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. The company's core business model revolves around providing an efficient, low-cost, and easy-to-use global investment platform, primarily targeting young, digitally-savvy retail investors. Revenue is generated mainly through transaction-based trading activities, including equity and option order flow rebates, and interest-related income from stock lending and margin financing services. The platform also offers wealth management services like cash management, robo-advisors, and managed retirement accounts for passive investors, and has scaled its infrastructure to support B2B opportunities. As of December 31, 2025, Webull had over 26.8 million ¹ registered users globally and 5.0 million ² funded accounts, with an average of $4,884 ³ in customer assets per funded account. The company reported a strong quarterly retention rate of 96.9% ⁴ in the fourth quarter of 2025.

The company's platform is designed with a mobile-first interface, offering competitive pricing, including zero-commission trading on U.S. equities and options for U.S. clients, and low commissions in international markets. Webull provides a broad range of investment products across multiple asset classes, including digital assets, extended trading sessions, and global market access. A key differentiator is its integration of AI-powered capabilities, such as Vega, which delivers contextual market insights, analytics, and alerts, alongside intelligent news aggregation, personalization features, customer assistance, and fraud detection. The platform also offers in-depth market data and advanced analytical tools, and fosters a "Connected Webull Community" for users to learn and share ideas.

For the fiscal year ended December 31, 2025, Webull reported total revenues of $570.996 million ⁵, a significant increase from $390.230 million ⁶ in 2024. Net income attributable to the Company was $24.771 million ⁷ in 2025, a notable improvement from a net loss of $22.694 million ⁸ in 2024. Diluted EPS is not explicitly provided in the summary financial tables, but net loss attributable to ordinary shareholders was $487.519 million ⁹ in 2025, compared to $517.782 million ¹⁰ in 2024. Cash and cash equivalents stood at $653.2 million ¹¹ as of December 31, 2025, up from $270.7 million ¹² in 2024. The filing does not provide a specific figure for total debt or free cash flow.

Year-over-year, total revenues increased by $180.8 million ¹³ from 2024 to 2025. This growth was primarily driven by increases in equity and option order flow rebates of $107.1 million ¹⁴, stock lending income of $2.4 million ¹⁵, margin financing interest of $9.2 million ¹⁶, customer bank deposit interest of $10.1 million ¹⁷, platform and trading fees of $39.1 million ¹⁸, and other revenues of $11.7 million ¹⁹. Operating expenses also increased by $108.0 million ²⁰ to $512.5 million ²¹ in 2025, mainly due to growth in brokerage and transaction expenses ($49.4 million ²² increase) and general and administrative expenses ($45.9 million ²³ increase), partially offset by a $2.8 million ²⁴ decrease in marketing and branding expenses. The company's income from continuing operations, before income taxes, increased by $57.2 million ²⁵ to $45.2 million ²⁶ in 2025, compared to a loss of $12.1 million ²⁷ in 2024.

During 2025, Webull completed the migration of its U.S. margin brokerage accounts to an omnibus clearing structure in October 2025, shifting from a fully disclosed model where customer funds were held at Apex Clearing to direct management of funding customer margin loan balances. 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 and began offering eligible customers in the United States access to event-based prediction markets through a third-party platform in 2025. Additionally, Webull completed the Webull Pay Transaction on September 26, 2025, reintegrating its digital assets business into the Webull Corporation group after spinning it off in July 2023. Construction of a new research and development facility in Changsha, China, commenced in October 2025, with structural completion expected by the end of 2026.

Webull is currently in its second stage of development, transitioning towards a comprehensive financial services platform, and plans to achieve this through several key initiatives. The company intends to continue growing and increasing the engagement of its retail customer base, focusing on its target demographic of young, informed retail investors, and leveraging its socially connected Webull community and user experience to enlarge market share, increase customer assets, and improve unit economics.

A major growth area involves broadening product and service offerings. Webull aspires to expand its self-directed trading platform into a one-stop investment platform for retail customers. This includes offering more products and services, such as expanded access to digital asset products and related services where permitted, by transitioning into a carrying broker in the United States. The company will also promote its investing platform as a gateway to broader financial services and build capabilities in wealth management services to diversify revenue streams. Furthermore, Webull has scaled its infrastructure to support B2B business opportunities, extending the application of its platform beyond retail investors.

Global expansion remains a significant growth vector. With over 26.8 million ²⁸ registered users globally, Webull is poised for additional international growth. The company's proven execution capabilities, quality platform built on a global infrastructure, and high operating leverage are expected to drive its global vision. Webull plans to continue growing operations across North America, Asia Pacific, Europe, Africa, and Latin America, and is expanding capabilities to serve institutional and professional market participants in select markets. The company has already entered into binding agreements to acquire two licensed broker-dealer entities in Latin America, pending regulatory approval.

Webull will continue to invest in and upgrade its technological infrastructure to maintain its competitive advantage and facilitate the development of new products and expansion into new markets. A key focus is proactively exploring practical applications and integrations of the latest AI technologies, including Generative AI, into core business operations. This includes enhancing risk management, fraud detection, personalized content curation, AI-enhanced news aggregation and summarization, intelligent customer assistance tools, and customer-facing AI products like Vega, which provides contextual market insights, analytics, and alerts. These investments aim to stay ahead of the technology adoption curve, strengthen operational resilience, and improve user experience.

The company's operating expenses are expected to increase in absolute amounts in the foreseeable future as it continues to hire additional employees, expand marketing and branding efforts, develop new products and services, and expand its geographic footprint. However, Webull anticipates that its continuous growth in scale and further optimization of operational capabilities, including through the adoption of artificial intelligence, will reinforce economies of scale to optimize its operating margin. The company expects to cease to qualify as an "emerging growth company" beginning January 1, 2027 ²⁹, which will subject it to additional compliance and reporting requirements and increased costs, including the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.

Webull's planned capital allocation includes ongoing investments in technologies, facilities, equipment, hardware, software, and other projects to remain competitive. The company has raised $213.8 million ³⁰ in proceeds from the exercise of various warrants and $172.7 million ³¹ from the sale of ordinary shares in connection with its business combination transaction. As of December 31, 2025, the aggregate principal balance of unsecured promissory notes issued to repurchase preferred shares was $65,000,000 ³². Webull also has a syndicated revolving credit agreement for up to $150 million ³³ to finance withdrawals from its U.S. broker-dealer subsidiary's reserve account. The company does not intend to pay cash dividends for the foreseeable future, with all available funds and future earnings expected to be retained to fund business development and expansion.

Webull faces several material risks, including its heavy reliance on trading-related income, particularly payment for order flow (PFOF), which constituted 53.3% ³⁴ of total revenues in 2025 and is subject to heightened regulatory scrutiny and potential bans or restrictions, such as the SEC's proposed equity market structure rules. The company is exposed to fluctuations in interest rates, which could reduce interest-related income, and rapidly changing interest rate environments could adversely affect results. Global operations and continued international expansion expose Webull to risks from diverse economic and regulatory environments, local instability, and difficulties in achieving market acceptance. The company's ability to offer event contracts is subject to ongoing regulatory enforcement actions and litigation, with a preliminary injunction entered against Kalshi, a third-party platform Webull uses, in Massachusetts state court on February 6, 2026 ³⁵, which could bar Kalshi from offering sports event contracts to persons in Massachusetts. Webull has also been subject to regulatory investigations and fines, including a $3 million ³⁶ fine from FINRA in February 2023 for options trading approval process and customer complaint handling, a $500,000 ³⁷ settlement with the Massachusetts Securities Division, and a $125,000 ³⁸ fine from the SEC for deficient suspicious activity reports. Furthermore, the company's connections to China, including its founder's beneficial ownership of 16.4% ³⁹ of outstanding Webull Ordinary Shares representing 79.2% ⁴⁰ of total voting power and 62% ⁴¹ of employees in mainland China, have drawn inquiries and investigations from U.S. government bodies, which could materially and adversely affect its business. The platform and internal systems, increasingly employing AI, may contain undetected errors, and reliance on third-party AI models and open-source software presents business, compliance, and reputational risks, including potential intellectual property infringement claims.

Management emphasizes Webull's position as a leading digital investment platform built on a next-generation global infrastructure, striving to be the platform of choice for a new generation of informed investors. They highlight the mobile-first user experience, broad range of investment products, and extensive functionality designed to help customers build wealth. Management notes the company's rapid growth, with total revenues increasing by $180.8 million ⁴² to $571 million ⁴³ in 2025, and a shift from a net loss of $23.2 million ⁴⁴ in 2024 to a net income of $24.4 million ⁴⁵ in 2025. Key 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. Management also acknowledges the expected increase in operating expenses in absolute amounts in the foreseeable future but anticipates that continuous growth and optimization through AI will lead to improved operating margins.