BULL Webull Corp

Overview and Growth

In fiscal 2025, Webull Corp recorded $571.00M of revenue, net income of $24.77M, and an operating cash inflow of $566.42M. Revenue of $571.00M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 46.3% from $390.23M in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was -$1.23, which connects the reported earnings outcome with the company’s diluted share count. A diluted share base of 397.00M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $3.88B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.15x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The bottom-line result was net income of $24.77M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 4.3% margin after operating costs and the remaining recognized items. Before income taxes, the company reported $45.20M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 7.9%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $20.83M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 46.1%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 2.4%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 0.6%, showing earnings relative to the full balance sheet. The bottom line improved from a $22.69M loss in fiscal 2024 to $24.77M of income.

Liquidity and Capital Structure

At period end, the $3.88B asset base was financed through $2.86B of liabilities and $1.02B of equity. The near-term balance sheet paired $3.68B of current assets with $2.78B of current liabilities at the reporting date. Current assets covered current liabilities by 1.33x, leaving a positive buffer for near-term obligations. The company held $653.19M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 23.5% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 26.2% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 73.8%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 16.8%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 87.6% from $2.07B in fiscal 2024, leaving current total assets higher year over year. Cash and equivalents were 141.3% higher than fiscal 2024 cash of $270.73M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $566.42M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 22.87x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $4.89M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 0.9%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $561.54M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 98.3%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 14.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.