Webull Corporation (BULL)

Webull Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Net Income	24.37	-23.18	5.82	50.08
Depreciation & Amortization	3.2	3.51	2.78	1.42
Stock-Based Compensation	43.87	32.59	29.41	30.02
Other Adjustments	-0.5	-6.59	-0.74	-4.71
Change in Receivables	-281.52	-202.1	-26.01	1.56
Changes in Accounts Payable	-	-	-	-94.98
Changes in Accrued Expenses	38.84	11.98	-13.75	-
Changes in Other Operating Activities	738.15	369.01	473.09	-14.61
Operating Cash Flow	566.42	185.22	470.6	-31.21
Operating Cash Flow Growth	205.82%	-60.64%	-	-
Capital Expenditures	-4.89	-2.41	-4.54	-31.55
Purchases of Investments	-1	-	-	-1.01
Proceeds from Sale of Investments	-	-	-	0.24
Payments for Business Acquisitions	51.39	-	-5.5	-0.11
Investing Cash Flow	45.5	-2.41	-10.04	-32.43
Short-Term Debt Issued	30	5	-	-
Short-Term Debt Repaid	-32.17	-5	-	-
Net Short-Term Debt Issued (Repaid)	-2.17	0	-	-
Long-Term Debt Repaid	-35	-	-	-10.84
Net Long-Term Debt Issued (Repaid)	-35	-	-	-10.84
Issuance of Common Stock	410.94	0.05	-	0
Repurchase of Common Stock	-20.01	-	-	-
Net Common Stock Issued (Repurchased)	390.94	0.05	-	0
Issuance of Preferred Stock	-	40.3	20	83.72
Repurchase of Preferred Stock	-	-	-	-55
Net Preferred Stock Issued (Repurchased)	-	40.3	20	28.72
Other Financing Activities	-1.69	-	-7.16	-
Financing Cash Flow	352.08	40.35	12.84	17.89
Effect of Exchange Rate Changes on Cash and Cash Equivalents	16.34	-7.33	2.45	-5.45
Net Cash Flow	964.01	223.15	473.39	-45.76
Free Cash Flow	561.54	182.8	466.05	-62.76
Free Cash Flow Growth	207.18%	-60.78%	-	-
FCF Margin	98.34%	46.84%	119.62%	-16.16%
Free Cash Flow Per Share	1.41	1.32	3.38	-0.47
Levered Free Cash Flow	250.63	-135.7	123.56	-151.88
Unlevered Free Cash Flow	806.83	351.27	462.17	-104.77

Updated Mar 4, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q