Webull (BULL) financial statements
Webull reported revenue of $571M in fiscal 2025, up 13.7% a year over 3 years.
Net income was $25M.
Free cash flow was $562M.
The diluted share count rose 195% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Webull's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $388M | $390M | $390M | $571M |
| Research and development | — | $32M | $33M | $36M |
| Selling, general and admin | $73M | $96M | $123M | $169M |
| Interest expense | — | — | $122,778 | $5M |
| Pre-tax income | $66M | $20M | -$12M | $45M |
| Income tax | $32M | $16M | $14M | $21M |
| Net income | $50M | $6M | -$23M | $25M |
| EPS (diluted) | -$0.01 | -$2.42 | -$3.73 | -$1.23 |
| Diluted shares | 134M | 138M | 139M | 397M |
| Net margin | 12.9% | 1.6% | -5.8% | 4.3% |
Balance sheet
Fiscal years, from Webull's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $436M | $372M | $271M | $653M |
| Receivables | — | $693,769 | $4M | $6M |
| Total current assets | — | $1.2B | $1.9B | $3.7B |
| Property, plant and equipment | — | $34M | $34M | $36M |
| Goodwill | — | $5M | $5M | $30M |
| Total assets | — | $1.3B | $2.1B | $3.9B |
| Total current liabilities | — | $681M | $1.4B | $2.8B |
| Total liabilities | — | $696M | $1.5B | $2.9B |
| Shareholders' equity | -$1.5B | -$1.8B | -$2.3B | $1.0B |
| Net debt | -$436M | -$372M | -$271M | -$653M |
Cash flow
Fiscal years, from Webull's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$31M | $471M | $185M | $566M |
| Capital spending | $32M | $5M | $2M | $5M |
| Free cash flow | -$63M | $466M | $183M | $562M |
| Stock-based compensation | $30M | $29M | $33M | $44M |
| Free cash flow margin | -16.2% | 119.6% | 46.8% | 98.3% |
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Open BULL in InvestinglyQuestions
What was Webull's revenue in 2025?
$571M in fiscal 2025, from its 10-K filing.
How much free cash flow does Webull generate?
$562M in fiscal 2025 (operating cash flow minus capital spending).
From Webull's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.