Webull Corporation Class A Ordinary Shares Earnings Recaps
Q1 2026
May 22, 2026
Shares declined 5.4% following the earnings release, reflecting investor disappointment in margin compression amid aggressive expense growth and a cautious outlook on near-term profitability despite revenue strength.
Key takeaways
- Revenue grew 36% year-over-year to $159.9 million, driven by volume growth across equities, options, and futures.
- Customer assets were $24 billion, up 90% year-over-year but down slightly sequentially due to market volatility.
- Equity notional volume surged 104% and option volume increased over 31% year-over-year, with futures growing 84% annually and 27% sequentially.
- Adjusted operating expenses increased 64% year-over-year to $141.1 million, reflecting heavy investment in AI capabilities and platform expansion.
- Management emphasized long-term growth over short-term margin improvement, signaling deliberate margin compression and cautious near-term profitability.
Q3 2025
Nov 21, 2025
Webull Corporation achieved strong financial results in Q3 2025, with a 55% year-over-year revenue growth driven by increased trading volume and strategic product expansions.
Key takeaways
- Revenue reached $156.9 million, attributed to record customer assets of $21.2 billion, aided by the Webull Pay acquisition.
- Equity trading volume surged by 71% year over year, contributing to the firm’s growth momentum.
- Adjusted operating profit was $36.7 million, reflecting a 28.7% increase in adjusted operating margin to 23.4%.
- Successful reintroduction of crypto trading and launch of AI-driven product enhancements are driving user engagement and account growth.
- Significant market liquidity improvement following the expiration of shareholder lockup restrictions in early October.