Did Webull beat or miss consensus estimates last quarter?

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What guidance did Webull's management provide for the next earnings period?

What is the revenue and EPS growth rate for Webull year over year?

What is Webull's latest dividend and current dividend yield?

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What does Webull do and what are its main business segments?

What factors drove the changes in Webull's revenue and profit?

- **Record Growth**: Q3 revenue surged 55% YoY to $156.9 million, driven by 71% YoY equity trading volume growth and crypto reintroduction.
- **Innovative Products**: Launch of AI-powered Vega, crypto futures, and sports prediction markets (30M contracts in October) boosted user engagement.
- **Global Expansion**: AUM reached $21.2B (including $1.2B from Webull Pay), with 50% of new funded accounts trading crypto and 700K+ international funded accounts.
- **Profitability**: Operating margin expanded to 23.4%, with adjusted net income of $32.9M (20.9% margin).
- **Strategic Moves**: Planning 100+ crypto listings, leveraging institutional partnerships (e.g., Meritz), and focusing on high ROI marketing strategies.

**【Management Opening Remarks】**
- Carlos Questell provided an overview of the Q3 2025 earnings release and highlighted the use of non-GAAP financial measures, emphasizing their importance for understanding operational performance while cautioning about their limitations compared to GAAP metrics.

**【CEO Commentary】**
- **Revenue Growth**: Q3 revenue reached $156.9 million, up 55% YoY, driven by 71% YoY growth in equity trading volumes and the reintroduction of crypto trading.
- **Product Innovations**: Launched Vega, an AI-powered trading assistant, and expanded offerings with crypto futures, sports prediction markets (30 million contracts in October), and corporate bonds.
- **International Expansion**: Achieved $21.2 billion in AUM (including $1.2 billion from Webull Pay acquisition), with 700,000+ funded accounts outside the U.S. and Webull Canada nearing $1 billion in AUM.
- **Customer Engagement**: 50% of new funded accounts traded crypto, and 97.7% quarterly retention rate.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted operating profit of $36.7 million (23.4% margin) and adjusted net income of $32.9 million (20.9% margin), both records.
- **Revenue Breakdown**: Trading-related revenue grew 64% YoY to $103.5 million, interest income rose 32% YoY to $43.4 million, and other revenue increased 11% YoY.
- **Expense Management**: Operating expenses grew 13% YoY to $120.2 million, with disciplined control over marketing spend and focus on high ROI initiatives like asset matching promotions.

**【Q&A Highlights】**
- **Prediction Markets**: Generated $1.25-$1.50 per contract revenue, reengaging dormant accounts and attracting new users.
- **Crypto Strategy**: Planning to list 100+ crypto assets, focusing on low spreads and superior trading experience for active traders.
- **International Growth**: 50% of new funded accounts from outside the U.S., with strong adoption of U.S. products in markets like Canada and Australia.
- **Vega Impact**: Tens of millions of engagements, enhancing user retention and portfolio insights.
- **Partnerships**: Meritz partnership to access South Korean retail via institutional channels, with equities trading already live and options in development.

Webull Corporation (BULL) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 46% YoY to $131.5M, driven by 58% equity volume growth and 64% AUM expansion.
- **Crypto Expansion**: U.S. crypto trading volumes up 10x in 4 days; Brazil AUM +240%.
- **Profitability**: 3 straight quarters of operating profit, 18ppt margin improvement.
- **Capital Deployment**: $142.8M raised via SEPA for global product rollouts.

**【Management Opening Remarks】**
- Webull reported Q2 2025 revenue growth of 46% YoY to $131.5M, driven by market recovery and new product launches.
- The company achieved 3 straight quarters of operating profitability with adjusted operating profit of $23.3M.
- Webull raised $142.8M via a standby equity purchase agreement, enhancing capital flexibility for global expansion.

**【CEO Summary Section】**
- **Market Environment**: S&P 500 volatility fueled trading activity, with equity volumes up 58% YoY to $161B.
- **Product Innovations**: 
  - Webull Premium subscribers reached 75K (vs. 100K target) with higher AUM per user.
  - Crypto trading relaunched in U.S., Brazil, and Australia; Brazil crypto AUM grew 240% in 4 weeks.
  - Latin America and Europe expansion with 24.9M registered users (+18% YoY).
- **Customer Metrics**: 
  - Customer AUM $15.9B (+64% YoY), deposits $1.4B (+37% YoY).
  - Funded accounts 4.73M (+10% YoY), net new AUM $3.3B Q2.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Trading-related revenue +63% YoY to $82.4M (DARTs +56% YoY).
  - Interest income $36.3M (+14% YoY).
- **Expense Management**: 
  - Total expenses $108.2M (+20% YoY), but revenue growth outpaced expenses by 26ppts.
  - Operating margin improved 18ppts YoY to 17.7%.

**【Q&A Highlights】**
- **Crypto Strategy**: U.S. crypto launch within 4 days saw 10x trading volume growth; Brazil crypto AUM up 240% in 4 weeks.
- **Marketing Effectiveness**: $30M Q2 marketing spend drove high-quality customer acquisition; U.S. AUM growth 70% YoY.
- **M&A Outlook**: Focus on organic growth but open to strategic acquisitions.


Webull Corporation (BULL) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 32% YoY growth to $117.4 million, fueled by options trading and Webull Premium adoption.
- **Profit Margin Expansion**: Adjusted operating margin jumps to 24.4%, GAAP net income reaches $13.1 million.
- **Strategic Wins**: 40,000 Premium subscribers in 7 weeks; $1B+ in retirement AUM; crypto trading expansion in Q2.
- **User Momentum**: 24.1M registered users (+17% YoY); 4.7M funded accounts (+10% YoY).
- **Global Ambitions**: Latin America app launch; Netherlands brokerage services Q3 debut.

**【Management Opening Remarks】**
- Carlos Questell provided standard disclaimers regarding forward-looking statements and non-GAAP financial measures. He emphasized the availability of the press release and the call recording on the company’s IR website.

**【CEO Commentary】**
- **Revenue Growth**: Q1 2025 revenue reached $117.4 million, up 32% YoY, driven by new funded accounts, customer assets, and higher trading volumes in options and equities.
- **Profitability**: Adjusted operating profit was $28.7 million, with a margin of 24.4% (up 22 percentage points YoY). GAAP net income was $13.1 million, reflecting a 11.1% net profit margin.
- **Strategic Initiatives**: 
  - Launched Webull Premium, attracting 40,000 users and $260 million in AUM within 7 weeks.
  - Introduced prediction contracts with Kalshi and partnered with BlackRock for portfolio solutions.
  - Expanded into fractional fixed income (corporate bonds in Q2) and crypto trading in international markets.
- **User Growth**: 24.1 million registered users (17% YoY) and 4.7 million funded accounts (10% YoY). Retirement AUM exceeded $1 billion.
- **Trading Volumes**: $128 billion in equity notional volume (15% YoY) and 121 million options contracts (8% YoY).
- **Global Expansion**: Launched Latin America app and plans to enter the Netherlands in Q3.

**【CFO Commentary】**
- **Revenue Breakdown**: Trading-related revenue grew 52% YoY, while interest-related income declined 4.3% YoY to $31.1 million.
- **Cost Control**: Adjusted operating expenses rose 2.4% YoY to $88.7 million, with disciplined marketing spend optimization.
- **Profitability Metrics**: GAAP net income margin improved 25 percentage points YoY to 11.1%.

**【Q&A Highlights】**
- No questions were asked during the session.


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