Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Webull Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
388
390
390
571
Research and development
32
32.7
35.5
Selling and marketing
140
152
139
136
General and administrative
73
95.8
123
169
Operating expenses
320
367
405
513
Interest expense
0.12
5.46
Other non-operating income
-2.87
-2.8
2.3
-13.3
Pre-tax income
65.7
20.2
-12.1
45.2
Income tax
32.2
16.1
13.8
20.8
Income from continuing operations
33.5
4.28
-25.4
24.8
Net income to minority interests
-0.25
-0.49
-0.4
Net income
50.1
6.07
-22.7
24.8
EPS, basic
-0.01
-2.42
-3.73
-1.23
EPS, diluted
-0.01
-2.42
-3.73
-1.23
Shares, basic (weighted)
134
138
139
397
Shares, diluted (weighted)
134
138
139
397
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
436
372
271
653
Receivables
0.69
3.77
5.57
Other current assets
67.4
12.8
7.82
Total current assets
1,183
1,932
3,685
Property, plant and equipment
34.3
33.6
35.9
Lease right-of-use assets
11.9
66.3
64.4
Goodwill
5.2
5.2
30.3
Intangible assets
21.4
19.4
55.4
Other non-current assets
0.02
1
Total assets
1,260
2,069
3,881
Accounts payable
15.4
9.67
19
Deferred revenue
625
1,379
2,668
Total current liabilities
681
1,446
2,777
Lease liabilities
9.59
10.4
8.91
Total liabilities
696
1,462
2,864
Paid-in capital
3,193
Retained earnings
-1,756
-2,241
-2,178
Other comprehensive income
-6.86
-15.2
1.52
Shareholders' equity
-1,763
-2,256
1,016
Minority interests
0.66
1.27
0.19
Total equity
-1,453
-1,762
-2,255
1,016
Total liabilities and equity
1,260
2,069
3,881
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
50.1
5.82
-23.2
24.4
Depreciation and amortization
1.42
2.78
3.51
3.2
Stock-based compensation
30
29.4
32.6
43.9
Deferred income tax
-5.43
-1.08
-7.74
3.04
Change in payables
-95
-13.8
12
38.8
Cash from operations
-31.2
471
185
566
Capital expenditures
-31.6
-4.54
-2.41
-4.89
Acquisitions
-0.11
-5.5
-5
Purchases of investments
-1.01
-1
Sales and maturities of investments
0.24
Cash from investing
-32.4
-10
-2.41
45.5
Stock issued
0.05
173
Cash from financing
17.9
12.8
40.3
352
Free cash flow
-62.8
466
183
562
Interest paid
0.03
3.47
Income taxes paid
55.2
19.5
16
12
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $7.19 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Pre-tax margin
7.9%
Pre-tax income / revenue.
Net margin
4.3%
Net income / revenue.
FCF margin
98.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
99.2%
Cash from operations / revenue.
Effective tax rate
46.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)
0.8%
Net income / average total assets.
R&D / revenue
6.2%
Research and development expense / revenue.
Stock-based pay / revenue
7.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.9%
Capital expenditures / revenue.
D&A / revenue
0.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
46.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
13.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y
-20.9%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
205.8%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y
207.2%
Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
87.6%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
186.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
43.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.33x
Current assets / current liabilities.
Quick ratio
0.24x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.24x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Capex / operating cash flow
0.9%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.23
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$1.23
Net income per basic share, as reported (split-adjusted).
Revenue per share
$1.44
Revenue / diluted weighted shares.
FCF per share
$1.41
Free cash flow / diluted weighted shares.
Operating cash flow per share
$1.43
Cash from operations / diluted weighted shares.
Book value per share
$2.56
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
154x
Market cap / net income. Only when net income is positive.
P/S
6.70x
Market cap / revenue.
P/B
3.76x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.11x
Market cap / tangible book value, when positive.
P/FCF
6.81x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
6.75x
Market cap / cash from operations, when positive.
EV/Sales
5.55x
Enterprise value / revenue.
EV/FCF
5.65x
Enterprise value / free cash flow, when both are positive.
FCF yield
14.7%
Free cash flow / market cap.
Earnings yield
0.6%
Net income / market cap (the inverse of P/E).
What was Webull Corp's revenue in fiscal 2025?
Webull Corp reported revenue of $571.0M for fiscal 2025, 46.3% higher than the year before.
Was Webull Corp profitable in fiscal 2025?
Yes. Net income was $24.8M, a net margin of 4.3%.
How much free cash flow did Webull Corp generate in fiscal 2025?
Cash from operations of $566.4M minus capital expenditures of $4.9M left free cash flow of $561.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.