Webull reported Q3 revenue of $156.9 million, up 55% year‑over‑year, with adjusted operating expenses of $120.2 million (+13%) and adjusted operating profit of $36.7 million (adjusted operating margin 23.4%), delivering its fourth consecutive profitable quarter and adjusted net income of $32.9 million; customer assets hit a record $21.2 billion (including $1.2 billion from the Webull Pay acquisition), funded accounts rose to 4.93 million (+200k) and registered users to 25.9 million (+1m), while net client deposits were $2.1 billion in the quarter. Growth was driven by a 71% jump in equity volume to $204 billion, stronger options monetization, and product diversification — notably the U.S. relaunch of crypto (crypto futures), the launch of AI assistant Vega, and prediction markets via Kalshi (30 million contracts in October, blended revenue ~$1.25–$1.50 per contract) — which helped reengage dormant users and push over 50% of new funded accounts to trade crypto. Management emphasized continued international expansion (Netherlands/EU launch, Level 3 options in Singapore/Hong Kong and Japan soon), a live B2B partnership with Meritz in South Korea, and disciplined expense management (lower marketing, higher G&A tied to headcount) underpinning strong operating leverage and positioning the company to scale revenue and margins as new products and B2B channels ramp.
Webull reported Q3 2025 revenue of $156.9 million, up 55% year‑over‑year, with adjusted operating expenses of $120.2 million (+13%) and adjusted operating profit of $36.7 million (adjusted operating margin ~23.4%), delivering a fourth consecutive quarter of operating profitability and adjusted net income of $32.9 million. Customer assets reached a record $21.2 billion (including $1.2 billion from the Webull Pay acquisition), funded accounts rose to 4.93 million (+200k) and registered users to 25.9 million (+1m); quarterly net client deposits were $2.1 billion and 12‑month cumulative deposits $5.9 billion. Growth drivers are clear: equity volume surged 71% YoY to $204 billion, daily average revenue trades rose 56% YoY with per‑trade revenue of $1.53, and options monetization improved after pricing changes. Product initiatives materially contributed in Q3/Q4 runway — crypto relaunch (crypto futures), Webull Pay consolidation (added $1.2B AUM and >140k funded accounts), prediction markets (30m contracts in October, blended revenue ~$1.25–$1.50/contract), and Vega AI (tens of millions of engagements) — and management cites strong re‑engagement and >50% of new funded accounts trading crypto. International and B2B expansion (EU launch, Level‑3 options in APAC, live Meritz partnership in Korea) provide diversification but introduce execution and regulatory complexity; expenses rose in brokerage/transaction costs and G&A tied to headcount although marketing spend declined and was restructured toward asset‑matching incentives. Sustainability of high incremental margins will depend on continued volume growth, successful monetization of crypto/prediction markets, and the pace of international/B2B ramp that will shift revenue mix into future quarters.
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