Webull advertising spend, FY2025
Webull (BULL) reported $136M of advertising expense for the fiscal year ended Dec 31, 2025. That is 23.8% of revenue of $571M. Down 2.0% from FY2024.
Key facts
- Ad spend is 3% below its FY2022 level ($140M), while revenue grew 1.5x.
- The highest year on file is FY2023 at $152M; FY2025 is 11% below it.
- Largest increase +8.5% in FY2023; largest cut -8.9% in FY2024.
- Ad spend has fallen 2 years in a row.
- Webull spends more on advertising than 18% of the 336 US-listed companies tracked. Its ad-to-revenue ratio is 4.6x the median of 5.2%.
Ad spend by fiscal year
Ad spend as % of revenue
History
Download CSV| Fiscal year | Period end | Ad spend | YoY | Revenue | Ad / revenue | Tag | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | Dec 31, 2025 | $136M | -2.0% | $571M | 23.8% | MarketingAndAdvertisingExpense | 20-F Apr 9, 2026 |
| FY2024 | Dec 31, 2024 | $139M | -8.9% | $390M | 35.5% | MarketingAndAdvertisingExpense | 20-F Apr 9, 2026 |
| FY2023 | Dec 31, 2023 | $152M | +8.5% | $390M | 39.1% | MarketingAndAdvertisingExpense | 20-F Apr 9, 2026 |
| FY2022 | Dec 31, 2022 | $140M | n/a | $388M | 36.1% | MarketingAndAdvertisingExpense | 20-F Apr 25, 2025 |
What the figure is
Marketing and advertising combined, as reported under the XBRL tag MarketingAndAdvertisingExpense.
Compared with similar spenders
The 6 companies closest to Webull in latest-year ad spend.
| Rank | Company | Ad spend | Ad / revenue | YoY | Fiscal year |
|---|---|---|---|---|---|
| 275 | G-III Apparel Group | $139M | 4.7% | -4.4% | FY2026 |
| 276 | Bumble | $138M | 14.3% | -39.0% | FY2025 |
| 277 | Webull | $136M | 23.8% | -2.0% | FY2025 |
| 278 | Yum Brands | $134M | 1.6% | +19.6% | FY2025 |
| 279 | Steven Madden | $134M | 5.3% | +31.0% | FY2025 |
| 280 | Moderna | $133M | 6.8% | -8.9% | FY2025 |
| 281 | Penske Automotive Group | $133M | 0.4% | -3.9% | FY2025 |
Full ranking of 336 companies · Biggest cuts #76 · Highest ad-to-revenue #26
Questions
How much does Webull spend on advertising?
Webull spent $136M on advertising in fiscal 2025, the year ended Dec 31, 2025, according to its 20-F filed Apr 9, 2026.
What percentage of revenue does Webull spend on advertising?
23.8% of revenue in fiscal 2025 ($136M of $571M). The median across the 336 companies tracked is 5.2%.
Is Webull spending more on advertising?
No. Ad spend fell 2.0% in fiscal 2025 from fiscal 2024. It has fallen 2 years in a row.
How does Webull rank by advertising spend?
#277 of 336 US-listed companies with $100M or more in ad spend, ranked on each company's latest fiscal year.
What does Webull's advertising figure include?
Marketing and advertising combined, as reported under the XBRL tag MarketingAndAdvertisingExpense.
Source
- Filing
- 20-F for FY2025, filed Apr 9, 2026
- Accession number
0001213900-26-041653- Company
- Webull Corp, CIK 1866364, SIC 6211 (Security Brokers, Dealers & Flotation Companies)
- Data
- SEC EDGAR XBRL company facts, retrieved Nov 4, 2026. Methodology.
- Cite
- Webull advertising spend, FY2022-FY2025. Aleksei Trudov, io.trudov.com, from SEC EDGAR XBRL company facts (latest: 20-F filed Apr 9, 2026), retrieved Nov 4, 2026. https://io.trudov.com/company/webull/advertising-spend/
- Download
- CSV, all years · CSV, all 336 companies