Equity Profile

BLSH

Bullish

FinancialsFinancial Exchanges & Data$5.3B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Bullish (BLSH) operates in the financial sector, focusing on financial exchanges and data. As a company in this industry, it plays a crucial role in facilitating trading and providing market data, which is essential for investors and traders alike.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of a company's profitability and will help investors gauge Bullish's financial health this quarter.

N/A

Revenue Growth

Revenue growth is vital for understanding how well Bullish is performing compared to expectations, especially after recent earnings misses.

N/A

1 more metrics, 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 a significant earnings miss with an EPS of -$3.85, far below the expected $0.17. Following this disappointing report, the stock dropped 5.62% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for Bullish are cautious given its recent earnings history, with a focus on whether it can turn around its performance this quarter. The options market suggests a significant potential move, indicating uncertainty among investors.

Bull Case

If Bullish can deliver a positive surprise in earnings and revenue, it may regain investor confidence and see a strong stock rebound.

Bear Case

Conversely, another earnings miss could lead to further declines, especially given the current sentiment and recent insider selling.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Bullish report a positive EPS this quarter?

Given the company's recent history of significant earnings misses, a positive EPS would signal a turnaround and could boost investor confidence.

What is the outlook for revenue growth in the upcoming quarter?

Revenue growth is crucial for assessing the company's performance and future prospects, especially after disappointing results in previous quarters.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for a rebound in Bullish's earnings, given the high implied volatility in options pricing, which suggests that investors are expecting a significant move.

Supporting Evidence

Options are pricing a 32.25% move, indicating that the market anticipates a substantial shift in sentiment.

Insider selling of $2.9M could suggest a lack of confidence from management, but it may also create a buying opportunity if the company surprises positively.

Key Risk

If Bullish can report an EPS above $0.10, it could significantly alter the current negative sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether Bullish can reverse its recent trend of earnings misses and show signs of recovery.

Bull Confirmed If

A positive EPS of $0.10 or better would confirm the bull case.

Bear Confirmed If

An EPS of -$3.00 or worse would confirm 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 move, reflecting high uncertainty about the upcoming 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 setup 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).

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$2.9M

80,000 sh

1 insider

Net

$2.9M

Net selling

Most Active Insiders· 3 open-market trades

Chief Executive OfficerFarley Thomas W
$2.9M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Bullish beats expectations, history suggests the stock could rise by around 5.88%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line but cautious, the stock may experience a muted reaction as investors weigh the outlook.

Miss

If the company misses again, history suggests a decline of about 7.04%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on revenue growth expectations for the upcoming quarter.
2Management's commentary on the reasons behind the recent earnings misses.
3Insights into operational changes or strategic initiatives that could drive future performance.
4Any guidance on market conditions affecting trading volumes and activity.
5Details on insider selling and its implications for investor sentiment.

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

Earnings Per Share (EPS)

EPS is a key indicator of a company's profitability and will help investors gauge Bullish's financial health this quarter.

N/A

Revenue Growth

Revenue growth is vital for understanding how well Bullish is performing compared to expectations, especially after recent earnings misses.

N/A

1 more metrics, 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 a significant earnings miss with an EPS of -$3.85, far below the expected $0.17. Following this disappointing report, the stock dropped 5.62% the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Bullish can deliver a positive surprise in earnings and revenue, it may regain investor confidence and see a strong stock rebound.

Bear Case

Conversely, another earnings miss could lead to further declines, especially given the current sentiment and recent insider selling.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Bullish report a positive EPS this quarter?

Given the company's recent history of significant earnings misses, a positive EPS would signal a turnaround and could boost investor confidence.

What is the outlook for revenue growth in the upcoming quarter?

Revenue growth is crucial for assessing the company's performance and future prospects, especially after disappointing results in previous quarters.

Edge

What the Street Is Missing

Why consensus could be wrong

Supporting Evidence

Options are pricing a 32.25% move, indicating that the market anticipates a substantial shift in sentiment.

Insider selling of $2.9M could suggest a lack of confidence from management, but it may also create a buying opportunity if the company surprises positively.

Key Risk

If Bullish can report an EPS above $0.10, it could significantly alter the current negative sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter revolves around whether Bullish can reverse its recent trend of earnings misses and show signs of recovery.

Bull Confirmed If

A positive EPS of $0.10 or better would confirm the bull case.

Bear Confirmed If

An EPS of -$3.00 or worse would confirm 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 move, reflecting high uncertainty about the upcoming 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 setup in Financials

n=30

Fade rate: 11 of 30 (37%)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$2.9M

80,000 sh

1 insider

Net

$2.9M

Net selling

Most Active Insiders· 3 open-market trades

Chief Executive OfficerFarley Thomas W
$2.9M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Bullish beats expectations, history suggests the stock could rise by around 5.88%, confirming a positive turnaround narrative.

In-Line / Cautious

If results are in line but cautious, the stock may experience a muted reaction as investors weigh the outlook.

Miss

If the company misses again, history suggests a decline of about 7.04%, further eroding investor confidence.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on revenue growth expectations for the upcoming quarter.
2Management's commentary on the reasons behind the recent earnings misses.
3Insights into operational changes or strategic initiatives that could drive future performance.
4Any guidance on market conditions affecting trading volumes and activity.
5Details on insider selling and its implications for investor sentiment.