Webull Revenue Jumps 36% on Trading Surge, But Costs Push Firm to Loss
Webull reported strong growth in the first quarter of 2026,
with revenue reaching $159.9 million in the first quarter, up 36%
year-over-year. The increase was supported by higher trading activity and
rising client assets, even as increased spending led to a net loss.
The online brokerage said demand from active traders
remained firm despite a challenging market environment, helping lift revenue
and platform engagement.
Trading-related income accounted for most of the
increase, as users executed more equity and options trades. Equity notional volume rose 104% from a year earlier to $261
billion. Options trading also increased, with contract volume up 31% to 159
million. Daily average revenue trades climbed 42% to 1.3 million.
According to Thursday announcement, client assets grew to $24 billion, marking a 90% increase
year-over-year. Net deposits rose at a similar pace, while registered users
increased 15% to 27.6 million. Funded accounts reached 5.1 million, up 8%.
You may also like: Webull UK Joins ISA Market as Broker Fee Competition Extends to Asian Stocks
However, Webull registered a net loss of $21.7 million for the quarter,
compared to net income of $13.1 million a year earlier. The brokerage said
operating expenses rose 68% year-over-year, driven by marketing, transaction
costs, and share-based compensation.
“We continue to innovate in AI, including beta-testing for
our Vega Analyst, which will bring comprehensive research reports to our users,
as well as launching agentic trading solutions on Webull,” said Anthony Denier, the Group President and U.S. CEO of Webull.
Anthony Denier, Group President. Webull, Source: LinkedIn
“Our geographic expansion continues at a rapid pace, and we
now have the license to operate across the European Economic Area, and we are
deepening our presence in other markets across the globe.”
Costs Increase as Expansion Continues
Adjusted operating profit fell to $14.8 million from $28.7
million in the prior-year period, while adjusted net income declined to $9.2
million. The company continued to invest in expansion and
infrastructure.
It received approval to operate across the European
Economic Area and launched its platform in Germany. In the United States, FINRA
approved its broker-dealer unit for self-clearing and correspondent clearing.
Webull also advanced its technology strategy, including
testing an AI-based research tool and building infrastructure to support
automated trading solutions. The company said these initiatives aim to support
future growth and attract more sophisticated users, including institutional
clients.
This week, it rolled out Vega Analyst, a modular AI-powered stock
research tool that generates real-time, customizable reports on individual
equities. It aims to help retail investors process growing volumes of market
data more efficiently and make more informed decisions amid a broader industry
push by brokers like eToro, Robinhood, and Moomoo to embed AI into trading and
research workflows.
Webull reported strong growth in the first quarter of 2026,
with revenue reaching $159.9 million in the first quarter, up 36%
year-over-year. The increase was supported by higher trading activity and
rising client assets, even as increased spending led to a net loss.
The online brokerage said demand from active traders
remained firm despite a challenging market environment, helping lift revenue
and platform engagement.
Trading-related income accounted for most of the
increase, as users executed more equity and options trades. Equity notional volume rose 104% from a year earlier to $261
billion. Options trading also increased, with contract volume up 31% to 159
million. Daily average revenue trades climbed 42% to 1.3 million.
According to Thursday announcement, client assets grew to $24 billion, marking a 90% increase
year-over-year. Net deposits rose at a similar pace, while registered users
increased 15% to 27.6 million. Funded accounts reached 5.1 million, up 8%.
You may also like: Webull UK Joins ISA Market as Broker Fee Competition Extends to Asian Stocks
However, Webull registered a net loss of $21.7 million for the quarter,
compared to net income of $13.1 million a year earlier. The brokerage said
operating expenses rose 68% year-over-year, driven by marketing, transaction
costs, and share-based compensation.
“We continue to innovate in AI, including beta-testing for
our Vega Analyst, which will bring comprehensive research reports to our users,
as well as launching agentic trading solutions on Webull,” said Anthony Denier, the Group President and U.S. CEO of Webull.
Anthony Denier, Group President. Webull, Source: LinkedIn
“Our geographic expansion continues at a rapid pace, and we
now have the license to operate across the European Economic Area, and we are
deepening our presence in other markets across the globe.”
Costs Increase as Expansion Continues
Adjusted operating profit fell to $14.8 million from $28.7
million in the prior-year period, while adjusted net income declined to $9.2
million. The company continued to invest in expansion and
infrastructure.
It received approval to operate across the European
Economic Area and launched its platform in Germany. In the United States, FINRA
approved its broker-dealer unit for self-clearing and correspondent clearing.
Webull also advanced its technology strategy, including
testing an AI-based research tool and building infrastructure to support
automated trading solutions. The company said these initiatives aim to support
future growth and attract more sophisticated users, including institutional
clients.
This week, it rolled out Vega Analyst, a modular AI-powered stock
research tool that generates real-time, customizable reports on individual
equities. It aims to help retail investors process growing volumes of market
data more efficiently and make more informed decisions amid a broader industry
push by brokers like eToro, Robinhood, and Moomoo to embed AI into trading and
research workflows.
