Operating cash flow remains volatile and decoupled from net income, with stock-based compensation of $27.0 million in 2025Q2 effectively offsetting the reported $28.3 million net loss.
| Cash from Operations | 122.58M | 566.42M | 185.22M | 470.6M | -31.21M |
| Operating CF Margin % | - | 99.2% | 47.46% | 120.79% | -8.04% |
| Operating CF Growth % | -84.54% | 205.82% | -60.64% | 1607.69% | - |
| Net Income | -13.88M | 24.37M | -23.18M | 5.82M | 50.08M |
| Depreciation & Amortization | 3.09M | 3.2M | 3.51M | 2.78M | 1.42M |
| Stock-Based Compensation | 47.02M | 43.87M | 32.59M | 29.41M | 30.02M |
| Deferred Taxes | -4.67M | 3.04M | -7.74M | -1.08M | -5.43M |
| Other Non-Cash Items | -18.32M | -3.53M | 1.15M | 340.98K | 713.79K |
| Working Capital Changes | 110.98M | 495.48M | 178.9M | 433.33M | -108.02M |
| Change in Receivables | -144.82M | -281.52M | 264.63M | 519.63M | 3.16M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 38.84M | 11.98M | -13.75M | -94.98M |
| Cash from Investing | -1.44M | 45.5M | -2.41M | -10.04M | -32.43M |
| Capital Expenditures | -1.44M | -4.89M | -2.41M | -4.54M | -31.55M |
| CapEx % of Revenue | 0.31% | 0.86% | 0.62% | 1.17% | 8.12% |
| Acquisitions | 0 | 50.39M | 0 | -5.5M | -109.16K |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 291 | 352.08M | 40.35M | 12.84M | 17.89M |
| Debt Issued (Net) | 0 | -35M | 0 | 0 | -10.84M |
| Equity Issued (Net) | -3.66M | 390.94M | 40.3M | 20M | 18.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.66M | -20.01M | 0 | 0 | 0 |
| Other Financing | 3.66M | -3.86M | 48.99K | -7.16M | 10M |
| Net Change in Cash | 573.81M | 980.35M | 215.82M | 475.85M | -51.2M |
| Free Cash Flow | 121.14M | 561.54M | 182.8M | 466.05M | -62.76M |
| FCF Margin % | 26.42% | 98.34% | 46.84% | 119.62% | -16.16% |
| FCF Growth % | -57.81% | 207.18% | -60.78% | 842.55% | - |
| FCF per Share | 0.28 | 1.41 | 0.40 | 1.01 | -0.14 |
| FCF Conversion (FCF/Net Income) | -8.73x | 22.87x | -8.16x | 77.54x | -0.62x |
| Interest Paid | 26.04K | 3.47M | 26.04K | 0 | 0 |
| Taxes Paid | 7.16M | 12.04M | 15.97M | 19.47M | 55.17M |
Regulatory PFOF monetization risk
As reported in recent financial filings, Webull's operating cash flow has frequently decoupled from net income, with OCF/NI ratios showing extreme volatility, including a 35.63x reading in 2023Q1, which suggests that reported earnings are currently poor proxies for the company's actual cash-generating capacity.
The persistent gap between net losses and positive operating cash flow indicates that non-cash items and working capital fluctuations are the primary drivers of liquidity. Investors should monitor whether this divergence is sustainable or if it masks an underlying inability to convert trading volume into durable, cash-based profitability.
Based on the provided quarterly data, working capital changes have been the dominant influence on cash flow, with a peak inflow of $151.7 million in 2023Q3, highlighting that the company's cash position is highly sensitive to the timing of clearinghouse deposits and user account activity.
The significant swings in working capital suggest that Webull's cash flow is heavily dependent on the velocity of retail trading rather than stable operational efficiency. This reliance on fluctuating capital requirements warrants further investigation into how regulatory capital mandates might constrain future liquidity during periods of market stress.
According to historical cash flow statements, Webull maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently below 2% since 2023Q1, suggesting that the firm's primary investments are likely expensed through the income statement rather than capitalized on the balance sheet.
The low level of reported CapEx may understate the true cost of maintaining a competitive, high-frequency trading platform. It appears that the company prioritizes software development and marketing over physical asset accumulation, which may leave the firm vulnerable if technical infrastructure requires sudden, large-scale capital reinvestment.
As indicated by recent quarterly reports, stock-based compensation has remained a consistent cash-flow adjustment, reaching $27.0 million in 2025Q2, which effectively offsets a significant portion of the company's reported net losses and complicates the assessment of true operational cash burn.
The reliance on equity-based incentives suggests that the company is managing its cash burn by shifting compensation costs off the cash flow statement. This practice may obscure the true cost of talent acquisition and warrants caution regarding the dilution of existing shareholders to support ongoing operations.
Quick answers to the most common questions about buying BULL stock.
Webull Corporation Class A Ordinary Shares (BULL) generated $566.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Webull Corporation Class A Ordinary Shares (BULL) generated $561.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Webull Corporation Class A Ordinary Shares (BULL) spent $4.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Webull Corporation Class A Ordinary Shares (BULL) spent $20.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.