Webull Reports First Quarter 2026 Financial Results

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May 21, 2026, 16:15 ET

Webull reports another strong quarter of growth, marked by record trading volumes and strong net deposits despite challenging market environment. Webull will continue to invest behind strategic priorities, including enhanced offerings for its active traders user base, international expansion to export the U.S. retail experience globally and continued adoption by institutional investors and B2B partners

ST. PETERSBURG, Fla., May 21, 2026 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2026.

"I'm proud to report a strong start to our second year as a public company and meaningful progress in enhancing, expanding and extending our leading-platform for self-directed active traders," said Anthony Denier, Group President and U.S. CEO of Webull. "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. 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. The demand from sophisticated, self-directed investors, including institutional and B2B clients, has never been greater and we are proud to be the platform of choice for our users and are committed to continuously improving the user experience while broadening our reach."

"Webull continued to deliver in the first quarter of 2026, recording strong revenue growth and our sixth consecutive quarter of profitability on an adjusted basis," said H.C. Wang, Chief Financial Officer of Webull. "We will continue to invest behind key growth drivers to further power our platform while prioritizing diligent execution and capital allocation priorities, including returning capital to shareholders through our previously announced share repurchase program."

First Quarter Results

Financial Results

Total revenues increased 36% year-over-year to $159.9 million.
Trading-related revenue increased 36% year-over-year.
Total operating expenses increased 68% year-over-year, primarily driven by higher marketing and branding expenses, brokerage and transaction costs reflecting rapid growth in trading volumes and product expansion, and increased share-based compensation expense.
Adjusted operating expenses increased 64% year-over-year to $145.1 million.
Loss before income taxes totaled $12.8 million for the quarter, compared to income before taxes of $19.5 million for the prior year comparative quarter. The decrease of $32.3 million in income was primarily due to increased share-based compensation expense, marketing and branding expenses and continued investment in our product and global expansion efforts.
Adjusted operating profit totaled $14.8 million for the quarter, compared to $28.7 million for the prior year comparative quarter.
Adjusted operating profit per share – basic and diluted was $0.03, compared with a basic and diluted adjusted operating profit per share of $0.21 and $0.06, respectively, in the prior year comparative quarter¹.
Net loss attributable to the Company was $21.7 million for the quarter, compared to $13.1 million of net income for the prior year comparative quarter.
Adjusted net income decreased to $9.2 million for the quarter, compared to $21.3 million for the prior year comparative quarter.
Net Loss per ordinary share – basic and diluted was $0.04 per share, compared to basic and diluted loss per ordinary share of $0.06 per share for the prior year comparative quarter^[1].

^[1] The first quarter year-over-year decrease in basic and diluted net loss per ordinary share and adjusted operating profit per share was primarily driven by the conversion of our preferred stock into ordinary shares upon the closing of our business combination transaction with SK Growth Opportunities Corporation in April 2025, which had the effect of increasing our weighted-average shares outstanding.

Operating Results

Customer assets totaled $24 billion, representing 90% year-over-year growth, driven by strong net deposits which grew 91% year-over-year despite a challenging market environment.
Registered users increased 15% year-over-year to 27.6 million users.
Funded accounts increased to 5.1 million, representing 8% year-over-year growth.
Equity notional volume grew to $261 billion, representing a 104% year-over-year increase and an increase of 9% from the previous quarter.
Options contracts volume grew to 159 million, a 31% year-over-year increase and an increase of 3% from the previous quarter.
DARTs increased to 1.3 million, representing 42% year-over-year growth.

Company Highlights

Developed Pattern Day Trader ("PDT") infrastructure to be well-positioned for the increase in active trading expected from FINRA's PDT rule change taking effect on June 4, 2026.
In April, FINRA approved Webull Securities US for self and correspondent clearing, marking a pivotal step toward long-term cost savings and operational scale. This approval lays the groundwork for further growth by offering clearing services to institutional partners.
Received permission to operate in all of the countries in the European Economic Area and launched the Webull App in Germany.
Successfully developed and deployed Model Context Protocol (MCP) infrastructure functionality within Webull's trading platform, establishing a secure, scalable foundation for integrating third-party agentic AI platforms.
Began initial rollout of AI-enabled research analyst tool, bring comprehensive research reports to platform users.

Conference Call Information

Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, May 21, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=GOLJRG6O or participants may dial 1-844-744-1431 (U.S.) or 1-412-564-6518 (international).

Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.

About Webull Corporation

Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure. Through its global network of licensed brokerages, Webull offers investment services in 15 markets across North America, Asia Pacific, Europe, Africa, and Latin America. Webull serves more than 27 million registered users globally, providing retail investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.

Contacts

For Investors
[email protected]

For Media
5W Public Relations
Nicholas Koulermos
[email protected]
(212) 999-5585

Use of Non-GAAP Financial Measures

We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.

We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, earnings per share, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.

Definitions

"Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.

"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.

"Equity notional volume" refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers' equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.

"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.

"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.

"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.

Webull Corporation
Condensed Consolidated Statements of Financial Position

	March 31, 2026		December 31, 2025
		(Unaudited)
Assets
Cash and cash equivalents	$	677,154,737	$	653,188,906
Cash and cash equivalents segregated under federal and foreign requirements		1,276,042,349		1,537,119,275
Receivables from brokers, dealers, and clearing organizations		499,661,318		562,961,145
Receivables from customers, net		843,830,424		708,785,550
Prepaid expenses and other current assets		53,774,736		50,208,272
Customer-held fractional shares		174,696,145		172,309,953
Total current assets		3,525,159,709		3,684,573,101

Right-of-use assets		63,793,434		64,357,655
Property and equipment, net		37,032,857		35,894,855
Intangible assets, net		54,912,666		55,434,567
Goodwill		30,264,138		30,264,138
Deferred tax assets		1,319,263		9,346,987
Other non-current assets		1,000,000		1,000,000
Total non-current assets		188,322,358		196,298,202
Total assets	$	3,713,482,067	$	3,880,871,303
Liabilities and shareholders' equity
Payables due to customers	$	2,504,723,555	$	2,667,837,626
Payables due to brokers, dealers, and clearing organizations		3,611,459		3,481,115
Lease liabilities - current portion		3,319,483		3,611,195
Accounts payable and other accrued expenses		97,114,181		102,183,377
Total current liabilities		2,608,768,678		2,777,113,313

Lease liabilities - non-current portion		8,189,194		8,911,821
Unsecured promissory notes		65,000,000		65,000,000
Deferred tax liabilities		13,301,770		13,366,222
Total non-current liabilities		86,490,964		87,278,043
Total liabilities		2,695,259,642		2,864,391,356

Commitments and Contingencies		–		–

Shareholders' equity
Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 447,778,197 and 446,863,712 shares issued and outstanding as of March 31, 2026, respectively; and 440,715,769 and 439,591,284 shares issued and outstanding as of December 31, 2025, respectively)		4,468		4,396
Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 83,859,005 shares issued and outstanding as of March 31, 2026 and December 31, 2025)		839		839
Treasury shares (914,485 and 1,124,485 shares as of March 31, 2026 and December 31, 2025, respectively)		–		–
Additional paid in capital		3,210,754,470		3,192,952,827
Accumulated deficit		(2,199,912,575)		(2,178,189,845)
Accumulated other comprehensive income		7,207,133		1,524,496
Total shareholders' equity		1,018,054,335		1,016,292,713
Noncontrolling interest		168,090		187,234
Total equity		1,018,222,425		1,016,479,947
Total liabilities and total equity	$	3,713,482,067	$	3,880,871,303

Webull Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income

	For the Three Months Ended March 31,
		2026		2025
Revenues
Equity and option order flow rebates	$	84,392,839	$	64,111,182
Interest related income		40,050,378		31,140,064
Handling charge income		26,412,742		17,547,010
Other revenues		9,072,057		4,570,579
Total revenues		159,928,016		117,368,835
Operating expenses
Brokerage and transaction		38,393,140		23,245,456
Technology and development		23,860,822		16,924,892
Marketing and branding		49,411,166		22,991,038
General and administrative		50,641,443		33,620,720
Total operating expenses		162,306,571		96,782,106
Other expense (income), net		10,432,161		1,089,417
(Loss) income before income taxes		(12,810,716)		19,497,312
Provision for income taxes		8,927,156		6,558,225
Net (loss) income		(21,737,872)		12,939,087
Less net loss attributable to noncontrolling interest		(15,142)		(146,720)
Net (loss) income attributable to the Company		(21,722,730)		13,085,807
Preferred shares redemption value accretion		–		(21,702,737)
Net loss attributable to ordinary shareholders		(21,722,730)		(8,616,930)

Net loss per share attributable to ordinary shareholders
Basic	$	(0.04)	$	(0.06)
Diluted	$	(0.04)	$	(0.06)
Weighted-average shares outstanding
Basic	$	526,127,355		139,307,224
Diluted	$	526,127,355		139,307,224

Net (loss) income	$	(21,737,872)	$	12,939,087
Other comprehensive income, net of tax:
Change in cumulative foreign currency translation adjustment		5,678,635		1,741,649
Other comprehensive income		5,678,635		1,741,649
Comprehensive (loss) income		(16,059,237)		14,680,736
Less comprehensive loss attributable to noncontrolling interest		(15,142)		(146,720)
Less foreign currency translation adjustment attributable to noncontrolling interest		(4,002)		(28,127)
Preferred shares redemption value accretion		–		(21,702,737)
Comprehensive loss attributable to ordinary shareholders	$	(16,040,093)	$	(6,847,154)

Webull Corporation
Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures

Adjusted Operating Expenses Reconciliation
(Unaudited)

	For the Three Months Ended December 31,		For the Three Months Ended March 31,
	(Unaudited)
	2025		2025		2026
Total operating expenses (GAAP)	$	147,999,822	$	96,782,106	$	162,306,571
Less: Share-based compensation		4,350,886		8,069,045		17,201,576
Adjusted operating expenses (Non-GAAP)	$	143,648,936	$	88,713,061	$	145,104,995

Adjusted Operating Profit Reconciliation
(Unaudited)

	For the Three Months Ended December 31,		For the Three Months Ended March 31,
	(Unaudited)
	2025		2025		2026
Income (loss) from before income taxes	$	8,133,523	$	19,497,312	$	(12,810,716)
Add: Other expense (income), net		9,065,477		1,089,417		10,432,161
Add: Share-based compensation		4,350,886		8,069,045		17,201,576
Adjusted operating profit (Non-GAAP)	$	21,549,886	$	28,655,774	$	14,823,021

Adjusted operating profit per share (Non-GAAP) - basic	$	0.04	$	0.21	$	0.03
Adjusted operating profit per share (Non-GAAP) - diluted	$	0.04	$	0.06	$	0.03
Weighted-average shares outstanding - basic		521,969,391		139,307,224		526,127,355
Weighted-average shares outstanding - diluted		535,685,132		458,155,514		536,653,076

Adjusted Net Income Reconciliation
(Unaudited)

	For the Three Months Ended December 31,		For the Three Months Ended March 31,
	(Unaudited)
	2025		2025		2026
Net income (loss) attributable to the Company (GAAP)	$	3,041,326	$	13,085,807	$	(21,722,730)
Add: Share-based compensation		4,350,886		8,069,045		17,201,576
Add: Deferred tax effect from IRC 162(m) limitation		–		–		8,038,222
Add: Foreign currency transaction losses (gains)		7,213,228		103,707		5,718,697
Adjusted net income (Non-GAAP)	$	14,605,440	$	21,258,559	$	9,235,765

Contra Revenue Impact

Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our revenues.

Quarterly Impact:

	For the Three Months Ended December 31,		For the Three Months Ended March 31,
			(Unaudited)
	2025		2025		2026
Contra revenue impact on:
Option handling fees	$	(6,193,427)	$	(118,541)	$	(3,992,973)
Platform and trading fees		(2,726,550)		(2,706,115)		(8,685,529)
Other income		(688,946)		–		(966,876)
Total contra revenue	$	(9,608,923)	$	(2,824,656)	$	(13,645,378)

Statement Regarding Unaudited Financial and Operational Information

The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequently hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release or other statements of the Company made in connection herewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "anticipate," "expect," "suggests," "plan," "believe," "predict," "potential," "seek," "future," "propose," "continue," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.

All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company's business on third-parties and the risk that the Company's platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company's global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company's business practices; (4) the Company's estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company's expectations regarding demand for and market acceptance of its products and service; (5) the Company's reliance on trading related income, including payment for order flow ("PFOF"), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company's exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company's reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company's industry and the Company's need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company's platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) the risks associated with incorporating artificial intelligence technologies into certain of our products and processes, including potential regulatory, operational, reputational, or compliance challenges; (14) risks related to the Company's need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (15) the ability to meet, or continue to meet, stock exchange listing standards; (16) the possibility of adverse developments in pending or new litigation and regulatory investigations; (17) risks relating to our offering of event contracts or prediction market products in the United States, including potential changes in regulatory interpretations or enforcement priorities; (18) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (19) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (20) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; (21) risks relating to the Company's share repurchase program under which the Company may repurchase up to $100 million of its Class A ordinary shares, including that the program may be suspended, modified or discontinued at any time, and that the actual amount, timing and manner of any repurchases will depend on market conditions, share price, applicable legal requirements, contractual restrictions and other factors; and (22) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the SEC, including in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's filings with the SEC, such as the Company's Annual Report on Form 20-F filed with the SEC on April 9, 2026. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

SOURCE Webull Corporation