WeBull Corp · Q1 2026 earnings

Briefing

Webull Q1 2026: revenue up 36% to $159.9M on record trading volumes, but GAAP net loss widens on higher marketing and SBC

Webull reported Q1 2026 total revenues of $159.9 million, up 36% year over year, driven by a 104% surge in equity notional volume to $261 billion and 31% growth in options contracts to 159 million. Customer assets reached $24 billion (+90% YoY) and funded accounts rose 8% to 5.1 million despite a challenging market. GAAP net loss attributable to shareholders was $21.7 million ($0.04 per share), versus $13.1 million of net income a year ago, as operating expenses jumped 68% on marketing, brokerage costs, and $17.2 million of share-based compensation. On a non-GAAP basis, adjusted net income was $9.2 million and adjusted operating profit was $14.8 million ($0.03 per share). Management highlighted FINRA self-clearing approval, EEA licensing, and AI/agentic trading investments as strategic priorities.

• Total revenues rose 36% YoY to $159.9M; trading-related revenue also grew 36% on record equity notional volume of $261B and 159M options contracts.
• Customer assets hit $24B (+90% YoY) with net deposits up 91%; registered users reached 27.6M and DARTs grew 42% to 1.3M.
• GAAP net loss was $21.7M ($0.04/share) vs. $13.1M profit prior year; adjusted net income was $9.2M and adjusted operating profit $14.8M.
• Operating expenses rose 68% YoY to $162.3M, led by marketing/branding ($49.4M) and share-based compensation ($17.2M).
• Strategic milestones include FINRA self-clearing approval, EEA operating permission, Germany app launch, and beta rollout of AI research tool Vega Analyst.

Headline financials

Revenue & EPS history