Webull (BULL) Company Report

Webull reported Q3 2025 revenue of $156.9 million, a 55% year-over-year increase, and achieved its most profitable quarter ever with an adjusted operating profit of $36.7 million, representing a 23.4% margin.
Customer assets under management (AUM) reached an all-time high of $21.2 billion, an 84% year-over-year increase, driven by $2.1 billion in net deposits during the quarter and the acquisition of Webull Pay.
The platform grew to 4.93 million funded accounts (a 9% year-over-year increase) and 25.9 million registered users (a 17% year-over-year increase).
Key product expansions included the reintroduction of crypto trading, with over 50% of new funded accounts now trading crypto, the launch of sports prediction markets, and the AI-powered decision partner Vega.
International growth continued with the launch of the platform in the European Union and a strategic partnership with Meritz Financial Group in South Korea.

Nov 20, 2025, 10:00 PM

Transcript

BULL Reports Strong Q3 2025 Revenue Growth and Profitability

BULL

Earnings

Revenue Acceleration/Inflection

M&A

**BULL reported total revenues of $156.9 million in Q3 2025, a 55% year-over-year increase, significantly outpacing expense growth. **
**The company achieved an adjusted operating profit of $36.7 million and adjusted net income of $32.9 million in Q3 2025, marking its fourth consecutive quarter of operating profitability. **
**Registered users grew 17% year-over-year to 25.9 million, and funded accounts increased 9% year-over-year to 4.93 million in Q3 2025, which includes 143.8 thousand new funded accounts from the Webull Pay acquisition. **
**Customer assets reached an all-time high of $21.2 billion, including $1.2 billion from the Webull Pay acquisition, driven by market recovery and strong net deposits of $2.1 billion in Q3 2025. **
**Webull expanded its product offerings with Webull Premium reaching 90k subscribers, introduced an AI tool (Vega), and expanded globally with platform launches in the Netherlands and partnerships in Asia. **

Nov 20, 2025, 10:00 PM

Presentation

Webull Reports Strong Q3 2025 Financial Results and Product Expansion

BULL

Earnings

Product Launch

Revenue Acceleration/Inflection

Webull reported robust Q3 2025 financial results, with revenue of $156.9 million, a 55% year-over-year increase, and adjusted net income of $32.9 million, marking its fourth consecutive quarter of operating profitability.
Growth was driven by a 56% year-over-year increase in daily average revenue trades and a 32% rise in interest-related income to $43.4 million. The company also saw $2.1 billion in net deposits in Q3 alone.
Strategic product expansion included the reintroduction of crypto trading and futures, the launch of sports prediction markets, and the AI-powered Vega. The acquisition of Webull Pay added $1.2 billion in AUM and 140,000 funded accounts, with over 50% of new funded accounts now trading crypto.
Webull is expanding globally, with Webull Canada approaching $1 billion in AUM, and is actively pursuing B2B partnerships, such as the live institutional client Meritz. The company maintains expense discipline, with operating expenses growing 13% year-over-year, significantly slower than revenue growth.

Nov 20, 2025, 10:00 PM

Transcript

Webull Reports Strong Q3 2025 Results with Significant Growth and Product Expansion

BULL

Earnings

Product Launch

Revenue Acceleration/Inflection

Webull reported Q3 2025 revenue of $156.9 million, a 55% year-over-year increase, and achieved $36.7 million in adjusted operating profit, marking its fourth consecutive quarter of operating profitability.
Customer assets (AUM) reached an all-time high of $21.2 billion, an 84% year-over-year increase, including $1.2 billion from the Webull Pay acquisition.
The company expanded its product offerings by reintroducing crypto trading, launching sports prediction markets, and introducing Vega, an AI-powered decision-making partner.
Global expansion continued with the launch of the Webull platform in the European Union and a strategic partnership with Meritz Financial Group to offer U.S. market access in South Korea.
All shareholder lockup restrictions expired on October 8th, which significantly increased the public float and enhanced market liquidity.

Nov 20, 2025, 10:00 PM

Transcript

Webull Corporation Reports Strong Q3 2025 Financial and Operational Growth

BULL

Earnings

Revenue Acceleration/Inflection

Product Launch

Webull Corporation reported total revenues of $156.9 million for the third quarter ended September 30, 2025, representing a 55% year-over-year increase. The company achieved adjusted net income of $32.9 million, a significant improvement from an adjusted net loss of $5.7 million in the prior year comparative quarter.
Customer assets reached an all-time high of $21.2 billion, growing 84% year-over-year, driven by market recovery and strong net deposits. Funded accounts increased 9% year-over-year to 4.93 million, and registered users grew 17% year-over-year to 25.9 million.
The company expanded its product offerings and global presence by relaunching cryptocurrency trading in the U.S., launching brokerage services in the Netherlands, and introducing new features such as corporate bonds and the Vega AI tool.

Nov 20, 2025, 9:18 PM

6-K

Webull Reports Strong Third Quarter 2025 Financial Results

BULL

Earnings

Revenue Acceleration/Inflection

Product Launch

Webull Corporation reported total revenues of $156.9 million for the third quarter ended September 30, 2025, representing a 55% year-over-year increase.
The company achieved net income attributable to the Company of $21.7 million for Q3 2025, a $55.2 million year-over-year increase from a loss of $33.5 million in the prior year comparative quarter.
Customer assets reached an all-time high of $21.2 billion, marking 84% year-over-year growth, primarily due to market recovery and strong net deposits.
Webull expanded its offerings and geographic reach, including the relaunch of cryptocurrency trading in the U.S. and Australia, the launch of brokerage services in the European Union, and the introduction of Vega AI.

Nov 20, 2025, 9:00 PM

Press Release

Webull announces strategic partnership with Meritz Financial Group

BULL

New Projects/Investments

Product Launch

Webull Corporation (NASDAQ: BULL) announced a strategic partnership with Meritz Financial Group to enter the South Korean market.
This collaboration will provide South Korean investors with seamless access to U.S. equity markets and Webull's innovative trading and investment tools.
The partnership is a key step in Webull's global expansion strategy, adding South Korea to its existing 14 markets and over 24 million registered users.

Nov 12, 2025, 2:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Webull.

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