1. MARKETS
  2. SECTOR : SOFTWARE & SERVICES
  3. INDUSTRY : PACKAGED SOFTWARE
  4. BULLISH
Bullish
XNYS: BLSH
Expensive Performer
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31.63-0.96(-2.95%)
49.06% Fall from 52W High
739.0K
XNYS Volume

XNYS 12 Oct, 2026 5:30 PM (EDT)

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Board Meeting
The next board meeting for Bullish is on 15 Oct 2026 for the purpose of Bullish Annual General Meeting for 2025See details

Bullish quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Bullish quarterly results: revenue, profit, and P&L – 13 quarter history

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  • NEGATIVE

    Quarterly Revenue Bullish Jun-2026 Quarterly Revenue is $32,650 Million which is growth of -44.3% YoY.

  • NEGATIVE

    Quarterly Net Profit Bullish Jun-2026 Quarterly Net Profit is $-270 Million which is growth of -351.3% YoY.

Bullish, Earnings Report - Quarterly Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphJun '26Mar '26Dec '25Sep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '22Jun '22Dec '21
Operating Rev.
32,65051,870.264,401.341,649.758,662.980,256.566,040.654,204.249,604.580,413.9---
Cost Of Rev.
32,621.251,840.464,486.741,584.658,615.380,252.866,154.554,171.449,556.580,412.7---
Gross Profit
28.829.8-85.565.147.73.7-113.932.9481.2---
⌄
37.122-112.545.760.40.4-142.739.656.4-9.6---
Operating Profit
-8.37.82719.3-12.73.328.7-6.8-8.410.9---
⌄
-14.5-14.1-14.9-13.9-13.3-10.2-10.7-9.9-9.1-8.9---
Profit Before Tax
-280-604.6-565.118.4109.1-348.8162.2-66.5-116.1104.9---
Tax
0.2-1.5-0.10.9-0.23.80.70.30.2---
⌄
-270.2-581.7-546.618.4107.5-344157-66.7-115.4103.6---
Diluted NI Avail to Com Stockholders Ann.
-270.2-581.7-563.618.4107.5-344157-66.7-115.4103.6---
Basic EPS
-1.8-3.9-3.70.10.7-2.41.1-0.5-0.80.7---
Diluted EPS After ExtraOrdinary
-0.8-1.40.4-0.1-0.3-00.2-0.2-0.2-0.2---
Number Of Shares End
151.7151.2151.2133.1146.2146.2146.2146.2146.2146.2---
Net Income Continuing Discontinued Operations
-270.2-581.7-546.618.4107.5-344157-66.7-115.4103.6---
Normalized Income
14.320.328.916.2-6241593.44---
Interest Income
-------------
Interest
14.514.114.913.913.310.210.79.99.18.9---
Net Interest Income
-14.5-14.1-14.9-13.9-13.3-10.2-10.7-9.9-9.1-8.9---
EBIT
-265.5-590.6-550.232.3122.4-338.6172.9-56.7-107113.9---
EBITDA
-263.5-588.3-549.234.1124.6-336.5175.1-54.6-104.7115.9---
Reconciled Cost Of Rev.
32,621.251,840.464,486.741,584.658,615.380,252.866,154.554,171.449,556.580,412.7---
Reconciled Depr.
22.211.82.22.12.222.32.1---
Profit From Continuing Operations
-280-604.9-563.618.5108.3-348.6158.5-67.3-116.4104.8---
Normalized EBITDA
-10.618.580.9-3.3-25.84.550.4-11.4-22.7---
*All financials are in USD Million and price data in USD
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Bullish competitor comparison and performance snapshot within industry

Bullish annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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  • NEGATIVE

    Annual Revenue Bullish Dec-2025 Annual Revenue is $244,970 Million which is growth of -2.1% YoY.

  • NEGATIVE

    Annual Net Profit Bullish Dec-2025 Annual Net Profit is $-765 Million which is growth of -1073.8% YoY.

Bullish, Earnings Report - Annual Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsTTMDec '25Dec '24Dec '23Dec '22Dec '21Dec '20
⌄
49.8%
-
 244,970.3250,263.3116,498.372,895.31,321.6-
Cost Of Rev. Ann.
49.8%
-
190,533244,896.2250,258116,529.272,901.82,365-
Gross Profit Ann.
-
-
38.274.15.3-30.9-6.6-1,043.5-
Operating Exp. Ann.
-
-
-7.623.4-26.6-31.9-22.2232.2-
Operating Profit Ann.
47.8%
-
45.850.731.9115.7-1,275.6-
⌄
-
-
-57.4-52.4-38.56.2-122.7-125.3-
Other Exp. Ann.
-
-
 -784.791.21,294.2-4,137.6-0.1-
PBT Ann.
-
-
-1,431.3-786.484.61,301.5-4,244.7-1,401-
Tax Ann.
-
-
-1.4-0.951.51.20.3-
⌄
-
-
-1,380.1-764.778.51,299.2-4,245.9-1,401.3-
Diluted NI Avail to Com Stockholders Ann.
-
-
-1,397.1-781.778.51,299.2-4,245.9-1,401.3-
EPS Ann.
-
-
 -60.58.9-29-9.6-
Diluted EPS Ann.
-
-
 -60.58.9-29-9.6-
Number Of Shares End
-
-
 151.2146.2----
Total Exp. Ann.
49.8%
-
 244,919.7250,231.3116,497.372,879.62,597.2-
Net Income Continuing Discontinued Operations Ann.
-
-
-1,380.1-764.778.51,299.2-4,245.9-1,401.3-
Normalized Income Ann.
10.2%
-
79.738.8102229-1,356.4-
Interest Income Ann.
-
-
 --9.2-1.5-
Interest Ann.
-24.7%
-
57.452.438.53122.7126.8-
EBITDA Ann.
-
-
-1,366.9-727131.71,300.7-4,118.4-1,275.2-
Reconciled Cost Of Rev. Ann.
49.8%
-
190,533244,897.4250,258116,529.272,901.82,365-
Reconciled Depr. Ann.
25.4%
-
77.18.65.43.60.5-
Profit From Continuing Operations Ann.
-
-
-1,430-785.579.61,300-4,245.9-1,401.3-
Normalized EBITDA Ann.
26.2%
-
85.638.8-2.915.619.3-1,273.6-
*All financials are in USD Million and price data in USD
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Total Rev. Ann.
1Y CHG
-2.1%
2Y CAGR
45%
3Y CAGR
49.8%

Bullish balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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  • POSITIVE

    Total Shareholders Fund Bullish Dec-2025 Total Shareholders Fund is $3,216 Million which is growth of 34.6% YoY.

  • POSITIVE

    Total Assets Bullish Dec-2025 Total Assets is $3,957 Million which is growth of 29.8% YoY.

Bullish, Balance Sheet, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20
⌄
5.1%
-4.8%
3,956.53,047.41,922.13,406.17,455.25,049.4
⌄
-24.4%
-8.7%
658.2646.8639.81,523.31,344.31,037.5
⌄
19.5%
-4.3%
3,216.22,389.71,281.51,882.86,110.94,011.9
Total Capitalization Ann.
25.6%
-1.5%
3,727.12,892.71,710.41,882.86,110.94,011.9
Tangible Assets Ann.
18.4%
-
3,1222,274.91,206.31,881.56,109.6-745.5
Working Capital Ann.
25.4%
69.3%
3,674.22,827.31,668.11,865.47,271.1263.9
Invested Capital Ann.
26.1%
-1.2%
3,777.42,917.71,710.41,882.86,110.94,011.9
Tangible Book Value Ann.
18.4%
-
3,1222,274.91,206.31,881.56,109.6-745.5
Borrowings Ann.
245.4%
-
581.1543.1440.414.16.5
Net Debt Ann.
-
-
473.3496.5316---
Share Issued Ann.
1%
0.6%
150.8146.2146.2146.2146.2146.2
Number Of Shares End
-
-
151.2146.2----
*All financials are in USD Million and price data in USD
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Total Assets Ann.
1Y CHG
29.8%
2Y CAGR
43.5%
3Y CAGR
5.1%
5Y CAGR
-4.8%
Total Assets Annual growth is higher than historical averages.
Total Current Liabilities Ann.
1Y CHG
52.6%
2Y CAGR
-8.5%
3Y CAGR
-55.9%
5Y CAGR
35.8%
Total Current Liabilities Annual Cr growth is higher than historical averages.
Total ShareHolders Funds Ann.
1Y CHG
34.6%
2Y CAGR
58.4%
3Y CAGR
19.5%
5Y CAGR
-4.3%
Total ShareHolders Funds Annual growth is higher than historical averages.

Bullish ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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  • NEUTRAL

    Book Value Per Share Bullish Book Value Per Share is $21 which is growth of 0% YoY.

  • NEUTRAL

    ROE Bullish ROE is 0% which is growth of 0% YoY.

Bullish, Ratios, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20
RoA Ann. %
-
-
-----22.41%-
ROE Ann. %
-
-
-----27.68%-
ROIC %
-
-
-5.7----
OPM Ann. %
0%
-
0.02%0.01%0.02%-96.52%-
Inventory Turnover Ratio Ann.
-
-
----0.8-
Asset Turnover Ann. %
-
-
------
Working Capital Turnover Ann.
19.5%
-
66.788.569.839.10.2-
Quick Ratio Ann.
-
-
------
Current Ratio Ann.
-
-
------
Interest Coverage Ratio Ann.
-
-
-----10.1-
LT Debt To Equity Ann.
-
-
------
*All financials are in USD Million and price data in USD
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Bullish cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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  • POSITIVE

    Cash From Operating Activity Bullish Dec-2025 Cash From Operating Activity is $29 Million which is growth of 195.5% YoY.

  • POSITIVE

    Net Cash Flow Bullish Dec-2025 Net Cash Flow is $73 Million which is growth of 196.2% YoY.

Bullish, Cash Flow, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20
⌄
-47.3%
-
28.6-30-124.3194.9-121-
⌄
-
-
2.1-45.13.9-1.31,502.9-
⌄
-
-
42.4-1-1,212.7-7.7-340.4-
Cash Plus Cash Eqv. End Of Year Ann.
-55.4%
-
130.555.8131.51,466.91,281-
Net Increase In Cash Plus Cash Eqv.s Ann.
-26.7%
-
73.1-76-1,335.4185.91,041.6-
Cash Plus Cash Eqv. Begin Of Year Ann.
-64.8%
-
55.8131.51,466.91,281239.4-
Income Tax Paid Supplemental Data Ann.
-
-
------
Interest Paid Supplemental Data Ann.
-
-
------
Capex Ann.
-
-
-51.8-3.7-1-1.3-334.3-
Issuance Of Capital Stock Ann.
-
-
59.2----
Issuance Of Debt Ann.
-8.2%
-
174.32543225152-
Repayment Of Debt Ann.
-
-
-150.4-4.9-718-227.3-120.8-
Repurchase Of Capital Stock Ann.
-
-
------
Free Cash Flow Ann.
-
-
-63.9-54.8-128.3188.2-455.3-
*All financials are in USD Million and price data in USD
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Cash from Operating Act. Ann.
3Y CAGR
-47.3%
Cash from Investing Act. Ann.
2Y CAGR
-26.6%
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