Webull Reports Third Quarter 2025 Financial Results
Total revenues grew 55% year-over-year to $156.9 million, driven by user engagement and high-trading volumes Customer assets increased 84% year-over-year, primarily due to broad-based market recovery and continued strong net deposits Strong profitability performance while investing in geographic expansion, AI and new and enhanced product offerings ST. PETERSBURG, Fla., Nov. 21, 2025 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the third quarter ended September 30, 2025. "We are proud of another strong quarter, with record revenue and customer assets driven by technological innovation, geographic and product expansion, and a favorable market backdrop," said Anthony Denier, Group President and U.S. CEO of Webull. "We continue to execute and grow our platform as showcased by the launch of Vega, our new AI tool that brings personalized market analysis and investing insights, in addition to the delivery of a variety of new offerings, including corporate bonds, access to event-based prediction markets and the re-introduction of crypto." "Our revenue growth accelerated in the third quarter and continued to comfortably outpace our expense growth, underscoring our disciplined execution and commitment to profitable growth," said H.C. Wang, Chief Financial Officer of Webull. "We remain focused on creating long-term sustainable shareholder value while investing in high-growth areas, product innovation and expanded global access to our sophisticated trading platform." Third Quarter Results and Highlights Financial Results • Total revenues increased 55% year-over-year to $156.9 million. • Trading-related revenue increased 64% year-over-year. • Total operating expenses increased 18% year-over-year, primarily driven by higher brokerage and transaction costs, reflecting rapid growth in trading volumes and product expansion, and increased general and administrative expenses due to headcount growth and compensation accruals, partially offset by lower marketing spend. • Adjusted operating expenses increased 13% year-over-year to $120.2 million. • Income before income taxes totaled $38.9 million for the quarter, representing a year-over-year increase of $48.2 million. • Adjusted operating profit totaled $36.7 million for the quarter, representing a year-over-year improvement of $42.1 million and a 28.7% expansion in operating margin. • Adjusted operating profit per share – basic and diluted was $0.08 and $0.07, respectively, compared with an adjusted operating loss per share of $0.04 (basic and diluted) in the prior year comparative quarter. • Net income attributable to the Company increased $55.2 million year-over-year from a loss of $33.5 million to income of $21.7 million. • Adjusted net income increased $38.6 million year-over-year, shifting from an adjusted net loss of $5.7 million to adjusted net income of $32.9 million. • Net income per ordinary share – basic and diluted was $0.08 and $0.07, respectively, per share, compared to basic income per ordinary share of $4.52 and diluted loss per share of $0.02 in the prior year comparative quarter.- The year-over-year decrease in basic EPS was primarily driven by a non-cash accounting gain recorded in the prior year comparative quarter, resulting from a significant decline in the fair value of our preferred shares, which increased net income attributable to ordinary shareholders in that period.- Upon the closing of our business combination transaction with SK Growth Opportunities in April 2025, our preferred stock converted into ordinary shares, and we no longer have any preferred stock outstanding. Operating Results • Customer assets totaled $21.2 billion, an all-time high, representing 84% year-over-year growth, driven by market recovery and strong net deposits, which grew 31% year-over-year. • Funded accounts increased to 4.93 million, representing 9% year-over-year growth. • Registered users increased 17% year-over-year to 25.9 million users. • Options contracts volume grew to 147 million, a 24% year-over-year increase and an increase of 15.7% from the previous quarter. • Equity notional volume grew to $204 billion, a 71% year-over-year increase and an increase of 26.7% from the previous quarter. Company Highlights • In August, we officially relaunched cryptocurrency trading in the U.S. market, giving users access to their Webull Pay accounts directly within the Webull app, and allowing them to trade cryptocurrency alongside all other Webull products. • In August, we also launched cryptocurrency in Australia, enabling access to trading of up to 240 cryptocurrencies powered by a partnership with Coinbase Prime. In September, we launched Webull in the European Union with the introduction of brokerage services in the Netherlands, giving re
