Slide 1: First Quarter 2026 Earnings
FIRST QUARTER 2026 Earnings eed Webull
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: Q1 2026 Highlights
Q1 2026 Highlights Record trading volumes and continued strategic investment to drive long-term category leadership Total Revenues Adjusted Operating Expenses Adjusted Operating Profit $ in millions $ in millions $ in millions 15.1PT OPERATING PROFIT MARGIN DECLINE OVER Q1 LAST YEAR 159.9 145.1 +36%
Slide 4: Webull 2026 Priorities & Roadmap
Webull 2026 Priorities & Roadmap We are executing on all fronts: deepening the experience for active traders, expanding global footprint to export the U.S. retail experience worldwide, and scaling institutional and B2B platform Active Trader International Expansion Institutional / B2B Vega AI Licens
Slide 5: Business Results – Users and Accounts
Q1 2026 Business Results – Users and Accounts Continued registered user and funded account growth with strong quarterly retention of 98.4% Registered Users Funded Accounts % Quarterly Retention in millions in millions +15% YEAR-OVER-YEAR +8% YEAR-OVER-YEAR 97.5% 97.1% 97.7% 96.9% 98.4% 27.6 5.11 25.
Slide 6: Business Results – Customer Assets
Q1 2026 Business Results – Customer Assets Customer assets grew 90% year-over-year as net deposits remained resilient despite challenging macro environment Customer Assets Net Deposits $ in billions $ in billions +90% YEAR-OVER-YEAR +91% YEAR-OVER-YEAR 24.6 24.0 21.2 3.9 15.9 12.6 2.1 2.1 1.5 1.1 1Q
Slide 7: Business Results – Trading
Q1 2026 Business Results – Trading Record equities and options volumes, up 104% and 31% year-over-year respectively, reflecting continued market share gains Equity Notional Volume Options Contracts Volume $ in billions in millions +104% YEAR-OVER-YEAR +31% YEAR-OVER-YEAR 261 159 154 239 147 204 127
Slide 8: Financial Results – Revenues & Expenses
Q1 2026 Financial Results – Revenues & Expenses 36% revenue growth with increased marketing investment driving customer acquisition and AUM growth Total Revenues Adjusted Operating Expenses $ in millions $ in millions +36% YEAR-OVER-YEAR +64% YEAR-OVER-YEAR 165.2 159.9 156.9 143.6 145.1 131.5 117.4
Slide 9: Financial Results – Profits and Margins
Q1 2026 Financial Results – Profits and Margins Sixth consecutive quarter of profitability, with margins reflecting continued investment in high-growth priorities Adjusted Operating Profit Adjusted Net Income $ in millions | % Adjusted Operating Profit Margin $ in millions | % Adjusted Net Income as
Slide 10: Financial Results – Trading Related Revenues
Q1 2026 Financial Results – Trading Related Revenues Record trading volumes led to a 36% year-over-year growth in trading related revenues, with DARTs reaching all-time high DARTs in thousands | $ in millions 1312 1202 1101 1008 120.0 112.5 110.9 924 107.8 100.0 15.2 21.4 19.7 88.8 81.7 80.0 13.0 9.
Slide 11: Financial Results – Interest Related Income
Q1 2026 Financial Results – Interest Related Income Interest-related income increased 29% year-over-year, driven by growth in margin loans and client cash balances $ in millions 50.0 45.0 43.4 43.5 4.6 40.1 40.0 6.1 36.3 5.1 35.0 2.1 31.1 30.0 2.2 19.4 19.6 25.0 18.0 19.2 14.6 20.0 15.0 9.7 8.6 12.0
Slide 12: Financial Results – Adjusted Operating Expenses
Q1 2026 Financial Results – Adjusted Operating Expenses Expense growth driven primarily by marketing investment, with ex-marketing operating margin consistently at 40%+ demonstrating strong underlying platform economics % Adjusted Operating 43.8% 40.3% 41.2% 45.0% 40.0% Profit Margin ex-Marketing $
Slide 13: Appendix
Appendix
Slide 14: Appendix: Monthly Metrics
Appendix: Monthly Metrics The following table presents our operational metrics by month. Operational Metrics 2025-04 2025-05 2025-06 2025-07 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 Registered Users (in millions) 24.4 24.6 24.9 25.1 25.4 25.9 26.2 26.5 26.8 27.1 27.3 2
Slide 15: Appendix: Daily Average Revenue Trades
Appendix: Daily Average Revenue Trades The following table presents our DARTs by quarter and disaggregated by trade type. 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 DARTS (in ‘000) 924 1,008 1,101 1,202 1,312 Equities 561 597 702 725 766 Options 322 354 350 377 419 Others 41 57 49 100 127 DARTs refer t
Slide 16: 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 17: 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 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Total operating expenses (GAAP) $ 96.8 $ 135.2 $ 132.5 $ 148.0 $ 162.3 Less: share-based compensation (8.1)
Slide 18: 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) 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Brokerage and transaction $ 23.2 $ 34.8 $ 35.6 $ 35.1 $ 38.4 Technology and development 16.9 19.1 22.5
Slide 19: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Net Income Reconciliation: $ in millions 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 Net income (loss) attributable to the Company (GAAP) $ 13.1 $ (28.3) $ 36.9 $ 3.0 $ (21.7) Add: Share-based compensation 8.1 27.0 4.4 4.4
Slide 20: Webull
ea Webull