Webull's Business Combination Delivers Momentum: Q2 Earnings Show 46% Revenue Growth and Record Customer Assets

Webull Corporation (BULL) delivered impressive second-quarter performance in 2025, with its stock advancing to $15.05 in after-hours trading following the announcement. The stock’s climb reflected robust fundamentals, as the company demonstrated its first profitable quarter since going public through a business combination.

Financial Performance Reaches Inflection Point

The second quarter marked a turning point for Webull’s profitability trajectory. Total revenue jumped 46% year-over-year to $131.5 million, with trading-related revenue climbing 63% compared to the prior year. This revenue acceleration was accompanied by improved operational efficiency—while total operating expenses rose 37% (primarily due to share-based compensation), adjusted operating costs increased only 20%.

The company’s adjusted operating profit reached $23.3 million for the quarter, a significant reversal from prior-year losses. On a per-share basis, adjusted operating profit climbed to $0.05. Net income adjusted for one-time items grew from a $1.5 million loss to $15.4 million, showcasing the company’s path toward sustainable profitability. The gap between headline net loss and adjusted metrics primarily reflected $11 million in equity offering expenses and accounting charges related to share issuance.

User Expansion and Asset Growth Accelerate Platform Scale

Webull’s user metrics demonstrated sustained momentum across key segments. Funded accounts expanded 9% year-over-year to 4.73 million, while registered users climbed 18% to 24.9 million by quarter-end. Most notably, customer assets reached an all-time high of $15.9 billion, representing 64% growth year-over-year.

Trading activity metrics reinforced the platform’s appeal to active traders. Equity notional volume climbed 58% to $161 billion for the quarter, while options volume grew 8% to $127 million. Strong net deposits and favorable market conditions contributed to these gains, with the company noting improved retention metrics and engagement from its most active user segments.

Crypto Relaunch and International Strategy Drive Next Growth Phase

Webull’s strategic initiatives centered on digital asset expansion and geographic diversification. The company reintroduced cryptocurrency trading in the U.S. during July, bringing crypto offerings back to domestic users. Internationally, Webull launched crypto trading in Brazil and consolidated its Latin America platform to streamline operations across Brazil and Mexico.

These moves position Webull to capitalize on renewed retail demand for comprehensive trading experiences. The platform now integrates crypto, equities, options, futures, and prediction markets within a single interface. The company is actively pursuing additional licenses across international markets to sustain its expansion trajectory.

Financial backing strengthens execution capacity. Webull raised over $200 million through warrant redemptions and accessed $142.8 million via a $1 billion standby equity agreement, providing capital for platform scaling and geographic expansion while maintaining disciplined cost management.