Webull (BULL) kicked off Q1 2026 with total revenue of about US$159.9 million and basic EPS that slipped into a loss of about US$0.04, while the trailing twelve month figures show revenue of roughly US$606.9 million and a basic EPS loss of about US$1.01. Over the past year, the company has seen quarterly revenue move from about US$117.4 million in Q1 2025 to US$159.9 million in Q1 2026, with basic EPS swinging between profits and losses across those periods. For investors, the latest numbers keep the focus firmly on how quickly margins can tighten up, as well as whether improving efficiency can eventually turn that revenue base into more durable profitability.

See our full analysis for Webull.

With the headline results in place, the next step is to set these figures against the most widely held narratives around Webull to see which stories the numbers back up and which ones start to look stretched.

Revenue Keeps Growing While Losses Persist

• Q1 2026 revenue came in at about US$159.9 million versus roughly US$117.4 million in Q1 2025, while net income swung from a loss of about US$8.6 million to a larger loss of roughly US$21.7 million over the same quarters.
• Consensus narrative highlights diversified growth from global expansion, subscriptions and crypto. However, the trailing twelve month net loss of about US$500.6 million against roughly US$606.9 million of revenue shows that scale alone has not yet translated into profits. This remains important context when considering that analysts see revenue growing around 23.5% a year and margins improving over time.

Valuation Gap Versus Loss-Making Reality

• BULL trades at about US$6.18 per share, while the provided DCF fair value figure is US$26.92 and the allowed analyst price target reference is US$12.00. At the same time, the trailing twelve month loss is about US$500.6 million with basic EPS over that period at a loss of about US$1.01.
• Bulls point to the large gap between today’s price, the DCF fair value and the US$12.00 target as potential upside. The data also shows a P/S of 5.5x versus peers at 1.7x and the US Capital Markets industry at 3.5x, so the bullish view that future earnings will justify both the premium multiple and the gap to fair value rests heavily on forecasts of earnings growth that have not yet appeared in the trailing numbers.

Do you want to see how optimistic investors are connecting these Q1 numbers to longer term upside in detail? 🐂 Webull Bull Case

Bears Focus On Dilution And Premium P/S

• Over the last year shareholders saw dilution and the stock now trades on a P/S of 5.5x compared with 1.7x for peers and 3.5x for the wider US Capital Markets industry, even though the company is still reporting a trailing twelve month net loss of about US$500.6 million.
• Bears argue that paying a premium multiple for an unprofitable business with recent dilution bakes in a lot of optimism. The combination of a P/S above peers and industry, a trailing EPS loss of about US$1.01 and reliance on higher complexity products like options, futures, crypto and prediction markets means the cautious view is that any slowdown in trading activity or tighter regulation could leave that premium looking hard to justify if the forecast earnings ramp does not come through as expected.

Skeptics are spelling out exactly how dilution, premium P/S and ongoing losses shape their caution on BULL. 🐻 Webull Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Webull on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With bulls and bears both finding support in the same set of numbers, it is worth looking through the details yourself and deciding how much risk and potential reward you are comfortable with. To see how others are weighing both sides of this story, start with the 3 key rewards and 1 important warning sign

See What Else Is Out There

Webull is still reporting sizeable losses, recent dilution and a premium P/S multiple, so profitability has not yet caught up with the growth story.

If you want ideas where pricing and fundamentals may already be more closely aligned, start comparing opportunities in the 49 high quality undervalued stocks, while this one is still working to prove its premium.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.