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In the news release, Webull Reports Fourth Quarter and Full Year 2025 Financial Results, issued 05-Mar-2026 by Webull Corporation over PR Newswire, we are advised by the company that in the conference call information, the website address should be https://event.choruscall.com/mediaframe/webcast.html?webcastid=Uo79nQaz, rather than https://event.choruscall.com/mediaframe/webcast.html?webcastid=hwHZv0ih, as originally issued inadvertently. The complete, corrected release follows:
Webull Reports Fourth Quarter and Full Year 2025 Financial Results
Company marks first full year as public company with record revenue of $571 million and record net deposits of $8.6 billion, representing a 46% and 91% increase respectively
Webull will continue to expand product offering globally while remaining laser-focused on being the platform of choice for active, self-directed investors
ST. PETERSBURG, Fla., March 5, 2026 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the fourth quarter and full year of 2025, which ended December 31, 2025.
"I'm tremendously proud to report our first full-year results as a public company, including record revenues, AUM, customer accounts and the number of markets we serve. Webull was founded as a platform providing investors with access to valuable market information and advanced tools, and the introduction of our proprietary AI tool, Vega, will allow us to accomplish that mission in ways that are truly transformative for Webull and our users," said Anthony Denier, Group President and U.S. CEO of Webull. "From our start, we have built our business around improving the investing experience for self-directed traders and deploying Vega brings us to a whole new level of excellence in this regard. We are proud to have become the platform of choice for sophisticated, active, self-directed investors, with a business grounded in our core equity and options offerings while also expanding into new asset classes, geographies and types of investors. The scale we have achieved is a testament to the hard work and thought leadership of our team."
"We reported another quarter of strong financial performance, particularly in our equities and options businesses, which contributed to a significant full-year revenue increase," said H.C. Wang, Chief Financial Officer of Webull. "We're seeing robust returns on our strategic investment in marketing, innovation and addressable market expansion and are confident that we are positioning Webull to deliver lasting shareholder value."
Fourth Quarter Results
Financial Results
Total revenues increased 50% year-over-year to $165.2 million. Trading-related revenue increased 56% year-over-year. Total operating expenses increased 55% year-over-year, primarily driven by higher brokerage and transaction costs, reflecting rapid growth in trading volumes and product expansion, and increased marketing and branding expenses which led to record net deposits. Adjusted operating expenses increased 62% year-over-year to $143.6 million. Income from continuing operations before income taxes totaled $8.1 million for the quarter, representing a year-over-year decrease of $9.2 million, primarily due to increased marketing and branding expenses and continued investment in our product and global expansion efforts. Adjusted operating profit totaled $21.6 million for the quarter and was consistent year-over-year. Adjusted operating profit per share – basic and diluted was $0.04, compared with an adjusted operating profit per share of $0.16 (basic and diluted) in the prior year comparative quarter. The increase in our outstanding shares between the periods contributed to the decline. Net income attributable to the Company decreased to $3.0 million for the quarter from $10.8 million for the prior year comparative quarter. Adjusted net income decreased to $14.6 million for the quarter, compared to $15.0 million for the prior year comparative quarter. Net income per ordinary share – basic and diluted was $0.01 per share, compared to basic and diluted loss per ordinary share of $0.22 per share for the prior year comparative quarter.[1]Operating Results
Customer assets totaled $24.6 billion, an all-time high, representing 81% year-over-year growth, driven by market recovery and strong net deposits, which grew 225% year-over-year. Funded accounts increased to 5.0 million, representing 8% year-over-year growth. Registered users increased 15% year-over-year to 26.8 million users. Options contracts volume grew to 154 million, a 38% year-over-year increase and an increase of 5% from the previous quarter. Equity notional volume grew to $239 billion, representing an 87% year-over-year increase and an increase of 17% from the previous quarter. DARTs increased to 1.2 million, representing 55% year-over-year growth.Full Year Results
Financial Results
Revenues increased 46% year-over-year to $571 million. Trading-related revenue increased 59% year-over-year. Total operating expenses increased 27% year-over-year primarily driven by higher brokerage and transaction costs, reflecting growth in trading volumes, and increased technology and development and general and administrative expenses due to headcount growth to support continued investment in product and global expansion efforts. Adjusted operating expenses increased 24% year-over-year. Income from continuing operations before income taxes for the year was $45.2 million as compared to a loss for the prior year of $12.1, an increase of $57.3 million. Adjusted operating profit for the year was $110.3 million, a year-over-year increase of $92 million. Adjusted operating profit per share – basic and diluted was $0.28, compared with an adjusted operating profit per share of $0.13 (basic and diluted) for the prior year. Net Income attributable to the Company was $24.8 million for the year as compared to a net loss of $22.7 million for the prior year, an increase of $47.5 million. Adjusted net income increased $76.3 million to $84.2 million for the year. Net Loss per ordinary share – basic and diluted was $1.23, compared to $3.73 (basic and diluted) for the prior year.[1]Operating Results
Option contracts volume increased to 550 million, representing a 19% year-over-year increase. Equity notional volume increased to 732 billion, representing a 59% year-over-year increase.Company Highlights
Fourth Quarter
Introduced Vega AI, the next evolution of our AI-powered decision partner delivering real-time, personalized insights and analysis using news, earnings, and data for investors to help them navigate the complexities of modern trading. Launched corporate bond trading for U.S. customers, building on our previous rollout of U.S. government bond trading, enabling further user portfolio diversification. Entered into a partnership with Meritz Financial Group, one of South Korea's largest financial institutions, to offer South Korean investors seamless access to U.S. equity markets.Full Year
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. Launched cryptocurrency in Australia, enabling access to trading of up to 240 cryptocurrencies powered by a partnership with Coinbase Prime. Launched Webull in the European Union with the introduction of brokerage services in the Netherlands, giving retail investors access to European and U.S.-listed equities, fractional shares, European ETFs and U.S. options. Rolled out Level 3 Options for our customers in Canada, Singapore and Hong Kong, granting access to a broader range of U.S. options strategies and providing clients with exposure to all areas of capital markets to empower full control over their portfolios.| [1] The fourth quarter year-over-year increase in basic and diluted net income per ordinary share and the annual year-over-year decrease in basic and diluted net loss per ordinary share was primarily driven by the conversion of our preferred stock into ordinary shares upon the closing of our business combination transaction with SK Growth Opportunities Corporation in April 2025. Since April 2025, we no longer recognize non-cash accounting losses that result from increases in the fair value of our preferred shares as we no longer have any preferred stock outstanding. |
Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, March 4, 2025. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Uo79nQaz or participants may dial 1-866-652-5200 (U.S.) or 1-412-317-6060 (international).
Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.
About Webull Corporation
Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 14 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 26 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.
Contacts
For Investors
ir@webullcorp.com
For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(212) 999-5585
Use of Non-GAAP Financial Measures
We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.
We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, earnings per share, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.
Definitions
"Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.
"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.
"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.
"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.
"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.
| Webull Corporation | ||||||||
| Condensed Consolidated Statements of Financial Position | ||||||||
| December 31, | December 31, | |||||||
| Unaudited | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 653,188,906 | $ | 270,728,008 | ||||
| Cash and cash equivalents segregated under federal and foreign | 1,537,119,275 | 939,232,153 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 562,961,145 | 262,093,040 | ||||||
| Receivables from customers, net | 708,785,550 | 301,107,428 | ||||||
| Prepaid expenses and other current assets | 50,208,272 | 50,344,836 | ||||||
| Customer-held fractional shares | 172,309,953 | 108,252,531 | ||||||
| Total current assets | 3,684,573,101 | 1,931,757,996 | ||||||
| Right-of-use assets | 64,357,655 | 66,293,751 | ||||||
| Property and equipment, net | 35,894,855 | 33,629,770 | ||||||
| Intangible assets, net | 55,434,567 | 19,415,963 | ||||||
| Goodwill | 30,264,138 | 5,197,438 | ||||||
| Deferred tax assets | 9,346,987 | 12,374,499 | ||||||
| Other non-current assets | 1,000,000 | – | ||||||
| Total non-current assets | 196,298,202 | 136,911,421 | ||||||
| Total assets | $ | 3,880,871,303 | $ | 2,068,669,417 | ||||
| Liabilities, mezzanine equity, and shareholders' equity (deficit) | ||||||||
| Payables due to customers | $ | 2,667,837,626 | $ | 1,378,625,130 | ||||
| Payables due to brokers, dealers, and clearing organizations | 3,481,115 | 1,490,537 | ||||||
| Lease liabilities - current portion | 3,611,195 | 4,969,959 | ||||||
| Accounts payable and other accrued expenses | 102,183,377 | 61,079,799 | ||||||
| Total current liabilities | 2,777,113,313 | 1,446,165,425 | ||||||
| Lease liabilities - non-current portion | 8,911,821 | 10,438,555 | ||||||
| Unsecured promissory notes | 65,000,000 | – | ||||||
| Deferred tax liabilities | 13,366,222 | 5,292,255 | ||||||
| Total non-current liabilities | 87,278,043 | 15,730,810 | ||||||
| Total liabilities | 2,864,391,356 | 1,461,896,235 | ||||||
| Commitments and Contingencies | – | – | ||||||
| Mezzanine equity | ||||||||
| Convertible redeemable preferred shares (aggregate liquidation preference | – | 2,861,748,733 | ||||||
| Total mezzanine equity | – | 2,861,748,733 | ||||||
| Shareholders' equity (deficit) | ||||||||
| Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares | 4,396 | 1,393 | ||||||
| Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares | 839 | – | ||||||
| Treasury shares (1,124,485 and 4,224,356 shares as of December 31, | – | – | ||||||
| Additional paid in capital | 3,192,952,827 | – | ||||||
| Accumulated deficit | (2,178,189,845) | (2,241,054,086) | ||||||
| Accumulated other comprehensive income (loss) | 1,524,496 | (15,195,946) | ||||||
| Total shareholders' equity (deficit) | 1,016,292,713 | (2,256,248,639) | ||||||
| Noncontrolling interest | 187,234 | 1,273,088 | ||||||
| Total equity (deficit) | 1,016,479,947 | (2,254,975,551) | ||||||
| Total liabilities, mezzanine equity, and total equity (deficit) | $ | 3,880,871,303 | $ | 2,068,669,417 | ||||
| Webull Corporation | ||||||||
| Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Equity and option order flow rebates | $ | 304,126,641 | $ | 197,069,562 | ||||
| Interest related income | 154,256,508 | 130,451,877 | ||||||
| Handling charge income | 87,293,753 | 49,044,700 | ||||||
| Other revenues | 25,319,904 | 13,663,533 | ||||||
| Total revenues | 570,996,806 | 390,229,672 | ||||||
| Operating expenses | ||||||||
| Brokerage and transaction | 128,749,064 | 79,306,618 | ||||||
| Technology and development | 79,184,019 | 63,840,463 | ||||||
| Marketing and branding | 135,947,415 | 138,721,231 | ||||||
| General and administrative | 168,642,689 | 122,714,628 | ||||||
| Total operating expenses | 512,523,187 | 404,582,940 | ||||||
| Other expense (income), net | 13,275,139 | (2,302,693) | ||||||
| Income (loss) from continuing operations, before income taxes | 45,198,480 |
Related | ||||||
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