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

Webull (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 (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 (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 2026-08-30

Cash generation and balance-sheet repair, rather than reported profit margins, are the dominant mechanics visible in BULLW’s FY2025 statements

Cash conversion changed character: operating cash flow reached $566M in FY2025, far above net income of $24.8M, after FY2024’s operating cash flow of $185M accompanied a net loss. Free cash flow was also nearly equal to operating cash flow, indicating that reported earnings are a poor proxy for the cash produced by the business in these periods.

Scale absorbed part of overhead: revenue expanded 46.3% in FY2025 while SG&A rose 37.4%, a pattern consistent with improving cost absorption rather than simply proportional expansion. However, operating income is not reported, so the effect on operating margins cannot be confirmed.

The balance-sheet posture reversed sharply: equity moved from -$2.26B in FY2024 to $1.02B in FY2025. That swing was far larger than the year’s reported net income, while total liabilities fell from $4.32B to $2.86B, showing that the change was not driven primarily by ordinary annual profitability.

Financial Health Signals

Financial health score not available

Webull 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 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 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 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 Ranks

Frequently Asked Questions

What is Webull's annual revenue?

Webull (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's revenue growing?

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

Is Webull profitable?

Yes, Webull (BULLW) 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 (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's return on equity (ROE)?

Webull (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's free cash flow?

Webull (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's operating cash flow?

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

What is Webull's current ratio?

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

Webull (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's Piotroski F-Score?

Webull (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's earnings high quality?

Webull (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.