Webull Corporation reported a 46% year-over-year increase in total revenue for the second quarter of 2025, reaching $131.5 million, as trading activity and user engagement accelerated. Customer assets rose to an all-time high of $15.9 billion, supported by net deposits and market recovery.
Revenue and Profitability
Trading-related revenue led the quarter with a 63% increase compared to the same period last year. Total operating expenses grew 37%, largely due to $18.5 million in share-based compensation. Adjusted operating expenses rose 20% to $108.2 million.
The company reported a loss before income taxes of $21.4 million, reflecting $11 million in equity offering costs. Adjusted operating profit totaled $23.3 million, up 18% year-over-year, while adjusted operating profit per share was $0.05 for the quarter.
“We delivered strong business results in our first quarter as a public company, with three consecutive quarters of operating profitability and customer assets at an all-time high, underpinned by substantial growth in trading volumes and net deposits,” said Anthony Denier, Group President and U.S. CEO of Webull.
“The environment for retail self-directed trading was the best we've seen since the COVID-19 pandemic, and with the market now in a new era driven by a more discernible regulatory environment,” he added.
User Growth and Trading Volume
Webull expanded its user base, with registered users increasing 18% to 24.9 million. Funded accounts rose 9% to 4.73 million. Options contracts volume grew 8% to $127 million, while equity notional volume jumped 58% to $161 billion. Customer assets rose 64% year-over-year to $15.9 billion, reflecting both market recovery and a 37% increase in net deposits.
In May, Webull launched the Latin America Webull App, integrating platforms in Brazil and Mexico to support regional growth. In June, the company re-entered the crypto market in Brazil and expanded its partnership with Kalshi to include cryptocurrency hourly contracts and Fed events trading.
Post-Quarter Developments
Following the quarter, Webull reinstated cryptocurrency trading for U.S. users and consolidated Webull Pay into the Webull Group. Users across the U.S., Brazil, and Australia can now trade equities , options, futures, prediction markets, and digital assets through a single platform.
The company also entered a standby equity purchase agreement, providing access to $1 billion in capital at its discretion. As of August 28, 2025, $142.8 million had been raised under the agreement.
