New York, March 5, 2026, 05:54 EST
- Webull posted a 50% jump in fourth-quarter revenue, hitting $165.2 million. For the full year, revenue increased 46% to $571 million.
- Net deposits hit a record $8.6 billion for the broker, pushing customer assets up to $24.6 billion.
- A prospectus supplement registered as many as 75.2 million Class A shares for resale. The stock added roughly 2% in early trading.
Webull Corp saw quarterly revenue surge, and the online brokerage has filed to allow the resale of as many as 75.2 million Class A shares. The company pointed to increased trading activity and a bigger pool of client cash. Shares traded up roughly 2%, sitting at $6.07 early this Thursday.
This update is significant: Webull is working through its initial phase after going public as a retail brokerage, and the market hasn’t hesitated to hit platforms hard when user engagement drops. Net deposits—what remains after customer withdrawals—serve as a key gauge of user loyalty.
The space is packed. Webull, Robinhood, and Interactive Brokers are each vying for the same crowd of active traders—offering platforms that are low-cost, quick, and simple to hop between.
Webull posted a 56% jump in trading revenue for the fourth quarter, with operating expenses not far behind, up 55%—a rise fueled by higher brokerage and transaction costs plus stepped-up marketing. “We reported another quarter of strong financial performance, particularly in our equities and options businesses,” CFO H.C. Wang said. 1
Wang told analysts the company delivered $21.6 million in adjusted operating profit for the quarter, using a non-GAAP metric that strips out certain costs. Adjusted operating expenses climbed to $143.6 million. “Customers continue to trade consistently across four asset classes,” Anthony Denier noted. 2
Webull wrapped up 2025 with roughly 102,000 premium subscribers, according to an investor presentation. The company’s 2026 agenda: beef up tools for active traders, push further into overseas markets, and develop its business-to-business platform. 3
The prospectus supplement details 159,236 “commitment shares” along with as many as 75 million more linked to a standby equity purchase agreement—a structure allowing a company to sell shares to an investor in stages. Timing and pace for any share sales weren’t specified in the filing.
Still, there’s a catch: Webull’s filing points right to its dependence on “payment for order flow”—the payments it gets from market makers to direct trades their way—and makes it clear that any regulatory shake-up or outright ban could put a dent in trading revenue. The company also flagged exposure to shifts in interest rates and swings in market volatility. Another point: if Webull sells or issues new shares, that could put downward pressure on its stock. 4
Webull went public via a business combination with SK Growth Opportunities Corporation, closing the deal in April 2025, the company said. The transaction triggered changes that impacted year-over-year per-share comparisons, according to Webull.
