Webull (BULL) Q1 2025 earnings summary

Executive summary

• Achieved 32% year-over-year revenue growth to $117.4 million in Q1 2025, marking a strong debut as a public company.

• Adjusted operating profit reached $28.7 million, a significant improvement from $2.3 million in Q1 2024, with a margin of 24.4%.

• Net income attributable to the company was $13.1 million, with a net profit margin of 11.1%, up 25 percentage points year-over-year.

• Registered users grew 17% year-over-year to 24.1 million; funded accounts increased 10% to 4.7 million.

• Customer assets rose 45% year-over-year to $13.6 billion, despite a sequential decline due to market volatility.

Financial highlights

• Trading-related revenue increased 52% year-over-year, with daily average revenue trades up 44%.

• Revenue per trade rose from $1.37 to $1.47 year-over-year.

• Interest-related income was $31.1 million, down 4.3% year-over-year, mainly due to lower interest on client and corporate cash.

• Adjusted operating expenses were $88.7 million, up 2.4% year-over-year, reflecting disciplined cost control.

• Income before income taxes improved by $29.3 million year-over-year, from a $9.8 million loss to $19.5 million income.

Outlook and guidance

• Plans to launch crypto trading in select international markets in Q2 and reintroduce it in the U.S. in the second half of the year.

• Expanding product offerings to include corporate bond trading, mutual funds, and prediction contracts by year-end.

• Brokerage service launch in the Netherlands and expanded app access in Latin America planned for 2025.