Webull (BULL) Operating Expenses (2024 - 2026)
Webull's (BULL) quarterly Operating Expenses came in at $162.3 million in Q1 2026, up 67.7% YoY from $96.8 million in Q1 2025, and up 9.67% on a QoQ basis from $148.0 million in Q4 2025.
Webull (BULL) Operating Expenses (2024 - 2026) Analysis & Trends
Webull (BULL) has 3 years of Operating Expenses data on file, last reported at $162.3 million in Q1 2026.
- Quarterly Operating Expenses rose 67.7% year-over-year to $162.3 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $578.0 million (up 43.57% YoY) and the FY2025 annual result came in at $512.5 million, up 26.68% from the prior year.
- Operating Expenses improved to $162.3 million in Q1 2026, from $148.0 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $162.3 million in Q1 2026 to a low of $95.2 million in Q4 2024.
- A 3-year average of $119.9 million and a median of $111.9 million in 2024 frame the typical range for Operating Expenses.
- Annual changes were most pronounced in 2025 — Operating Expenses decreased 1.99% — and 2026, when it soared 67.7%.
- Tracing BULL's Operating Expenses over 3 years: stood at $95.2 million in 2024, then soared by 55.43% to $148.0 million in 2025, then advanced by 9.67% to $162.3 million in 2026.
- The last three Operating Expenses figures came in at $162.3 million (Q1 2026), $148.0 million (Q4 2025), and $132.5 million (Q3 2025), per Business Quant data.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | -16.33 Bn |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 1.22 Bn |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 6.22 Bn |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 12.30 Bn |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 2.66 Bn |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | 1.25 Bn |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | 4.34 Bn |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 3.67 Bn |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 4.54 Bn |
| 10 | Webull | 4.23 Bn | 3.55 Bn | - | 162.31 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 162.31 Mn |
| Dec 31, 2025 | 148.00 Mn |
| Sep 30, 2025 | 132.52 Mn |
| Jun 30, 2025 | 135.22 Mn |
| Mar 31, 2025 | 96.78 Mn |
| Dec 31, 2024 | 95.22 Mn |
| Sep 30, 2024 | 111.85 Mn |
| Jun 30, 2024 | 98.76 Mn |
| Mar 31, 2024 | 98.75 Mn |