BULL

MKT CAP:$4B

Webull Corporation Class A Ordinary Shares

Market Cap

$4B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$6.63-$1.55 (-18.99%)

Apr 17, 2026

Company Details

Webull Corporation operates as a digital investment platform. The company offers trading services, wealth management product distribution, market data and information, user community, and investor education.

CEO

Anquan Wang

IPO Date

Apr 11, 2025

Website

www.webullcorp.com

Key Metrics TTM

Revenue

$571M

+473.2% YoY

Net Income

$25M

EPS (Diluted)

-$1.14

Free Cash Flow

$165M

Revenue / Share

$1.09

Gross Margin

77.5%

Operating Margin

10.2%

Net Margin

4.3%

FCF Margin

29.0%

P/S

6.4x

P/E

148.3x

Earnings Reports

FY 2025

Mar 10, 2026

$571MEPS -$1.23

Q4 2025

Mar 10, 2026

$165MEPS $0.01

Q3 2025

Nov 20, 2025

$157MEPS $0.07

Q2 2025

Sep 8, 2025

$131MEPS -$1.20

Q1 2025

May 22, 2025

$117MEPS -$0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	$0	-$33.8K
Q1 22	$0	$0	-$37.0K
Q2 22	$0	$0	-$84.2K
Q3 22	$0	$0	-$312.1K
Q4 22	$0	$0	-$284.0K
Q3 23	$100M	$83M	$17M
Q1 25	$117M	$94M	$21M
Q2 25	$131M	$97M	-$4M
Q3 25	$157M	$121M	$24M
Q4 25	$165M	$130M	$17M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	23708.0x
Q4 22	—	1741.1x
Q3 23	36.9x	386.3x
Q1 25	16.9x	162.0x
Q2 25	10.5x	—
Q3 25	7.3x	126.3x
Q4 25	6.4x	148.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$38.4K	-$38.4K
Q2 22	-$58.9K	-$58.9K
Q3 22	-$1M	-$1M
Q3 23	$168M	$166M
Q1 25	$0	$0
Q2 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 22	$3
Q2 22	$2
Q3 22	$2
Q3 23	$2M
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	—	+739.4%
Q3 23	—	+224263.9%
Q1 25	—	+114878.6%
Q2 25	—	+43228.8%
Q3 25	—	+46565.7%
Q4 25	+65.8%	+78.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q3 23	$7M	6.7%
Q1 25	$8M	6.9%
Q2 25	$27M	20.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	—	—	—	$33.8K
Q1 22	—	—	—	$37.0K
Q2 22	—	—	—	$84.2K
Q3 22	—	—	—	$312.1K
Q4 22	—	—	—	$284.0K
Q3 23	$13M	$30M	$22M	—
Q1 25	$17M	$34M	$23M	—
Q2 25	$19M	$51M	$30M	—
Q3 25	$23M	$45M	$29M	—

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	—	—	—
Q1 22	—	—	—
Q2 22	—	—	—
Q3 22	—	—	—
Q4 22	—	—	—
Q3 23	—	17.3%	—
Q1 25	—	17.5%	—
Q2 25	—	-2.8%	—
Q3 25	—	15.6%	—
Q4 25	65.8%	4.9%	70.8

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$161.9K	$0	$161.9K
Q2 22	$2M	$0	$2M
Q3 22	$611.0K	$0	$611.0K
Q4 22	$515.4K	$0	$515.4K
Q1 23	$373.3K	$0	$373.3K
Q2 23	$243.0K	$0	$243.0K
Q3 23	$399M	$33M	$432M
Q4 23	$372M	$46M	$418M
Q1 24	$389M	$59M	$448M
Q2 24	$336M	$74M	$410M
Q3 24	$314M	$89M	$403M
Q4 24	$271M	$108M	$379M
Q1 25	$297M	$106M	$403M
Q2 25	$477M	$127M	$604M
Q3 25	$2.1B	$155M	$2.2B
Q4 25	$2.2B	$0	$2.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	500M	—	—
Q1 22	500M	0.0%	—
Q2 22	515M	+3.0%	—
Q3 22	524M	+1.7%	—
Q4 22	524M	0.0%	+4.8%
Q3 23	459M	-12.3%	-8.1%
Q1 25	461M	+0.5%	-10.4%
Q2 25	431M	-6.5%	-17.7%
Q3 25	508M	+17.8%	-3.0%
Q4 25	522M	+2.7%	+13.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q3 23	—	—
Q1 25	$98.3K	1K
Q2 25	$110.1K	1K
Q3 25	$131.4K	1K
Q4 25	$138.4K	1K

Revenue / Employee