Webull Corp

Webull is a digital investment platform that launched its brokerage services in the United States in May 2018 and has since expanded to 14 markets across North America, Asia Pacific, Europe, and Latin America, with over 57 million app downloads and 26.8 million registered users globally as of December 31, 2025 ¹. The company's core business model revolves around providing an efficient, low-cost, and easy-to-use global investment platform, primarily generating revenue from transaction-based trading activities and interest-related income from stock lending and margin financing services ². In the U.S., a significant portion of revenue is derived from payment for order flow (PFOF), while in non-U.S. markets, commissions are typically charged directly to retail customers ³. The company targets a demographic of young, informed retail investors, with 68% of funded account customers self-reporting prior investing experience as of December 31, 2025 ⁴.

The company's platform offers a mobile-first interface, competitive pricing including zero-commission trading on U.S. equities and options for U.S. clients, and low commissions in other markets ⁵. It provides a broad range of investment products across multiple asset classes, including digital assets, extended trading sessions, and global market access ⁶. Webull integrates AI-powered capabilities, such as Vega for contextual market insights, analytics, and alerts, and leverages AI for intelligent news aggregation, personalization, customer assistance, and fraud detection ⁷. The platform also features in-depth market data and advanced analytical tools, along with a "Webull Community" that fosters learning and idea sharing among users ⁸. Multi-platform interoperability ensures a seamless experience across mobile, web, and desktop devices ⁹.

For the fiscal year ended December 31, 2025, Webull reported total revenues of $570.996 million ¹⁰, a significant increase from $390.230 million in 2024 ¹¹. Net income attributable to the Company was $24.771 million in 2025, a notable improvement from a net loss of $22.694 million in 2024 ¹². Adjusted operating expenses, a non-GAAP measure, were $460.725 million in 2025, compared to $371.995 million in 2024 ¹³. Adjusted operating profit, also non-GAAP, increased to $110.272 million in 2025 from $18.234 million in 2024 ¹⁴. Adjusted net income, a non-GAAP measure, was $84.242 million in 2025, up from $7.921 million in 2024 ¹⁵. Cash and cash equivalents stood at $653.2 million as of December 31, 2025, compared to $270.7 million in 2024 ¹⁶. The company also reported unsecured promissory notes with an aggregate principal balance of $65,000,000 as of December 31, 2025 ¹⁷.

Year-over-year, total revenues increased by $180.8 million from 2024 to 2025 ¹⁸. This growth was primarily driven by increases in equity and option order flow rebates by $107.1 million, stock lending income by $2.4 million, margin financing interest by $9.2 million, customer bank deposit interest by $10.1 million, platform and trading fees by $39.1 million, and other revenues by $11.7 million ¹⁹. Option order flow rebates increased due to an 88 million contract volume increase and an improved rate card with market makers implemented in Q3 2024 ²⁰. Equity order flow rebates rose by $32.7 million due to a $272 billion increase in equity trading notional value ²¹. Total operating expenses increased by $108.0 million to $512.5 million in 2025 from $404.5 million in 2024, mainly due to growth in brokerage and transaction expenses and general and administrative expenses ²². Marketing and branding expenses, however, decreased by $2.8 million to $135.9 million in 2025, reflecting a shift to more cost-effective customer acquisition promotions and the non-renewal of the Brooklyn Nets sponsorship ²³.

Significant operational developments during the period include the completion of the migration of U.S. margin brokerage accounts to an omnibus clearing structure in October 2025, which means Webull now directly manages the funding of customer margin loan balances ²⁴. The company also reintroduced cryptocurrency trading to the Webull App for users in the United States, Brazil, and Australia during the third quarter of 2025 ²⁵, and began offering eligible customers in the United States access to event-based prediction markets through a third-party platform during 2025 ²⁶. Construction of a new research and development facility in Changsha, China, commenced in October 2025, with structural completion expected by the end of 2026 ²⁷. The company also reintegrated its digital assets business into the Webull Corporation group by completing the Webull Pay Transaction on September 26, 2025 ²⁸.

Webull is currently in its second stage of development, transitioning towards a third stage of becoming a comprehensive financial services platform ²⁹. To achieve this, the company plans to continue growing and increasing the engagement of its retail customer base, focusing on its target demographic of young, informed retail investors through its mobile-first interface, social community, and user experience ³⁰. This strategy is expected to enlarge market share, increase customer assets, and improve unit economics ³¹.

The company aspires to broaden its product and service offerings, expanding its self-directed trading platform into a one-stop investment platform for retail customers ³². This includes transitioning into a carrying broker in the United States to offer more products and services, such as expanded access to digital asset products where permitted, and building capabilities in wealth management services to diversify revenue streams ³³. Webull has also scaled its infrastructure to support B2B business opportunities, extending its platform beyond retail investors ³⁴.

Global expansion remains a key growth strategy, leveraging the Webull App's 57 million downloads and over 26.8 million registered users globally ³⁵. The company plans to continue growing operations across North America, Asia Pacific, Europe, Africa, and Latin America, and is in the process of securing additional licenses in Latin America ³⁶. As part of this expansion, Webull is also extending its capabilities to serve institutional and professional market participants in select markets ³⁷.

Continued investment in technology is a strategic priority, with plans to upgrade technological infrastructure to maintain competitive advantage and facilitate new product development and market expansion ³⁸. Specifically, Webull is exploring practical applications and integrations of the latest AI technologies, including Generative AI, into core business operations such as risk management, fraud detection, personalized content curation, AI-enhanced news aggregation, intelligent customer assistance, and customer-facing AI products like Vega ³⁹. This investment aims to stay ahead of the technology adoption curve while strengthening operational resilience and user experience ⁴⁰.

The company expects its operating expenses to increase significantly in the foreseeable future due to hiring additional employees, expanding marketing and branding efforts, developing new products and services, and expanding its geographic footprint ⁴¹. As a publicly traded company, Webull anticipates incurring significant legal, accounting, and other expenses, including higher costs for director and officer liability insurance, in connection with ongoing public company reporting, governance, and compliance obligations ⁴². The company expects to cease to qualify as an "emerging growth company" beginning January 1, 2027, which will subject it to additional compliance and reporting requirements and increased costs ⁴³.

Webull believes its current cash and cash equivalents will be sufficient to meet anticipated working capital requirements and capital expenditures for at least the next 12 months ⁴⁴. However, the company may seek additional capital and finance funding to enhance its liquidity position or increase its cash reserve for future investments ⁴⁵. The issuance and sale of additional equity would result in further dilution to shareholders, while incurring indebtedness could lead to increased fixed obligations and restrictive operating covenants ⁴⁶.

Webull faces several material risks, including intense competition in the rapidly evolving digital trading and investing services market from both traditional and digital brokerage firms, which could hinder growth and reduce market share ⁴⁷. The business is heavily reliant on trading-related income, particularly payment for order flow (PFOF), which accounted for 53.3% of total revenues in 2025 ⁴⁸. Heightened regulatory scrutiny or a ban on PFOF, such as the SEC's proposed equity market structure rules, could materially and adversely affect business operations and revenue ⁴⁹. Fluctuations in interest rates directly impact interest-related income, which constituted 27.0% of total revenues in 2025 ⁵⁰, and rapidly changing interest rate environments could reduce this income ⁵¹. The company's global operations and continued expansion expose it to diverse economic, social, and regulatory environments, including potential difficulties in achieving market acceptance, managing international operations, and complying with evolving local regulations ⁵². There are also specific concerns regarding Webull's connections to China, with inquiries and investigations from U.S. government bodies, which could lead to further accusations or actions that materially and adversely affect the business ⁵³. The ability to offer event contracts is subject to ongoing and potential future regulatory enforcement actions and litigation, which could prevent the company from offering these products in certain states or jurisdictions ⁵⁴. Furthermore, the company relies on a limited number of market makers and liquidity providers, with DASH Financial Technologies accounting for 13.2% of consolidated revenue in 2025 ⁵⁵, and the loss of any of these could negatively affect the business ⁵⁶. The company also relies on Apex Clearing Corporation for clearing and settling U.S. stock and securities trades, and any failure by this partner could materially and adversely impact operations ⁵⁷. The incorporation of AI technologies into products and processes presents business, compliance, and reputational risks, including potential errors in AI-generated code, intellectual property infringement claims from training data, and reliance on third-party AI providers ⁵⁸.

Management emphasizes Webull's position as a leading digital investment platform built on a next-generation global infrastructure, aiming to be the platform of choice for a new generation of informed investors by providing efficient, low-cost, and easy-to-use services. They highlight the mobile-first user experience, broad range of investment products, and extensive functionality designed to help customers build wealth over time. Management notes the company's strong belief that every retail investor should have access to the resources needed to become an educated and empowered investor, offering free access to market data and analytical tools that other brokerages typically paywall. The strategic priorities include continuing to grow and increase the engagement of the retail customer base, broadening product and service offerings to become a one-stop investment platform, continuing global expansion, and investing in technology, particularly AI, to maintain a competitive advantage and facilitate new product development and market entry. Management also acknowledges the expected increase in operating expenses in the foreseeable future as the company continues to hire, expand marketing, develop products, and grow its geographic footprint.