Webull Corp
webullcorp.comWhat Do They Do?
Runs a mobile and online investing platform that provides brokerage services, market data and investment products to retail investors.
20-F for FY2025, filed Apr 9, 2026
How Do They Make Money?
The largest source comes from market makers, which pay monthly for routed equity and options orders; rebates track equity trade value or options contracts. Webull also earns interest on customer cash, charges commissions and fees when users trade, and sells market-data subscriptions over monthly or annual terms.
20-F for FY2025, filed Apr 9, 2026The Company primarily earns order flow revenues from routing users’ orders for equities and options to market makers on a trade-date basis…View ↗
Payments for order flow are collected monthly, in arrears. No significant judgment is required to assess the timing of satisfaction of our…View ↗
Interest income includes (i) interest rebates received from our clearing broker on platform users’ accounts that are on a fully disclosed…View ↗
Our handling charge income consists of option trading revenue and platform and trading fees. Our option trading revenue consists of trade…View ↗
These fees are earned and recognized on a trade date basis, which is when our performance obligation is satisfied.View ↗
Our platform users can subscribe to certain equity and option market pricing information and other market data. We offer monthly or annual…View ↗
$571M
-
20-F for FY2025, filed Apr 9, 2026
$571M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Equity and option order flow rebates
Usage-based
20-F for FY2025, filed Apr 9, 2026 |
53%
FY2022: 72%
|
Equity and option order flow rebates, FY2025
$304.1M Sources
|
Usage-based |
|
Interest related income
Recurring
20-F for FY2025, filed Apr 9, 2026 |
27%
FY2022: 24%
|
Interest related income, FY2025
$154.3M Sources
|
Recurring |
|
Handling charge income
Usage-based
20-F for FY2025, filed Apr 9, 2026 |
15%
FY2022: 2.2%
|
Handling charge income, FY2025
$87.3M Sources
|
Usage-based |
|
Other revenues
|
4.4%
FY2022: 2.3%
|
Other revenues, FY2025
$25.3M Sources
|
Who Are Their Customers?
Retail investors create accounts on the Webull platform, where they can use free market-data and education features, then open and fund brokerage accounts to become customers.
20-F for FY2025, filed Apr 9, 2026
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 98 cents into free cash flow.
How Are They Changing?
Growing. Revenue grew 47% in 3 years, from $388.3M in FY2022 to $571M in FY2025, about 14% a year.
Who Do They Compete With?
Competes with Robinhood, Fidelity, Charles Schwab, and E-Trade
20-F for FY2025, filed Apr 9, 2026The global market for online brokerage services is rapidly evolving and highly competitive. Our primary competitors, both in the United…View ↗
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