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Date

August 29, 2025

Category

Market Insights

Webull Sees 46% Revenue Growth in Q2 Amid Trading Boom

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While the second quarter of 2025 was marked by significant economic uncertainty, it was generally a very good quarter for FinTech companies that operate financial trading platforms. With global stock markets falling spectacularly in early April and then rebounding strongly in the following months, trading activity was elevated. One company that clearly benefited from this dynamic market backdrop was Webull, the digital investment platform that went public in April via a SPAC deal. Not only did it generate huge revenue growth in Q2, but it also saw a significant increase in customer assets.

Strong Top-Line Growth

For the second quarter1 of 2025, Webull’s total revenues came in at $131.5 million, an increase of 46% year on year (versus 32% growth in Q1). Breaking this down, trading-related revenue was up 63% year over year while interest-related income was up 14%.

At the end of the quarter, customer assets amounted to $15.9 billion, representing 64% year-over-year growth. Funded accounts increased to 4.73 million, up 9% year over year.

In terms of profitability, adjusted operating profit for Q2 came in at $23.2 million versus an adjusted loss of $0.4 million a year earlier. Adjusted net income was $15.4 million compared to a loss of $1.5 million in Q2 2024.

“The environment for retail self-directed trading was the best we’ve seen since the Covid-19 pandemic,” commented Group President and US CEO of Webull Anthony Denier. “We are a prime beneficiary of growing demand among self-directed traders for a sophisticated all-in-one trading platform,” added CFO H.C. Wang.

Major Q2 Highlights

It’s worth noting that during Q2, Webull was very active in expanding its offering. In May, it launched the Latin America Webull App, consolidating its platforms in Brazil and Mexico. Then, in June, it launched crypto trading in Brazil. Also in June, it expanded its partnership with Kalshi – the first CFTC-regulated exchange with prediction markets – to add cryptocurrency hourly contract trading and Fed events trading to its prediction markets offering.

Since the end of Q2, the company has announced the return of cryptocurrency trading for US customers. As a result, users in the US, Brazil, and Australia are all now able to trade cryptocurrencies, together with equities, options, futures, and prediction markets, seamlessly through the Webull App.

A Growth Stock to Watch

Looking ahead, Webull plans to continue investing for growth and make more products available to more investors across global markets. Currently, it is actively exploring digital asset licenses in several other markets.

Given that it still only has a market cap of $7.4 billion, Webull could be a stock to watch. It currently trades on a trailing price-to-sales ratio of 19 versus 33 for rival Robinhood Markets.

Footnotes:

1 Webull Reports Second Quarter 2025 Financial Results, as of August 28, 2025
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