Webull Corporation (NASDAQ: BULL) announced impressive financial and operational results for the third quarter ending September 30, 2025. The company reported record revenues of $156.9 million, marking a significant 55% increase year-over-year. This growth was largely driven by advancements in technology, geographic expansion, and a positive market environment.
In a statement, Anthony Denier, Group President and U.S. CEO of Webull, expressed pride in the results, highlighting that the company has successfully launched new products, including their AI tool, Vega, which offers personalized market analysis and investment insights. Denier noted, “We continue to execute and grow our platform, showcasing our commitment to innovation and customer engagement.”
The financial results revealed that trading-related revenues surged 64% compared to the same quarter last year. Total operating expenses increased by 18% year-over-year, influenced by rising brokerage costs due to heightened trading volumes and an increase in general and administrative expenses. Despite this, the company maintained a disciplined approach, with adjusted operating profit reaching $36.7 million, a remarkable year-over-year improvement.
H.C. Wang, Chief Financial Officer of Webull, emphasized the company’s focus on sustainable growth, stating, “Our revenue growth accelerated in the third quarter and continued to comfortably outpace our expense growth.” This strategy aims to enhance long-term shareholder value while investing in high-growth areas.
Key Financial Metrics and Highlights
Webull’s income before income taxes for the quarter stood at $38.9 million, reflecting an impressive year-over-year increase of $48.2 million. The company also reported a net income attributable to Webull of $21.7 million, reversing a loss of $33.5 million from the previous year. Adjusted net income climbed to $32.9 million, a significant turnaround from an adjusted net loss of $5.7 million in the same quarter last year.
Customer assets reached an all-time high of $21.2 billion, representing a year-over-year growth of 84%. Funded accounts grew to 4.93 million, marking a 9% increase, while registered users rose to 25.9 million, up 17% year-over-year. These metrics underscore Webull’s expanding user base and increased engagement.
The company reported substantial growth in trading volumes as well, with options contracts volume climbing to 147 million, a 24% increase from the previous year. Equity notional volume rose to $204 billion, representing a 71% year-over-year increase.
Strategic Developments and Future Outlook
During the third quarter, Webull made notable strides in product offerings. In August, the company reintroduced cryptocurrency trading in the U.S. market, allowing users to trade digital assets alongside traditional investments. The launch of cryptocurrency trading in Australia also took place, with access to up to 240 cryptocurrencies through a partnership with Coinbase Prime.
In September, Webull expanded its footprint in the European market by introducing brokerage services in the Netherlands, offering retail investors access to both European and U.S.-listed equities. The rollout of Level 3 Options in Canada, Singapore, and Hong Kong also provided customers with enhanced trading strategies and exposure to capital markets.
Looking ahead, Webull has plans to continue expanding its offerings. The company is set to launch corporate bond trading for U.S. customers while enhancing its AI capabilities with the introduction of Vega, which aims to provide personalized, real-time insights for investors.
As part of its global strategy, Webull has partnered with Meritz Financial Group, one of South Korea’s largest financial institutions, to facilitate seamless access to U.S. equity markets for South Korean investors. This move reflects the company’s commitment to enhancing its international presence and accessibility.
Webull will discuss its third-quarter results further during a conference call scheduled for 5:00 p.m. E.T. on November 20, 2025. Interested parties can access the call through a dedicated link or by dialing the respective numbers for U.S. and international participants.
With a user base exceeding 25 million globally, Webull is well-positioned to leverage its technological advancements and expand its market presence, ensuring continued growth in the competitive landscape of digital investment platforms.
