Published: November 20, 2025
ST. PETERSBURG, Fla. – Webull Corporation (NASDAQ: BULL), the commission‑free trading and investing platform, reported a blowout third quarter for 2025 after the closing bell today, delivering 55% year‑over‑year revenue growth, a sharp swing back to profitability and record customer assets, powered by surging trading activity, global expansion and new AI‑driven products. [1]
At the same time, Webull filed fresh documents with the U.S. Securities and Exchange Commission (SEC), including a Form 6‑K with its earnings materials and a new prospectus supplement (Form 424B3) tied to previously registered shares and warrants, underscoring the company’s evolution as a newly listed public broker‑platform. [2]
Key takeaways from Webull’s Q3 2025 results
- Revenue re‑accelerates: Q3 2025 revenue climbed to $156.9 million, up 55% year over year, comfortably beating analyst expectations of roughly $137–132 million, depending on the data provider. [3]
- Profitability improves sharply: Webull posted income before income taxes of $38.9 million and net income of $21.7 million, versus a loss in the same quarter last year. Non‑GAAP earnings per share (EPS) reached $0.07, more than double the consensus estimate of about $0.03–$0.02. [4]
- Record customer assets: Customer assets hit an all‑time high of $21.2 billion, up 84% from a year earlier, supported by strong net deposits and market recovery. [5]
- User base and trading volumes grow: Funded accounts rose to 4.93 million and registered users to 25.9 million, while options contracts and equity trading volumes increased 24% and 71% year over year, respectively. [6]
- Product roadmap accelerates: Webull highlighted the rollout of its Vega AI investing assistant, the return of integrated crypto trading, expansion into corporate bonds and the rapid growth of sports prediction markets. [7]
- Globalization strategy gains traction: The company continues its push outside the U.S., including a new partnership with South Korea’s Meritz Financial Group, expansion into the Netherlands and enhanced options capabilities across Asia. [8]
- Fresh SEC filings and trading update: Webull furnished a Form 6‑K with its Q3 results and filed a Form 424B3 prospectus supplement relating to registered shares and warrants. Shares of BULL recently traded around $8.25, up slightly on the day, on heavy volume. [9]
Financial performance: revenue beats expectations, margins expand
Webull’s Q3 2025 numbers show a platform that is scaling quickly while keeping costs under control.
The company reported total revenue of $156.9 million, representing 55% year‑over‑year growth, driven mainly by higher user engagement and heavier trading volumes across equities and options. Trading‑related revenue grew even faster than the top line, up about 64% compared with the same period a year ago. [10]
On the cost side, total operating expenses increased 18% year over year, a much slower pace than revenue. Management attributed the rise to higher brokerage and transaction costs as activity jumped, along with higher compensation and headcount tied to product expansion, partially offset by lower marketing spending. Webull’s adjusted operating expenses came in at $120.2 million, up 13% from a year ago. [11]
The result is a sizable improvement in profitability:
- Income before income taxes reached $38.9 million, swinging from a loss in the prior‑year quarter.
- Adjusted operating profit climbed to $36.7 million, versus an adjusted operating loss a year earlier, with the company indicating that its operating margin has improved by nearly 30 percentage points year over year. [12]
- Net income attributable to the company rose to $21.7 million, compared with a loss of $33.5 million in Q3 2024. [13]
- Adjusted net income moved from an adjusted net loss of $5.7 million to an adjusted profit of $32.9 million. [14]
On a per‑share basis, Webull reported non‑GAAP EPS of $0.07, beating consensus estimates of roughly $0.03–$0.02, according to both Investing.com and FactSet‑based data. [15] Management also noted that comparisons to last year’s basic EPS are distorted by a large non‑cash gain tied to revaluing preferred shares prior to Webull’s April 2025 business combination with SPAC SK Growth Opportunities, after which preferred stock converted into ordinary shares. [16]
The message from management is clear: revenue growth is now outpacing spending. In the Q3 release, executives emphasized that the company is deliberately investing in AI, new asset classes and international expansion while still delivering “disciplined” and “profitable” growth. [17]
User and asset growth: record balances and sticky engagement
Webull’s business model depends on engaged, active traders, and the latest quarter suggests that engagement remains strong.
According to the Q3 2025 results:
- Customer assets reached $21.2 billion, an all‑time high, up 84% year over year, driven by market recovery and robust net deposits. [18]
- Net deposits increased about 31% year over year, with Webull highlighting roughly $5.9 billion of net deposits over the last twelve months. [19]
- Part of that growth reflects the integration of Webull Pay, whose acquisition added around $1.2 billion of customer assets and roughly 144,000 funded accounts. [20]
The user base also continued to climb:
- Funded accounts rose to 4.93 million, up about 9% from a year earlier.
- Registered users reached 25.9 million, up around 17% year over year. [21]
- Webull’s presentation shows quarterly retention rates for funded accounts consistently in the high‑90% range, underscoring relatively “sticky” behavior from active customers. [22]
Trading activity remained elevated. In Q3:
- Options contracts volume grew to 147 million, up 24% from a year prior and more than 15% higher than the previous quarter.
- Equity notional trading volume increased to $204 billion, representing about 71% year‑over‑year growth and nearly 27% sequential growth. [23]
Those metrics help explain why trading‑related revenue has been able to grow faster than the top line – and why Webull continues to invest in tools aimed at higher‑frequency, options‑savvy and increasingly global customers.
Product roadmap: Vega AI, crypto comeback and prediction markets
Beyond the headline numbers, Webull’s Q3 materials read like a roadmap for becoming a broader, AI‑powered investing super‑app.
Vega AI and Webull Premium
Management singled out Vega, Webull’s new AI‑based assistant that aims to help both new and experienced investors interpret market data, earnings and news in real time to support decision‑making. [24]
In its earnings presentation, Webull also highlighted the early traction of Webull Premium, a paid subscription offering that provides advanced tools and data. The company said Premium has already attracted roughly 90,000 subscribers, putting it ahead of its internal target of 100,000 subscribers by year‑end 2025. [25]
That subscription push is significant: it gives Webull another revenue stream beyond trading and interest income, and helps deepen engagement among power users who are more likely to trade frequently and hold larger balances.
Crypto trading integrated back into the main app
In August, Webull reintroduced integrated cryptocurrency trading for U.S. residents directly within its flagship app. Previously, users had to manage a separate Webull Pay app to trade digital assets. Now, Webull Pay accounts can be opened and used for crypto trading inside the core Webull interface, with access to over 50 digital assets, including major tokens such as Bitcoin, Ethereum and Solana, and 24/7 trading. [26]
The earnings deck notes that more than half of new funded accounts are engaging with crypto, and that Webull is leaning into crypto‑adjacent offerings like futures and sports prediction markets to broaden its appeal to more speculative traders. [27]
Sports prediction markets and corporate bonds
Webull is also experimenting at the edge of trading and entertainment. Its Q3 presentation highlights that the platform has rolled out event‑based prediction markets covering sports like the NFL, NBA, NASCAR, Formula 1 and college football, and that users traded over 30 million prediction contracts in October alone. [28]
At the other end of the risk spectrum, Webull recently launched corporate bond trading for U.S. customers, building on earlier access to U.S. Treasuries. The goal is to give users more low‑risk, income‑oriented choices while still keeping them within the Webull ecosystem. [29]
Taken together, these moves suggest Webull is trying to evolve from a pure “zero‑commission stock app” into a diversified platform that combines AI‑driven insights, multi‑asset trading, subscriptions and even gamified prediction products.
Global expansion: South Korea, Europe, Asia and Canada
Webull’s Q3 narrative also underscores its ambition to become a global retail investing brand.
South Korea via Meritz Financial Group
On November 12, 2025, Webull announced a strategic partnership with Meritz Financial Group, one of South Korea’s most established financial institutions. The agreement marks Webull’s official entry into the South Korean market. [30]
Through the partnership, South Korean investors will be able to access U.S. equities and Webull’s trading tools via Meritz, leveraging Webull’s relationship with Apex Fintech Solutions on the back end. Executives from both firms framed the deal as an effort to build a “borderless,” AI‑enabled investing platform for Korean clients, with potential to expand the collaboration into additional global markets over time. [31]
Europe, Asia and Canada
Webull’s Q3 company highlights and earnings deck describe a string of recent geographic moves: [32]
- European Union: Webull launched brokerage services in the Netherlands, giving EU retail investors access to European and U.S. stocks, ETFs, fractional shares and U.S. options, with plans to expand to more European markets.
- Asia Pacific: The broker rolled out Level 3 options for customers in Canada, Singapore and Hong Kong, and says it is preparing a launch in Japan.
- Global funded accounts: Webull now counts more than 700,000 funded accounts outside the U.S., and in Canada it is on track to reach around $1 billion in client assets under management.
These expansions complement the Meritz partnership and position Webull as a cross‑border platform that can follow its users as they trade markets around the world.
Regulatory filings: Form 6‑K and Form 424B3
Because Webull is incorporated offshore and qualifies as a foreign private issuer, it reports to the SEC using forms like 20‑F and 6‑K rather than the typical 10‑K/10‑Q framework. Today’s earnings release came alongside such a filing. [33]
Form 6‑K: Q3 results and investor presentation
In a Form 6‑K submitted today, Webull furnished its Q3 2025 earnings press release and made its investor presentation publicly available. The filing also notes that these documents are incorporated by reference into the company’s Form S‑8registration statement relating to equity compensation, ensuring that investors and regulators have full access to the latest financial and operational data. [34]
Form 424B3: registered shares and warrants
Separately, Webull filed a Form 424B3 prospectus supplement updating an existing registration statement. The supplement relates primarily to: [35]
- The potential resale by existing holders (“Selling Securityholders”) of up to roughly 147.4 million Class A ordinary shares.
- The registration of about 6.8 million private warrants and 20 million “Incentive Warrants” issued in connection with Webull’s earlier SPAC business combination.
- The possible issuance of up to 17.27 million additional Class A shares upon the exercise of outstanding warrants, typically at an exercise price of $11.50 per share.
The prospectus reiterates that Webull’s Class A ordinary shares and warrants trade on the Nasdaq under the tickers “BULL” and “BULLW”, respectively. As of November 19, 2025, the last reported prices were $8.22 for BULL and $3.34 for BULLW. [36]
For current and prospective shareholders, the practical implication is that a sizeable block of previously issued shares and warrants is formally registered for resale. That doesn’t mean those securities will be sold immediately, but it does increase the tradable float and could influence supply‑and‑demand dynamics if major holders choose to exit or trim positions over time.
How Webull stock is trading after the report
As of late trading on November 20, 2025, Webull’s BULL shares were changing hands around $8.25, up a fraction of a percent on the day, after swinging between an intraday low near $7.97 and a high of about $8.74. Trading volume exceeded 33 million shares, far above typical levels, reflecting intense interest around the earnings report and new filings. [37]
Earlier in the afternoon, shortly after the release, BULL was reported to be up roughly 2% as investors reacted to the revenue and EPS beat, before settling back as broader markets sold off. [38]
Analyst coverage remains limited but constructive. MarketScreener data shows two analysts following the stock with an average “Buy” rating and a consensus target price of $18.50, more than double the latest close. [39] Those targets, however, are inherently uncertain and should not be viewed as guarantees.
Strategic context: what today’s news means for Webull and investors
Today’s flurry of announcements paints Webull as a high‑growth, still‑early‑stage public fintech platform trying to balance rapid innovation with sustained profitability:
- Scaling efficiently: Revenue growth more than triple the pace of expense growth suggests genuine operating leverage. If Webull can maintain that gap while markets normalize, its earnings power could grow faster than its top line. [40]
- Diversifying revenue: Subscriptions (Webull Premium), AI tools (Vega), corporate bonds, sports prediction markets and a more seamless crypto experience all point to a strategy of diversifying away from pure stock‑trading commissions and order flow. [41]
- Going global: Expansion into the Netherlands and Asia, coupled with the Meritz partnership and growing funded accounts outside the U.S., indicates that Webull sees its addressable market as global, not just American. [42]
At the same time, there are important caveats:
- Regulatory complexity: Operating across multiple regions and asset classes – including crypto and prediction markets – exposes Webull to a patchwork of regulatory regimes and potential policy changes.
- Competitive pressure: Webull faces intense competition from other online brokers and super‑apps globally, all vying for active retail traders.
- Share overhang potential: The newly updated 424B3 highlights a large pool of registered shares and warrants that could be sold into the market over time, which investors may factor into their risk assessments. [43]
For now, Q3 2025 shows a platform that is growing quickly, monetizing more deeply, and sharpening its global footprint, while trying to convince public‑market investors that its growth is both sustainable and profitable.
This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an endorsement of any strategy. Always conduct your own research or consult a qualified financial professional before making investment decisions.
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