XML 39 R8.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 24,366,029 $ (23,182,152) $ 5,821,988
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Deferred tax expense 3,037,690 (7,743,603) (1,083,233)
Depreciation and amortization 3,202,512 3,506,395 2,778,476
Gain from step-acquisition of Webull Pay (15,495,593)
Provision for contingent liabilities 3,150,000 1,236,905 326,711
Provision for expected credit losses 1,487,993 332,076
Share-based compensation 43,872,899 32,587,611 29,411,885
Unrealized foreign exchange gain (280,472) (419,753) 14,270
Write-off of deferred equity offering costs 7,603,867
Net effect of changes in assets and liabilities:      
Net receivables from brokers, dealers and clearing organizations (281,515,440) (202,094,775) (26,008,752)
Net customer receivables and customer payables 806,297,289 466,726,102 545,640,513
Customer-held fractional shares (64,057,422) (62,723,702) (45,042,939)
Prepaid expenses and other current assets (3,120,732) 17,053,709 (27,617,754)
Operating lease right-of-use assets 1,936,096 (54,386,194) (819,913)
Accrued expenses and other current liabilities 38,841,479 11,979,068 (13,754,009)
Operating lease liabilities-current (1,375,007) 1,495,760 963,137
Operating lease liabilities-non-current (1,526,732) 847,942 (33,548)
Net cash provided by operating activities 566,424,456 185,215,389 470,596,832
Cash flows from investing activities:      
Cash received from business combination, net of cash paid 51,390,153
Cash paid for acquisition, net of cash acquired (5,495,863)
Investment in limited liability company units (1,000,000)
Purchase of property and equipment and intangible assets (4,887,272) (2,412,229) (4,543,933)
Net cash provided by (used in) investing activities 45,502,881 (2,412,229) (10,039,796)
Cash flows from financing activities:      
Proceeds from exercise of options 2,838,500 48,991
Proceeds from incentive warrants exercised 204,539,450
Proceeds from public warrants exercised 9,252,969
Proceeds from sale of ordinary shares 172,730,294
Proceeds from sale of preferred shares 40,297,282 20,000,000
Borrowing from revolving credit agreement 30,000,000 5,000,000
Principal payments made on revolving credit agreement (30,000,000) (5,000,000)
Principal payments made on insurance premium financing agreement (2,166,090)
Principal payments made on unsecured promissory notes (35,000,000)
Purchase of treasury shares (20,005,651)
Proceeds from sale of treasury shares 21,581,350
Purchase of additional shares from noncontrolling interest (1,689,066)
Spin-off of subsidiary to shareholders (7,162,982)
Net cash provided by financing activities 352,081,756 40,346,273 12,837,018
Net increase in cash, cash equivalents, segregated cash, and cash of discontinued operations 964,009,093 223,149,433 473,394,054
Effective of exchange rate changes 16,338,927 (7,331,739) 2,451,391
Cash, cash equivalents, segregated cash, and cash of discontinued operations at beginning of the year 1,209,960,161 994,142,467 518,297,022
Cash, cash equivalents, segregated cash, and cash of discontinued operations at end of the year 2,190,308,181 1,209,960,161 994,142,467
Cash, cash equivalents, segregated cash, and cash of discontinued operations      
Cash and cash equivalents 653,188,906 270,728,008 372,340,353
Segregated cash 1,537,119,275 939,232,153 621,802,114
Cash of discontinued operations (Note 5)
Cash, cash equivalents and segregated cash at end of the year $ 2,190,308,181 $ 1,209,960,161 $ 994,142,467