Direct numerical simulation (DNS) with interface tracking of turbulent bubbly flows is becoming a major tool in advancing our knowledge in the area of multiphase modeling research. A comprehensive analysis of the turbulent flow structure allows us to evaluate the state-of-the-art computational multiphase fluid dynamics (CMFD) models and to propose new closure laws. The presented research will demonstrate how the multiphase DNS data can inform the development of computational fluid dynamics (CFD) models. In particular, the Reynolds stress distribution will be evaluated for single- and two-phase bubbly flows and the level of turbulence anisotropy will be measured in several scenarios. The results will help determine if the isotropic turbulent models are suitable for bubbly flow applications or if there is a strong need to apply and develop Reynolds-stress turbulent models for two-phase flow CFD modeling.