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BULL (Webull Corporation Class A Ordinary Shares) Stock Financials & Earnings | Market Cap Arena
BULL
Webull Corporation Class A Ordinary Shares
Mkt Cap
$3B
Technology
·
Software - Application
·
🇺🇸 United States
·
NASDAQ
Revenue (TTM)
$571M
Net Income (TTM)
$25M
EPS (TTM)
-$1.14
Free Cash Flow (TTM)
$121M
Gross Margin
77.5%
Op. Margin
10.2%
Net Margin
4.3%
FCF Margin
21.2%
P/S Ratio (TTM)
4.9x
P/E Ratio (TTM)
113.8x
YoY Rev Growth
+47.0%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Next: Q1 2026 · Mar 26
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$104M
$88M
$12M
Q2 23
$102M
$86M
$9M
Q3 23
$100M
$83M
$17M
Q4 23
$85M
$67M
-$14M
Q1 24
$89M
$71M
-$10M
Q2 24
$90M
$71M
-$9M
Q3 24
$102M
$82M
-$11M
Q4 24
$108M
$85M
$15M
Q1 25
$117M
$94M
$21M
Q2 25
$131M
$97M
-$4M
Q3 25
$157M
$121M
$24M
Q4 25
$165M
$130M
$17M
marketcaparena.com
Revenue Breakdown
BULL
Webull Corporation Class A Ordinary Shares
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
27.0x
532.3x
Q2 23
13.7x
195.3x
Q3 23
9.2x
131.1x
Q4 23
7.2x
464.3x
Q1 24
7.5x
—
Q2 24
7.8x
—
Q3 24
7.7x
—
Q4 24
7.3x
—
Q1 25
6.8x
998.3x
Q2 25
6.1x
—
Q3 25
5.5x
86.7x
Q4 25
4.9x
113.8x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q2 22
-$59K
-$59K
Q3 22
-$1M
-$1M
Q1 23
$112M
$111M
Q2 23
$131M
$131M
Q3 23
$168M
$166M
Q4 23
$59M
$59M
Q1 24
-$7M
-$8M
Q2 24
$70M
$70M
Q3 24
$84M
$83M
Q4 24
$38M
$38M
Q1 25
$0
$0
Q2 25
$0
$0
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q2 22
$2
Q3 22
$2
Q1 23
$1M
Q2 23
$440K
Q3 23
$2M
Q4 23
$1M
Q1 24
$690K
Q2 24
$281K
Q3 24
$980K
Q4 24
$461K
Q1 25
$0
Q2 25
$0
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
—
+249413.7%
Q2 23
—
+110237.0%
Q3 23
—
+26530.3%
Q4 23
—
+34681.6%
Q1 24
-14.8%
+6.9%
Q2 24
-11.5%
+6.3%
Q3 24
+2.3%
+35.5%
Q4 24
+27.4%
-6.2%
Q1 25
+32.0%
-2.0%
Q2 25
+46.3%
+36.9%
Q3 25
+54.0%
+17.7%
Q4 25
+53.4%
+59.7%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q2 22
$0
—
Q3 22
$0
—
Q1 23
$9M
8.5%
Q2 23
$8M
7.7%
Q3 23
$7M
6.7%
Q4 23
$6M
7.2%
Q1 24
$12M
13.6%
Q2 24
$8M
9.4%
Q3 24
$5M
5.3%
Q4 24
$7M
6.1%
Q1 25
$8M
6.9%
Q2 25
$27M
20.5%
marketcaparena.com
OpEx Breakdown
R&D
G&A
S&M
Quarter
R&D
G&A
S&M
Q1 23
$14M
$22M
$39M
Q2 23
$14M
$22M
$40M
Q3 23
$13M
$30M
$22M
Q4 23
$12M
$19M
$47M
Q1 24
$15M
$32M
$34M
Q2 24
$15M
$32M
$33M
Q3 24
$16M
$27M
$47M
Q4 24
$18M
$32M
$19M
Q1 25
$17M
$34M
$23M
Q2 25
$19M
$51M
$30M
Q3 25
$23M
$45M
$29M
marketcaparena.com
Rule of 40
Rule of 40
Quarter
Rev Growth %
EBITDA Margin %
Rule of 40
Q1 23
—
12.0%
—
Q2 23
—
9.3%
—
Q3 23
—
17.3%
—
Q4 23
—
-15.9%
—
Q1 24
-14.8%
-10.0%
-24.7
Q2 24
-11.5%
-8.9%
-20.4
Q3 24
2.3%
-8.7%
-6.4
Q4 24
27.4%
17.9%
45.3
Q1 25
32.0%
17.5%
49.5
Q2 25
46.3%
-2.8%
43.4
Q3 25
54.0%
15.6%
69.6
Q4 25
53.4%
4.9%
58.3
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$373K
$0
$373K
Q2 23
$243K
$0
$243K
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
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
459M
-12.3%
Q2 23
459M
+0.0%
Q3 23
459M
+0.0%
Q4 23
459M
+0.0%
Q1 24
459M
+0.0%
Q2 24
459M
+0.0%
Q3 24
459M
+0.0%
Q4 24
460M
+0.2%
Q1 25
461M
+0.2%
Q2 25
431M
-6.5%
Q3 25
508M
+17.8%
Q4 25
522M
+2.7%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 21
—
—
FY 22
—
—
FY 23
—
—
FY 24
$327K
1K
FY 25
$478K
1K
marketcaparena.com