Webull (BULL) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 results with $156.9M revenue, up 55% year-over-year, and strong margin expansion driven by product innovation, global expansion, and increased user engagement.

• Customer assets reached an all-time high of $21.2B, an 84% increase year-over-year, with robust deposit activity and AUM growth across geographies.

• Funded accounts grew 9% year-over-year to 4.93 million, and registered users increased 17% to 25.9 million.

• Launched new products including crypto futures, sports prediction markets, Webull Premium, and the AI-powered Vega assistant, driving user engagement and reactivating dormant accounts.

• Expanded internationally, launching in the Netherlands, forming a strategic partnership with Meritz in South Korea, and growing funded accounts outside the U.S.

Financial highlights

• Q3 revenue: $156.9M, up 55% year-over-year; trading-related revenue up 64% year-over-year.

• Adjusted operating expenses: $120.2M, up 13% year-over-year.

• Adjusted operating profit: $36.7M, with a 23.4% margin, up 28.7 points year-over-year.

• Adjusted net income: $32.9M, up $38.6M year-over-year; adjusted net profit margin at 20.9%.

• Customer deposits: $2.1B in Q3, up 31% year-over-year; cumulative net deposits over 12 months: $5.9B.

Outlook and guidance

• Expect continued growth in trading volumes, customer deposits, and revenues, with October already the best month ever for these metrics.

• Product roadmap and global expansion are expected to support future growth, with further international expansion and product launches, including more crypto offerings and AI enhancements.

• Margin expansion and profitability remain key priorities as the business scales.

• Management remains focused on sustainable shareholder value, investing in high-growth areas, product innovation, and global platform access.