Slide 1: Third Quarter 2025 Earnings
THIRD QUARTER 2025 Earnings ea 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: Q3 2025 Highlights
Q3 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 +28.7PT OPERATING PROFIT MARGIN 156.9 IMPROVEMENT OVER Q3 LAST YEAR +
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 Reintroducing crypto EU • Launched platform in the • 90k subscribers since launch, well •
Slide 5: Business Results – Users and Accounts
Q3 2025 Business Results – Users and Accounts Registered users increased 17% year-over-year to 25.9 million, while funded accounts grew 9% year-over-year to 4.93 million Registered Users Funded Accounts % Quarterly Retention in millions in millions +17% YEAR-OVER-YEAR +9% YEAR-OVER-YEAR 98.4% 98.3%
Slide 6: Business Results – Customer Assets
Q3 2025 Business Results – Customer Assets Customer assets reached all time high in Q3, driven by market recovery and strong net deposits Customer Assets Net Deposits $ in billions $ in billions +84% YEAR-OVER-YEAR +31% YEAR-OVER-YEAR Webull Pay 2.1** 21.2* 1.2 1.6 1.5 15.9 13.6 1.2 11.5 12.6 1.1 20
Slide 7: Business Results – Trading
Q3 2025 Business Results – Trading Core products of equities and options trading volume increased 71% and 24% year-over-year, respectively Equity Notional Volume Options Contracts Volume $ in billions $ in millions +71% YEAR-OVER-YEAR +24% YEAR-OVER-YEAR 204 147 161 127 119 112 121 128 128 119 3Q 24
Slide 8: Financial Results – Revenues & Expenses
Q3 2025 Financial Results – Revenues & Expenses Total revenues increased 55% year-over-year, significantly outpacing growth in expenses Total Revenues Adjusted Operating Expenses $ in millions $ in millions +55% YEAR-OVER-YEAR +13% YEAR-OVER-YEAR 156.9 120.2 131.5 106.5 108.2 117.4 110.1 101.1 88.6
Slide 9: Financial Results – Profits and Margins
Q3 2025 Financial Results – Profits and Margins Resulting in four 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 +$42.1 MILLION IMPROVEMENT YE
Slide 10: Financial Results – Trading Related Revenues
Q3 2025 Financial Results – Trading Related Revenues Trading related revenues increased 64% year-over-year on the back of trading volume growth and higher monetization DARTs in thousands | $ in millions 1101 120.0 1008 107.8 924 100.0 15.2 707 778 88.8 81.7 80.0 13.0 72.1 9.5 65.9 6.7 60.0 7.1 65.0
Slide 11: Financial Results – Interest Related Income
Q3 2025 Financial Results – Interest Related Income Interest-related income increased 32% year-over-year, mainly due to increase in client interest-generating balance $ in millions 50.0 45.0 43.4 40.0 4.6 36.3 35.0 32.9 33.2 2.1 31.1 3.4 2.5 30.0 2.2 19.4 25.0 18.0 14.1 17.9 14.6 20.0 15.0 9.7 8.1 8
Slide 12: Financial Results – Adjusted Operating Expenses
Q3 2025 Financial Results – Adjusted Operating Expenses Expenses rose 13% year-over-year, driven by higher brokerage and transaction costs from increased trading volumes and higher compensation and bonus accruals reflecting headcount growth and stronger-than-expected performance, partially offset by
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 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Total operating expenses (GAAP) $ 111.9 $ 95.2 $ 96.8 $ 135.2 $ 132.5 Less: share-based compensation (5.4) (
Slide 16: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Net (Loss) Income Reconciliation: 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Net (loss) income attributable to the Company (GAAP) $ (9.5) $ 10.8 $ 13.1 $ (28.3) $ 36.9 Add: Share-based compensation 5.4 6.6 8.1 27.0 4.4 Ad
Slide 17: 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 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 Brokerage and transaction $ 19.9 $ 22.6 $ 23.2 $ 34.8 $ 35.6 Technology and development 16.5 17.5 16.9
Slide 18: Webull
wa Webull