Equity Profile

BLSH

Bullish

FinancialsFinancial Exchanges & Data$4.2B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Bullish (BLSH) operates in the financial sector, specifically focusing on financial exchanges and data. As the market continues to evolve with digital transactions and data analytics, Bullish plays a crucial role in facilitating trading and providing valuable insights to investors.

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and financial health.

$0.17

Revenue

Revenue figures provide insight into the company's overall sales performance and market demand.

$88M

Wall Street expectations, options signals, track record, and call prep available with Pro.

BLSH Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 4Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-1313.87%

Avg Stock Reaction

-2.97%

Last Quarter Recap

In Q1-2026, Bullish reported an EPS of -$3.85, significantly missing analyst expectations. The stock reacted negatively, dropping 5.62% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Bullish to report a modest EPS of $0.17 and revenue of $88M for Q2-2026. Given the company's recent performance, there is uncertainty about meeting these expectations.

Bull Case

If Bullish can successfully leverage its data services and improve trading volumes, it could exceed revenue expectations and show a strong recovery in earnings.

Bear Case

Conversely, if the company continues to struggle with profitability and fails to generate sufficient revenue, it may see further declines in stock price.

Key Metrics to Watch

EPS

$0.17

Earnings per share is a key indicator of the company's profitability and financial health.

Revenue

$88M

Revenue figures provide insight into the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Bullish achieve at least $88M in revenue this quarter?

Meeting or exceeding this revenue target is crucial for restoring investor confidence after recent misses.

Can the company report a positive EPS after consecutive losses?

A return to profitability would signal a turnaround and could positively impact stock performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Bullish's potential for a turnaround, given the significant volatility priced into options.

Supporting Evidence

Options are pricing a 32.25% move, suggesting expectations of a larger reaction than historical averages.

The recent earnings history shows that the stock has reacted negatively to misses, but a recovery could lead to a sharp rebound.

Key Risk

If revenue comes in below $82M, it could undermine the bullish narrative and lead to further declines.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is watching closely to see if Bullish can recover from its recent earnings disappointments and return to profitability.

Bull Confirmed If

Achieving an EPS of $0.17 or better would confirm the bull case.

Bear Confirmed If

An EPS loss greater than $3.85 would solidify the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±32.25%

Historical Avg

±5.9%

Pricing rich

The options market is pricing in a significant potential movement in the stock price, indicating high volatility expectations around the earnings report.

Options are pricing ±32.2% while BLSH has averaged ±5.9% over the last 4 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

72.6%

Calls (84K)P/C Ratio: 1.07Puts (67K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Financials

n=30

Fade rate: 11 of 30 (37%)

This setup has occurred 30 times across Financials in the last 2 years. 19 of 30 (63%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 2.5%, with a raw directional average of +0.2% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Bullish beats expectations, the stock could see a positive reaction, potentially moving up by around 5.88% based on historical patterns.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable but could experience cautious trading as investors await further guidance.

Miss

A significant miss could lead to a decline of approximately 7.04%, reflecting ongoing concerns about the company's financial health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume and market demand for Bullish's services.
2Management's commentary on strategies to improve profitability.
3Insights into competitive pressures in the financial exchanges sector.
4Details on any new product offerings or technological advancements.
5Guidance on future revenue expectations and market conditions.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is a key indicator of the company's profitability and financial health.

$0.17

Revenue

Revenue figures provide insight into the company's overall sales performance and market demand.

$88M

Wall Street expectations, options signals, track record, and call prep available with Pro.

BLSH Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 4Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-1313.87%

Avg Stock Reaction

-2.97%

Last Quarter Recap

In Q1-2026, Bullish reported an EPS of -$3.85, significantly missing analyst expectations. The stock reacted negatively, dropping 5.62% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Bullish to report a modest EPS of $0.17 and revenue of $88M for Q2-2026. Given the company's recent performance, there is uncertainty about meeting these expectations.

Bull Case

If Bullish can successfully leverage its data services and improve trading volumes, it could exceed revenue expectations and show a strong recovery in earnings.

Bear Case

Conversely, if the company continues to struggle with profitability and fails to generate sufficient revenue, it may see further declines in stock price.

Key Metrics to Watch

EPS

$0.17

Earnings per share is a key indicator of the company's profitability and financial health.

Revenue

$88M

Revenue figures provide insight into the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Bullish achieve at least $88M in revenue this quarter?

Meeting or exceeding this revenue target is crucial for restoring investor confidence after recent misses.

Can the company report a positive EPS after consecutive losses?

A return to profitability would signal a turnaround and could positively impact stock performance.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating Bullish's potential for a turnaround, given the significant volatility priced into options.

Supporting Evidence

Options are pricing a 32.25% move, suggesting expectations of a larger reaction than historical averages.

The recent earnings history shows that the stock has reacted negatively to misses, but a recovery could lead to a sharp rebound.

Key Risk

If revenue comes in below $82M, it could undermine the bullish narrative and lead to further declines.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is watching closely to see if Bullish can recover from its recent earnings disappointments and return to profitability.

Bull Confirmed If

Achieving an EPS of $0.17 or better would confirm the bull case.

Bear Confirmed If

An EPS loss greater than $3.85 would solidify the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±32.25%

Historical Avg

±5.9%

Pricing rich

The options market is pricing in a significant potential movement in the stock price, indicating high volatility expectations around the earnings report.

Options are pricing ±32.2% while BLSH has averaged ±5.9% over the last 4 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

72.6%

Calls (84K)P/C Ratio: 1.07Puts (67K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Financials

n=30

Fade rate: 11 of 30 (37%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Bullish beats expectations, the stock could see a positive reaction, potentially moving up by around 5.88% based on historical patterns.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable but could experience cautious trading as investors await further guidance.

Miss

A significant miss could lead to a decline of approximately 7.04%, reflecting ongoing concerns about the company's financial health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on trading volume and market demand for Bullish's services.
2Management's commentary on strategies to improve profitability.
3Insights into competitive pressures in the financial exchanges sector.
4Details on any new product offerings or technological advancements.
5Guidance on future revenue expectations and market conditions.