Webull reported strong growth in the first quarter of 2026, with revenue reaching $159.9 million in the first quarter, up 36% year-over-year. The increase was supported by higher trading activity and rising client assets, even as increased spending led to a net loss.

The online brokerage said demand from active traders remained firm despite a challenging market environment, helping lift revenue and platform engagement.

Trading Activity Drives Growth

Trading-related income accounted for most of the increase, as users executed more equity and options trades. Equity notional volume rose 104% from a year earlier to $261 billion. Options trading also increased, with contract volume up 31% to 159 million. Daily average revenue trades climbed 42% to 1.3 million.

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According to Thursday announcement, client assets grew to $24 billion, marking a 90% increase year-over-year. Net deposits rose at a similar pace, while registered users increased 15% to 27.6 million. Funded accounts reached 5.1 million, up 8%.

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However, Webull registered a net loss of $21.7 million for the quarter, compared to net income of $13.1 million a year earlier. The brokerage said operating expenses rose 68% year-over-year, driven by marketing, transaction costs, and share-based compensation.

“We continue to innovate in AI, including beta-testing for our Vega Analyst, which will bring comprehensive research reports to our users, as well as launching agentic trading solutions on Webull,” said Anthony Denier, the Group President and U.S. CEO of Webull.

“Our geographic expansion continues at a rapid pace, and we now have the license to operate across the European Economic Area, and we are deepening our presence in other markets across the globe.”

Costs Increase as Expansion Continues

Adjusted operating profit fell to $14.8 million from $28.7 million in the prior-year period, while adjusted net income declined to $9.2 million. The company continued to invest in expansion and infrastructure.

It received approval to operate across the European Economic Area and launched its platform in Germany. In the United States, FINRA approved its broker-dealer unit for self-clearing and correspondent clearing.

Webull also advanced its technology strategy, including testing an AI-based research tool and building infrastructure to support automated trading solutions. The company said these initiatives aim to support future growth and attract more sophisticated users, including institutional clients.

This week, it rolled out Vega Analyst, a modular AI-powered stock research tool that generates real-time, customizable reports on individual equities. It aims to help retail investors process growing volumes of market data more efficiently and make more informed decisions amid a broader industry push by brokers like eToro, Robinhood, and Moomoo to embed AI into trading and research workflows.