Bullish cash flow statement

In fiscal 2025, Bullish's operations generated $28.6m of cash; it spent $9.9m on capital projects, leaving free cash flow of $18.7m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Bullish: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−127	−30	29
Depreciation and amortisation	5	9	8
Stock-based pay	6	23	16
Capital spending	1	0	10
Free cash flow	−128	−30	19
Free cash flow after stock pay	−134	−53	3
Dividends paid	535	0	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Bullish's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bullish.