Webull (BULL) Q2 2025 earnings summary

Executive summary

• Delivered record revenues in Q2 2025, driven by strong market recovery, product innovation, and geographic expansion.

• Achieved three consecutive quarters of operating profitability, with significant margin improvement year-over-year.

• Registered users increased 18% year-over-year to 24.9 million; funded accounts grew 9% to 4.73 million.

• Customer assets reached an all-time high of $15.9 billion, up 64% year-over-year, with $5.4 billion net deposits over the last twelve months.

• Raised over $200 million via D-SPAC transaction and warrant exercises; secured a $1 billion standby equity facility.

Financial highlights

• Total revenues grew 46% year-over-year to $131.5 million in Q2 2025.

• Adjusted operating profit reached $23.3 million, up $23.6 million year-over-year, with an 18-point margin improvement.

• Adjusted net income was $15.4 million, a $16.9 million increase year-over-year, with a 13.4-point margin improvement.

• Adjusted expenses rose 20% year-over-year to $108.2 million, mainly due to higher transaction volumes and marketing.

• Trading-related revenues surged 63% year-over-year, driven by higher trading volumes and improved monetization.

Outlook and guidance

• AUM surpassed $18 billion in Q3, with July marking the highest revenue month ever.

• Expecting continued growth in Q3 barring major market dislocation.

• Preparing for new market launches, including the Netherlands and expanded crypto offerings in Brazil and Australia.

• Strategic capital deployment planned to support product innovation and global expansion.