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Webull (BULL) investor relations material
Webull Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record revenues in Q2 2025, up 46% year-over-year to $131.5M, driven by market recovery, new product launches, and global expansion.
Customer assets reached an all-time high of $15.9B, up 64% year-over-year, with $5.4B net deposits over the last twelve months.
Registered users increased 18% year-over-year to 24.9M; funded accounts grew 9% to 4.73M.
Completed de-SPAC process, raising over $200M, and secured a $1B standby equity facility, with $142.8M drawn to date.
Relaunched crypto trading in the U.S., Brazil, and Australia, with further global rollout planned.
Financial highlights
Total revenues grew 46% year-over-year to $131.5M, outpacing a 20% increase in adjusted expenses to $108.2M.
Adjusted operating profit reached $23.3M, an improvement of $23.6M year-over-year, with an 18-point margin increase.
Adjusted net income was $15.4M, a $16.9M increase year-over-year and a 13.4-point margin expansion.
Trading-related revenues surged 63% year-over-year, driven by higher trading volumes and improved monetization.
Interest-related income grew 14% year-over-year, mainly from increased client cash and margin balances.
Outlook and guidance
AUM surpassed $18B in Q3, with July marking the highest revenue month ever.
Management expects continued strong performance, ongoing global expansion, and new product launches, including further crypto and digital asset offerings.
Webull Premium subscriptions reached 75,000 within four months, ahead of the year-end target.
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