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Bullish Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved record growth in Q4 2025, driven by options trading launch, U.S. market entry, and global regulatory licenses.
Surpassed $9B in BTC options trading volume, reaching #2 in BTC options open interest within one quarter.
Secured U.S. transfer agent registration in December 2025, advancing tokenization capabilities.
CoinDesk established as #1 indexer for digital assets, winning 15 of 39 ETF listings globally in Q4 2025.
Focused on exchange growth, tokenization leadership, and digital asset indices/insights for 2026.
Financial highlights
Q4 2025 adjusted revenue: $92.5M (up ~70% YoY); full year: $288.5M (up ~35% YoY).
Q4 2025 adjusted EBITDA: $44.5M (48% margin); full year adjusted EBITDA: $94.3M.
Q4 2025 adjusted net income: $28.9M; full year: $38.8M.
Q4 2025 total trading volume: $222B; digital asset sales: $64.3B.
Subscription, services, and other revenue grew 3.8x YoY to $155.5M in FY25.
Outlook and guidance
2026 SS&O revenue guidance: $220M–$250M, reflecting ~50% YoY growth at midpoint.
2026 adjusted operating expenses: $210M–$230M, with low single-digit growth expected.
Finance expense for 2026 expected at $52M–$60M.
2026 guidance incorporates macro headwinds, regulatory developments, and selective product sunsetting.
Focus areas: derivatives and U.S. exchange growth, tokenization, and expanding information services.
Impact of digital asset fair value changes?
Drivers for 2026 SS&O revenue guidance?
Future growth strategy for options and ETPs.
Options market share path to #1?
RWA tokenization: What specific assets next?
U.S. regulatory clarity: Pipeline acceleration?
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Next Bullish earnings date
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Bullish
Next Bullish earnings date
Q1 202623 Apr, 2026
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