Live: Webull Q3 Earnings Coverage
Quick Read
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Webull (BULL) customer assets surged to $18B heading into Q3 after reaching $15.9B in Q2.
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Crypto trading returned to Webull in late Q2 across the U.S., Brazil and Australia with rapid scaling expected.
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Webull Premium subscribers hit 75,000 by Q2 end and drove margin revenue growth of 14% year-over-year.
Live Updates
Final Reaction
| Metric | Pre-Earnings Consensus | Actual | Direction |
|---|---|---|---|
| Revenue | $137.3M | $156.9M | Up |
| EPS (Adj.) | $0.03 | $0.08 | Up |
| Profitability | Return to profit expected? | $36.7M Adj. Op Profit | Above expectations |
Sentiment Snapshot
- Bullish: Revenue re-acceleration, crypto relaunch, global expansion.
- Bullish: Margin expansion and high operating leverage.
- Neutral: No formal guidance — typical for Webull, but investors will want Q4 visibility.
- No red flags in this report — expense growth controlled, KPIs strong, and user engagement up.
What Changed This Quarter
- Webull returned to meaningful profitability, swinging from a loss to $36.7M adjusted operating profit.
- Customer assets hit an all-time high ($21.2B), benefiting from both net deposits and broad market recovery.
- Crypto trading is back, live in the U.S. and Australia — a potential major Q4 revenue accelerant.
- Vega AI launched, giving Webull a differentiated product in retail investing decision support.
- European expansion began, with the Netherlands launch marking the company’s first EU brokerage presence.
- Trading volumes accelerated sharply, with equity notional volume +71% YoY and options volume +24% YoY.
What Is Next
Webull did not issue formal forward guidance in this release.
Instead, the company emphasized continued investment in global expansion, AI, and new products, suggesting confidence in sustaining momentum.
| Area | Signal |
|---|---|
| Trading Volumes | Q3 volumes sharply up → strong Q4 baseline |
| Customer Assets | Record $21.2B → continued revenue lift |
| Product Expansion | Crypto + corporate bonds + EU launch → higher engagement |
| AI Investment | Vega AI introduction → deeper user retention |
and operating highlights:
| KPI | Q3 2025 | YoY Change | Why It Matters |
|---|---|---|---|
| Total Revenue | $156.9M | +55% | Core monetization acceleration across trading, interest, and fees. |
| Trading-Related Revenue | +64% | +64% | Reflects high DARTs, normalized equity volumes, and product expansion. |
| Customer Assets | $21.2B | +84% | Major driver of future trading/interest revenue; shows platform strength. |
| Options Contracts Volume | 147M | +24% | Directly fuels options PFOF/commission revenue. |
| Equity Notional Volume | $204B | +71% | High volatility + engagement = monetization tailwinds. |
| Adjusted Operating Profit | $36.7M | +$42.1M | Operating margin expanded 28.7%, confirming leverage. |
Management Commentary
Anthony Denier, Group President & U.S. CEO
“We are proud of another strong quarter, with record revenue and customer assets driven by technological innovation, geographic and product expansion, and a favorable market backdrop.”
Denier is tying growth directly to platform innovation and product breadth, especially AI and the crypto relaunch. This signals management sees engagement-driven monetization as the core engine going forward.
H.C. Wang, CFO
“Our revenue growth accelerated in the third quarter and continued to comfortably outpace our expense growth, underscoring our disciplined execution and commitment to profitable growth.”
This quote underscores a critical shift: Webull is showing true operating leverage, with expenses up just 18% against 55% revenue growth.
Earnings Are In For Webull
| Metric | Actual | Estimate | Beat/Miss |
|---|---|---|---|
| Revenue | $156.9M | $137.3M | ✅ Beat |
| EPS (Adj. Operating Profit per Share – Basic)** | $0.08 | $0.03 | ✅ Beat |
Webull delivered one of its strongest quarters since going public — revenue accelerated to 55% YoY, trading-related revenue surged 64%, and the company posted $36.7M in adjusted operating profit, a dramatic swing from last year’s loss. Customer assets hit a record $21.2B, fueled by sharp market recovery and sticky net deposits. With crypto relaunched and engagement at cycle highs, Webull’s operating leverage was unmistakably on display.
The beat was broad and clean. Webull is now behaving like a scaled, profitable brokerage platform — not a speculative fintech. The stock’s after-hours reaction reflects growing confidence in the platform’s global expansion and AI-driven engagement flywheel.
Webull Price Target
- Mean Target Price: $18.50
- Median Target Price: $18.50
- High/Low Range: $19.00 / $18.00
- Number of Analysts: 2
- Rating: Buy (1.00) — the strongest rating on the scale
Analysts covering BULL see the stock more than doubling from current levels (recent price $8.23), with a 125%+ implied upside to the mean target of $18.50.
If you want, I can format this into a “Valuation” section for your article as well.
Webull (Nasdaq: BULL | BULL Price Prediction) will report its Q3 2025 earnings after the close today, and expectations are rising following a standout second quarter that showcased the company’s best financial performance since going public. Revenue climbed 46% year-over-year, operating profit came in at $23.3 million, and customer assets surged to an all-time high of $15.9 billion. Management highlighted a “hyper-favorable retail trading environment” and the strongest engagement metrics since early 2021.
The backdrop heading into Q3 is even stronger. Assets under management have already surpassed $18 billion, July was Webull’s highest-revenue month ever, and crypto trading has officially returned to the platform after a two-year absence. Webull’s leadership has repeatedly emphasized that crypto’s re-launch could be “accretive to the top line very quickly.”
What to Expect When Webull Reports
| Metric | Estimate |
|---|---|
| Revenue | $137.28M |
| EPS (Normalized) | $0.03 |
| Full-Year 2025 Revenue | $529.79M |
| Full-Year 2025 EPS | $0.10 |
Key Areas to Watch
1. Crypto Re-Launch Momentum Across the U.S. and International Markets
Crypto trading returned to Webull in late Q2 and has already rolled out in the U.S., Brazil, and Australia. Management said many users had previously traded crypto on Webull and are likely to return quickly. The initial U.S. launch includes 50 digital assets, while Brazil debuted with 240. The company expects customer deposits, AUM, and trading revenue tied to digital assets to scale rapidly.
2. AUM Growth and Trading Activity in a High-Volatility Environment
Webull ended Q2 with customer assets up 64% year-over-year, and Q3 has already seen AUM exceed $18 billion. Retail trading volumes remain elevated, with equity notional volumes up 58% in Q2 and DARTs rising 56%. Management expects continued strength barring a major macro shock. AUM growth is one of the clearest earnings drivers to watch tonight.
3. Webull Premium Adoption and Margin Revenue Expansion
Premium subscribers reached 75,000 by the end of Q2, ahead of internal targets. The product offers some of the lowest margin rates in the industry, which has driven higher asset transfers and trading concentration. Margin revenue and interest-related income grew 14% year-over-year despite rate headwinds, due in part to Premium adoption. Investors should watch for updated subscriber metrics.
4. Global Expansion and User Growth Across 14 Markets
Webull continues scaling rapidly outside the U.S., with strong momentum in Canada, Latin America, and Europe. The company added 800,000 registered users in Q2 and continues rolling out its trading platform in new regions. Management highlighted especially strong crypto adoption in Brazil and significant AUM inflows from Canadian investors.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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