BULL financial statements
The full income statement, balance sheet, and cash-flow statement for Webull Corporation (BULL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 22 ’23 | as ofDec 22 ’22 | |
| 571M+46.3% | 390M+0.2% | 390M+0.3% | 388M | ||
| Lease income | 1.13M | — | — | — | |
| 513M+26.7% | 405M+10.4% | 367M+14.6% | 320M | ||
| Research & development | 35.5M | — | — | — | |
| Selling, general & administrative | 169M+37.4% | 123M+28.1% | 95.8M+31.3% | 73.0M | |
| General & administrative | 169M+37.4% | 123M+28.1% | 95.8M+31.3% | 73.0M | |
| Amortization of intangibles | 630K | — | — | — | |
| Provision for credit losses | 1.49M+348.1% | 332K | — | — | |
| Interest expense | 5.46M | — | — | — | |
| Other non-operating income | -13.3M-676.5% | 2.30M+182.2% | -2.80M+2.4% | -2.87M | |
| Pre-tax income | 45.2M+475.1% | -12.1M-159.7% | 20.2M-69.3% | 65.7M | |
| Income tax | 20.8M+50.7% | 13.8M-14.4% | 16.1M-49.9% | 32.2M | |
| 24.8M+209.2% | -22.7M-473.9% | 6.07M-87.9% | 50.1M | ||
| Income from continuing operations | 24.8M+197.6% | -25.4M-692.5% | 4.28M-87.2% | 33.5M | |
| Discontinued operations | — | 2.69M+50.8% | 1.78M-89.3% | 16.6M | |
| Net income to non-controlling interest | -405K+17.2% | -489K-97.5% | -247K | — | |
| Net income to common | -488M+5.8% | -518M-55.0% | -334M-24973.6% | -1.33M | |
| -$1.23 | — | — | — | ||
| EPS (basic) | -$1.23 | — | — | — | |
| Weighted-avg shares (basic) | 397M+186.0% | 139M+0.6% | 138M+2.6% | 134M | |
| Weighted-avg shares (diluted) | 397M+186.0% | 139M+0.6% | 138M+2.6% | 134M | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 22 ’23 | as ofDec 22 ’22 | |
| 3.68B+90.7% | 1.93B+63.3% | 1.18B | — | ||
| Cash & equivalents | 653M+141.3% | 271M-27.3% | 372M-14.6% | 436M | |
| Accounts receivable | 5.57M+47.7% | 3.77M | — | — | |
| Prepaid expenses | 50.2M-0.3% | 50.3M-25.3% | 67.4M | — | |
| Other current assets | 7.82M-38.8% | 12.8M | — | — | |
| 3.88B+87.6% | 2.07B+64.2% | 1.26B | — | ||
| Property, plant & equipment | 35.9M+6.7% | 33.6M-1.9% | 34.3M | — | |
| Operating lease right-of-use | 64.4M-2.9% | 66.3M+456.7% | 11.9M | — | |
| Goodwill | 30.3M+482.3% | 5.20M+0.0% | 5.20M | — | |
| Intangible assets | 55.4M+185.5% | 19.4M-9.3% | 21.4M | — | |
| Deferred tax assets | 9.35M-24.5% | 12.4M+166.3% | 4.65M | — | |
| Other non-current assets | 1.00M | — | 19.3K | — | |
| Total non-current assets | 196M+43.4% | 137M+76.7% | 77.5M | — | |
| 2.78B+92.0% | 1.45B+112.5% | 681M | — | ||
| Accounts payable | 19.0M+96.8% | 9.67M | — | — | |
| Accrued liabilities | 102M+67.3% | 61.1M+23.0% | 49.7M | — | |
| Deferred revenue | 2.67B+93.5% | 1.38B+120.7% | 625M | — | |
| Current lease liability | 3.61M-27.3% | 4.97M+43.1% | 3.47M | — | |
| 2.86B+95.9% | 1.46B+110.1% | 696M | — | ||
| Non-current lease liability | 8.91M-14.6% | 10.4M+8.8% | 9.59M | — | |
| Operating lease liability (total) | 12.5M-18.7% | 15.4M | — | — | |
| Deferred tax liabilities | 13.4M+152.6% | 5.29M-8.3% | 5.77M | — | |
| Total non-current liabilities | 87.3M+454.8% | 15.7M+2.4% | 15.4M | — | |
| 1.02B+145.0% | -2.26B-28.0% | -1.76B-21.3% | -1.45B | ||
| Additional paid-in capital | 3.19B | — | — | — | |
| Retained earnings | -2.18B+2.8% | -2.24B-27.6% | -1.76B | — | |
| Accumulated other comprehensive income | 1.52M+110.0% | -15.2M-121.5% | -6.86M | — | |
| Non-controlling interest | 187K-85.3% | 1.27M+92.8% | 660K | — | |
| Total equity incl. non-controlling | 1.02B+145.1% | -2.25B-28.0% | -1.76B-21.3% | -1.45B | |
| Total liabilities & equity | 3.88B+87.6% | 2.07B+64.2% | 1.26B | — | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 22 ’23 | as ofDec 22 ’22 | |
| 566M+205.8% | 185M-60.6% | 471M+1607.7% | -31.2M | ||
| Depreciation & amortization | 3.20M-8.7% | 3.51M+26.2% | 2.78M+95.1% | 1.42M | |
| Intangible amortization | 630K | — | — | — | |
| Share-based compensation | 43.9M+34.6% | 32.6M+10.8% | 29.4M-2.0% | 30.0M | |
| Deferred income taxes | 3.04M+139.2% | -7.74M-614.9% | -1.08M+80.0% | -5.43M | |
| 45.5M+1986.3% | -2.41M+76.0% | -10.0M+69.0% | -32.4M | ||
| Capital expenditure | 4.89M+102.6% | 2.41M-46.9% | 4.54M-85.6% | 31.6M | |
| Free cash flow | 562M+207.2% | 183M-60.8% | 466M+842.6% | -62.8M | |
| Acquisitions | 0.00 | 0.00-100.0% | 5.50M+4934.5% | 109K | |
| Purchases of investments | 1.00M | — | — | 1.01M | |
| 352M+772.7% | 40.3M+214.3% | 12.8M-28.2% | 17.9M | ||
| Long-term debt issued | 430K | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 173M | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest paid | 3.47M+13225.5% | 26.0K | — | — | |
| Income taxes paid | 12.0M-24.6% | 16.0M-18.0% | 19.5M-64.7% | 55.2M | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 22 ’23 | as ofDec 22 ’22 | |
| Market cap | 3.08B+91.1% | 1.61B+7.8% | 1.50B | — | |
| P/E | 124.5× | — | 246.6× | — | |
| P/S | 5.4×+30.6% | 4.1×+7.6% | 3.8× | — | |
| P/B | 3.0× | — | — | — | |
| P/FCF | 5.5×-37.8% | 8.8×+174.9% | 3.2× | — | |
| Earnings yield | 0.80% | — | 0.41% | — | |
| FCF yield | 18.2%+60.7% | 11.3%-63.6% | 31.1% | — | |
| Source filing | 20-F | 20-F | 10-K | 10-K |
About this data
Source: BULL’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BULL filings on SEC EDGAR → Not investment advice.