Webull Reports Third Quarter 2025 Financial Results

PR Newswire

ST. PETERSBURG, Fla., Nov. 20, 2025

Webull Corporation
Condensed Consolidated Statements of Financial Position


			2025	2024
			2025	2024
Assets			(Unaudited)
	Cash and cash equivalents		$ 654,805,055	$ 270,728,008
	Cash and cash equivalents segregated under federal and foreign requirements		1,395,266,400	939,232,153
	Receivables from brokers, dealers, and clearing organizations		494,913,033	262,093,040
	Receivables from customers, net		546,488,190	301,107,428
	Prepaid expenses and other current assets		55,559,907	50,344,836
	Customer-held fractional shares		155,354,736	108,252,531
		Total current assets	3,302,387,321	1,931,757,996
	Right-of-use assets		63,927,821	66,293,751
	Property and equipment, net		32,691,799	33,629,770
	Intangible assets, net		56,295,904	19,415,963
	Goodwill		30,264,138	5,197,438
	Deferred tax assets		1,466,182	12,374,499
	Other non-current assets		1,500,000	-
		Total non-current assets	186,145,844	136,911,421
		Total assets	$ 3,488,533,165	$ 2,068,669,417
Liabilities, mezzanine equity, and shareholders' equity (deficit)
	Payables due to customers		$ 2,276,962,347	$ 1,378,625,130
	Payables due to brokers, dealers, and clearing organizations		604,812	1,490,537
	Lease liabilities - current portion		3,361,425	4,969,959
	Accounts payable and other accrued expenses		85,381,207	61,079,799
		Total current liabilities	2,366,309,791	1,446,165,425
	Lease liabilities - non-current portion		9,393,180	10,438,555
	Unsecured promissory notes		100,000,000	-
	Deferred tax liabilities		13,762,903	5,292,255
		Total non-current liabilities	123,156,083	15,730,810
		Total liabilities	2,489,465,874	1,461,896,235

Commitments and Contingencies			–	–

Mezzanine equity
	September 30, 2025 and December 31, 2024, respectively)		–	2,861,748,733
		Total mezzanine equity	–	2,861,748,733

Shareholders' equity (deficit)
	outstanding as of December 31, 2024, respectively)		4,180	1,393
	shares as of December 31, 2024)		839	–
	and December 31, 2024, respectively)		–	–
	Additional paid in capital		3,185,763,659	–
	Accumulated deficit		(2,181,231,171)	(2,241,054,086)
	Accumulated other comprehensive loss		(5,683,271)	(15,195,946)
		Total shareholders' equity (deficit)	998,854,236	(2,256,248,639)
	Noncontrolling interest		213,055	1,273,088
		Total equity (deficit)	999,067,291	(2,254,975,551)
		Total liabilities, mezzanine equity, and total equity (deficit)	$ 3,488,533,165	$ 2,068,669,417

Webull Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
Revenues
Equity and option order flow rebates	$ 83,657,203	$ 51,425,460	$ 216,457,223	$ 138,654,512
Interest related income	43,359,428	32,983,079	110,786,025	97,379,499
Handling charge income	23,336,194	13,731,449	60,988,707	33,801,384
Other revenues	6,582,974	3,000,255	17,566,029	10,136,456
Total revenues	156,935,799	101,140,243	405,797,984	279,971,851
Operating expenses
Brokerage and transaction	35,603,907	19,843,323	93,650,079	56,739,396
Technology and development	22,528,970	16,440,794	58,594,311	46,331,022
Marketing and branding	29,401,201	48,166,631	82,693,073	115,363,208
General and administrative	44,988,458	27,403,681	129,585,902	90,928,477
Total operating expenses	132,522,536	111,854,429	364,523,365	309,362,103
Other (income) expense, net	(14,539,551)	(1,474,638)	4,209,662	(31,158)
Income (loss) before income taxes	38,952,814	(9,239,548)	37,064,957	(29,359,094)
Provision for income taxes	2,156,039	331,215	15,714,041	4,443,876
Net income (loss)	36,796,775	(9,570,763)	21,350,916	(33,802,970)
Less net loss attributable to noncontrolling interest	(120,823)	(120,917)	(378,462)	(347,337)
Net income (loss) attributable to the Company	36,917,598	(9,449,846)	21,729,378	(33,455,633)
Preferred shares redemption value decrease (increase)	-	645,893,351	(21,702,737)	(452,910,774)
Fair value of ordinary shares issued to preferred shareholders	-	-	(513,080,828)	-
Fair value of ordinary share warrants issued to preferred shareholders	-	-	(15,600,000)	-
Excess carrying value of preferred shares repurchased	-	-	38,093,537	-
Net Income (loss) attributable to ordinary shareholders	$ 36,917,598	$ 636,443,505	$ (490,560,650)	$ (486,366,407)
Net income (loss) per share attributable to ordinary shareholders
Basic	$ 0.08	$ 4.52	$ (1.38)	$ (3.51)
Diluted	$ 0.07	$ (0.02)	$ (1.38)	$ (3.51)
Weighted-average shares outstanding
Basic	490,103,946	140,836,227	354,885,344	138,668,296
Diluted	508,333,712	420,347,371	354,885,344	138,668,296
Net income (loss)	$ 36,796,775	$ (9,570,763)	$ 21,350,916	$ (33,802,970)
Other comprehensive (loss) income, net of tax:
Change in cumulative foreign currency translation adjustment	(1,470,708)	5,230,448	9,483,312	1,184,392
Other comprehensive (loss) income	(1,470,708)	5,230,448	9,483,312	1,184,392
Comprehensive income (loss)	35,326,067	(4,340,315)	30,834,228	(32,618,578)
Less comprehensive loss attributable to noncontrolling interest	(120,823)	(120,917)	(378,462)	(347,337)
Less foreign currency translation adjustment attributable to noncontrolling interest	(13,650)	(12,905)	(29,363)	(25,778)
Preferred shares redemption value decrease (increase)	-	645,893,351	(21,702,737)	(452,910,774)
Fair value of ordinary shares issued to preferred shareholders	-	-	(513,080,828)	-
Fair value of ordinary share warrants issued to preferred shareholders	-	-	(15,600,000)	-
Excess carrying value of preferred shares repurchased	-	-	38,093,537	-
Comprehensive income (loss) attributable to ordinary shareholders	$ 35,460,540	$ 641,686,858	$ (481,047,975)	$ (485,156,237)

Webull Corporation
Unaudited Reconciliation of Non-GAAP and GAAP Financial Measures


Adjusted Operating Expenses Reconciliation
(Unaudited)

	September 30,		September 30,
	September 30,		September 30,
	2025	2024	2025	2024
Total operating expenses (GAAP)	$ 132,522,536	$ 111,854,429	$ 364,523,365	$ 309,362,103
Less: Share-based compensation	4,483,566	5,355,107	39,522,013	25,966,041
One-time transaction:
distributions	7,925,436	-	7,925,436	-
Adjusted operating expenses (Non-GAAP)	$ 120,113,534	$ 106,499,322	$ 317,075,916	$ 283,396,062

Adjusted Operating Profit Reconciliation
(Unaudited)

	September 30,		September 30,
	September 30,		September 30,
	2025	2024	2025	2024
Income (loss) before income taxes (GAAP)	$ 38,952,814	$ (9,239,548)	$ 37,064,957	$ (29,359,094)
Add: Other expense (income), net	(14,539,551)	(1,474,638)	4,209,662	(31,158)
Add: Share-based compensation	4,483,566	5,355,107	39,522,013	25,966,041
One-time transaction:
distributions	7,925,436	-	7,925,436	-
Adjusted operating profit (loss) (Non-GAAP)	$ 36,822,265	$ (5,359,079)	$ 88,722,068	$ (3,424,211)

Adjusted operating profit per share (Non-GAAP) - basic	$ 0.08	$ (0.04)	$ 0.25	$ (0.02)
Adjusted operating profit per share (Non-GAAP) - diluted	$ 0.07	$ (0.04)	$ 0.25	$ (0.02)
Weighted-average shares outstanding - basic	490,103,946	140,836,227	354,885,344	138,668,296
Weighted-average shares outstanding - diluted	508,333,712	140,836,227	354,885,344	138,668,296

Adjusted Net Income Reconciliation
(Unaudited)

	September 30,		September 30,
	September 30,		September 30,
	2025	2024	2025	2024
Net income (loss) attributable to the Company (GAAP)	$ 36,917,598	$ (9,449,846)	$ 21,729,378	$ (33,455,633)
Add: Share-based compensation	4,483,566	5,355,107	39,522,013	25,966,041
Add: Foreign currency transaction losses (gains)	(865,581)	(1,570,860)	4,978,358	466,498
One-time transaction:
Add: Equity offering costs	-	-	10,976,693	-
distributions	7,925,436	-	7,925,436	-
Less: Gain from Webull Pay acquisition	(15,495,593)	-	(15,495,593)	-
Adjusted net income (loss) (Non-GAAP)	$ 32,965,426	$ (5,665,599)	$ 69,636,285	$ (7,023,094)

	September 30,		September 30,
	September 30,		September 30,
	2025	2024	2025	2024
Contra revenue impact on:	(unaudited)		(unaudited)
Option handling fees	$ (2,241,855)	$ (28,019)	$ (3,801,268)	$ (209,905)
Platform and trading fees	(1,204,441)	(713,388)	(7,130,146)	(2,343,702)
Other income	(214,069)	-	(641,511)	-
Total contra revenue	$ (3,660,365)	$ (741,407)	$ (11,572,925)	$ (2,553,607)

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

(NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the third quarter ended September 30, 2025.Webull CorporationST. PETERSBURG, Fla.Nov. 20, 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 ofcrypto

"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

Operating Results

Company Highlights

Conference Call Information

Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, November 20, 2025. The conference call can be accessed athttps://event.choruscall.com/mediaframe/webcast.html?webcastid=hwHZv0ih

Following the call, a replay and transcript will be available on the Company's website atwww.webullcorp.com/investor-relations

About Webull Corporation

Webull Corporation (NASDAQ: BULL www.webullcorp.com http://www.sec.gov

Contacts

ir@webullcorp.comFor Investors

(212) 999-5585Webull@5wpr.com

For Media

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, 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, 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, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.

"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.

Contra Revenue Impact

Most of our platform users are not considered customers under ASC 606,Revenues from Contracts with Customers

Statement regarding unaudited financial and operational information

The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequently hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release or other statements of the Company made in connection herewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "predict," "potential," "seek," "future," "propose," "continue," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.

All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company's business on third-parties and the risk that the Company's platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company's global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company's business practices; (4) the Company's estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company's expectations regarding demand for and market acceptance of its products and service; (5) the Company's reliance on trading related income, including payment for order flow ("PFOF"), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company's exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company's reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company's industry and the Company's need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company's platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) risks related to the Company's need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (14) the ability to meet, or continue to meet, stock exchange listing standards; (15) the possibility of adverse developments in pending or new litigation and regulatory investigations; (16) risks related to significant disruptions in thecryptocurrencycryptocurrencycryptocurrenciescryptocurrency

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SOURCE Webull Corporation

increased 55% year-over-year to $156.9 million.Total revenues
increased 64% year-over-year.Trading-related revenue
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.Total operating expenses
increased 13% year-over-year to $120.2 million.Adjusted operating expenses
totaled $38.9 million for the quarter, representing a year-over-year increase of $48.2 million. Income before income taxes
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
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.Adjusted operating profit per share – basic and diluted
increased $55.2 million year-over-year from a loss of $33.5 million to income of $21.7 million.Net income attributable to the Company
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.Adjusted net income
- 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.Net income per ordinary share – basic and diluted

$4.52

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.Customer assets
increased to 4.93 million, representing 9% year-over-year growth.Funded accounts
increased 17% year-over-year to 25.9 million users.Registered users
grew to 147 million, a 24% year-over-year increase and an increase of 15.7% from the previous quarter.Options contracts volume
grew to $204 billion, a 71% year-over-year increase and an increase of 26.7% from the previous quarter.Equity notional volume

In August, we officially relaunchedcryptocurrencycryptocurrency
In August, we also launchedcryptocurrencycryptocurrenciesCoinbase
In September, we 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.
In September, we 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.
Subsequent to the close of the third quarter, we launched corporate bond trading for U.S. customers, building on our previous rollout of U.S. government bond trading, marking a move to enable further user portfolio diversification.
Subsequent to the close of the third quarter, we 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.
Subsequent to the close of the third quarter, we 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.