Abstract
Bullish will announce its quarterly results on February 05, 2026 Pre-Market. This preview consolidates company guidance and market commentary since January 01, 2026 to provide a focused view of the expected numbers and key drivers.
Market Forecast
Consensus points to Bullish’s current quarter revenue of $87.90 million, EBIT of $30.02 million, and adjusted EPS of $0.16, with year-over-year growth rates not disclosed; management’s latest projections suggest a gross profit margin near 100.00% and a net profit margin trend consistent with the prior quarter’s 28.28%, though an explicit net income figure or YoY margin trend for the forecast period is not provided. The core business remains concentrated in digital assets, whose outlook centers on transaction volumes and spreads supported by stable liquidity conditions and onboarding of new institutional participants. The most promising segment is the digital assets unit, contributing $58.63 billion last quarter and set to benefit from incremental institutional activity; year-over-year growth for the segment is not disclosed.
Last Quarter Review
Bullish’s last reported quarter delivered revenue of $76.50 million, a gross profit margin of 100.00%, GAAP net profit attributable to the parent company of $18.40 million, a net profit margin of 28.28%, and adjusted EPS of $0.10; year-over-year rates were not disclosed. A notable feature of the quarter was a significant sequential net income decline of 82.89%, reflecting normalization after a prior spike in profitability relative to operating trends. In the main business, digital assets generated $58.63 billion in revenue, underscoring the company’s dominant exposure, while ancillary services contributed $0.03 billion; year-over-year change was not disclosed.
Current Quarter Outlook
Main Business: Digital Asset Trading and Market Services
Bullish’s principal revenue driver is its digital asset trading and related market services franchise. The quarter’s performance will hinge on client activity levels, bid-ask spreads, and funding costs as market depth and volatility set execution conditions. With the prior quarter’s gross margin at 100.00%, revenue sensitivity to volumes is high, and the stock’s reaction will track whether turnover and spreads meet or exceed management’s EBIT and EPS targets. The reported sequential contraction in net profit last quarter sets the stage for a rebound if transactions scale in line with the $87.90 million revenue forecast, with attention on any commentary around institutional onboarding and product breadth that could lift sustainable run-rates.
Most Promising Business: Institutional Digital Assets
Within the broader digital asset segment, institutional flows present the largest upside potential. The company’s emphasis on institutional-grade infrastructure, compliance, and liquidity provisioning should enable deeper relationships with funds, corporates, and market-makers. If this cohort expands usage and broadens asset coverage, the unit economics may improve through better spread capture and throughput, aligning with the forecasted EBIT of $30.02 million. Monitoring updates on new client wins, cross-asset capabilities, and settlement efficiencies will be critical to gauging durability beyond the current quarter.
Stock Price Drivers This Quarter
Three forces will most influence Bullish’s share price around this print: execution versus the $0.16 adjusted EPS estimate, operating leverage relative to the $30.02 million EBIT target, and qualitative signals about demand resilience in digital assets. Meeting or modestly exceeding the revenue and EPS forecast could reset investor expectations after the prior quarter’s net income decline, provided margins remain close to the stated levels. Any commentary on risk management, liquidity provisioning, and trading book dynamics will inform views on earnings quality, while disclosures on cost discipline and technology investment will shape forward margin assumptions.
Analyst Opinions
Publicly available previews tilt toward a cautiously positive stance, emphasizing stabilization of digital-asset activity and potential for incremental institutional participation; negative calls were fewer and focused on the prior quarter’s sharp sequential decline in net income. Institutions expect the $87.90 million revenue, $30.02 million EBIT, and $0.16 EPS profile to be achievable if client activity and spreads hold, with the core debate centered on whether normalized margins near 100.00% gross and roughly high-twenties net can persist through cyclical swings. The majority view anticipates a balanced outcome with limited upside risk if volumes trend in line with internal pacing and costs remain contained, making guidance cadence and commentary on pipeline conversion pivotal to post-earnings sentiment.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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