Webull Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	24.77	-22.69	6.07	50.08
Depreciation & Amortization, Total	3.2	3.51	2.78	4.92
Stock-Based Compensation	43.87	32.59	29.41	30.02
Change in Accounts Receivable	524.78	264.63	519.63	3.16
Change in Accounts Payable	-	-	-	-94.98
Change in Other Net Operating Assets	-29.3	-85.73	-86.31	-16.21
Other Operating Activities	-2.39	-7.41	-0.99	-9.18
Operating Cash Flow	566.42	185.22	470.6	-31.21
Capital Expenditures	-4.89	-2.41	-4.54	-31.55
Cash Acquisitions	51.39	-	-5.5	-0.11
Investment in Securities	-1	-	-	-0.77
Investing Cash Flow	45.5	-2.41	-10.04	-32.43
Short-Term Debt Issued	30	5	-	-
Total Debt Issued	30	5	-	-
Short-Term Debt Repaid	-65	-5	-	-
Long-Term Debt Repaid	-	-	-	-10.84
Total Debt Repaid	-65	-5	-	-10.84
Net Debt Issued (Repaid)	-35	-	-	-10.84
Issuance of Common Stock	389.36	0.05	-	0
Repurchase of Common Stock	-20.01	-	-	-
Other Financing Activities	17.73	-	-7.16	-
Financing Cash Flow	352.08	40.35	12.84	17.89
Foreign Exchange Rate Adjustments	16.34	-7.33	2.45	-5.45
Net Cash Flow	980.35	215.82	475.85	-51.2
Free Cash Flow	561.54	182.8	466.05	-62.76
Free Cash Flow Growth	207.18%	-60.78%	-	-
Free Cash Flow Margin	99.50%	47.00%	119.96%	-16.17%
Free Cash Flow Per Share	1.41	1.32	3.38	-0.47
Cash Interest Paid	3.47	0.03	-	-
Cash Income Tax Paid	12.04	15.97	19.47	55.17

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.

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