Webull Corporation reported third‑quarter 2025 revenue of $156.9 million, a 55% year‑over‑year increase that topped analyst expectations of roughly $137 million. The surge was driven by a 84% jump in customer assets and higher trading volumes across the platform, reflecting robust demand for its expanded product suite, including the newly launched AI‑powered tool Vega and re‑introduction of cryptocurrency trading.
Adjusted earnings per share rose to $0.07, beating the consensus estimate of $0.03 by $0.04 or 133%. The beat was largely a result of disciplined cost control and operational leverage. While operating expenses grew modestly, the company’s higher mix of high‑margin product offerings and efficient scaling of its technology infrastructure helped preserve profitability.
Operating profit margin expanded to 23.4% of revenue, up 28.7% year‑over‑year. The improvement was driven by higher revenue per user and a favorable shift toward fee‑based trading, offsetting the impact of increased marketing spend and investment in new markets such as the Netherlands. The margin expansion signals that Webull’s pricing power and cost discipline are holding as the business scales.
Management maintained its fourth‑quarter guidance, reaffirming expectations for continued revenue growth and margin expansion. The company emphasized its focus on profitable growth, noting that its disciplined execution and investment in high‑return areas—such as AI tools, corporate bonds, and global expansion—position it for sustained performance. The guidance reflects confidence that the current momentum will persist into the next quarter.
CEO Anthony Denier highlighted the quarter as a “strong performance driven by technological innovation, geographic and product expansion, and a favorable market backdrop.” CFO H.C. Wang added that revenue growth accelerated while expense growth lagged, underscoring disciplined execution. Investors responded cautiously, weighing the robust results against valuation concerns and broader market sentiment.
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