Webull reported strong growth in the first quarter of 2026, with revenue reaching $159.9 million in the first quarter, up 36% year over year. This increase was supported by higher trading activity and higher client assets, even though increased spending led to a net loss.
The online brokerage said demand from active traders remained steady despite the challenging market environment, which helped drive revenue and engagement on the platform.
Trading-related income accounted for most of the increase, as users executed more stock and options trades. The nominal volume of shares increased by 104% over the previous year, reaching $261 billion. Options trading was also up, with contract volume rising 31% to 159 million. Average daily revenue for trades increased by 42% to 1.3 million.
According to Thursday’s announcement, client assets rose to $24 billion, representing a 90% year-over-year increase. Net deposits rose at a similar pace, while the number of registered users increased by 15% to 27.6 million. Funded accounts reached 5.1 million, an increase of 8%.
You may also like: Webull UK joins the ISA market as competition on broker fees extends to Asian shares
However, Webull reported a net loss of $21.7 million for the quarter, compared to net income of $13.1 million a year earlier. Operating expenses rose 68% year-on-year, driven by marketing, transaction costs and stock-based compensation, the brokerage said.
“We continue to innovate in AI, including beta testing our Vega Analyst, which will provide comprehensive research reports to our users, as well as launching proxy trading solutions on Webull,” said Anthony Denyer, group president and CEO of Webull US.
Anthony Denyer, Group President. Webull, Source: LinkedIn
“Our geographical expansion continues at a rapid pace, we now have a license to operate throughout the European Economic Area, and are deepening our presence in other markets around the world.”
Costs increase as expansion continues
Adjusted operating profit decreased to $14.8 million from $28.7 million in the same period a year earlier, while adjusted net income fell to $9.2 million. The company continued to invest in expansion and infrastructure.
It received approval to operate across the European Economic Area and launched its platform in Germany. In the United States, the Financial Communications Regulatory Authority (FINRA) has approved its own broker-dealer unit for self-clearing and correspondent clearing.
Webull has also advanced its technology strategy, including testing an AI-based research tool and building the infrastructure to support automated trading solutions. The company said these initiatives aim to support future growth and attract more sophisticated users, including enterprise customers.
This week, it is Introduced Vega Analyst, a standardized AI-powered equity research tool that generates data in real-time-Customizable reports on individual stocks. It aims to help individual investors process increasing amounts of market data more efficiently and make more informed decisions amid a broader industry push by brokers such as eToro, Robinhood and Moomoo to integrate artificial intelligence into their trading workflows and research.
Webull reported strong growth in the first quarter of 2026, with revenue reaching $159.9 million in the first quarter, up 36% year over year. This increase was supported by higher trading activity and higher client assets, even though increased spending led to a net loss.
The online brokerage said demand from active traders remained steady despite the challenging market environment, which helped drive revenue and engagement on the platform.
Trading-related income accounted for most of the increase, as users executed more stock and options trades. The nominal volume of shares increased by 104% over the previous year, reaching $261 billion. Options trading was also up, with contract volume rising 31% to 159 million. Average daily revenue for trades increased by 42% to 1.3 million.
According to Thursday’s announcement, client assets rose to $24 billion, representing a 90% year-over-year increase. Net deposits rose at a similar pace, while the number of registered users increased by 15% to 27.6 million. Funded accounts reached 5.1 million, an increase of 8%.
You may also like: Webull UK joins the ISA market as competition on broker fees extends to Asian shares
However, Webull reported a net loss of $21.7 million for the quarter, compared to net income of $13.1 million a year earlier. Operating expenses rose 68% year-on-year, driven by marketing, transaction costs and stock-based compensation, the brokerage said.
“We continue to innovate in AI, including beta testing our Vega Analyst, which will provide comprehensive research reports to our users, as well as launching proxy trading solutions on Webull,” said Anthony Denyer, group president and CEO of Webull US.
Anthony Denyer, Group President. Webull, Source: LinkedIn
“Our geographical expansion continues at a rapid pace, we now have a license to operate throughout the European Economic Area, and are deepening our presence in other markets around the world.”
Costs increase as expansion continues
Adjusted operating profit decreased to $14.8 million from $28.7 million in the same period a year earlier, while adjusted net income fell to $9.2 million. The company continued to invest in expansion and infrastructure.
It received approval to operate across the European Economic Area and launched its platform in Germany. In the United States, the Financial Communications Regulatory Authority (FINRA) has approved its own broker-dealer unit for self-clearing and correspondent clearing.
Webull has also advanced its technology strategy, including testing an AI-based research tool and building the infrastructure to support automated trading solutions. The company said these initiatives aim to support future growth and attract more sophisticated users, including enterprise customers.
This week, it is Introduced Vega Analyst, a standardized AI-powered equity research tool that generates data in real-time-Customizable reports on individual stocks. It aims to help individual investors process increasing amounts of market data more efficiently and make more informed decisions amid a broader industry push by brokers such as eToro, Robinhood and Moomoo to integrate artificial intelligence into their trading workflows and research.
