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Mar 31, 2025
Webull Corporation Q1 2025 Earnings Report
Webull delivered strong top-line growth and operating margin expansion in Q1 2025.
Key Takeaways
Webull's Q1 2025 performance was driven by 32% revenue growth and disciplined cost management, resulting in a 24.4% adjusted operating margin. User growth and customer assets also increased significantly year-over-year.
Revenue reached $117.4M, up 32% YoY.
Adjusted operating profit climbed to $28.7M with a 24.4% margin.
Registered users hit 24.1M and funded accounts reached 4.72M.
Customer assets grew 45% YoY to $12.6B despite sequential decline from Q4.
Forward Guidance
Webull plans to grow customer assets and engagement through global expansion and new product launches.
Positive Outlook
- Planned launch of crypto trading in international markets
- Webull Premium subscription rollout to increase monetization
- Partnership with BlackRock for portfolio advisory services
- Launch of corporate bonds and mutual fund support
- Expansion into Latin America and Netherlands markets
Challenges Ahead
- Sequential customer asset decline from Q4 due to market volatility
- Ongoing dependency on trading-related income
- Moderate user growth vs prior quarters
- Interest-related income slightly declined YoY
- Risk from promotional expenses reducing platform revenue
Historical Earnings Impact
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Avg. Return Before/After Earnings
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