Webull Corporation

What they do

Webull provides commission-free online brokerage services, including equities, ETFs, options, warrants, futures, and digital assets trading. It operates licensed broker-dealers across multiple jurisdictions, offering mobile and desktop trading platforms. Revenue is generated primarily from trading fees, payment for order flow, margin interest, and other brokerage-related services.

Revenue drivers

• Brokerage and trading services — Core revenue from customer trades, including equities, options, and other products; equity notional volume and DARTs are key metrics.
• Margin lending and interest income — Interest earned on customer margin balances and other cash holdings; customer assets net of margin balances feed this.
• Other fees and commissions — Includes fees from options, futures, and digital assets trading, as well as account-related charges.

Recent performance

Revenue increased to $571.0M in 2025 from $390.2M in 2024, a 46% jump, with Q2 2025 revenue of $131.5M versus $89.9M a year earlier. Net income swung to $24.8M in 2025 from a $22.7M loss in 2024. Diluted EPS improved to -$1.23 from -$3.73, still negative due to share count. Operating cash flow surged to $566.4M in 2025 from $185.2M in 2024. The balance sheet shows total assets of $3.88B, liabilities of $2.86B, and shareholder equity of $1.02B as of December 31, 2025.

Strategy

Management focuses on expanding its global footprint and product offerings, including digital assets. The business combination with SKGR, closed April 10, 2025, provided public listing and capital. They emphasize technology-driven brokerage services to attract and retain customers. Ongoing priorities include increasing funded accounts and customer assets, and enhancing trading platform capabilities.

Risks

• Regulatory risk — Operating multiple licensed broker-dealers subjects Webull to evolving securities regulations in various jurisdictions.
• Market risk — Revenue is tied to trading volumes and market activity, which can decline in volatile or low-volume periods.
• Integration risk — Post-business combination integration may not achieve expected synergies or operational efficiencies.
• Competitive pressure — Intense competition in digital brokerage from larger, well-capitalized incumbents could pressure margins and customer growth.

Outlook

Management anticipates continued revenue growth driven by customer acquisition and expanded product lines. They expect to benefit from increasing demand for digital asset trading. However, they caution that market conditions and regulatory changes could impact future performance. Forward-looking statements are subject to risks detailed in the 20-F.