Detailed financial statements for Webull Corporation Class A Ordinary Shares (BULL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Webull Corporation operates as a digital investment platform. The company offers various products and services, including trading, wealth management product distribution, market data and information, user community, and investor education.
Analysis Summary
Trailing-twelve-month margins: gross margin 77.5%, operating margin 12.4%, net margin 6.3%.
Balance sheet quality for BULL: current ratio of 1.3, net cash position of $748.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $561.5M represents 2267% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $388.3M | $389.6M | $390.2M | $571.0M |
| Cost of Revenue | 0 | $59.8M | $66.4M | $79.3M | $128.7M |
| Gross Profit | 0 | $328.6M | $323.2M | $310.9M | $442.2M |
| Research & Development | 0 | $46.8M | $52.2M | $63.8M | $79.2M |
| Selling, General & Admin | $33831 | $209.7M | $243.4M | $254.8M | $301.4M |
| Operating Expenses | $33831 | $260.0M | $300.2M | $325.3M | $383.8M |
| Operating Income | -$33831 | $68.6M | $23.0M | -$14.4M | $58.5M |
| EBITDA | -$33831 | $69.2M | $24.9M | -$5.3M | $53.9M |
| Interest Expense | 0 | 0 | 0 | $122778 | $5.5M |
| Pre-tax Income | -$33831 | $65.7M | $20.2M | -$12.1M | $45.2M |
| Income Tax | 0 | $32.2M | $16.1M | $13.8M | $20.8M |
| Net Income | -$33831 | $50.1M | $6.1M | -$22.7M | $24.8M |
| EPS | $-0.00 | $-0.00 | $-0.73 | $-1.13 | $0.06 |
| EPS (Diluted) | $-0.00 | $-0.00 | $-0.73 | $-1.13 | $0.06 |
| Shares Outstanding (Diluted) | $500.0M | $459.4M | $459.4M | $459.4M | $397.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $156.9M | $165.2M | $159.9M | $198.8M |
| Gross Profit | $121.3M | $130.1M | $121.5M | $154.5M |
| Operating Income | $24.4M | $17.2M | -$2.4M | $45.5M |
| EBITDA | $39.0M | $8.1M | -$12.8M | $34.7M |
| Net Income | $36.9M | $3.0M | -$21.7M | $24.4M |
| EPS | $0.08 | $0.01 | $-0.04 | $0.05 |
| EPS (Diluted) | $0.07 | $0.01 | $-0.04 | $0.04 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $436.2M | $372.3M | $270.7M | $653.2M |
| Short-term Investments | $485890 | $45.5M | $108.3M | $172.3M |
| Receivables | $59.5M | $101.4M | $575.0M | $1.29B |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.03B | $1.18B | $1.93B | $3.68B |
| Property, Plant & Equipment | $44.4M | $46.2M | $99.9M | $100.3M |
| Goodwill | 0 | $5.2M | $5.2M | $30.3M |
| Intangible Assets | $18.0M | $21.4M | $19.4M | $55.4M |
| Total Assets | $1.09B | $1.26B | $2.07B | $3.88B |
| Accounts Payable | $82.9M | $640.2M | $1.39B | $2.69B |
| Short-term Debt | $5.2M | 0 | 0 | 0 |
| Total Current Liabilities | $563.1M | $680.5M | $1.45B | $2.78B |
| Long-term Debt | 0 | 0 | 0 | $65.0M |
| Total Liabilities | $578.2M | $3.02B | $4.32B | $2.86B |
| Retained Earnings | -$1.44B | -$1.76B | -$2.24B | -$2.18B |
| Total Equity | $513.5M | -$1.76B | -$2.26B | $1.02B |
| Total Debt | $17.4M | $13.1M | $15.4M | $77.5M |
| Net Debt | -$419.3M | -$404.8M | -$363.6M | -$748.0M |
| Working Capital | $462.5M | $502.2M | $485.6M | $907.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $654.8M | $653.2M | $677.2M | $701.6M |
| Total Assets | $3.49B | $3.88B | $3.71B | $4.11B |
| Total Liabilities | $2.49B | $2.86B | $2.70B | $3.07B |
| Total Equity | $998.9M | $1.02B | $1.02B | $1.04B |
| Total Debt | $112.8M | $77.5M | $76.5M | $78.7M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $50.1M | $5.8M | -$23.2M | $24.4M |
| Depreciation & Amortization | $1.4M | $2.8M | $3.5M | $3.2M |
| Stock-based Compensation | $30.0M | $29.4M | $32.6M | $43.9M |
| Change in Working Capital | -$108.0M | $433.3M | $178.9M | $495.5M |
| Operating Cash Flow | -$31.2M | $470.6M | $185.2M | $566.4M |
| Capital Expenditure | -$31.6M | -$4.5M | -$2.4M | -$4.9M |
| Acquisitions | -$109163 | -$5.5M | 0 | $50.4M |
| Stock Repurchased | -$55.0M | 0 | 0 | -$20.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$62.8M | $466.1M | $182.8M | $561.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.4M | $4.4M | $17.2M | $17.1M |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +0.3% | +0.2% | +46.3% |
| Net Income Growth (YoY) | | +148122.9% | -87.9% | -473.9% | +209.2% |
| EPS Growth (YoY) | | -2800.0% | -25072.4% | -54.8% | +105.3% |
| Shares Change (YoY) | | -8.1% | +0.0% | +0.0% | -13.6% |
| FCF Growth (YoY) | | +842.6% | -60.8% | +207.2% |
| Gross Margin | | 84.6% | 83.0% | 79.7% | 77.5% |
| Operating Margin | | 17.7% | 5.9% | -3.7% | 10.2% |
| EBITDA Margin | | 17.8% | 6.4% | -1.3% | 9.4% |
| Net Margin | | 12.9% | 1.6% | -5.8% | 4.3% |
| FCF Margin | -16.2% | 119.6% | 46.8% | 98.3% |
| Effective Tax Rate | -0.0% | 49.0% | 80.0% | -114.7% | 46.1% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.14 | $1.01 | $0.40 | $1.41 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $500.0M | $459.4M | $459.4M | $459.4M | $397.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Gross Margin | 77.46% |
| Operating Margin | 12.44% |
| Net Margin | 6.26% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 51.17 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -99400.00 | -3510.34 | -14.84 | -10.29 | 129.50 |
| P/B | 0.00 | 9.11 | -2.82 | -2.37 | 3.04 |
| P/S | 0.00 | 12.04 | 12.77 | 13.69 | 5.40 |
| Gross Margin | 0.0% | 84.6% | 83.0% | 79.7% | 77.5% |
| Operating Margin | 0.0% | 17.7% | 5.9% | -3.7% | 10.2% |
| Net Margin | 0.0% | 12.9% | 1.6% | -5.8% | 4.3% |