Inferra AI / Company / BULL

Webull Corp

BULL · Financials

Last earnings Sep 11, 2026

Key results

Total revenuequarter

36%

” First Quarter Results Financial Results Total revenues increased 36% year-over-year to $159.9 million.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Trading-related revenuequarter

36%

Trading-related revenue increased 36% year-over-year.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Adjusted net incomequarter

$9.2 million

Adjusted net income decreased to $9.2 million for the quarter, compared to $21.3 million for the prior year comparative quarter.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Revenuequarter

36%

com/investor-relations/ 128 161 204 239 261 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 121 127 147 154 159 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 +104% YEAR-OVER-YEAR +31% YEAR-OVER-YEAR 6 Total Revenues $ in millions Q1 2026 Financial Results – Revenues & Expenses 36% revenue growth with increased marketing investment driving customer acquisition and AUM growth Adjusted Operating Expenses $ in millions webullcorp.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

com/investor-relations/ 24.4% 17.7% % Adjusted Operating Profit Margin 28.7 23.3 36.7 21.6 14.8 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 % Adjusted Net Income as Percentage of Revenue 21.3 15.4 32.9 14.6 9.2 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 18.1% 11.7% Adjusted operating profit and adjusted net income are non-GAAP financial measures that exclude share-based compensation, foreign currency transaction losses and one-time transactions.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

Trading Related revenuequarter

36%

23.4% 20.9% 13.0% 8.8% 8 9.3% 5.8% Sixth consecutive quarter of profitability, with margins reflecting continued investment in high-growth priorities Q1 2026 Financial Results – Trading Related Revenues Record trading volumes led to a 36% year-over-year growth in trading related revenues, with DARTs reaching all-time high webullcorp.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

Operating marginquarter

40%

Q1 2026 Financial Results – Adjusted Operating Expenses Expense growth driven primarily by marketing investment, with ex-marketing operating margin consistently at 40%+ demonstrating strong underlying platform economics webullcorp.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

AI analysis

Q1 2026 · reported May 21, 2026

Based on: Earnings release (6-K exhibit) + Q1 2026 deck + parent 6-K — transcript not held

Adjusted net income · Q1 2026

$9.2M

-56.8% -$12M vs year ago computed from stated figures

EX-99 · May 21, 2026

Operating margin · Q1 2026

40%

EX-99 · May 21, 2026

Headline figures

Metric	Q1 2026	Prior qtr	Year ago
Total revenue	36%	—	—
Trading-related revenue	36%	—	—
Adjusted net income	$9.2 million	—	$21.3 million
Revenue	36%	—	—
Trading Related revenue	36%	—	—
Operating margin	40%	—	—

EX-99 · May 21, 2026

Guidance · company-stated

No guidance located in the held release

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Operating margin40%

Capital allocation

“We will continue to invest behind key growth drivers to further power our platform while prioritizing diligent execution and capital allocation priorities, including returning capital to shareholders through our previously announced share repurchase program.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

“We continue to innovate in AI, including beta-testing for our Vega Analyst, which will bring comprehensive research reports to our users, as well as launching agentic trading solutions on Webull

Based on: Earnings release (6-K exhibit) + Q1 2026 deck + parent 6-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Strategy & priorities

Webull will continue to invest behind strategic priorities, including enhanced offerings for its active traders user base, international expansion to export the U.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Our geographic expansion continues at a rapid pace, and we now have the license to operate across the European Economic Area, and we are deepening our presence in other markets across the globe.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Total operating expenses increased 68% year-over-year, primarily driven by higher marketing and branding expenses, brokerage and transaction costs reflecting rapid growth in trading volumes and product expansion, and increased share-based compensation expense.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

The decrease of $32.3 million in income was primarily due to increased share-based compensation expense, marketing and branding expenses and continued investment in our product and global expansion efforts.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

Risks & headwinds

7 All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements.

SEC original ↗Webull Corp — Earnings release (6-K exhibit)EX-99May 21, 2026

All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of Webull and its management as of the date of this presentation, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to Webull and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

Some of these factors include, but are not limited to, the risks and uncertainties that are more fully described in filings made, or to be made, by Webull with the U.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this presentation should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements.

SEC original ↗Webull Corp — Presentation / slide deck (6-K exhibit)EX-99May 21, 2026

Documents

Earnings deck slides

0 decks with slide view

Webull Corp — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

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