Webull Reports Fourth Quarter and Full Year 2025 Financial Results

Webull Corporation Florida

or participants may dial 1-866-652-5200 (U.S.) or 1-412-317-6060 (international).

Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.

About Webull Corporation 

Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 14 markets across North America, Asia Pacific, Europe, and Latin America. Webull serves more than 26 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.

Contacts

For Investors
[e-mail] 

For Media
5W Public Relations
Nicholas Koulermos
[e-mail]
[phone]

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

"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade.  A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.

"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.

 

 

Webull Corporation

Condensed Consolidated Statements of Financial Position

December 31,
2025

December 31,
2024

Unaudited

Assets

Cash and cash equivalents

$

653,188,906

$

270,728,008

Cash and cash equivalents segregated under federal and foreign
requirements

1,537,119,275

939,232,153

Receivables from brokers, dealers, and clearing organizations

562,961,145

262,093,040

Receivables from customers, net

708,785,550

301,107,428

Prepaid expenses and other current assets

50,208,272

50,344,836

Customer-held fractional shares

172,309,953

108,252,531

Total current assets

3,684,573,101

1,931,757,996

Right-of-use assets

64,357,655

66,293,751

Property and equipment, net

35,894,855

33,629,770

Intangible assets, net

55,434,567

19,415,963

Goodwill

30,264,138

5,197,438

Deferred tax assets

9,346,987

12,374,499

Other non-current assets

1,000,000

–

Total non-current assets

196,298,202

136,911,421

Total assets

$

3,880,871,303

$

2,068,669,417

Liabilities, mezzanine equity, and shareholders' equity (deficit)

Payables due to customers

$

2,667,837,626

$

1,378,625,130

Payables due to brokers, dealers, and clearing organizations

3,481,115

1,490,537

Lease liabilities - current portion

3,611,195

4,969,959

Accounts payable and other accrued expenses

102,183,377

61,079,799

Total current liabilities

2,777,113,313

1,446,165,425

Lease liabilities - non-current portion

8,911,821

10,438,555

Unsecured promissory notes

65,000,000

–

Deferred tax liabilities

13,366,222

5,292,255

Total non-current liabilities

87,278,043

15,730,810

Total liabilities

2,864,391,356

1,461,896,235

Commitments and Contingencies

–

–

Mezzanine equity

Convertible redeemable preferred shares (aggregate liquidation preference
   of $0 and $644,132,365 as of December 31, 2025 and December 31,
   2024, respectively; and aggregate redemption value of $0 and
   $2,861,748,733 as of December 31, 2025 and December 31, 2024,
   respectively)

–

2,861,748,733

Total mezzanine equity

–

2,861,748,733

Shareholders' equity (deficit)

Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares
   authorized, 440,715,769 and 439,591,704 shares issued and
   outstanding as of December 31, 2025, respectively; and 143,531,580
   and 139,307,224 shares issued and outstanding as of December 31,
   2024, respectively)

4,396

1,393

Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares
   authorized, 83,859,005 shares issued and outstanding as of December
   31, 2025 and no shares as of December 31, 2024)

839

–

Treasury shares (1,124,485 and 4,224,356 shares as of December 31,
   2025 and December 31, 2024, respectively)

–

–

Additional paid in capital

3,192,952,827

–

Accumulated deficit

(2,178,189,845)

(2,241,054,086)

Accumulated other comprehensive income (loss)

1,524,496

(15,195,946)

Total shareholders' equity (deficit)

1,016,292,713

(2,256,248,639)

Noncontrolling interest

187,234

1,273,088

Total equity (deficit)

1,016,479,947

(2,254,975,551)

Total liabilities, mezzanine equity, and total equity (deficit)

$

3,880,871,303

$

2,068,669,417

 

 

Webull Corporation

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

Year Ended December 31,

2025

2024

Revenues

Equity and option order flow rebates

$

304,126,641

$

197,069,562

Interest related income

154,256,508

130,451,877

Handling charge income

87,293,753

49,044,700

Other revenues

25,319,904

13,663,533

Total revenues

570,996,806

390,229,672

Operating expenses

Brokerage and transaction

128,749,064

79,306,618

Technology and development

79,184,019

63,840,463

Marketing and branding

135,947,415

138,721,231

General and administrative

168,642,689

122,714,628

Total operating expenses

512,523,187

404,582,940

Other expense (income), net

13,275,139

(2,302,693)

Income (loss) from continuing operations, before income taxes

45,198,480

(12,050,575)

Provision for income taxes

20,832,451

13,823,355

Income (loss) from continuing operations, net of tax

24,366,029

(25,873,930)

Income from discontinued operations, net of tax

–

2,691,778

Net income (loss)

24,366,029

(23,182,152)

Less net loss attributable to noncontrolling interest

(404,675)

(488,504)

Net income (loss) attributable to the Company

24,770,704

(22,693,648)

Preferred shares redemption value accretion

(21,702,737)

(495,088,038)

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 loss attributable to ordinary shareholders

$

(487,519,324)

$

(517,781,686)

Amounts attributable to ordinary shareholders

Income (loss) from continuing operations

$

24,366,029

$

(25,873,930)

Less loss from continuing operations attributable to noncontrolling interest

(404,675)

(488,504)

Income (loss) from continuing operations attributable to the Company

24,770,704

(25,385,426)

Preferred shares redemption value accretion

(21,702,737)

(495,088,038)

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

–

Loss from continuing operations attributable to ordinary shareholders

$

(487,519,324)

$

(520,473,464)

Income from discontinued operations attributable to ordinary shareholders

–

2,691,778

Net loss attributable to ordinary shareholders

$

(487,519,324)

$

(517,781,686)

Loss per share from continuing operations attributable to ordinary
shareholders

Basic and diluted

$

(1.23)

$

(3.75)

Income per share from discontinued operations attributable to ordinary
shareholders

Basic and diluted

$

–

$

0.02

Net loss attributable to ordinary shareholders

Basic and diluted

$

(1.23)

$

(3.73)

Weighted-average shares outstanding

Basic and diluted

396,999,679

138,828,900

Net income (loss)

$

24,366,029

$

(23,182,152)

Other comprehensive income (loss), net of tax:

Change in cumulative foreign currency translation adjustment

16,691,471

(8,430,811)

Other comprehensive income (loss)

16,691,471

(8,430,811)

Comprehensive income (loss)

41,057,500

(31,612,963)

Less comprehensive loss attributable to noncontrolling interest

(404,675)

(488,504)

Less foreign currency translation adjustment attributable to noncontrolling
interest

(28,971)

(94,666)

Preferred shares redemption value accretion

(21,702,737)

(495,088,038)

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 (loss) income attributable to ordinary shareholders

$

(470,798,882)

$

(526,117,831)

 

 

Webull Corporation

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

For the Three Months Ended December 31,

2025

2024

Revenues

Equity and option order flow rebates

$

87,669,418

$

58,415,050

Interest related income

43,470,483

33,072,378

Handling charge income

26,305,046

15,243,316

Other revenues

7,753,875

3,527,077

Total revenues

165,198,822

110,257,821

Operating expenses

Brokerage and transaction

35,098,985

22,567,222

Technology and development

20,589,708

17,509,441

Marketing and branding

53,254,342

23,358,023

General and administrative

39,056,787

31,786,151

Total operating expenses

147,999,822

95,220,837

Other expense (income), net

9,065,477

(2,271,535)

Income from continuing operations, before income taxes

8,133,523

17,308,519

Provision for income taxes

5,118,410

9,379,479

Income from continuing operations, net of tax

3,015,113

7,929,040

Income from discontinued operations, net of tax

–

2,691,778

Net income

3,015,113

10,620,818

Less net loss attributable to noncontrolling interest

(26,213)

(141,167)

Net income attributable to the Company

3,041,326

10,761,985

Preferred shares redemption value accretion

–

(42,177,264)

Fair value of ordinary shares issued to preferred shareholders

–

–

Fair value of ordinary share warrants issued to preferred shareholders

–

–

Excess carrying value of preferred shares repurchased

–

–

Net income (loss) attributable to ordinary shareholders

$

3,041,326

$

(31,415,279)

Amounts attributable to ordinary shareholders

Income from continuing operations

$

3,015,113

$

7,929,040

Less loss from continuing operations attributable to noncontrolling interest

(26,213)

(141,167)

Income from continuing operations attributable to the Company

3,041,326

8,070,207

Preferred shares redemption value accretion

–

(42,177,264)

Fair value of ordinary shares issued to preferred shareholders

–

–

Fair value of ordinary share warrants issued to preferred shareholders

–

–

Excess carrying value of preferred shares repurchased

–

–

Income (loss) from continuing operations attributable to ordinary
shareholders

$

3,041,326

$

(34,107,057)

Income from discontinued operations attributable to ordinary shareholders

–

2,691,778

Net income (loss) attributable to ordinary shareholders

$

3,041,326

$

(31,415,279)

Income (loss) per share from continuing operations attributable to ordinary
shareholders

Basic

$

0.01

$

(0.24)

Diluted

$

0.01

$

(0.24)

Income per share from discontinued operations attributable to ordinary
shareholders

Basic

$

–

$

0.02

Diluted

$

–

$

0.02

Net income (loss) attributable to ordinary shareholders

Basic

$

0.01

$

(0.22)

Diluted

$

0.01

$

(0.22)

Weighted-average shares outstanding

Basic

521,969,391

139,307,224

Diluted

535,685,132

139,307,225

Net income

$

3,015,113

$

10,620,818

Other comprehensive income (loss), net of tax:

Change in cumulative foreign currency translation adjustment

7,208,159

(9,615,203)

Other comprehensive income (loss)

7,208,159

(9,615,203)

Comprehensive income

10,223,272

1,005,615

Less comprehensive loss attributable to noncontrolling interest

(26,213)

(141,167)

Less foreign currency translation adjustment attributable to noncontrolling
interest

392

(68,888)

Preferred shares redemption value accretion

–

(42,177,264)

Fair value of ordinary shares issued to preferred shareholders

–

–

Fair value of ordinary share warrants issued to preferred shareholders

–

–

Excess carrying value of preferred shares repurchased

–

–

Comprehensive income (loss) attributable to ordinary shareholders

$

10,249,093

$

(40,961,594)

 

 

Webull Corporation

Unaudited Annual Reconciliation of Non-GAAP and GAAP Financial Measures

Adjusted Operating Expenses Reconciliation

(Unaudited)

For the Years Ended December 31,

2025

2024

2023

Total operating expenses (GAAP)

$

512,523,187

$

404,582,940

$

366,623,191

Less:  Share-based compensation

43,872,899

32,587,611

29,411,885

One-time transaction:

Less:  Webull Pay transaction related employee
distributions

7,925,436

–

–

Adjusted operating expenses (Non-GAAP)

$

460,724,852

$

371,995,329

$

337,211,306

 

 

Adjusted Operating Profit Reconciliation

(Unaudited)

For the Years Ended December 31,

2025

2024

2023

Income (loss) from continuing operations, before income
taxes

$

45,198,480

$

(12,050,575)

$

20,178,094

Add: Other expense (income), net

13,275,139

(2,302,693)

2,801,285

Add: Share-based compensation

43,872,899

32,587,611

29,411,885

One-time transaction:

Add:  Webull Pay transaction related employee
distributions

7,925,436

–

Adjusted operating profit (loss) (Non-GAAP)

$

110,271,954

$

18,234,343

$

52,391,264

Adjusted operating profit per share (Non-GAAP) - basic
and diluted

$

0.28

$

0.13

$

0.38

Weighted-average shares outstanding - basic and diluted

396,999,679

138,828,900

137,965,591

 

 

Adjusted Net Income Reconciliation

(Unaudited)

For the Years Ended December 31,

2025

2024

2023

Net income (loss) attributable to the Company (GAAP)

$

24,770,704

$

(22,693,648)

$

6,069,284

Add: Share-based compensation

43,872,899

32,587,611

29,411,885

Add: Foreign currency transaction losses (gains)

12,191,586

(1,972,531)

2,295,582

One-time transactions:

–

Add:  Equity offering costs

10,976,693

–

–

Add:  Webull Pay transaction related employee
distributions

7,925,436

–

–

Less:  Gain from Webull Pay acquisition

(15,495,593)

–

–

Adjusted net income (loss) (Non-GAAP)

$

84,241,725

$

7,921,432

$

37,776,751

 

 

Webull Corporation

Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures

Adjusted Operating Expenses Reconciliation

(Unaudited)

          For the Three Months Ended

                     (Unaudited)

 

December 31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

Total operating expenses
(GAAP)

 

$95,220,837

$

96,782,106

$

135,218,723

$

132,522,536

$

147,999,822

Less:  Share-based
compensation

 

6,621,570

8,069,045

26,969,402

4,483,566

4,350,886

One-time transaction:

Add:  Webull Pay transaction
related employee distributions

–

–

–

7,925,436

–

Adjusted operating expenses
(Non-GAAP)

 

$88,599,267

$

88,713,061

$

108,249,321

$

120,113,534

$

143,648,936

 

 

Adjusted Operating Profit Reconciliation

(Unaudited)

         For the Three Months Ended

                      (Unaudited)

December 31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

Income (loss) from continuing
operations, before income
taxes

$17,308,519

$

19,497,312

$

(21,385,169)

$

38,952,814

$

8,133,523

Add: Other (income) expense,
net

(2,271,535)

1,089,417

17,659,796

(14,539,551)

9,065,477

Add: Share-based
compensation

6,621,570

8,069,045

26,969,402

4,483,566

4,350,886

One-time transaction:

Add:  Webull Pay transaction
related employee distributions

–

–

–

7,925,436

–

Adjusted operating profit (Non-
GAAP)

$21,658,554

$

28,655,774

$

23,244,029

$

36,822,265

$

21,549,886

Adjusted operating profit per
share (Non-GAAP) - basic

$           0.16

$

0.21

$

0.05

$

0.08

$

0.04

Adjusted operating profit per
share (Non-GAAP) - diluted

$           0.16

$

0.21

$

0.05

$

0.07

$

0.04

Weighted-average shares
outstanding - basic

139,307,224

139,307,224

431,390,035

490,103,946

521,969,391

Weighted-average shares
outstanding - diluted

139,307,224

139,307,224

431,390,035

508,333,712

535,685,132

 

 

Webull Corporation

Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures (Cont.)

Adjusted Net Income Reconciliation

(Unaudited)

         For the Three Months Ended

                      (Unaudited)

December 31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

Net income (loss) attributable to
the Company (GAAP)

 

$

 

10,761,985

$

13,085,807

$

(28,274,027)

$

36,917,598

$

3,041,326

Add: Share-based compensation

6,621,570

8,069,045

26,969,402

4,483,566

4,350,886

Add: Foreign currency transaction
losses (gains)

 

(2,439,029)

103,707

5,740,232

(865,581)

7,213,228

One-time transaction:

Add:  Equity offering costs

–

–

10,976,693

–

–

Add:  Webull Pay transaction
related employee distributions

–

–

–

7,925,436

–

Less:  Gain from Webull Pay
acquisition

 

–

–

–

(15,495,593)

–

Adjusted net income (Non-GAAP)

$14,944,526

$

21,258,559

$

15,412,300

$

32,965,426

$

14,605,440

 

Contra Revenue Impact 

Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our revenues.

Annual Impact:

For the Year Ended December 31,

2025

2024

2023

Contra revenue impact on:

(Unaudited)

Option handling fees

$

(9,994,695)

$

(503,805)

$

(252,982)

Platform and trading fees

(9,856,696)

(3,120,124)

(265,128)

Other income

(1,330,457)

–

–

Total contra revenue

$

(21,181,848)

$

(3,623,929)

$

(518,110)

 

Quarterly Impact:

        For the Three Months Ended

December

31,

2024

March 31,

2025

June 30,

2025

September 30,

2025

December 31,

2025

Contra revenue impact on:

                    (Unaudited)

Option handling fees

$    (42,833)

$

(118,541)

$

(1,440,872)

$

(2,241,855)

$

(6,193,427)

Platform and trading fees

(1,027,489)

(2,706,115)

(3,219,590)

(1,204,441)

(2,726,550)

Other income

–

–

(427,442)

(214,069)

(688,946)

Total contra revenue

$(1,070,322)

$

(2,824,656)

$

(5,087,904)

$

(3,660,365)

$

(9,608,923)

 

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 cu