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Side-by-side financial comparison of Webull Corp (BULL) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
Webull Corp is the larger business by last-quarter revenue ($131.5M vs $89.5M, roughly 1.5× Commerce.com, Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -21.5%, a 12.2% gap on every dollar of revenue. On growth, Webull Corp posted the faster year-over-year revenue change (46.3% vs 2.9%). Webull Corp produced more free cash flow last quarter ($271.7M vs $-2.2M).
Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida. It provides an electronic trading platform of the same name.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
BULL vs CMRC — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $131.5M | $89.5M |
| Net Profit | $-28.3M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | -16.3% | -7.4% |
| Net Margin | -21.5% | -9.3% |
| Revenue YoY | 46.3% | 2.9% |
| Net Profit YoY | -144.3% | -250.0% |
| EPS (diluted) | — | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $89.5M | ||
| Q3 25 | — | $86.0M | ||
| Q2 25 | $131.5M | $84.4M | ||
| Q1 25 | — | $82.4M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | — | $83.7M | ||
| Q2 24 | $89.9M | $81.8M | ||
| Q1 24 | — | $80.4M |
| Q4 25 | — | $-8.4M | ||
| Q3 25 | — | $-2.2M | ||
| Q2 25 | $-28.3M | $-8.4M | ||
| Q1 25 | — | $-353.0K | ||
| Q4 24 | — | $-2.4M | ||
| Q3 24 | — | $-7.0M | ||
| Q2 24 | $-11.6M | $-11.3M | ||
| Q1 24 | — | $-6.4M |
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 76.3% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 77.1% |
| Q4 25 | — | -7.4% | ||
| Q3 25 | — | -0.5% | ||
| Q2 25 | -16.3% | -8.0% | ||
| Q1 25 | — | -2.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | -23.0% | ||
| Q2 24 | -11.4% | -16.5% | ||
| Q1 24 | — | -10.2% |
| Q4 25 | — | -9.3% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | -21.5% | -9.9% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | — | -8.4% | ||
| Q2 24 | -12.9% | -13.8% | ||
| Q1 24 | — | -8.0% |
| Q4 25 | — | $-0.11 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $476.7M | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | $751.6M | $39.4M |
| Total Assets | $2.6B | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $141.1M | ||
| Q3 25 | — | $142.0M | ||
| Q2 25 | $476.7M | $134.5M | ||
| Q1 25 | — | $120.7M | ||
| Q4 24 | — | $178.2M | ||
| Q3 24 | — | $168.4M | ||
| Q2 24 | — | $275.8M | ||
| Q1 24 | — | $265.2M |
| Q4 25 | — | $157.0M | ||
| Q3 25 | — | $157.3M | ||
| Q2 25 | — | $157.5M | ||
| Q1 25 | — | $157.8M | ||
| Q4 24 | — | $216.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $340.9M | ||
| Q1 24 | — | $340.5M |
| Q4 25 | — | $39.4M | ||
| Q3 25 | — | $42.8M | ||
| Q2 25 | $751.6M | $38.8M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | — | $33.4M | ||
| Q3 24 | — | $29.0M | ||
| Q2 24 | $-2.9B | $26.1M | ||
| Q1 24 | — | $26.9M |
| Q4 25 | — | $308.8M | ||
| Q3 25 | — | $309.5M | ||
| Q2 25 | $2.6B | $302.5M | ||
| Q1 25 | — | $286.3M | ||
| Q4 24 | — | $340.3M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | — | $452.5M | ||
| Q1 24 | — | $442.5M |
| Q4 25 | — | 3.99× | ||
| Q3 25 | — | 3.67× | ||
| Q2 25 | — | 4.06× | ||
| Q1 25 | — | 4.14× | ||
| Q4 24 | — | 6.49× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 13.06× | ||
| Q1 24 | — | 12.65× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $272.1M | $980.0K |
| Free Cash FlowOCF − Capex | $271.7M | $-2.2M |
| FCF MarginFCF / Revenue | 206.6% | -2.4% |
| Capex IntensityCapex / Revenue | 0.3% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $980.0K | ||
| Q3 25 | — | $10.6M | ||
| Q2 25 | $272.1M | $13.6M | ||
| Q1 25 | — | $401.0K | ||
| Q4 24 | — | $12.4M | ||
| Q3 24 | — | $5.6M | ||
| Q2 24 | — | $11.7M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | $271.7M | $11.9M | ||
| Q1 25 | — | $-424.0K | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $10.7M | ||
| Q1 24 | — | $-4.2M |
| Q4 25 | — | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | 206.6% | 14.1% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | -5.3% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | 0.3% | 2.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BULL
Segment breakdown not available.
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
