Webull Statistics 2026: Funded Accounts, AUC, Trading Volume, and Revenue Mix

Webull Corporation held $21.2 billion in customer assets across 4.93 million funded accounts at the close of Q3 2025, an all-time high driven by 84% year-over-year asset growth and 31% growth in net deposits. The figure landed in the company’s November 20, 2025, earnings release filed on SEC EDGAR.

The data below traces the customer-asset book, trading volume, revenue mix, share structure, regulatory footprint, and profitability arc across Q1 through Q3 2025 from primary SEC filings.

Key Takeaways

• Webull Corporation reported total revenues of $156.9 million in Q3 2025, a 55% year-over-year increase.
• Customer assets reached an all-time high of $21.2 billion in Q3 2025, growing 84% year-over-year.
• Funded accounts climbed to 4.93 million, representing 9% year-over-year growth.
• Equity notional volume reached $204 billion in Q3 2025, a 71% year-over-year increase.
• Options contracts volume grew to 147 million contracts in Q3 2025, a 24% year-over-year increase.
• Webull Class A Ordinary Shares began trading on the Nasdaq Capital Market under the ticker BULL on April 11, 2025, following the April 10, 2025, business combination close.
• Webull offers investment services in 14 markets across North America, Asia Pacific, Europe, and Latin America through licensed brokerage subsidiaries regulated by FINRA, the SEC, FinCEN, Hong Kong’s regulator (Securities and Futures Commission), the Monetary Authority of Singapore, and the Australian Securities and Investments Commission.

Editor’s Choice

• Webull’s total revenues grew 55% year-over-year to $156.9 million in Q3 2025.
• Customer assets reached an all-time high of $21.2 billion in Q3 2025.
• Funded accounts increased year-over-year to 4.93 million in Q3 2025.
• Registered users increased 17% year-over-year to 25.9 million users in Q3 2025.
• Equity and option order flow rebates totaled $64,111,182 in Q1 2025, out of total revenues of $117,368,835.
• Anquan Wang holds 81.43% of the total voting power of Webull Corporation through Class B Ordinary Shares.

Recent Developments

• April 2026: On 2026-04-21, Webull’s board of directors authorized a share repurchase program of up to $100 million of Class A ordinary shares over the coming 12 months, disclosed on Form 6-K filed with the SEC.
• November 20, 2025: Webull Corporation reported Q3 2025 total revenues of $156.9 million, up 55% year-over-year.
• November 2025: (subsequent to Q3 close) Webull entered a partnership with Meritz Financial Group, one of South Korea’s largest financial institutions, to offer South Korean investors access to U.S. equity markets.
• November 2025: (subsequent to Q3 close) Webull introduced Vega AI, an AI-powered decision partner delivering real-time, personalized insights using news, earnings, and data.
• November 2025: (subsequent to Q3 close) Webull launched corporate bond trading for U.S. customers, building on the previous U.S. government bond rollout.
• September 2025: Webull launched in the European Union with brokerage services in the Netherlands, the company’s first EU market.

Webull Funded Customer Accounts by Quarter

• Q1 2025 funded accounts reached 4.7 million, up 10% year-over-year.
• Q2 2025 funded accounts increased to 4.73 million, a 9% year-over-year rise.
• Q3 2025 funded accounts climbed to 4.93 million, 9% higher year-over-year.
• Net account additions from Q1 to Q3 2025 reached approximately 230,000.
• Webull’s Q3 2025 registered user base reached 25.9 million, growing 17% year-over-year against funded-account growth of 9% in the same window.
• The Q1 2025 release described funded accounts as growing 10% year-over-year, the highest quarterly growth rate of 2025.
• The gap between registered-user and funded-account growth signals a conversion drag worth tracking.

Source: Webull Corporation Q1, Q2, and Q3 2025 earnings releases (SEC EDGAR)

The funded-account expansion fits inside a broader retail investing data trend that has shifted brokerage flows toward mobile-native platforms. Those funded accounts now hold a customer-asset book that has expanded faster than the account count itself.

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Webull Customer Assets and Net Deposits

• Customer assets totaled $12.6 billion in Q1 2025, $15.9 billion in Q2 2025, and $21.2 billion in Q3 2025.
• Q3 2025 customer assets grew 84% year-over-year, the highest growth rate of any quarter in 2025.
• Net deposits expanded 66% year-over-year in Q1 2025, 37% in Q2 2025, and 31% in Q3 2025.
• The Q3 2025 customer-asset surge of 84% year-over-year was driven by market recovery and continued strong net deposits, growing 31% year-over-year.
• Customer assets nearly 1.68x between Q1 and Q3 2025 on an absolute basis, outpacing the funded-account growth rate over the same window.
• Q2 2025 customer assets reached $15.9 billion, an all-time high at that point, with 64% year-over-year growth driven by market recovery and 37% net-deposit growth.

Source: Webull Corporation Q1, Q2, and Q3 2025 earnings releases (SEC EDGAR)

How big is Webull?

Webull held $21.2 billion in customer assets across 4.93 million funded accounts at the close of Q3 2025, with funded accounts increasing year-over-year. The customer-asset book grew year-over-year by 84%, the platform’s fastest quarterly growth rate of 2025.

By the numbers: According to the November 20, 2025 Q3 earnings release filed on SEC EDGAR, customer assets reached an all-time high of $21.2 billion, growing 84% year-over-year, driven by market recovery and 31% growth in net deposits. The figure marks a step up from Q1 2025’s $12.6 billion in just six months.

That assets-per-account growth requires customers willing to trade, which the next section quantifies alongside peer Charles Schwab statistics for any reader contrasting brokerage volume scale.

Webull Trading Volume by Asset Class

• Equities notional volume reached $128 billion in Q1 2025, $161 billion in Q2 2025, and $204 billion in Q3 2025.
• Options contracts volume grew to 121 million in Q1 2025, 127 million in Q2 2025, and 147 million in Q3 2025, a 24% year-over-year increase and an increase of 15.7% from the previous quarter.
• Q1 2025 DARTs (daily average revenue trades) increased to 924 thousand, representing 44% year-over-year growth.
• Equity notional volume rose 71% year-over-year in Q3 2025, with an increase of 26.7% from the previous quarter.
• Trading-related revenue increased 64% year-over-year in Q3 2025, 63% in Q2 2025, and 52% in Q1 2025.
• Q2 2025 equity notional volume reached $161 billion, a 58% year-over-year increase and an increase of $33 billion from the previous quarter.

The trading mix tracks the revenue lines disclosed in those same quarterly filings.

Webull Revenue Mix Post-IPO Disclosure Unlock

• Q1 2025 equity and option order flow rebates totaled $64,111,182, the largest single revenue line item in the quarter.
• Q1 2025 interest-related income totaled $31,140,064.
• Q1 2025 handling charge income totaled $17,547,010.
• Q1 2025 other revenues totaled $4,570,579.
• Total Q1 2025 revenues reached $117,368,835 versus $88,935,720 in Q1 2024.
• Trading-related revenue increased 52% year-over-year in Q1 2025, the line item that pairs order flow rebates with handling charges.

Key finding: According to the Q1 2025 income statement on SEC EDGAR, equity and option order flow rebates totaled $64,111,182 out of $117,368,835 in total revenue. That order-flow share exposes the company’s transaction-based revenue dependence in primary disclosure for the first time, a window pre-IPO investors did not have.

The post-IPO disclosure cadence contextualizes Robinhood vs Coinbase Statistics for any reader comparing PFOF-anchored economics across listed retail brokers.

That order-flow-dominant mix sets the context for Webull’s geographic footprint, which now stretches well beyond the U.S. retail-brokerage core.

Webull Geographic Footprint and Global Markets

• Webull operates in 14 markets across North America, Asia Pacific, Europe, and Latin America.
• The U.S. broker-dealer subsidiary Webull Financial LLC is a FINRA member firm and SEC-registered broker-dealer.
• Webull Securities International Ltd. is licensed by Hong Kong’s regulator (Securities and Futures Commission).
• Webull Securities Ltd. is licensed by the Monetary Authority of Singapore.
• Webull Securities Pty Ltd. is licensed by the Australian Securities and Investments Commission.
• Webull launched in the European Union via the Netherlands in September, giving retail investors access to European and U.S.-listed equities, fractional shares, European ETFs, and U.S. options.
• Webull launched the Latin America Webull App in May 2025, consolidating Brazil and Mexico onto one platform, and serves more than 25 million registered users globally.

Source: Webull Corporation Form 20-F for fiscal year 2024 (SEC EDGAR), Q3 2025 earnings release boilerplate

The geographic expansion has driven a parallel rise in registered users, which the next section quantifies against peer eToro statistics on cross-jurisdictional retail-broker reach.

Webull Registered Users by Quarter

• Q1 2025 registered users reached 24.1 million, up 17% year-over-year.
• Q2 2025 registered users grew to 24.9 million, an 18% year-over-year rise.
• Q3 2025 registered users reached 25.9 million, 17% higher year-over-year.
• Webull’s boilerplate describes the platform as serving “more than 25 million registered users globally,” providing retail investors with 24/7 access to global financial markets.
• The Q3 2025 funded-account count of 4.93 million against the 25.9 million registered-user base traces a year-over-year conversion that holds across all three 2025 quarters.
• Registered users sit at the top of the funnel into funded brokerage accounts; they do not directly generate revenue.

How many users does Webull have?

Webull’s registered users increased 17% year-over-year to 25.9 million users in Q3 2025, per the November 20, 2025, earnings release. Funded accounts increased year-over-year to 4.93 million, with the remaining registered users sitting at the top of the conversion funnel without active brokerage deposits.

The user funnel is one input; the share-structure side controls how much voting power retail and institutional holders actually wield, a similar dynamic visible in SoFi membership statistics for fintech-broker comparison.

Webull Share Structure and Dual-Class Governance

• Webull’s April 10, 2025, business combination close created 378,463,226 Webull Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and outstanding.
• Webull Class A Ordinary Shares, Webull Warrants, and Incentive Warrants began trading on the Nasdaq Capital Market under the symbols BULL, BULLW, and BULLZ, respectively, on April 11, 2025.
• Mr. Anquan Wang, one of the founders of Webull, beneficially owns all of the issued and outstanding Webull Class B Ordinary Shares, representing 81.43% of the total voting power of all issued and outstanding Webull Ordinary Shares immediately following the consummation of the Business Combination.
• Immediately after the consummation of the Business Combination, the pre-closing Webull shareholders owned 98.73% of the issued and outstanding Webull Ordinary Shares, representing 99.71% of Webull’s total voting power.
• Webull qualifies as a controlled company under the corporate governance rules of the Nasdaq Stock Market LLC due to the founder voting concentration.
• Total warrants outstanding reached 17,271,993 at closing (including 6,792,000 private warrants), and incentive warrants outstanding reached 20,913,089.

Founder Anquan Wang holds all 82,988,016 of the company’s Class B Ordinary Shares, representing 81.43% of total voting power per the April 14, 2025 6-K filing. The dual-class structure makes Webull a Nasdaq-recognized “controlled company” with attendant governance carve-outs that retail investors should understand before any allocation decision.

That governance structure precedes a profitability arc that turned positive across most of the year.

Webull Profitability and Adjusted Operating Profit

• Q1 2025 income before income taxes increased $29.3 million year-over-year from a loss of $9.8 million to income of $19.5 million.
• Q2 2025 loss before income taxes totaled $21.4 million.
• Q3 2025 income before income taxes totaled $38.9 million, a $48.2 million year-over-year improvement.
• Net income attributable to the Company increased $55.2 million year-over-year from a loss of $33.5 million to income of $21.7 million in Q3 2025.
• Adjusted operating profit totaled $28.7 million in Q1 2025, an increase of $26.4 million year-over-year, $23.3 million in Q2 2025, a year-over-year improvement of $23.6 million, and $36.7 million in Q3 2025.
• Adjusted net income increased $38.6 million year-over-year in Q3 2025, shifting from an adjusted net loss of $5.7 million to adjusted net income of $32.9 million.
• Adjusted operating expenses increased 2.4% year-over-year to $88.7 million in Q1 2025, $108.2 million in Q2 2025, increasing 20% year-over-year, and $120.2 million in Q3 2025, increasing 13% year-over-year.

Is Webull profitable?

Webull reported income before income taxes of $38.9 million in Q3 2025 and net income attributable to the Company of $21.7 million per the November 20, 2025, earnings release. The Q3 result followed a Q2 reported loss before income taxes of $21.4 million, with adjusted operating profit positive in Q1 2025 at $28.7 million, Q2 2025 at $23.3 million, and Q3 2025 at $36.7 million.

Those operating numbers feed the subsidiary structure that handles each asset class on the platform.

Webull Subsidiary Regulatory Map

• Webull Financial LLC is the U.S. broker-dealer subsidiary, a FINRA member firm, and an SEC-registered broker-dealer.
• Webull Pay LLC is the U.S. crypto subsidiary, a money services business registered with the Financial Crimes Enforcement Network.
• Webull Securities International Ltd. (Hong Kong) is licensed by the Securities and Futures Commission.
• Webull Securities Ltd. (Singapore) is licensed by the Monetary Authority of Singapore.
• Webull Securities Pty Ltd. (Australia) is licensed by the Australian Securities and Investments Commission.
• Webull announced in July 2025 the return of cryptocurrency trading to the Webull App for U.S. customers and the consolidation of Webull Pay back into the Webull Group.
• Webull launched cryptocurrency trading in Australia in August, enabling access to up to 240 cryptocurrencies powered by a partnership with Coinbase Prime.
• In February 2023, Webull’s U.S. subsidiary signed a letter of acceptance, waiver, and consent and paid a $3 million fine to FINRA related to supervisory and options trading compliance matters.

Source: Webull Corporation Form 20-F for fiscal year 2024 (SEC EDGAR)

Is Webull SIPC insured?

Brokerage accounts held at Webull Financial LLC, the U.S. broker-dealer subsidiary, fall under SEC and FINRA oversight as a FINRA member firm and SEC-registered broker-dealer. Crypto holdings via Webull Pay LLC sit outside SIPC protection because crypto MSBs are not SIPC members; equities and options through Webull Financial LLC carry SIPC protection.

The Webull Pay LLC structure feeds into broader SEC crypto enforcement data on how MSB-registered crypto subsidiaries fit inside U.S. retail brokerage. That subsidiary map also defines which trade routes through which order flow programs.

Webull Headcount and Cost Base

• Total Q1 2025 operating expenses decreased 2.0% year-over-year to $96.8 million.
• Q2 2025 adjusted operating expenses increased 20% year-over-year to $108.2 million.
• Q3 2025 total operating expenses increased 18% year-over-year.
• Q1 2025 brokerage and transaction costs reached $23,245,456; technology and development $16,924,892; marketing and branding $22,991,038; general and administrative $33,620,720.
• Total Q1 2025 operating expenses reached $96,782,106 versus $98,745,832 in Q1 2024.
• The share-based compensation step-up after the SPAC close is mechanical: adjusted operating profit (excluding share-based comp) tells a cleaner story across the three quarters than reported net income.

That expense base feeds the treasury and capital-raise side of Webull’s balance sheet.

Webull Capital Raises and Treasury Since the IPO

• Webull raised proceeds of over $200 million in Q2 2025 from the exercise and redemption of all outstanding BULLZ incentive warrants issued in connection with the closing of the business combination with SK Growth Opportunities Corporation.
• Webull entered a standby equity purchase agreement in July 2025, allowing access to $1 billion of capital at the company’s discretion through sales of Class A ordinary shares.
• As of August 28, 2025, Webull had raised proceeds of $142.8 million under the standby equity purchase agreement.
• Webull expanded its partnership with Kalshi, the first CFTC-regulated exchange with prediction markets, in June 2025 to add cryptocurrency hourly contract trading and Fed events trading.
• In June 2025, Webull took the first steps in re-entering the crypto market by launching crypto trading in Brazil.
• Subsequent to the close of Q3 2025, Webull launched corporate bond trading for U.S. customers, building on the previous U.S. government bond rollout to enable further user portfolio diversification.

Source: Webull Corporation Q2 2025 earnings release subsequent-events disclosure (SEC EDGAR)

That treasury cushion supports both product launches and the headcount expansion behind Webull’s geographic push.

Conclusion

The three-quarter trajectory from Q1 through Q3 2025 shows a platform that grew customer assets from $12.6 billion to $21.2 billion, expanded funded accounts from 4.7 million to 4.93 million, and shifted from a Q1 pre-tax profit to a Q2 loss and back to a Q3 pre-tax income of $38.9 million, all while listing on NASDAQ and raising over $340 million in fresh capital. The revenue mix, regulatory footprint, and governance structure disclosed post-IPO give retail investors a fuller picture than was available before April 2025.

Webull Corporation closed Q3 2025 with $21.2 billion in customer assets, 4.93 million funded accounts, more than 25 million registered users globally, and $156.9 million in quarterly revenues, filed on SEC EDGAR in the November 20, 2025, earnings release. The three-quarter arc started with Q1 2025 total revenues year-over-year at $117.4 million, with equity and option order flow rebates at $64,111,182 of the $117,368,835 total.

The SIPC carve-out for crypto holdings via Webull Pay LLC remains the most important consumer-protection nuance for retail readers to internalize, alongside crypto exchange market data for any reader weighing brokerage-routed crypto against pure-play exchange access.