Webull Corp cash flow statement

In fiscal 2025, Webull Corp's operations generated $566m of cash; it spent $4.9m on capital projects, leaving free cash flow of $562m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Webull Corp: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	−31	471	185	566
Depreciation and amortisation	1	3	4	3
Stock-based pay	30	29	33	44
Capital spending	32	5	2	5
Free cash flow	−63	466	183	562
Free cash flow after stock pay	−93	437	150	518
Shares issued	—	—	—	173

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Webull Corp's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Webull Corp.