Slide 1: Second Quarter 2025 Earnings
SECOND QUARTER 2025 Earnings
Slide 2: Disclaimers
Disclaimers This presentation by Webull Corporation (“Webull”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Among other things, statements other than statements of historical fact, including sta
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights Accelerating revenue growth with controlled expenses delivers another quarter of solid profitability Total Revenues Adjusted Operating Expenses Adjusted Operating Profit $ in millions $ in millions $ in millions +46% 131.5 +18PT OPERATING PROFIT MARGIN +20% IMPROVEMENT OVER Q2 LAS
Slide 4: Webull 2025 Roadmap
Webull 2025 Roadmap We are making solid progress on our product roadmap and continuing to build on recent launches Expanding Product Offerings Entering New Asset Classes Expanding Access Globally Webull Premium Re-entering crypto Europe • 75k subscribers 4 months after • Relaunched crypto in the US
Slide 5: Business Results – Users and Accounts
Q2 2025 Business Results – Users and Accounts Registered users increased 18% year-over-year to 24.9 million, while funded accounts grew 9% year-over-year to 4.73 million Registered Users Funded Accounts % Quarterly Retention in millions in millions +18% YEAR-OVER-YEAR +9% YEAR-OVER-YEAR 97.9% 98.4%
Slide 6: Business Results – Customer Assets
Q2 2025 Business Results – Customer Assets Customer assets reached all time high in Q2, driven by market recovery and strong net deposits Customer Assets Net Deposits $ in billions $ in billions +64% YEAR-OVER-YEAR +37% YEAR-OVER-YEAR 15.9 1.6 13.6 1.5 12.6 11.5 1.2 9.7 1.1 1.1 2Q 24 3Q 24 4Q 24 1Q
Slide 7: Business Results – Trading
Q2 2025 Business Results – Trading Core products of equities and options trading volume increased 58% and 8% year-over-year, respectively Equity Notional Volume Options Contracts Volume $ in billions in millions +58% YEAR-OVER-YEAR +8% YEAR-OVER-YEAR 161 127 118 119 121 112 128 128 119 102 2Q 24 3Q
Slide 8: Financial Results – Revenues & Expenses
Q2 2025 Financial Results – Revenues & Expenses Total revenues increased 46% year-over-year, significantly outpacing growth in expenses Total Revenues Adjusted Operating Expenses $ in millions $ in millions +46% YEAR-OVER-YEAR +20% YEAR-OVER-YEAR 131.5 106.5 108.2 117.4 110.1 90.3 88.6 88.7 101.1 90
Slide 9: Financial Results – Profits and Margins
Q2 2025 Financial Results – Profits and Margins Resulting in three straight quarters of operating profitability Adjusted Operating Profit Adjusted Net Income $ in millions | % Adjusted Operating Profit Margin $ in millions | % Adjusted Net Income as Percentage of Revenue +$23.6 MILLION IMPROVEMENT Y
Slide 10: Financial Results – Trading Related Revenues
Q2 2025 Financial Results – Trading Related Revenues Trading related revenues increased 63% year-over-year on the back of trading volume growth and higher monetization DARTs in thousands | $ in millions 1008 100.0 924 90.0 88.8 778 81.7 80.0 707 13.0 646 9.5 72.1 70.0 65.9 6.7 60.0 7.1 54.5 50.0 4.6
Slide 11: Financial Results – Interest Related Income
Q2 2025 Financial Results – Interest Related Income Interest-related income increased 14% year-over-year, mainly due to increase in client cash and margin balance $ in millions 40.0 36.3 35.0 32.9 33.2 2.1 31.9 31.1 3.4 2.5 30.0 3.5 2.2 25.0 18.0 14.1 17.9 13.6 14.6 20.0 15.0 7.0 8.1 8.6 10.0 8.9 7.
Slide 12: Financial Results – Adjusted Operating Expenses
Q2 2025 Financial Results – Adjusted Operating Expenses Expenses grew primarily due to brokerage and transaction expense driven by higher trading volumes and increased marketing spend $ in millions 120.0 106.5 108.2 100.0 90.3 88.6 88.7 29.7 80.0 47.6 22.9 22.7 32.7 60.0 34.8 22.6 23.2 18.9 19.9 40.
Slide 13: Appendix
Appendix
Slide 14: Appendix: Contra Revenue
Appendix: Contra Revenue We offer marketing promotions to our platform users that are intended to increase the amount of platform users’ assets on our platform by incentivizing platform users to deposit more cash or transfer securities from other third-party brokerages into their Webull brokerage ac
Slide 15: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: $ in millions 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Total operating expenses (GAAP) $ 98.8 $ 111.9 $ 95.2 $ 96.8 $ 135.2 Less: share-based compensation (8.5) (5
Slide 16: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Operating Expenses Reconciliation: $ in millions Operating expenses (GAAP) 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 Brokerage and transaction $ 18.9 $ 19.9 $ 22.6 $ 23.2 $ 34.8 Technology and development 15.0 16.5 17.5
Slide 17: Webull
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