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Capital markets · Financial Services · Fiscal year ends Dec 31
Webull reported revenue of $571M in the fiscal year ended Dec 2025, up 46.3% from the year before. Operating income was $51M, an operating margin of 8.9%, and net income was $25M. Operating cash flow of $566M less capital expenditure of $5M left free cash flow of $562M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 388 | 390 | 390 | 571 |
| Research & development | – | 32.0 | 32.7 | 35.5 |
| Operating incomederived: pre-tax income + interest | 65.7 | 20.2 | −11.9 | 50.7 |
| Interest expense | – | – | 0.1 | 5.5 |
| Pre-tax income | 65.7 | 20.2 | −12.1 | 45.2 |
| Income tax | 32.2 | 16.1 | 13.8 | 20.8 |
| Net income | 50.1 | 6.1 | −22.7 | 24.8 |
| Diluted EPS | −0.01 | −2.42 | −3.73 | −1.23 |
| Diluted shares | 134 | 138 | 139 | 397 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 436 | 372 | 271 | 653 |
| Receivables | – | 0.7 | 3.8 | 5.6 |
| Current assets | – | 1,183 | 1,932 | 3,685 |
| Net PP&E | – | 34.3 | 33.6 | 35.9 |
| Goodwill | – | 5.2 | 5.2 | 30.3 |
| Total assets | – | 1,260 | 2,069 | 3,881 |
| Payables | – | 15.4 | 9.7 | 19.0 |
| Deferred revenue | 0.3 | 625 | 1,379 | 2,668 |
| Current liabilities | – | 681 | 1,446 | 2,777 |
| Total liabilities | – | 696 | 1,462 | 2,864 |
| Shareholders' equity | −1,453 | −1,763 | −2,256 | 1,016 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −31.2 | 471 | 185 | 566 |
| Capital expenditure | 31.6 | 4.5 | 2.4 | 4.9 |
| Free cash flow | −62.8 | 466 | 183 | 562 |
| Depreciation & amortisation | 1.4 | 2.8 | 3.5 | 3.2 |
| Stock-based compensation | 30.0 | 29.4 | 32.6 | 43.9 |
| Acquisitions | 0.1 | 5.5 | – | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.3% | 0.2% | 46.3% |
| Operating income growth (YoY) | – | −69.3% | −159.1% | – |
| Operating margin | 16.9% | 5.2% | −3.1% | 8.9% |
| Net margin | 12.9% | 1.6% | −5.8% | 4.3% |
| Return on equityBlank when equity is negative | – | – | – | 2.4% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 3.5% | −1.9% | 4.6% |
| Free cash flow margin | −16.2% | 119.6% | 46.8% | 98.3% |
| Cash conversion (CFO ÷ net income) | −0.62x | 77.5x | −8.16x | 22.9x |
| Receivable days | – | 1 | 4 | 4 |
| Interest cover | – | – | −97.1x | 9.28x |
| Current ratio | – | 1.74x | 1.34x | 1.33x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.