# Webull Corp (BULL) Informational only - not investment advice. CIK: 0001866364 SIC: 6211 Security Brokers, Dealers & Flotation Companies SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/) Latest 10-K filed: 2026-04-09 SEC page: https://www.sec.gov/edgar/browse/?CIK=1866364 Filing source: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-04-09 · accession 0001213900-26-041653 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001866364.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 570,996,806 USD | 2025 | verified | | Net income | 24,770,704 USD | 2025 | verified | | Assets | 3,880,871,303 USD | 2025 | verified | | Free cash flow | 561,537,184 USD | 2025 | computed | | Net margin | 4.34% | 2025 | computed | | Revenue YoY | +46.32% | 2025 | computed | | ROE | 2.44% | 2025 | 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 percentile fingerprint | Ratio | BULL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 4.3% | 14.8% | 11 | 19 | | Revenue growth | 46.3% | 14.4% | 94 | 19 | | FCF margin | 98.3% | 14.7% | 100 | 15 | | ROE | 2.4% | 15.1% | 11 | 19 | | ROA | 0.6% | 1.8% | 11 | 19 | | Liabilities / equity | 2.82 | 6.06 | 33 | 19 | 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 | 570996806 | USD | 2025 | 2026-04-09 | | Net income | 24770704 | USD | 2025 | 2026-04-09 | | Assets | 3880871303 | 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. | 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 | ## 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. ## Filed narrative (10-K & 10-Q) ## 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: https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm Complete FY 2025 MD&A: /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. 77 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. [[GREPCENT_TABLE]] [["","","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"]] [[/GREPCENT_TABLE]] 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: [[GREPCENT_TABLE]] [["(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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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\u2019s 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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(3)","Quarterly retention rate is calculated by subtracting the \u201cquarterly churn rate\u201d from 100%. The \u201cquarterly churn rate\u201d 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 \u201cchurned account\u201d means a funded account whose account balance (measured as the fair value of assets in the customer\u2019s 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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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\u2019 investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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\u2019 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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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\u2019 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."]] [[/GREPCENT_TABLE]] 78 [[GREPCENT_TABLE]] [["","","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"]] [[/GREPCENT_TABLE]] Note: [[GREPCENT_TABLE]] [["(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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(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."]] [[/GREPCENT_TABLE]] 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: /company/BULL/mda/fy2025/ All MD&A years: /company/BULL/mda/ ## Macro cross-references 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](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BULL.md · JSON record: /company/BULL.json · verified financials: /company/BULL/financials.json / /company/BULL/financials.csv · machine TOC for the whole site: /llms.txt