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Webull Corporation Class A Ordinary Shares

BULL

Webull Corporation Class A Ordinary Shares • NASDAQ
$9.33 ▲ 0.76% (+0.07)
Market Cap $4.68 B
52w High $79.56
52w Low $7.57
Dividend Yield 0%
P/E -8.89
Volume 10.10M
Outstanding Shares 501.82M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $156.936M ▲ $0 ▼ $36.918M ▲ 23.524% ▲ $0.075 ▲ $24.413M ▲
Q2-2025 $131.493M ▲ $100.418M ▲ $-28.274M ▼ -21.502% ▼ $-1.2 ▼ $-3.725M ▼
Q1-2025 $117.369M ▲ $73.537M ▲ $13.086M ▲ 11.149% ▲ $-0.019 ▼ $20.587M ▲
Q4-2024 $107.704M ▲ $70.1M ▼ $10.762M ▲ 9.992% ▲ $0.002 ▼ $19.315M ▲
Q3-2024 $101.882M $92.753M $-9.45M -9.275% $1.39 $-8.869M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.05B ▲ $3.489B ▲ $2.489B ▲ $998.854M ▲
Q2-2025 $604.139M ▲ $2.625B ▲ $1.872B ▲ $751.555M ▲
Q1-2025 $403.32M ▲ $2.024B ▼ $1.394B ▼ $628.425M ▲
Q4-2024 $378.981M ▼ $2.069B ▲ $1.462B ▲ $605.5M ▲
Q3-2024 $402.823M $1.84B $1.241B $597.663M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-28.274M ▼ $0 $0 $0 $0 $0
Q1-2025 $13.086M ▲ $0 ▼ $0 ▲ $0 $0 ▼ $0 ▼
Q4-2024 $10.621M ▲ $38.433M ▼ $-460.77K ▲ $0 ▼ $29.674M ▼ $37.972M ▼
Q3-2024 $-9.571M ▲ $84.15M ▲ $-980.431K ▼ $291 ▲ $86.901M ▲ $83.169M ▲
Q2-2024 $-11.68M $70.117M $-281.434K $0 $69.139M $69.836M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the last few years, which suggests the business has not yet entered a strong growth phase despite its expanding brand. The company generates healthy gross profits, meaning its direct costs to serve customers are relatively low, but profitability at the operating and net levels is thin and a bit inconsistent. Recent results slipped back into a small loss after earlier profits, and earnings per share look volatile, likely influenced by capital structure and pre‑IPO adjustments. Overall, the income statement tells a story of a platform with decent unit economics but still proving that it can scale revenue and sustain profits over time.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative. Total assets have been rising, and shareholder equity has been building, which points to gradual strengthening of the company’s financial base. Debt levels are very low, so financial leverage risk appears limited. Cash, however, has been drifting down even as the business remains only marginally profitable, which is worth watching. In short, the company has a solid foundation with light debt, but its ability to rebuild and maintain a comfortable cash buffer will be important as it pursues growth.

Cash Flow

Cash Flow Cash generation is a relative bright spot. Operating cash flow has been positive in the last couple of years after an earlier dip, indicating the core business can largely fund itself. Free cash flow is also positive, helped by very light capital spending, which fits an asset‑light, software‑driven model. The latest year does show a step down from an unusually strong prior year, so the trend is not purely upward. The company appears capable of self‑funding in the near term, but its cushion is not large, and sustained growth will likely require continued discipline on costs and careful investment pacing.

Competitive Edge

Competitive Edge Webull operates in a crowded and highly competitive online brokerage market, going up against both newer app‑based brokers and established financial institutions. Its edge lies in a trading‑focused, mobile‑first platform that offers more advanced tools than many entry‑level competitors, appealing to more serious and active traders. Commission‑free trading, strong data and charting, and a highly customizable interface help create habits and mild switching costs for users who get used to the ecosystem. The in‑app community and growing brand among younger investors add a network effect. At the same time, the company faces constant pressure as rivals can copy pricing, regulators can change the economics of order flow, and larger incumbents can invest heavily in similar tools. Maintaining its lead in user experience and analytics will be crucial to defending its position.

Innovation and R&D

Innovation and R&D Innovation is central to Webull’s strategy. The platform goes beyond basic commission‑free trading by offering professional‑style charting, paper trading for education, and cross‑platform access. A key differentiator is its AI assistant, Vega, which aims to turn complex market information into actionable insights and even handle voice‑driven trading, positioning the firm on the frontier of AI‑enabled investing tools. Webull is also expanding its product set into areas like futures and crypto derivatives, and pushing into more international markets. The big question is execution: how consistently the company can enhance these tools, deepen AI capabilities, and convert innovation into stable, diversified revenue streams. The data provided does not break out R&D spending, so the financial intensity of this innovation push is not fully visible here.

Summary

Overall, Webull looks like a technology‑driven brokerage with a solid product and cautious balance sheet, but still an early‑stage financial profile. The business model appears efficient at the gross profit level and generates positive free cash flow, yet revenue growth has been muted and profits remain fragile. Its competitive appeal comes from a feature‑rich, AI‑augmented trading platform aimed at active, younger investors, in a market where user experience and innovation matter as much as price. Going forward, the company’s story will hinge on whether it can accelerate user and revenue growth, keep cash flow positive, and maintain its technological edge while navigating intense competition and regulatory scrutiny, all under the added visibility and expectations that come with a SPAC‑based public listing.

NEWS

November 20, 2025 · 4:00 PM UTC

Webull Reports Third Quarter 2025 Financial Results

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November 17, 2025 · 7:30 AM UTC

CQG and Webull Singapore Partner to Bring Powerful Technology to the Broker's New Futures Trading Offering

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November 12, 2025 · 9:00 AM UTC

Webull Announces Strategic Partnership with Meritz Financial Group to Broaden Access to Global Markets and Enter South Korea

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November 10, 2025 · 9:00 AM UTC

Webull Unveils Vega, the Next Evolution of Its AI-Powered Decision Partner

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November 7, 2025 · 9:00 AM UTC

Webull Becomes Young Investors Society Sponsor, Furthering Mission to Empower Financial Education Amongst Youth

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