Webull Statistics 2026: Assets Under Management (AUM), number of users, Revenue, & More

Webull has emerged as a major player in the brokerage industry, offering commission-free trading, advanced features, and a polished platform. The company has gained a substantial customer base globally, with a particularly strong presence in the US, attracting both novice and experienced investors. Webull went public on the NASDAQ in April 2025 (ticker: BULL), and now publishes detailed quarterly financials as a listed company.

In this article, we’ll take a closer look at Webull’s most important statistics, including its assets under management (AUM), user base, revenue, and other key metrics.

We’ll also explore Webull’s business model and how it generates revenue to sustain its services.

Overview

Webull Financial LLC is a US-registered online trading platform known for commission-free trading and a wide range of investment products, including stocks, ETFs, options, futures, fixed income, and crypto. The broader Webull business was founded in 2016 by Wang Anquan (a former Alibaba and Xiaomi employee), with the US broker-dealer launching operations in 2017. Webull Financial LLC is a registered broker-dealer regulated by the SEC and FINRA, and is a member of SIPC (protecting customer accounts up to $500,000, including $250,000 in cash).

Webull operates internationally through separate licensed entities in each region. The parent company, Webull Corporation, is publicly listed on NASDAQ under the ticker BULL, with its operating businesses serving multiple markets globally.

Here are some key corporate facts about Webull:

• Founded: 2016 (parent), 2017 (US broker-dealer operations)
• Headquarters: New York, US (Webull Financial LLC); St. Petersburg, Florida (Webull Corporation)
• Listed: NASDAQ (since April 2025, via SPAC merger)
• Ticker: BULL
• Sector: Financials
• Industry: Investment banking and brokerage
• Founder: Wang Anquan
• CEO (US): Anthony Denier (Group President and US CEO)
• Markets served: 14+ regions globally, including the US, UK, Hong Kong, Singapore, Japan, Australia, Brazil, South Africa, Thailand, Indonesia, Malaysia, Mexico, Canada, and the Netherlands (EU)
• Number of employees: 550+ (per the company’s LinkedIn, May 2026)

Webull ownership

Following the April 2025 SPAC merger with SK Growth Opportunities Corporation, the pro forma ownership of the combined entity is structured as follows.

Webull ownership structure

• Total shares outstanding: ~524.6 million (440.7M Class A + 83.9M Class B, per FY2025 20-F)
• Market cap: ~$2.7 billion (April 2026)
• 2025 revenue: $571.0 million
• 2025 net loss (attributable to ordinary shareholders): ~$487.5 million
• 2025 net deposits: $8.6 billion
• Customer assets (end of 2025): $24.6 billion

Key notes

• Webull completed its SPAC merger with SK Growth Opportunities Corp in April 2025, and Webull’s existing shareholders rolled over 100% of their equity into the combined company.
• The stock trades on NASDAQ under the ticker BULL (Class A ordinary shares).
• Webull has a dual-class share structure: Class B ordinary shares carry 20 votes per share, giving founder and CEO Anquan Wang approximately 16.4% economic ownership but ~79.2% of total voting power – meaning ordinary shareholders have very limited influence over major corporate decisions.
• The stock has traded materially below its post-merger debut price. As of 27 March 2026, BULL closed at $4.82, down approximately 64% from $13.25 on 11 April 2025 (its first day of trading post-merger).
• In early 2026, Webull filed a prospectus supplement registering up to 147.4 million Class A ordinary shares for resale by selling securityholders, plus up to 17.3 million Class A shares issuable on exercise of outstanding warrants (exercise price: $11.50).
• Over half of Webull’s revenue still comes from payment for order flow (PFOF): $304.1M in 2025 (53.3% of total revenue), up from $197.1M in 2024 (50.5%) – meaning PFOF revenue is growing both in absolute terms and as a share of the business.

Webull user metrics

Webull has continued to grow its user base at a healthy pace – registered users rose from 16.2 million at the end of 2022 to 26.8 million by the end of 2025, and the growth has continued into 2026. Both funded accounts and customer assets reached record highs in 2025: customer assets stood at $24.6 billion at year-end 2025 (up from $13.6 billion at the end of 2024), with $8.6 billion in net deposits during 2025 alone. Quarterly customer retention has remained consistently above 97% across all recent reporting periods, indicating sticky engagement among funded users.

Webull AUM

Webull revenue

Webull reported $571.0 million in revenue for the full year 2025, a 46% year-over-year increase from $390.6 million in 2024. This marks a sharp acceleration in monetization, ending the prior period of roughly flat revenue between 2023 and 2024. The growth was driven by a 59% YoY increase in trading-related revenue, a 55% jump in DARTs to 1.2 million, and record net deposits of $8.6 billion during the year.

Webull profitability

Profitability is declining, mainly due to:

• Expansion into new markets (from 3 to 12 licensed markets since 2022)
• Rising operating expenses, especially in tech, admin, and international operations

Webull business model

To understand how Webull generates revenue, let’s take a closer look at its business model. Despite offering commission-free trading on most products, Webull makes money through several distinct revenue streams:

• Payment for order flow (PFOF): Webull’s largest revenue line. When a user places a trade in equities or options, market makers pay Webull a small per-share or per-contract rebate for the right to execute the order. PFOF generated $304.1 million in 2025, representing roughly 53% of total revenue.
• Interest-related income: Webull earns interest on customer cash balances, margin loans extended to investors who want to trade with leverage, and securities lending (lending out customer shares to short sellers). This line brought in $154.3 million in 2025, the second-largest revenue stream.
• Handling charges: per-contract and per-transaction fees on options, cryptocurrency, futures, and certain international markets where commission-free trading does not apply. This is Webull’s fastest-growing revenue line, reaching $87.3 million in 2025 (nearly double the $49.0 million in 2024), driven by options volume growth and the US crypto relaunch.
• Premium subscriptions: Webull Premium, launched in March 2025, is a paid membership that bundles real-time Level 2 market data, advanced charting, research, and other tools. By Q4 2025, it had grown to roughly 102,000 subscribers, up from ~40,000 in May 2025.
• Other revenues: miscellaneous income including transfer fees, certain withdrawal fees (depending on method), and other ancillary services. This contributed $25.3 million in 2025.

Webull is also expanding its product mix in ways designed to diversify revenue beyond PFOF, including the relaunch of crypto trading in the US (within the main Webull app), the launch of US corporate and government bond trading, prediction market contracts via a partnership with Kalshi, and the rollout of brokerage services in the European Union (Netherlands) and additional Asia-Pacific markets – all of which generate revenue through handling charges, spreads, or interest rather than PFOF, reducing the platform’s reliance on its single largest revenue stream.

Conclusion

Webull has firmly established itself as a major competitor in the online brokerage industry by providing commission-free trading services to investors. Despite being founded years after Robinhood, Webull has captured significant market share and emerged as a direct competitor through its polished platform and broad range of investment options that appeal to both new and active investors.

After completing its SPAC merger with SK Growth Opportunities Corp in April 2025 and going public on NASDAQ under the ticker BULL, Webull entered a new phase as a publicly traded company. The numbers reflect its scale: 26.8 million registered users, 5.0 million funded accounts, $24.6 billion in customer assets, and record revenue of $571 million in 2025 (up 46% year-over-year). At the same time, Webull’s stock has traded well below its post-merger debut price, reflecting investor concerns about ongoing losses, heavy reliance on PFOF, and the dual-class share structure that concentrates voting power with the founder.

As Webull continues to expand its customer assets and user base across the 14+ markets where it operates, it has the potential to keep climbing the ranks of the largest brokers by AUM – capitalising on the growing demand for commission-free trading, the broader shift of retail investors toward self-directed mobile-first platforms, and the gradual diversification of its revenue mix away from PFOF.

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