Bullish reported adjusted revenue of $76.5 million for the nine‑month period ended September 30, 2025, a 71% year‑over‑year increase from $44.6 million in the same period a year earlier. The figure beat consensus estimates of $71.1–$72.6 million, driven largely by a surge in its Subscription, Services & Other (SS&O) segment, which generated $49.8 million—up 115% from $21.8 million in Q3 2024. The SS&O growth was fueled by strong demand for CoinDesk Indices and data services, as well as the launch of crypto options and U.S. spot trading, which together added more than $1 billion in trading volume.
Net income swung to $18.5 million, a turnaround from a $67.3 million loss in Q3 2024. The company’s earnings per share of $0.07 fell short of the $0.08 consensus by $0.01, but the positive net income reflects improved fee income, tighter cost control, and a higher mix of high‑margin SS&O revenue. Adjusted EBITDA rose to $28.6 million from $7.7 million a year earlier, indicating margin expansion as fee income grew while variable costs remained stable.
For the fourth quarter, Bullish guided SS&O revenue to $47.0–$53.0 million and adjusted operating expenses to $48.0–$50.0 million. Management highlighted a 77% year‑over‑year increase in spot trading volume and the fact that its crypto options product has already surpassed $1 billion in volume, underscoring confidence in continued institutional demand.
CEO Tom Farley said the quarter was a “highly successful” period, citing the launch of crypto options and U.S. spot trading as key drivers of institutional interest. CFO David Bonanno noted record SS&O revenue and profitability, adding that the company’s liquidity services ecosystem was expanding and that the diversified business model would sustain profitable growth.
Investors reacted positively to the revenue beat and operational progress, though the EPS miss tempered enthusiasm. Analysts noted that while the company’s financial turnaround was impressive, the earnings miss highlighted the need for continued focus on cost discipline and margin management as the business scales.
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