Webull Corp (BULL) Income Statement
BULL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBULL revenue and net income
Where BULL's revenue goes
2025Each bar shows an amount and its share of revenue. BULL kept 4.3% of revenue as net income.
BULL profit margins
BULL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +46.3% | +13.7% | — | — |
| Gross profit | +42.2% | +10.4% | — | — |
| Operating income | — | −5.2% | — | — |
| Net income | — | −20.9% | — | — |
| EPS (diluted) | −42.9% | −14.9% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BULL quarterly EPS vs estimates
Webull beat the analyst EPS estimate in 4 of the last 7 quarters. Next report: November 19, 2026 (estimate $0.05).
BULL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $571.0M | $390.2M | $389.6M | $388.3M | $0 |
| Cost of revenue | $128.7M | $79.3M | $66.4M | $59.8M | — |
| Gross profit | $442.2M | $310.9M | $323.2M | $328.6M | — |
| Research & development | $79.2M | $63.8M | $52.2M | $46.8M | — |
| Sales, general & admin | $301.4M | $254.8M | $243.4M | $209.7M | — |
| Total operating expenses | $383.8M | $325.3M | $300.2M | $260.0M | $33,831 |
| Operating income | $58.5M | −$14.4M | $23.0M | $68.6M | −$33,831 |
| Interest income | — | $0 | $0 | $1.4M | — |
| Interest expense | $5.5M | $122,778 | — | — | — |
| Income before taxes | $45.2M | −$12.1M | $20.2M | $65.7M | −$33,831 |
| Income taxes | $20.8M | $13.8M | $16.1M | $32.2M | — |
| Net income | $24.8M | −$22.7M | $6.1M | $50.1M | −$33,831 |
| EBITDA | $53.9M | −$8.4M | $23.0M | $70.5M | −$33,831 |
| EPS (diluted) | $0.08 | $0.14 | $0.01 | $0.13 | $0.00 |
| Gross margin | 77.5% | 79.7% | 83.0% | 84.6% | — |
| Operating margin | 10.2% | −3.7% | 5.9% | 17.7% | — |
| Net margin | 4.3% | −5.8% | 1.6% | 12.9% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $198.8M | $159.9M | $165.2M | $156.9M | $131.5M | $117.4M | $107.7M | $101.9M | $89.9M | $88.9M | $84.5M | $99.6M |
| Cost of revenue | $44.3M | $38.4M | $35.1M | $35.6M | $34.8M | $23.2M | $22.6M | $19.8M | $19.0M | $17.9M | $17.5M | $16.7M |
| Gross profit | $154.5M | $121.5M | $130.1M | $121.3M | $96.7M | $94.1M | $85.1M | $82.0M | $70.9M | $71.0M | $67.0M | $82.9M |
| Research & development | $22.2M | $23.9M | $20.6M | $22.5M | $19.1M | $16.9M | $17.5M | $16.4M | $15.0M | $14.9M | $12.4M | $12.6M |
| Sales, general & admin | $86.9M | $100.1M | $89.1M | $74.4M | $81.3M | $56.6M | $50.7M | $74.5M | $64.8M | $65.9M | $65.3M | $52.7M |
| Total operating expenses | $109.0M | $123.9M | $112.9M | $96.9M | $100.4M | $73.5M | $92.7M | $92.8M | $79.8M | $80.8M | $81.2M | $66.4M |
| Operating income | $45.5M | −$2.4M | $17.2M | $24.4M | −$3.7M | $20.6M | $15.0M | −$10.7M | −$8.9M | −$9.8M | −$14.2M | $16.5M |
| Income before taxes | $34.7M | −$12.8M | $8.1M | $39.0M | −$21.4M | $19.5M | $17.3M | −$9.2M | −$10.3M | −$9.8M | −$16.5M | $14.2M |
| Income taxes | $10.3M | $8.9M | $5.1M | $2.2M | $7.0M | $6.6M | — | $331,215 | $1.4M | $2.7M | −$2.9M | $7.1M |
| Net income | $24.4M | −$21.7M | $3.0M | $36.9M | −$28.3M | $13.1M | $10.8M | −$9.4M | −$11.6M | −$12.4M | −$13.5M | $7.4M |
| EBITDA | $34.7M | −$12.8M | $8.1M | $39.0M | −$20.0M | $19.5M | — | −$7.4M | −$9.4M | −$8.9M | −$15.8M | $14.9M |
| EPS (diluted) | $0.04 | $0.02 | $0.04 | $0.06 | $0.04 | −$0.06 | $0.06 | — | — | — | — | — |
| Gross margin | 77.7% | 76.0% | 78.8% | 77.3% | 73.5% | 80.2% | 79.0% | 80.5% | 78.9% | 79.8% | 79.3% | 83.3% |
| Operating margin | 22.9% | −1.5% | 10.4% | 15.6% | −2.8% | 17.5% | 14.0% | −10.5% | −9.9% | −11.0% | −16.8% | 16.6% |
| Net margin | 12.3% | −13.6% | 1.8% | 23.5% | −21.5% | 11.1% | 10.0% | −9.3% | −12.9% | −14.0% | −16.0% | 7.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BULL's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BULL financial results
In fiscal year 2025 (ended December 31, 2025), Webull reported revenue of $571.0 million, up 46.3% from the year before. It had net income of $24.8 million, a net profit margin of 4.3%. Diluted earnings per share came to $0.08.
See the BULL stock overview for the latest quote and news, or the BULL chart for price history and technical indicators.
BULL income statement FAQ
What is Webull's annual revenue?
Webull reported total revenue of $571.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 46.3% from $390.2 million the previous year.
Is Webull profitable?
Yes. Webull reported net income of $24.8 million in fiscal 2025, a net profit margin of 4.3%; its operating margin was 10.2%.
What is Webull's gross margin?
Webull's gross margin was 77.5% in fiscal 2025: for every $100 of revenue, Webull kept $77 after the direct cost of its products and services.
How much does Webull spend on research and development?
Webull spent $79.2 million on research and development in fiscal 2025, 13.9% of revenue.
What are Webull's earnings per share?
Webull earned $0.08 per diluted share in fiscal 2025, compared with $0.14 a year earlier.
When will Webull report its next earnings?
Webull is expected to report results for the quarter ending September 30, 2026 on November 19, 2026.
When does Webull's fiscal year end?
Webull's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.