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MARKETS / NASDAQ / BULL
NASDAQ · SECURITY BROKERS, DEALERS & FLOTATION COMPANIES · SMALL CAP

Webull Corp. BULL

4 fiscal years on record · USD · FY2025 reported · SEC filings only
$571.0M
▲ 46.3% YoY
$24.8M
$561.5M
▲ 207.2% YoY
In brief

What this company does

In markets where it is licensed as a broker-dealer, Webull offers customers the ability to open a brokerage account with the local Webull brokerage subsidiary and place self-directed trades through their brokerage account on the Webull platform. It principally generates revenue from its brokerage business in the United States through payment for order flow, whereby a brokerage firm receives payments for directing orders to wholesale market makers and exchange partners for trade execution rather than from brokerage commissions, while in markets outside the United States it typically charges commissions directly to its retail customers. It has expanded into markets across North America, Asia Pacific, Europe, Africa, and Latin America through a global network of licensed brokerages, and currently holds twelve broker-dealer licenses, approvals and/or registrations. The Webull App has been downloaded more than 57 million times and has over 26.8 million registered users globally. It recognized revenues of $571 million in 2025 and $390.2 million in 2024, and had net income of $24.4 million in 2025 following a net loss of $23.2 million in 2024. As of December 31, 2025, it had registered 22 patents, 113 trademarks and 118 software copyrights. It launched its broker-dealer services in the United States in May 2018. Within approximately two and a half years of that launch, it grew to over one million funded accounts and $100 billion in cumulative trading volume.

Written from the business description in Webull Corp's annual report to the U.S. Securities and Exchange Commission, filed 9 April 2026. Every sentence was checked against that document before publication.

Growth
USD 571.0M
Revenue, FY2025 · full 4-year series below
Revenue $M Net income $M
FY2025 · Revenue 571.0 · Net income 24.8
200M400M2022202320242025
Compound annual growth
+13.7%
−20.9%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 7.9% · Net 4.3%
5%10%15%-2%-4%2022202320242025
ROE

No chart to show — the reason differs by year; see each year in the table below.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 561.5
200.0M400.0M-25.0M-50.0M2022202320242025

Total assetsUSD 3.9B
EquityUSD 1.0B
CashUSD 653.2M
Current ratio1.33×

Equity funds 26% of total assets.

The 4-year record
4 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022
Revenue $B0.60.40.40.4
Operating income $B0.0−0.00.00.1
EBITDA $B0.0−0.00.00.1
Income tax $B0.00.00.00.0
Net income $B0.0−0.00.00.1
Free cash flow $B0.60.20.5−0.1
EPS, diluted $−1.23−3.73−2.420.01
Dividend / sh $····
Payout %····
ROE %····
Shares out B·0.140.14·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 14 reconciliationsAUDITED

Reconciled in 4 of 19 fiscal years. 62 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySecurity Brokers, Dealers & Flotation Companies
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2022

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