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, focusing on financial exchanges and data. As a player in this industry, it plays a crucial role in facilitating trading and providing market insights, which are essential for investors and traders alike.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability, and this quarter's consensus suggests a modest recovery from previous losses.

$0.17

Revenue

Revenue growth is critical for assessing the company's ability to generate sales and sustain operations, especially after recent disappointing results.

$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 a significant EPS loss of $-3.85, far below the expected $0.17. This disappointing performance led to a 5.62% drop in stock price the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about Bullish's upcoming earnings, expecting a rebound in EPS and revenue. However, the company has struggled in recent quarters, raising concerns about its ability to meet these expectations.

Bull Case

If Bullish can achieve or exceed the consensus EPS of $0.17 and show strong revenue growth, it may signal a turnaround, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet these targets, it could lead to further declines in stock price, especially given its recent history of significant earnings misses.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.17

EPS is a key indicator of profitability, and this quarter's consensus suggests a modest recovery from previous losses.

Revenue

$88M

Revenue growth is critical for assessing the company's ability to generate sales and sustain operations, especially after recent disappointing results.

Expectations

Two Questions That Matter

The print will turn on these two things.

Can Bullish achieve an EPS of $0.17 or better?

Meeting or exceeding this EPS target is crucial for restoring investor confidence after a series of disappointing results.

What is the revenue outlook for Q2-2026?

Revenue performance will be closely watched to assess the company's growth trajectory and ability to recover from past losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate Bullish's potential for recovery given the recent focus on trading volumes and market activity, which could positively impact revenue.

Supporting Evidence

The options market is pricing a 32.25% move, suggesting traders expect significant volatility, which could indicate a surprise.

Historical performance shows that even with misses, the stock has occasionally rebounded, indicating potential for unexpected positive sentiment.

Key Risk

If revenue significantly exceeds $88M, it could shift market perception and lead to a bullish turnaround.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Bullish can recover from its recent poor performance, with key metrics indicating potential for improvement.

Bull Confirmed If

Achieving an EPS of $0.17 or better with revenue exceeding $88M would confirm a positive turnaround.

Bear Confirmed If

Failing to meet the EPS target of $0.17 and reporting revenue below $82M would reinforce bearish sentiment.

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, indicating that traders expect volatility 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, history suggests a potential average one-day move of +3.1%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

Should the company miss earnings expectations, history indicates an average one-day decline of -7.04%, which could further dampen investor sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and how they impacted revenue.
2Insights into cost management strategies and their effect on profitability.
3Updates on market conditions and how they may influence future performance.
4Any guidance on upcoming product launches or services that could drive growth.
5Management's outlook on competitive pressures in the financial exchanges sector.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability, and this quarter's consensus suggests a modest recovery from previous losses.

$0.17

Revenue

Revenue growth is critical for assessing the company's ability to generate sales and sustain operations, especially after recent disappointing results.

$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 a significant EPS loss of $-3.85, far below the expected $0.17. This disappointing performance led to a 5.62% drop in stock price the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Bullish can achieve or exceed the consensus EPS of $0.17 and show strong revenue growth, it may signal a turnaround, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet these targets, it could lead to further declines in stock price, especially given its recent history of significant earnings misses.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.17

EPS is a key indicator of profitability, and this quarter's consensus suggests a modest recovery from previous losses.

Revenue

$88M

Revenue growth is critical for assessing the company's ability to generate sales and sustain operations, especially after recent disappointing results.

Expectations

Two Questions That Matter

The print will turn on these two things.

Can Bullish achieve an EPS of $0.17 or better?

Meeting or exceeding this EPS target is crucial for restoring investor confidence after a series of disappointing results.

What is the revenue outlook for Q2-2026?

Revenue performance will be closely watched to assess the company's growth trajectory and ability to recover from past losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate Bullish's potential for recovery given the recent focus on trading volumes and market activity, which could positively impact revenue.

Supporting Evidence

The options market is pricing a 32.25% move, suggesting traders expect significant volatility, which could indicate a surprise.

Historical performance shows that even with misses, the stock has occasionally rebounded, indicating potential for unexpected positive sentiment.

Key Risk

If revenue significantly exceeds $88M, it could shift market perception and lead to a bullish turnaround.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Bullish can recover from its recent poor performance, with key metrics indicating potential for improvement.

Bull Confirmed If

Achieving an EPS of $0.17 or better with revenue exceeding $88M would confirm a positive turnaround.

Bear Confirmed If

Failing to meet the EPS target of $0.17 and reporting revenue below $82M would reinforce bearish sentiment.

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, indicating that traders expect volatility 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, history suggests a potential average one-day move of +3.1%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance.

Miss

Should the company miss earnings expectations, history indicates an average one-day decline of -7.04%, which could further dampen investor sentiment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any commentary on trading volume trends and how they impacted revenue.
2Insights into cost management strategies and their effect on profitability.
3Updates on market conditions and how they may influence future performance.
4Any guidance on upcoming product launches or services that could drive growth.
5Management's outlook on competitive pressures in the financial exchanges sector.