What is Webull Corporation Warrants's earnings per share (EPS)?

Webull Corporation Warrants (BULLW) reported diluted earnings per share of -$1.23 for fiscal year 2025. This represents a 67.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Webull Corporation Warrants (BULLW) Financials

BULLW

FY2025 annual

Revenue $571.0M +46.3% YoY

Net Income $24.8M +209.2% YoY

EPS (Diluted) -$1.23 +67.0% YoY

Free Cash Flow $561.5M +207.2% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Apr 9, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Apr 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BULLW SEC filings page.

Webull Corporation Warrants (BULLW) 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).

Rhea AI BULLW FY2025 2026-10-03

Revenue accelerated while liabilities fell and equity turned positive, yet cash generation remains far larger than reported earnings.

From FY2023 through FY2025, operating cash flow stayed dramatically above net income: $471M versus $6M in FY2023 and $566M versus $25M in FY2025. That divergence means reported profitability is not the main explanation for cash generation; balance-sheet or non-cash movements are materially shaping the cash results.

The latest year combines revenue of $571M with total assets of $3.9B, so this is an asset-heavy business rather than one whose economics can be judged mainly through sales margins. Its reported return on assets was only 0.6%, indicating that the enlarged asset base produced modest accounting earnings.

The balance sheet changed substantially: total liabilities fell from $4.3B in FY2024 to $2.9B in FY2025, while equity moved from negative $2.3B to positive $1.0B. Even after that reset, the reported 2.8x debt-to-equity ratio and 1.3x current ratio show that leverage and near-term obligations remain central to how the business is financed.

Financial Health Signals

Financial health score not available

Webull Corporation Warrants does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Webull Corporation Warrants 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.

Earnings Quality Cash-Backed

N/A

Webull Corporation Warrants 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

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Earnings & Revenue

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$653.2M

YoY+141.3%

QoQ+37.0%

Webull Corporation Warrants held $653.2M in cash as of Q4 2025; long-term debt is not reported for that period.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Shares Outstanding

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

BULLW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BULLW quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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 (Basic)	-$1.23+67.0%	-$3.73-54.1%	-$2.42-24100.0%	-$0.01
EPS (Diluted)	-$1.23+67.0%	-$3.73-54.1%	-$2.42-24100.0%	-$0.01
Diluted Shares (Avg)	397M+186.0%	139M+0.6%	138M+2.6%	134M

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Revenue	N/A	$131.5M+46.3%	N/A	N/A	$89.9M	N/A	N/A
SG&A Expenses	N/A	$51.0M+61.2%	N/A	N/A	$31.6M	N/A	N/A
Interest Expense	N/A	-$1.5M-15000.3%	N/A	N/A	-$10K	N/A	N/A
Income Tax	N/A	$7.0M+401.0%	N/A	N/A	$1.4M	N/A	N/A
Net Income	N/A	-$28.3M-144.3%	$13.1M+205.3%	N/A	-$11.6M	-$12.4M	N/A
EPS (Basic)	N/A	-$1.20-650.0%	N/A	N/A	-$0.16	N/A	N/A
EPS (Diluted)	N/A	-$1.20	N/A	N/A	-$0.16	N/A	N/A
Diluted Shares (Avg)	N/A	431M	N/A	N/A	139M	N/A	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

BULLW Balance Sheet

BULLW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
Short-Term Investments	$0	$0	$0	$0
Accounts Receivable	$5.6M+47.7%	$3.8M+443.6%	$694K	N/A
Long-Term Investments	$0	$0	$0	$0
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
Non-Current Liabilities	$87.3M+454.8%	$15.7M+2.4%	$15.4M	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

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Total Assets	$3.9B+87.6%	$2.6B	N/A	$2.1B+64.2%	N/A	N/A	$1.3B
Current Assets	$3.7B+90.7%	$2.5B	N/A	$1.9B+63.3%	N/A	N/A	$1.2B
Cash & Equivalents	$653.2M+141.3%	$476.7M-56.4%	N/A	$270.7M-27.3%	$1.1B	N/A	$372.3M
Short-Term Investments	$0	$0	N/A	$0	$0	N/A	$0
Accounts Receivable	$5.6M+47.7%	N/A	N/A	$3.8M+443.6%	N/A	N/A	$694K
Long-Term Investments	$0	$0	N/A	$0	$0	N/A	$0
Goodwill	$30.3M+482.3%	$5.2M	N/A	$5.2M0.0%	N/A	N/A	$5.2M
Total Liabilities	$2.9B-33.8%	$1.9B	N/A	$4.3B+43.1%	N/A	N/A	$3.0B
Current Liabilities	$2.8B+92.0%	$1.8B	N/A	$1.4B+112.5%	N/A	N/A	$680.5M
Non-Current Liabilities	$87.3M+454.8%	$115.3M	N/A	$15.7M+2.4%	N/A	N/A	$15.4M
Total Equity	$1.0B+145.0%	$751.6M+126.2%	-$2.3B+21.0%	-$2.3B-28.0%	-$2.9B	-$2.9B	-$1.8B
Retained Earnings	-$2.2B+2.8%	-$2.2B	N/A	-$2.2B-27.6%	N/A	N/A	-$1.8B

Not reported in any period shown, so not listed: Inventory, Long-Term Debt.

BULLW Cash Flow Statement

BULLW quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
Operating Cash Flow	$566.4M+205.8%	$185.2M-60.6%	$470.6M+1607.7%	-$31.2M
Depreciation & Amortization	$3.2M-8.7%	$3.5M+26.2%	$2.8M+95.1%	$1.4M
Stock-Based Compensation	$43.9M+34.6%	$32.6M+10.8%	$29.4M-2.0%	$30.0M
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

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Stock-Based Compensation	N/A	$27.0M+218.3%	N/A	N/A	$8.5M	N/A	N/A

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

BULLW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

BULLW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K
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
Asset Turnover	0.150.0x	0.19-0.1x	0.31	N/A
FCF Margin	98.3%+51.5pp	46.9%	119.6%	-16.2%

Metric	Q4'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Net Margin	N/A	-21.5%-8.6pp	N/A	N/A	-12.9%	N/A	N/A
Return on Equity	N/A	-3.8%	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-1.1%	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.330.0x	1.42	N/A	1.34-0.4x	N/A	N/A	1.74
Debt-to-Equity	2.82	2.49	N/A	N/A	N/A	N/A	N/A
Asset Turnover	N/A	0.05	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

Where Webull Corporation Warrants Ranks

Frequently Asked Questions

What is Webull Corporation Warrants's annual revenue?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's revenue growing?

Webull Corporation Warrants (BULLW) revenue grew by 46.3% year-over-year, from $390.2M to $571.0M in fiscal year 2025.

Is Webull Corporation Warrants profitable?

Yes, Webull Corporation Warrants (BULLW) reported a net income of $24.8M in fiscal year 2025, with a net profit margin of 4.3%.

What is Webull Corporation Warrants's net profit margin?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's return on equity (ROE)?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's free cash flow?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's operating cash flow?

Webull Corporation Warrants (BULLW) generated $566.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Webull Corporation Warrants's total assets?

Webull Corporation Warrants (BULLW) had $3.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Webull Corporation Warrants's capital expenditures?

Webull Corporation Warrants (BULLW) invested $4.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Webull Corporation Warrants spend on research and development?

Webull Corporation Warrants (BULLW) invested $35.5M in research and development during fiscal year 2025.

What is Webull Corporation Warrants's current ratio?

Webull Corporation Warrants (BULLW) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.

What is Webull Corporation Warrants's debt-to-equity ratio?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's return on assets (ROA)?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's Piotroski F-Score?

Webull Corporation Warrants (BULLW) 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 Corporation Warrants's earnings high quality?

Webull Corporation Warrants (BULLW) 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.