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what it is
Webull runs a trading app that lets regular people buy stocks and other assets across 14 markets.
how it gets paid
Last year Bull made $390M in revenue. equity order flow rebates was the main engine at $136.5M, or 35% of sales.
what just happened
Webull posted $249M in quarterly revenue, but profit missed badly with EPS of $0.01 versus a $0.19 estimate.
At a glance
B balance sheet — gets the job done, barely
11.0% return on capital — nothing to write home about
$0.40 fy2028 eps est
$1B fy2028 rev est
40.0% operating margin
xvary composite: 40/100 — below average
What they do
Webull runs a trading app that lets regular people buy stocks and other assets across 14 markets.
Webull's edge is reach plus habit. It serves 23 million registered users across 14 markets, and once your watchlists, alerts, and trading history live there, leaving gets annoying. Switching costs (moving your setup) → moving your money routine is a pain → that helps keep users inside the app long enough to sell them more trading and cash products.
How they make money
$390M
annual revenue
equity order flow rebates
$136.5M
+41.0%
options order flow rebates
$101.4M
+58.0%
interest income
$81.9M
+33.0%
margin financing and securities lending
$46.8M
+19.0%
other services and subscriptions
$23.4M
+8.0%
The products that matter
retail brokerage platform
Webull Trading App
~20M users
it serves roughly 20 million users and generated $571M in 2025 revenue. scale is real. monetization is the question.
user growth story
sells trade execution
Payment for Order Flow
$311M · 54% of revenue
this is the core engine today. it brought in $311M, which means regulation matters as much as customer growth.
regulatory risk
earns on cash and balances
Interest Income
$165M · 29% of revenue
this $165M stream rises when client balances and rates help you. it also falls fast if either one cools off.
rate-sensitive
Key numbers
$1.0B
2028 revenue
That is the promise: revenue has to jump from $390 million to $1.0 billion, or about 2.6 times bigger, for the growth story to hold.
40.0%
operating margin
Operating margin → profit after running the business → so what: if this holds, even modest revenue growth can turn into real earnings.
20.0%
net margin
Net margin → how much profit stays from each revenue dollar → so what: Webull says $0.20 of every $1 can fall to the bottom line.
$100M
long-term debt
That is just 2% of capital, which means the balance sheet is not the main problem. Execution is.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- long-term debt $100M (2% of capital)
- net profit margin 20.0% — keeps 20 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BULL right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Webull posted $249M in quarterly revenue, but profit missed badly with EPS of $0.01 versus a $0.19 estimate.
Revenue rose 89% vs. prior year, which is the good news. The quiet part is that huge top-line growth still came with a 94.74% EPS miss, according to Yahoo Finance consensus data.
$249M
revenue
$0.01
eps
94.74%
eps surprise
the number that mattered
The number that mattered was the 94.74% EPS miss, because it told you revenue growth did not translate into the profit Wall Street expected.
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webull corp. is making its debut in the institutional data.
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webull was founded by chinese holding company hunan fumi information technology in 2016.
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it established a delawarebased limited liability company the following year.
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in january 2018, webull became a licensed securities company in the united states.it provides an electronic trading platform, which serves nearly 26 million retail registered users across the globe. the stock began trading on the nasdaq through a special-purpose acquisition company, sk growth opportunities corporation (skgr), in february 2024. webull merged with skgr, becoming a standalone company on april 11, 2025, while the top line ought to expand nicely, the company will probably operate at a loss in the near term. webull has been harnessing market volatility, and should continue to boost trading activity in the coming months.
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moreover, during the september quarter, the company grew its registered user base 17% vs. prior year.even so, rising operating costs have weighed on the bottom line, and we expect webull will linger in the red through the end of 2026.
source: company earnings report, 2026
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What could go wrong
the #1 risk is regulatory action on payment for order flow. that revenue stream supplied $311M, or 54%, of 2025 sales.
high
Payment for order flow gets restricted
This is the core earnings engine today. If regulators force a change in how orders are routed or paid for, the $311M segment at the center of the model gets hit first.
direct exposure: 54% of revenue
high
Growth keeps coming in low-quality form
Revenue rose fast, but net margin is still 4.34%. If costs keep rising with user growth, you get more scale without much more profit. Public markets usually lose patience with that setup.
current margin cushion: about $0.04 per $1 of revenue
med
Trading activity and rates cool off together
Order flow and interest income together made up $476M of revenue. If users trade less and cash earns less at the same time, two major lines weaken at once.
combined exposure: 83% of revenue
A rule change on order flow would pressure the $311M core segment, and weaker activity or lower rates would lean on another $165M. That is most of the business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Scheduled for May 21, 2026. You want to see whether the revenue beat starts showing up in cleaner earnings, not just busier trading.
risk
Any SEC move on order flow
There is no clean date on this. That is the point. The $311M revenue engine can be questioned at any time, and the stock will react before the filings do.
metric
Net margin above 10%
At 4.34% today, Webull is still proving it can turn user growth into durable earnings. Double-digit net margin would be the first real sign of operating leverage.
trend
Coverage versus conviction
The average analyst target on the page is $13, but coverage is thin and one recent call was a downgrade to sell. Watch what analysts do after results, not what they hoped before them.
Analyst rankings
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
source: institutional data
Institutional activity
73 buyers vs. 38 sellers in 3q2025. total institutional holdings: 0.2B shares.
source: institutional data
Price targets
3-5 year target range
$3
$11
$5
current price
$7
target midpoint · +33% from current · 3-5yr high: $20 (+130% · 23% ann'l return)
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