BULL (Webull Corporation Class A Ordinary Shares) Stock Financials & Earnings

BULLWebull 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 Margin77.5%

Op. Margin10.2%

Net Margin4.3%

FCF Margin21.2%

P/S Ratio (TTM)4.9x

P/E Ratio (TTM)113.8x

YoY Rev Growth+47.0%

Employees—

Earnings Reports

Next: Q1 2026 · Mar 26

Revenue & Profitability

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

Revenue Breakdown

Valuation

Operating Cash Flow

Capital Expenditures

CapEx

OpEx vs Revenue Growth (YoY)

Stock-Based Compensation

OpEx Breakdown

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

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

War Chest

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

Shares Outstanding

Revenue Per Employee

Revenue / Employee