Webull Corp. operates a global digital investment platform that provides retail investors with access to financial markets. The company's core business model revolves around its mobile-first brokerage application, which offers commission-free trading for U.S. equities, options, exchange-traded funds (ETFs), futures, and cryptocurrencies. Webull generates revenue primarily through two main channels: trading-related revenue and interest-related income. Trading revenue includes payment for order flow (PFOF) from equities and options routing, as well as platform and trading fees. In Q3 2025, equity trading generated $65 million, while options trading contributed $27.6 million. Interest-related income, which totaled $43.4 million in the same quarter, is derived from margin financing, stock lending programs, and interest earned on uninvested client cash balances.
Geographically, while the United States is Webull's largest and most established market, the company has aggressively expanded its international footprint. It operates licensed broker-dealers in multiple jurisdictions, including the UK, Canada, Australia, Hong Kong, Singapore, Japan, and Brazil. Competitively, Webull positions itself against other retail brokerages like Robinhood by targeting a slightly more sophisticated demographic of active traders, offering advanced technical indicators, Level 2 market data, and extended-hours trading. The company went public in 2025 via a SPAC merger and continues to diversify its product suite with additions like corporate bond trading and prediction markets.
