FY2024: $441.7MSNEX FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
BLSH $18.7MSNEX $4.3B

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

Questions about Bullish and StoneX

Which is bigger by revenue, Bullish or StoneX?

Bullish is bigger by revenue: $244.8B in fiscal 2025, against $132.4B for StoneX in fiscal 2025.

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

Bullish had a net margin of -0.3% in fiscal 2025; StoneX had 0.2% in fiscal 2025.

Which grew revenue faster, Bullish or StoneX?

In their latest fiscal years revenue changed by -2.2% at Bullish and +32.5% at StoneX.

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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