Webull Financials
Webull (BULL) reported $571.0M in revenue for fiscal year 2025, up 46.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Webull’s cash generation is outrunning accounting profit, and minimal reinvestment needs leave unusually large operating inflow available.
Equity flipped from-$2.26B in FY2024 to$1.02B in FY2025, a much bigger structural change than the return to profitability alone would suggest. Because retained earnings were still-$2.18B , that repair did not come from one year of profit, which means the balance sheet changed through sources other than normal earnings retention.
FY2025 operating cash flow of
From FY2024 to FY2025, revenue rose
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Webull's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Webull, and counted as zero in the overall score.
Webull's revenue surged 46.3% year-over-year to $571.0M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Webull has elevated debt relative to equity (D/E of 2.82), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.
Webull's current ratio of 1.33 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Webull converts 98.3% of revenue into free cash flow ($561.5M). This strong cash generation earns a score of 100/100.
Not available for Webull, and counted as zero in the overall score.
Webull passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Webull reported $24.8M of net income while generating $566.4M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Key Financial Metrics
Earnings & Revenue
Webull generated $571.0M in revenue in fiscal year 2025. This represents an increase of 46.3% from the prior year.
Webull reported $24.8M in net income in fiscal year 2025. This represents an increase of 209.2% from the prior year.
Webull earned -$1.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 67.0% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Webull generated $561.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 207.2% from the prior year.
Webull held $653.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Webull's net profit margin was 4.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.2 percentage points from the prior year.
Webull's ROE was 2.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Webull invested $35.5M in research and development in fiscal year 2025. This represents an increase of 8.6% from the prior year.
Webull invested $4.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 102.6% from the prior year.
Not reported for fiscal year 2025.
BULL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue | $571.0M+46.3% | $390.2M+0.2% | $389.6M+0.3% | $388.3M |
| R&D Expenses | $35.5M+8.6% | $32.7M+2.3% | $32.0M | N/A |
| SG&A Expenses | $168.6M+37.4% | $122.7M+28.1% | $95.8M+31.3% | $73.0M |
| Interest Expense | $5.5M+4348.6% | $123K | N/A | N/A |
| Income Tax | $20.8M+50.7% | $13.8M-14.4% | $16.1M-49.9% | $32.2M |
| Net Income | $24.8M+209.2% | -$22.7M-473.9% | $6.1M-87.9% | $50.1M |
| EPS (Diluted) | -$1.23+67.0% | -$3.73-54.1% | -$2.42-24100.0% | -$0.01 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Operating Income.
BULL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $3.9B+87.6% | $2.1B+64.2% | $1.3B | N/A |
| Current Assets | $3.7B+90.7% | $1.9B+63.3% | $1.2B | N/A |
| Cash & Equivalents | $653.2M+141.3% | $270.7M-27.3% | $372.3M-14.6% | $436.2M |
| Accounts Receivable | $5.6M+47.7% | $3.8M+443.6% | $694K | N/A |
| Goodwill | $30.3M+482.3% | $5.2M0.0% | $5.2M | N/A |
| Total Liabilities | $2.9B-33.8% | $4.3B+43.1% | $3.0B | N/A |
| Current Liabilities | $2.8B+92.0% | $1.4B+112.5% | $680.5M | N/A |
| Total Equity | $1.0B+145.0% | -$2.3B-28.0% | -$1.8B-21.3% | -$1.5B |
| Retained Earnings | -$2.2B+2.8% | -$2.2B-27.6% | -$1.8B | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
BULL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Operating Cash Flow | $566.4M+205.8% | $185.2M-60.6% | $470.6M+1607.7% | -$31.2M |
| Capital Expenditures | $4.9M+102.6% | $2.4M-46.9% | $4.5M-85.6% | $31.6M |
| Free Cash Flow | $561.5M+207.2% | $182.8M-60.8% | $466.1M+842.6% | -$62.8M |
| Investing Cash Flow | $45.5M+1986.3% | -$2.4M+76.0% | -$10.0M+69.0% | -$32.4M |
| Financing Cash Flow | $352.1M+772.7% | $40.3M+214.3% | $12.8M-28.2% | $17.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BULL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Net Margin | 4.3%+10.2pp | -5.8%-7.4pp | 1.6%-11.3pp | 12.9% |
| Return on Equity | 2.4% | N/A | N/A | N/A |
| Return on Assets | 0.6%+1.7pp | -1.1%-1.6pp | 0.5% | N/A |
| Current Ratio | 1.330.0x | 1.34-0.4x | 1.74 | N/A |
| Debt-to-Equity | 2.82 | N/A | N/A | N/A |
| FCF Margin | 98.3%+51.5pp | 46.9% | 119.6% | -16.2% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
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Where Webull Ranks
Frequently Asked Questions
What is Webull's annual revenue?
Webull (BULL) reported $571.0M in total revenue for fiscal year 2025. This represents a 46.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Webull's revenue growing?
Webull (BULL) revenue grew by 46.3% year-over-year, from $390.2M to $571.0M in fiscal year 2025.
Is Webull profitable?
Yes, Webull (BULL) reported a net income of $24.8M in fiscal year 2025, with a net profit margin of 4.3%.
What is Webull's net profit margin?
Webull (BULL) had a net profit margin of 4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Webull's return on equity (ROE)?
Webull (BULL) has a return on equity of 2.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Webull's free cash flow?
Webull (BULL) generated $561.5M in free cash flow during fiscal year 2025. This represents a 207.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Webull's operating cash flow?
Webull (BULL) generated $566.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Webull's total assets?
Webull (BULL) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Webull's capital expenditures?
Webull (BULL) invested $4.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Webull spend on research and development?
Webull (BULL) invested $35.5M in research and development during fiscal year 2025.
What is Webull's current ratio?
Webull (BULL) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.
What is Webull's debt-to-equity ratio?
Webull (BULL) had a debt-to-equity ratio of 2.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Webull's return on assets (ROA)?
Webull (BULL) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Webull's Piotroski F-Score?
Webull (BULL) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Webull's earnings high quality?
Webull (BULL) reported $24.8M of net income while generating $566.4M in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Webull?
Webull (BULL) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.