Webull Warrants Stock Earnings Reports

Webull reported a strong start to 2026 with revenue of $159.9M, up 36% year-over-year, driven by record trading volumes across equities and options (equity notional $261B, +104% YoY; options 159M contracts, +31% YoY). Customer assets reached $24B (+90% YoY) with $2.1B net deposits in the quarter. Institutional / B2B order flow is gaining traction and represented 9.5% of equity notional volume in Q1. The company added ~800k registered users in Q1 (27.6M total) and ~80k funded accounts (5.11M funded; quarterly retention 98.4%). Webull is accelerating strategic investments: AI product roadmap (Vega Analyst, Portfolio Blueprint, AI portfolios), global expansion (approved in 22 more EEA markets; operating in 15 markets; zero-commission in 7 markets), and B2B infrastructure (U.S. self-clearing license approved; released MCP server for agentic integrations). Adjusted operating expenses rose 64% YoY to ~$141–145M, primarily from marketing and brand spend; adjusted operating profit was $14.8M (9.3% margin) and adjusted net income $9.2M (5.8% margin). Management reiterated a long-term, growth-first posture (while retaining discipline ex-marketing) and announced a share repurchase program of up to $100M. They are ready for the SEC removal of the Pattern Day Trader rule on June 4 and expect it to be a multi-quarter tailwind. Webull will also begin publishing monthly operating metrics.