Webull Corporation (BULL)

Webull reported second-quarter 2026 revenue of $198.8 million on 19 August, up 51 percent from a year earlier and 24 percent from the first quarter 1.

Net income attributable to the company was $24.4 million for the quarter, against a net loss of $28.3 million a year before 1. Customer assets reached $28.5 billion and funded accounts reached 5.13 million 1.

Anthony Denier, the group president, tied the record volumes to the 4 June end of the Pattern Day Trader Rule 1.

On 7 October the House Select Committee on China published a report, Free Trades, Hidden Ties, finding that Webull has not been transparent about its links to China 4. Webull answered on 9 October that the report draws sweeping conclusions from an incomplete record 2.

The committee replied on 20 October that it had sent Webull written questions on 25 November and 5 December 2024 5. Webull says U.S. customer data sits on Amazon Web Services in the continental United States 2.

A separate open item is the Pi Securities purchase in Thailand, which closed on 31 August 6. A prospectus supplement of 28 October extended the period in which the seller may resell up to 12,292,419 Class A shares to 24 December 7.

The Webull app first gave users free market data and analysis tools, then added a brokerage in the United States in May 2018 3. The parent company was incorporated in the Cayman Islands on 2 September 2019 3.

The company chose the United States as its launch market for the depth of its capital markets 3. Within about two and a half years it grew to over one million funded accounts and $100 billion in cumulative trading volume 3.

In July 2023 Webull spun its digital assets unit, Webull Pay, out of the group 3. It reintegrated that business on 26 September 2025 3.

Revenue was flat from 2023 to 2024, at $389.6 million and then $390.2 million, before it rose to $571 million in 2025 3. Webull lost $22.7 million in 2024 and earned $24.8 million in 2025 3.

Most revenue comes from payment for order flow, in which a broker receives payments for directing orders to market makers rather than charging commissions 3. Option order flow rebates rose $74.3 million in 2025 3.

The company gave two reasons: option contract volume rose by 88 million contracts, and an improved rate card with market makers took effect in the third quarter of 2024 3. Equity order flow rebates rose $32.7 million as equity trading notional value grew by $272 billion 3.

Platform and trading fees rose $39.1 million in 2025, including $19.8 million from futures and event contract products 3. Webull launched futures in March 2024 and the simpler Webull Lite app in April 2024 3.

Marketing and branding spending slipped from $138.7 million in 2024 to $135.9 million in 2025 as free stock promotions were cut 3. Operating expenses rose $108.0 million to $512.5 million 3.

Brokerage and transaction costs rose $49.4 million to $128.7 million in 2025, mainly from a $42.8 million rise in clearing and handling costs as equity and options volume grew 3. Technology and development costs rose $15.4 million to $79.2 million 3.

Interest on customer bank deposits rose $10.1 million in 2025 on higher average cash balances, even though the annual yield slipped from 2.55 percent to 2.10 percent as the federal funds rate fell 3. Margin finance interest rose $9.2 million on higher average margin balances 3.

Stock lending income rose $2.4 million in 2025 because omnibus accounts could join the fully paid stock lending program from August 2024 for the whole year 3. Other revenues rose $11.7 million, helped by a 2025 debit card funding feature 3.

On 10 April 2025 the company closed its business combination with SK Growth Opportunities Corporation, a blank-check company, and began trading on Nasdaq the next day 36.

What the app offers

Webull offers U.S.-listed stocks, ETFs and American depositary receipts, with zero commission on U.S. equities and options for United States clients 3. Fractional shares start at $5.00 3.

It also offers options, 67 futures contracts, digital assets in select markets, event-based contracts and prediction markets, cash sweep, retirement accounts and a robo-advisor 3. Vega, its AI tool, explains markets and financial products 3.

Webull said Vega added about 160,000 users in the second quarter, for about 480,000 active users, and that it is now licensed across 35 markets and trades in 18 1.

How the money is made

In 2025, equity and option order flow rebates were $304.1 million of $571.0 million in revenue, about 53 percent (computed) 3. Interest related income was $154.3 million, about 27 percent (computed) 3.

Handling charge income was $87.3 million and other revenues $25.3 million 3. Webull earns interest on customer cash held at partner banks and from margin loans and stock lending 3.

Customers and rivals

At the end of 2025 Webull had 26.8 million registered users and 5.0 million funded accounts, and a 97 percent quarterly retention rate 3. In the second quarter of 2026 registered users reached 28.2 million 1.

The annual report names Robinhood as a digital rival and Fidelity, Charles Schwab and E-Trade as traditional and hybrid rivals 3. Webull's clearing partner in the United States is Apex Clearing 3.

Places and people

The principal operations center is in St. Petersburg, Florida, in an office building of 157,755 usable square feet bought in November 2022 3. The main research center is in Changsha, China, on leased premises of 84,295 square feet 3.

Webull had 1,396 employees at the end of 2025, 800 of them in research and development and technology 3. The committee says its China unit, Hunan Weibu, employed 863 people, 62 percent of the workforce 5.

Anquan Wang, 46, founded the company and is chairman and chief executive 3. Anthony Denier is president, H C Wang is chief financial officer and Benjamin James is general counsel 3.

Current problems

The House committee found in its report that Webull's data practices expose investors to Chinese legal and surveillance risk, and that its governance is dominated by China-linked control 4. Webull disputes the report 2.

Webull says that no customer assets are held in China, that it has had no material cybersecurity incident involving customer data, and that neither the SEC nor FINRA has brought a data enforcement action 2.

The committee's 20 October release lists earlier penalties, among them $500,000 in Massachusetts in 2023, $125,000 from the SEC in 2024 and $3 million from FINRA for options-approval and complaint-reporting failures 5.

The umbrella, in words

The annual report's Exhibit 8.1 lists Webull Financial LLC, the U.S. broker-dealer, with Webull Advisors and Webull Pay 10. It also lists brokerages in Singapore, Japan, Britain, Australia, Canada, Malaysia, Indonesia, Thailand, Hong Kong, South Africa and the Netherlands 10. Hunan Weibu in China is the research subsidiary 10.

Webull's Singapore holding company owns about 99.36 percent of Pi Securities Public Company Limited of Thailand, for about US$100 million in total 6. A trade outlet reported that Pi Securities has ranked among the top five brokers by volume on the Thailand Futures Exchange 9.

Class B shares carry 20 votes each against one for Class A, and Anquan Wang owns all of them, which gives him 79.2 percent of the votes as of 31 March 2026 3. Webull is a controlled company under Nasdaq rules 3.

Schedule 13G filings, as the annual report summarizes them, show Tianjin Nuofeng with 8.4 percent of Class A, Jun Yuan 6.6 percent, PEAK6 entities 6.3 percent and SIG Global China Fund I 5.4 percent 3.

The company says its Changsha research facility, under construction since October 2025, is expected to reach structural completion by the end of 2026, with 516,442 square feet of planned floor area 3.

Webull set its 2026 general meeting for 30 October to vote on new articles of association and a 2026 Employee Share Purchase Plan reserving 5,000,000 Class A shares 8.

The seller's sales are capped at 10 percent of daily volume until 24 December 2026 7. The final settlement date is the earlier of 30 December 2026 and the day the seller's proceeds reach $60,000,000 7.

If the seller's proceeds fall short of $60,000,000, Webull guarantees to pay the shortfall in cash by 29 December 2026 7. Webull may also repurchase the shares in a privately negotiated transaction during the period 7.

In the Pi Securities deal, the seller's sales are limited to 10 percent of daily volume until 24 December 2026, and Webull may buy back shares in that period 7.

A trade outlet reported that Webull aims at THB 200 billion in combined assets in Thailand 9. The two brands are to run apart at first, and wealth management is expected to become an important growth area 9.

In the same release Webull said it is making progress on its 2026 roadmap, including expanding its AI capabilities with Vega Analyst, extending its global footprint and scaling its institutional business 1. Its chief financial officer pointed to the potential for further margin expansion 1.

In its second-quarter release Webull said it continues to invest in active-trader features, international expansion and an institutional business 1. It also added futures and prediction markets to its business-to-business offer 1.

The House committee recommended five policy changes, including bringing foreign-controlled broker-dealers within CFIUS jurisdiction and codifying the SEC Cross-Border Task Force 4. Webull said it supports the committee's recommended actions for improving U.S. financial regulation 2.

Past

Webull Corporation's revenue rose from $388 million in fiscal 2022 to $571 million in fiscal 2025, up 13.7% a year; it rose in 3 of 3 years and never fell from a peak. Net income was positive in 3 of 4 of those years. Over the three fiscal years to 2025-12-31, the diluted share count grew about 43.4% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years. Officers and directors filed 7 sales and 0 purchases of their own stock on the open market in the year to 2026-10-05. Webull Corporation's filings since 2024 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice. 1

Present

In its latest annual figures on file, for the fiscal year ended 2025-12-31, Webull reported revenue of $571 million and a profit of $25 million. The annual report (Form 20-F filed on 2026-04-09) carries the money story, the trend, the balance sheet and the financial health. Webull earned about 2 cents of profit for every dollar of shareholders' money. It owed about 74 cents per dollar of assets, and its share count grew 186.0% over the year. Webull's revenue of $571 million in fiscal 2025 ranks in the bottom 21% by size among its industry family; a net margin of 4.3% ranks in the bottom 26%; revenue growth of 13.7% a year over the last 3 filed years ranks in the bottom 41%. Wang Anquan is Chief Executive Officer, officer and director; Denier Anthony Michael is President, officer and director. 2314

Future

Annual report (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30; foreign filers have four months after the fiscal year ends. Cash of $653 million against no long-term debt tagged leaves 16.8% of its assets as net cash, top 33% of its family; cash from operations less capital spending is 98.3% of revenue (top 16%); research spending of 6.2% of revenue (bottom 30%). Revenue grew 13.7% a year over the last three filed years against 13.7% over all 4, speeding up (top 46% of its family); the newest year grew 46.4% (top 23%); research spending grew 5.4% a year (bottom 44%); capital spending grew -46.3% a year (bottom 6%). Revenue of $571 million in fiscal 2025 came in 46% above the $391 million its prior three years' pace pointed to (top 10% of its family); net income of $25 million against a prior three-year average of $11 million (top 25%); a net margin of 4.3% against 2.9% before (bottom 38%). 31

How the company operates

Webull is a brokerage business. In fiscal 2025, its revenue came from Interest and Other Related Income 27%, Equity Order Flow Rebates 16%, Handling Charge Income 15%, Platform and Trading Fees 10%, Margin Financing 7%, Stock Lending 5%, Options 5%, Other Revenue 4%. Webull reported 13 product lines in fiscal 2025, with Interest and Other Related Income at $154 million (27%), Equity Order Flow Rebates at $94 million (16%), and Handling Charge Income at $87 million (15%); 11 of 12 grew against the year before. 21

New moves

2026-10-16: Form 424B3, Shelf offering. The share count, where registered securities are resold. 2026-10-16: Form F-3/A, Shelf registration, foreign filer. The filing record and the share count: the foreign filer's shelf. 2026-10-09: Form 6-K, Interim report, foreign filer. The news lane, and the quarterly figures for a foreign filer where the report carries them. 2026-10-07: The House China committee's report says Webull is 'tied in structural ways' to China and misrepresented how many of its staff work there; Webull's own annual report counts 863 employees at its mainland subsidiary, 62 percent of the total, and 79.2 percent of the votes for its founder, and a Webull spokesperson said the report contains 'significant inaccuracies'. 2026-10-07, House Select Committee on the CCP press release: "Free Trades, Hidden Ties: Exposing Webull's China Links". 2026-10-07, CNBC: "Trading platform Webull's China ties create national security risk, congressional panel finds; stock drops 18%". 356