Slide 1: Fourth Quarter 2025 Earnings
FOURTH 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: 2025 Highlights
2025 Highlights 2025 was an inflection point for Webull — highlighted by our public listing, revenue re-acceleration and expanding profit margins Total Revenues Adjusted Operating Expenses Adjusted Operating Profit $ in millions $ in millions $ in millions 571.0 +46% 14.6 PT INCREASE IN OPERATING PR
Slide 4: 2025 Highlights: Funded Accounts, Customer Assets, Net Deposits
2025 Highlights We achieved record number of funded customers, AUM and Net Deposits Funded Accounts Customer Assets Net Deposits in millions $ in billions $ in billions 24.6 +8% 5.03 8.6 +81% +91% 4.66 4.29 13.6 4.5 8.2 2.0 2023 2024 2025 2023 2024 2025 2023 2024 2025 webullcorp.com/investor-relatio
Slide 5: 2025 Highlights: Record Trading Volumes
2025 Highlights We achieve record trading volumes across all asset categories Equity Notional Volume Options Contracts Volume DARTs $ in billions in millions in thousands Equities Options Others 732 1062 +19% 550 +53% 63 +59% 461 430 351 694 461 14 622 1 371 262 280 648 418 341 2023 2024 2025 2023 2
Slide 6: Webull 2025 Roadmap
Webull 2025 Roadmap We delivered on our product roadmap while continuing to scale recent product launches Expanding Product Offerings Entering New Asset Classes Expanding Access Globally Webull Premium Reintroducing digital assets Global • 102k subscribers at year-end, ahead • Relaunched crypto trad
Slide 7: Webull 2026 Priorities
Webull 2026 Priorities Our 2026 strategy will be focused on the following three areas Maintain and Enhance Best- • Deploy AI-assisted trading tools designed for active traders In-Class Offerings for Active • Continue to enhance best-in-class trading experience Traders • Maintain price leadership acr
Slide 8: Q4 2025 Business Results – Users and Accounts
Q4 2025 Business Results – Users and Accounts Registered users increased 15% year-over-year to 26.8 million, while funded accounts grew 8% year-over-year to 5.03 million Registered Users Funded Accounts % Quarterly Retention in millions in millions +15% YEAR-OVER-YEAR +8% YEAR-OVER-YEAR 98.3% 97.5%
Slide 9: Q4 2025 Business Results – Customer Assets
Q4 2025 Business Results – Customer Assets Customer assets reached all time high in Q4, driven by record net inflows Customer Assets Net Deposits $ in billions $ in billions +81% YEAR-OVER-YEAR +225% YEAR-OVER-YEAR 24.6 21.2 3.9 15.9 13.6 12.6 2.1 1.5 1.2 1.1 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 4Q 24 1Q 2
Slide 10: Q4 2025 Business Results – Trading
Q4 2025 Business Results – Trading Core products of equities and options trading volume increased 87% and 38% year-over-year, respectively Equity Notional Volume Options Contracts Volume $ in billions in millions +87% YEAR-OVER-YEAR +38% YEAR-OVER-YEAR 154 239 147 204 127 121 112 161 128 128 4Q 24 1
Slide 11: Q4 2025 Financial Results – Revenues & Expenses
Q4 2025 Financial Results – Revenues & Expenses Total revenues increased 50% year-over-year, while operating expenses grew 62% primarily driven by increase in marketing spend Total Revenues Adjusted Operating Expenses $ in millions $ in millions +50% YEAR-OVER-YEAR +62% YEAR-OVER-YEAR 165.2 156.9 14
Slide 12: Q4 2025 Financial Results – Profits and Margins
Q4 2025 Financial Results – Profits and Margins Resulting in five consecutive quarters of $20+ million operating profit Adjusted Operating Profit Adjusted Net Income $ in millions | % Adjusted Operating Profit Margin $ in millions | % Adjusted Net Income as Percentage of Revenue 5 CONSECUTIVE QUARTE
Slide 13: Q4 2025 Financial Results – Trading Related Revenues
Q4 2025 Financial Results – Trading Related Revenues Trading related revenues increased 56% year-over-year on the back of record trading volume growth across all asset categories DARTs in thousands | $ in millions 1202 1101 120.0 1008 112.5 924 107.8 100.0 778 15.2 21.4 88.8 81.7 80.0 72.1 13.0 9.5
Slide 14: Q4 2025 Financial Results – Interest Related Income
Q4 2025 Financial Results – Interest Related Income Interest-related income increased 31% year-over-year, mainly due to increase in margin, client and corporate cash balance $ in millions 50.0 45.0 43.4 43.5 40.0 4.6 6.1 36.3 35.0 33.2 2.1 31.1 2.5 30.0 2.2 19.4 19.6 25.0 18.0 17.9 14.6 20.0 15.0 9.
Slide 15: Q4 2025 Financial Results – Adjusted Operating Expenses
Q4 2025 Financial Results – Adjusted Operating Expenses Adjusted Operating Expenses rose 62% year-over-year, reflecting strategic marketing investments to accelerate AUM growth across key markets % Adjusted Operating 40.3% 43.8% 40.3% 41.2% 45.0% Profit Margin ex-Marketing $ in millions 160.0 143.6
Slide 16: Appendix
Appendix
Slide 17: Appendix: Daily Average Revenue Trades
Appendix: Daily Average Revenue Trades The following table presents our DARTs by quarter and disaggregated by trade type. 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 DARTS (in ‘000) 778 924 1,008 1,101 1,202 Equities 498 561 597 702 725 Options 254 322 354 350 377 Others 26 41 57 49 100 DARTs refer to d
Slide 18: Appendix: Interest-earning Assets
Appendix: Interest-earning Assets $ in millions Ending Balances 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 Corporate Bank Deposits $ 271 $ 297 $ 477 $ 720 $ 685 Client Bank Deposits(1) $ 2,974 $ 2,698 $ 3,608 $ 3,854 $ 4,268 Margin(2) $ 483 $ 464 $ 471 $ 626 $ 689 Fully Paid Securities Lending(3) $ 5,5
Slide 19: 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 20: Appendix: Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Results
Appendix: Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: $ in millions Adjusted Operating Profit Reconciliation: $ in millions 19
Slide 21: Appendix: Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Operating Expenses Reconciliation: $ in millions (1) Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immate
Slide 22: Appendix: Unaudited Annual Reconciliations of Non-GAAP and GAAP Results
Appendix: Unaudited Annual Reconciliations of Non-GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: $ in millions Adjusted Operating Profit Reconciliation: $ in millions 21
Slide 23: Appendix: Unaudited Annual Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Annual Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Operating Expenses Reconciliation: $ in millions (1) Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immateria
Slide 24: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Quarterly Adjusted Net Income Reconciliation: $ in millions Annual Adjusted Net Income Reconciliation: $ in millions 23
Slide 25: Webull
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