WeBull Corp · Q2 2025 earnings

Briefing

Webull Q2 2025: $131.5M revenue (+46% YoY) as customer assets hit record $15.9B

Webull Corporation reported second-quarter 2025 results with total revenues of $131.5 million, up 46% year over year, driven by a 63% increase in trading-related revenue and higher user engagement. Adjusted operating profit was $23.2 million versus a small adjusted loss in the prior-year quarter, and adjusted net income reached $15.4 million. Reported net loss attributable to the company widened to $28.3 million, largely due to preferred-share accounting and share-based compensation rather than core operating performance. Customer assets reached a record $15.9 billion (+64% YoY), DARTs rose to 1.0 million, and registered users grew to 24.9 million as the platform expanded crypto reintroduction and international brokerage offerings.

• Q2 2025 total revenues were $131.5 million (+46% YoY); trading-related revenue increased 63% year over year.
• Adjusted operating profit was $23.2 million with adjusted net income of $15.4 million; adjusted operating profit per share was $0.05.
• Customer assets reached a record $15.9 billion (+64% YoY) with net deposits up 37% year over year.
• DARTs averaged 1.0 million in Q2 2025 versus 646,000 in Q2 2024; options contracts volume was 127 million in the quarter.
• Reported net loss attributable to the company was $28.3 million, impacted by $513.1 million fair-value accounting for shares issued to preferred shareholders.

Headline financials

Revenue & EPS history