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Bullish (BLSH) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Sep 23, 2026

After Close (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.11

Last Year’s EPS

-0.05

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:May 14, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presents multiple strong operational and strategic positives: robust year-over-year revenue growth (+49%), substantial margin expansion, clear exchange market-share gains (14% open interest in Bitcoin options), traffic and product validation at CoinDesk, and a transformational acquisition (Equiniti) that fills critical gaps for an end-to-end tokenization offering. Offsetting these are meaningful near-term headwinds: digital-asset price weakness, higher operating spend in 2026 (including one-time event and investment costs), temporary revenue impacts from contract exits, and deal execution/integration and leverage risks tied to the Equiniti transaction. Management reaffirmed 2026 pro-forma guidance and outlined medium-term targets, signaling confidence in the strategic plan while acknowledging short-term cost push and regulatory timing risks.

Company Guidance

Bullish reaffirmed its full‑year 2026 guidance and provided combined-company targets: pre‑synergy adjusted total revenue of $1.25–$1.35 billion, adjusted EBITDA less CapEx of $490–$530 million, and adjusted net income of $270–$290 million; for Q1 they reported $92.8 million of adjusted revenue, $57.7 million of adjusted operating expense, $35.1 million of adjusted EBITDA (≈38% margin) and $20.3 million of adjusted net income ($0.13 per adjusted diluted share on ~151.2 million shares). Looking further out, management expects medium‑term annual revenue growth of ~6–8%, $25–$50 million of net cost reductions (including $25–$50 million of post‑close savings targeted after the expected January 2027 close of the $4.2 billion Equiniti deal), EBITDA less CapEx to grow by about $100 million per year, roughly $1 billion of free cash flow over the medium term, and an exit‑2029 EBITDA less CapEx margin of ~50%; they also cautioned that full‑year adjusted operating expense will sit between the midpoint and upper end of the prior range (with Q2 2026 the peak quarter of spend due to Consensus Miami and accelerated tokenization investments).

Strong Top-Line Growth

Total adjusted revenue of $92.8 million in Q1 2026, up ~49% year-over-year and slightly higher sequentially versus Q4 2025 despite digital-asset price weakness (Bitcoin down ~24% QoQ).

Margins and Profitability Expansion

Adjusted EBITDA of $35.1 million representing about a 38% margin (vs. Q1 2025 adjusted EBITDA $13.2 million and a 21% margin), reflecting a ~72% contribution margin year-over-year. Adjusted net income was $20.3 million, or $0.13 per adjusted diluted share.

Transformative Equiniti Acquisition

Announced definitive agreement to acquire Equiniti for $4.2 billion (≈ $2.35B in newly issued Bullish shares + assumption of $1.85B Equiniti debt). Equiniti is TA for nearly 3,000 issuers (including >50% of FTSE 100 and >30% of S&P 500), 15,000 corporate clients, ~20 million KYC shareholders, processes >$0.5 trillion in payments annually, with average client tenure >15 years and ~99% retention.

Exchange & Derivatives Execution

Traded $11.6 billion in options market volume in Q1 and reached 14% global Bitcoin options open interest share, making Bullish the #2 global exchange for Bitcoin options. Hit a single-day volume high of $858 million in April.

Regulatory Progress & Licensing Roadmap

Filed for DCM/DCO futures and clearinghouse licenses and preparing a broker-dealer filing; management expects U.S. and European trading licenses prior to end of 2026 and has seen constructive regulator engagement (DCO approvals cited as achievable in under a year in similar cases).

Digital Media & Benchmark Wins (CoinDesk & Indices)

CoinDesk traffic: total page views +30% QoQ and monthly unique visitors ~+60% QoQ; April visits +82% YoY. CoinDesk Indices selected as the benchmark for Morgan Stanley's BTC ETP (MSBT), which launched April 8 and amassed over $220 million AUM quickly.

Event & Demand Validation

Consensus Hong Kong and Miami drew a combined 26,000+ attendees from 100+ countries; Miami net ticket sales were +120% vs. Toronto. Management reported substantial inbound interest from issuers, financial institutions and regulators following the Equiniti announcement.

Reaffirmed 2026 Pro-Forma Guidance and Medium-Term Targets

Reaffirmed pre-synergy combined 2026 adjusted revenue outlook of $1.25B–$1.35B, adjusted EBITDA less CapEx $490M–$530M, and adjusted net income $270M–$290M. Medium-term targets include ~6%–8% annual revenue growth, $25M–$50M net cost reductions, ~$100M/year EBITDA less CapEx growth, ~$1B medium-term free cash flow, and ~50% EBITDA less CapEx margin exit in 2029.

Bullish (BLSH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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BLSH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 23, 2026	2026 (Q2)	0.11 / -	-0.052	―	―	―
May 14, 2026	2026 (Q1)	0.15 / 0.29	0.07	308.57% (+0.22)
Feb 05, 2026	2025 (Q4)	0.15 / 0.20	―	―
Nov 19, 2025	2025 (Q3)	0.10 / 0.10	-0.456	121.93% (+0.56)
Sep 17, 2025	2025 (Q2)	-0.03 / -0.05	-1.025	94.93% (+0.97)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

BLSH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 14, 2026	$41.81	$39.46	-5.62%
Feb 05, 2026	$27.20	$24.90	-8.46%
Nov 19, 2025	$37.76	$36.39	-3.63%
Sep 17, 2025	$54.35	$65.61	+20.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.