Webull Corp (BULL)

CIK: 0001866364. SIC: 6211 Security Brokers, Dealers & Flotation Companies. Latest 10-K as of: 2026-04-09.

SIC breadcrumb: Finance, Insurance, And Real Estate > Security And Commodity Brokers, Dealers, Exchanges, And Services > SIC 6211 Security Brokers, Dealers & Flotation Companies

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1866364. Latest filing source: 0001213900-26-041653.

Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.

At a glance

FY2025 · period end 2025-12-31 · filed 2026-04-09 · accession 0001213900-26-041653 · source: SEC companyfacts

Revenue: 570,996,806 USD verified
Net income: 24,770,704 USD verified
Assets: 3,880,871,303 USD verified
Free cash flow: 561,537,184 USD computed
Net margin: 4.34% computed
Revenue YoY: +46.32% computed
ROE: 2.44% computed

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

Peer & cluster context

Peer percentile fingerprint

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6211 Security Brokers, Dealers & Flotation Companies, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

Selected Fundamentals

Metric	Value	Unit	FY	Filed
Revenue	570,996,806	USD	2025	2026-04-09
Net income	24,770,704	USD	2025	2026-04-09
Assets	3,880,871,303	USD	2025	2026-04-09

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001866364.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Download these verified figures (annual + quarterly, with per-value filing provenance): JSON · CSV

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric	2022	2023	2024	2025
Revenue	388,332,920	389,602,570	390,229,672	570,996,806
Net income	50,077,626	6,069,284	-22,693,648	24,770,704
Diluted EPS	-0.01	-2.42	-3.73	-1.23
Operating cash flow	-31,213,001	470,596,832	185,215,389	566,424,456
Capital expenditures	31,550,704	4,543,933	2,412,229	4,887,272
Assets				3,880,871,303
Liabilities				2,864,391,356
Stockholders' equity				1,016,292,713
Cash and cash equivalents		372,340,353	270,728,008	653,188,906
Free cash flow	-62,763,705	466,052,899	182,803,160	561,537,184

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric	2022	2023	2024	2025
Net margin	12.90%	1.56%	-5.82%	4.34%
Return on equity				2.44%
Return on assets				0.64%
Liabilities / equity				2.82
Current ratio		1.74	1.34	1.33

Industry Peer Context

Each number-line places BULL against the min, median, and max of latest reported values among companies in the same SIC industry when at least three peers report that ratio.

Net margin peer context

ROE peer context

ROA peer context

Financial Bridges

Waterfall figures reconcile reported SEC companyfacts components. Missing bridges are omitted when required components are not present for the same fiscal year.

Free cash flow = operating cash flow - capital expenditures

Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0001213900-26-041653; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0001213900-26-041653; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0001213900-26-041653; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

Financial Charts

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: RevenueFromContractWithCustomerIncludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: Assets. Source concepts: us-gaap:Assets.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: Liabilities. Source concepts: us-gaap:Liabilities.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-12-31; accession 0001213900-26-041653; filed 2026-04-09. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.

Quarterly

No clean discrete quarterly SEC companyfacts metrics were extracted for this company.

Latest quarter (10-Q)

No recent 10-Q filing was found in the SEC submissions feed for this filer.

Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: 0001213900-26-041653. The complete FY 2025 MD&A is published at /company/BULL/mda/fy2025/.

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high. Filing date: 2026-04-09. Report date: 2025-12-31.

Overview

Webull is a digital investment
platform built upon a next-generation global infrastructure. We provide our customers with extensive products, features and functions
that go beyond what is offered by most retail investment platforms in the markets today. The Webull platform is specifically designed
and developed for our target demographic of young and digitally-savvy retail investors. We believe we are the platform of choice for this
new generation of retail investors, whose demands for diverse investment products, mobile-first interface, around-the-clock availability,
instant and in-depth market data, and social features may be prohibitively expensive for traditional investment platforms. We pride ourselves
in the professional grade trading and investment features we offer. Though we may not be the place where our customers first learn about
investing, we aim to be the platform they graduate into as they become more informed about investing. Our customers are primarily millennials
and Gen Zs, and 68% report having prior investing experience before opening an account with us as of December 31, 2025.
Our young customers provide us with opportunities to grow with and continue to serve them over the next several decades as their trusted
lifelong investment partner.

Driven by our strong belief
that every retail investor should have access to the resources needed to become a more educated and empowered investor — what
we refer to as the informed investor — our platform enables anyone to create a free account on Webull and gain
access to the information and analytical tools that other brokerages typically lock behind a paywall, through which we help investors
become more informed. The days when real-time stock price data were privileged information hidden behind a paywall are gone, and
we believe more sophisticated market information should be made affordable and accessible to ordinary investors. We believe that no investment
decision should be made without access to relevant public information, and no investor should have to question the stability of the underlying
platform. As a result, many experienced investors choose us for the advanced trading tools and functions we offer, while novice investors
look to us as a trusted resource for gaining the education and insight needed to become informed investors.

We serve our customers through a global platform built around self-directed
trading and provide our users access to market data from a broad range of exchanges worldwide as of December 31, 2025. Our freely
available information and analytics, coupled with our open digital community features, foster a virtual trading floor experience similar
to Wall Street and Canary Wharf where investment theses are freely exchanged and debated with the most popular ideas rising to the surface.
Armed with these tools and the Webull Community, experienced and novice investors alike can learn and develop the confidence and ability
to grow their personal wealth. While our core product offering is designed for the self-directed retail investor, we have recently added
a number of wealth management services catered to those customers who prefer a more passive investment solution. We strive to make Webull
the platform of choice for everyone who takes investing seriously.

We generate revenues primarily
via transaction-based trading activities and interest related income primarily in connection with stock lending and margin financing services
provided to our customers.

The following tables set forth
our key operating and financial metrics as of and for the periods indicated. We regularly review these key metrics to evaluate our business
and financial performance as well as make strategic decisions.

	For the Three Months Ended
	March 31, 2023			June 30, 2023		September 30, 2023	December 31, 2023		March 31, 2024			June 30, 2024		September 30, 2024	December 31, 2024		March 31, 2025			June 30, 2025		September 30, 2025	December 31, 2025
Registered users(1) (in millions)		17.3			18.3		19			19.8			20.6		21.1			22.1			23.3		24.1		24.9		25.9		26.8
Funded accounts(2) (in millions)		3.9			4.1		4.1			4.3			4.3		4.4			4.5			4.7		4.7		4.7		4.9		5.0
Quarterly retention rate(3)		98	%		97.5	%	97.4	%		98.2	%		97.3	%	97.9	%		98.4	%		98.3	%	97.5	%	97.1	%	97.7	%	96.9	%
Customer assets(4) (US$ in billions)		6.9			7.5		7.2			8.2			8.7		9.7			11.5			13.6		12.6		15.9		21.2		24.6
DARTs(5) (in thousands)		705			639		603			560			640		646			707			777		924		1008		1101		1202
Equity notional volume(6) (US$ in billions)		96			90		93			92			111		102			119			128		128		161		204		239
Options contracts(7) (in millions)		104			105		113			108			112		118			119			112		121		127		147		154

Our platform is a self-directed
investment platform. We do not have control over the investment decisions and trading behaviors of our customers. Our results are highly
sensitive to our customers’ trading behaviors and market fluctuations. These are significant, inherent limitations of the above
metrics which make predicting future results with precision difficult.

Notes:

Column 1

Column 2

(1)

Registered users refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.

Column 1

Column 2

(2)

Funded accounts refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer’s account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.

Column 1

Column 2

(3)

Quarterly retention rate is calculated by subtracting the “quarterly churn rate” from 100%. The “quarterly churn rate” means the ratio of (i) churned accounts during the current quarter to (ii) the sum of total funded accounts at the end of the preceding quarter and new funded accounts acquired during the current quarter. A “churned account” means a funded account whose account balance (measured as the fair value of assets in the customer’s account less the amount due from the customer) drops to or below zero for 45 or more consecutive calendar days as of the record date. The quarterly retention rate provides us insight as to how effective we are at servicing our platform users in terms of quality customer support and product offerings.

Column 1

Column 2

(4)

Customer assets refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers’ investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.

Column 1	Column 2
(5)	DARTs refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.

Column 1

Column 2

(6)

Equity notional volume refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers’ equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.

Column 1

Column 2

(7)

Options contracts refer to the total number of options contracts bought or sold over a specified period of time. Options contracts traded directly drive our options trading revenue, as we earn payment for order flow or commissions for customers’ options trades on a per contract basis. However, options contracts traded is highly sensitive to market conditions in the short-term which makes predicting our options trading revenue with precision difficult.

	For the Year Ended December 31,
	2023		2024		2025
	$		$		$
	(in thousands)
Key Financial Metrics
Total revenues		389,603		390,230		570,996
Net income (loss) attributable to the Company		6,069		(22,694	)	24,771
Adjusted operating expenses (non-GAAP)(1)		337,211		371,995		460,725
Adjusted operating profit (non-GAAP)(2)		52,392		18,234		110,272
Adjusted net income (loss) (non-GAAP)(3)		37,777		7,921		84,242

Note:

(1)	Adjusted operating expenses, a non-GAAP financial measure, represent total operating expenses excluding share-based compensation expense and one-time transactions.
(2)	Adjusted operating profit, a non-GAAP financial measure, represents income (loss) from continuing operations, before income taxes, excluding share-based compensation expense, one-time transactions and other expense, net.

Column 1	Column 2
(3)	Adjusted net income, a non-GAAP financial measure, represents net income (loss) attributable to the Company excluding share-based compensation expense, foreign currency transaction gains and losses and one-time transactions.

Key Factors Affecting Our Results of Operations

Our business and operating results are affected by general factors
driving the capital markets, digital trading and investment, and other industries in our markets, including demographic and macroeconomic
growth, technology adoption trends, and the digita

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A or browse all MD&A years.

Macro cross-references for BULL

Indicators mapped to this company's SIC classification (industry 6211 Security Brokers, Dealers & Flotation Companies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

FEDFUNDS - Federal Funds Effective Rate
DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
M2SL - M2

Macro-to-micro threads including this sector: Interest rates & the Fed, Money & trade, Consumer & credit, Government finances, Sector employment.

All 71 macro indicators →

For LLMs & downloads

Markdown twin: /company/BULL.md · JSON record: /company/BULL.json · verified financials: JSON / CSV · machine TOC for the whole site: /llms.txt