New York, May 24, 2026, 17:04 EDT
- Webull finished Friday at $6.18, dropping 6.5% for the session and about 12.5% from where it closed last Friday.
- Monday, May 25, U.S. equity and options markets will be closed for Memorial Day. Trading picks up again on Tuesday.
- Webull’s revenue for the first quarter was up 36%, but costs increased more quickly, leading to a net loss of $21.7 million for the company.
Webull Corp. shares are moving into a shorter U.S. trading week still under pressure after tumbling post-earnings. Investors are looking at the jump in trading activity but worried about higher costs and the company swinging back to a loss.
Shares of the Nasdaq-listed online broker dropped to $6.18 on Friday, with more than 27 million shares changing hands. The stock edged down again after the bell, hitting $6.17 in post-market trade, based on data after the close.
Timing is in focus. Nasdaq’s U.S. markets are shut Monday for Memorial Day, outside their regular 9:30 a.m. to 4:00 p.m. Eastern hours. The next full trading session is Tuesday, which will be the first shot for investors to respond to Webull’s May 21 results and the company’s latest comments.
Webull posted a 36% jump in first-quarter revenue to $159.9 million, but higher marketing, brokerage and transaction costs, expansion, and stock-based pay sent total operating expenses up 68%. The company recorded a $12.8 million loss before taxes. A year ago, Webull had a $19.5 million pretax profit.
Bulls found some support in the operating numbers. Customer assets hit $24 billion, up 90% from last year. Registered users climbed 15% to 27.6 million. Equity notional volume doubled to $261 billion, and options contracts came in at 159 million, up 31%. DARTs rose 42% to 1.3 million.
Webull’s group president and U.S. CEO Anthony Denier said the company was off to a “strong start” in its second year as a public company, citing AI tools, agentic trading and European expansion. CFO H.C. Wang said Webull posted its “sixth consecutive quarter of profitability on an adjusted basis,” using a non-GAAP metric that excludes certain costs and does not match net income by standard accounting.
The difference matters for the stock. Adjusted operating profit came in at $14.8 million, down from $28.7 million last year. Adjusted net income fell to $9.2 million. The company cautioned not to look at adjusted operating metrics alone or use them instead of standard accounting numbers.
FINRA’s new intraday margin rules go live June 4, shifting requirements for active traders this week. The update drops the old pattern day trader set-up, along with its $25,000 minimum equity and day-trade counting, and moves brokers to reviewing account risk in real time during the session, not just on static thresholds.
The move could make it easier for Webull and Robinhood, as it lowers some hurdles for retail day traders. “More day trading equates to more orders per user per day,” Northland’s Mike Grondahl told Reuters after the SEC gave the green light to the rule change. Reuters said analysts think the change could help retail brokerages by driving up engagement and trading volume. Reuters
Webull is still going up against Robinhood and eToro. All three target younger traders with low fees, mobile apps, and more asset types, which has chipped away at older firms like Charles Schwab and Morgan Stanley’s E*Trade. Competition in the neo-broker market is still tight.
The worry here is that more trading doesn’t always turn into steady profit. Webull pointed out that options volume reacts to short-term market moves, which makes it tough to predict how much revenue that brings. If volatility drops, if marketing costs stay up, or if the June rule adds more controls without driving more volume, the stock could keep falling.
Webull has authorized a $100 million share buyback program. Management now has another tool to support the stock if they choose to. The company said pace and size will depend on capital, liquidity, the stock’s trading price, regulation and other market factors. There’s no obligation to repurchase a set amount.
Right now, the market is asking one thing. Webull’s growth is strong, but investors cut the price they’ll pay for it. Tuesday’s open should make clear if Friday’s fall was just an earnings adjustment or something more.
