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Webull lets individual investors place their own trades through mobile, web and desktop apps. The United States supplies most of its revenue. There, Webull routes customer orders to market makers and liquidity providers rather than buying or selling securities itself. These firms pay Webull for the orders, a practice called payment for order flow, which supplies most of its revenue and supports commission-free U.S. stock, ETF and options trading. Outside the United States, customers typically pay trading commissions directly.
Interest-related income is the other major source of revenue. Webull earns from lending money to customers to invest, lending securities, and interest on customer and company bank deposits. This income depends on interest rates and the balances customers keep or borrow.
The business depends heavily on customer trading activity and a small group of execution partners, including DASH Financial Technologies, Citadel and Jane Street. Apex Clearing clears and settles all U.S. securities trades and holds customer securities. Webull must maintain brokerage authorizations and regulatory capital, and meet obligations to seek the best execution for customers. Possible U.S. restrictions on payment for order flow could limit its main source of revenue.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Alongside retail stock and options trading and interest income, watch privately held Apex Clearing: Webull relies on it for essential U.S. trade clearing and support for margin lending and securities lending.
Robinhood competes with Webull for digitally engaged retail investors through brokerage apps that send customer orders to market makers for execution. Watch its order-routing and execution-quality news against Webull’s U.S. model, which earns payments for sending orders rather than charging trading commissions.
Interactive Brokers competes with Webull for self-directed individual investors seeking low-cost online securities trading across international markets. Its global-market access and low-cost trading offers are worth watching as Webull expands beyond its largest market, the United States.
Futu competes with Webull for online brokerage clients by combining securities trading, loans to fund trades, market data, wealth services and investor communities. Watch its wealth-service offering as Webull adds services for customers who prefer a more passive investment approach.
Charles Schwab competes with Webull for individual investors’ brokerage accounts, trades and cash, earning interest and fees through brokerage, banking and asset-management services. Watch Schwab’s net interest revenue and bank-deposit fees alongside Webull’s interest income from customer bank deposits.
UP Fintech competes with Webull for retail investors trading U.S. and Hong Kong securities online, with wealth and other investment services alongside brokerage. Watch its trading volume and commission rates: customers pay it trading commissions, while Webull’s U.S. brokerage mainly receives payments from market makers for routed orders.
eToro Group Ltd. competes with Webull for retail investors by pairing multi-asset online trading with an investing community. Watch its tools for copying other investors and viewing their portfolios, a different community offering from Webull’s investment discussions, courses and simulated trading.
Virtu directly contributes to Webull’s revenue by paying for retail orders Webull sends it; Virtu stands ready to buy and sell securities and earns small differences between buying and selling prices. Watch its market-making activity as a window on the securities trading that supports Webull’s order-flow payments; Virtu accounted for 6.9% of Webull’s consolidated revenue in 2024.
Morgan Stanley owns E-Trade, which competes with Webull for self-directed retail brokerage accounts and trading activity.
Coinbase Global both competes with Webull for retail traders and executes cryptocurrency trades and holds customer crypto for Webull in most U.S. jurisdictions. Watch its execution and custody services for Webull’s crypto offering, while its consumer trading fees show the competing business it earns directly from traders.
Miami International Holdings, Inc. and Webull both have exposure to U.S. options activity: its MIAX exchanges provide trading venues, while market makers pay Webull per contract for retail options orders it routes. Watch activity on its U.S. options exchanges for context on the market behind Webull’s options order-flow revenue.
Robinhood Markets, Inc. earningsHOOD
Robinhood also uses a trading app to attract digitally engaged retail investors, so its trading and order-routing results will offer a read on the market Webull competes in.
Look at Robinhood’s customer trading activity and order-routing-related revenue, along with any execution-quality disclosures. Strong activity and routing revenue would point to lively retail trading, but would not show that customers chose Webull; weakness could reflect a cooling market or a loss of activity at Robinhood. The takeaway is whether Webull faces an active zero-commission trading market or a competitor under pressure—not what Webull itself earned.
Fed Interest Rate Decision
Webull earns interest from lending customers’ shares, financing margin trades, and holding customer and company deposits, so Federal Reserve rate decisions can change what it earns on those balances and what customers pay to borrow.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher-than-expected rates can lift Webull’s interest earned on customer and company deposits and some lending, while making margin borrowing costlier for customers, which could curb borrowing or trading and increase missed payments.
If it comes in below expectations
Lower-than-expected rates can reduce Webull’s interest earned on deposits and lending, while cheaper margin borrowing may support customer borrowing or trading and ease payment pressure.
Coinbase Global, Inc. earningsCOIN
Coinbase Global executes crypto trades and holds customer crypto for Webull in most U.S. jurisdictions, so its report offers context on the market and service provider behind that offering.
Read Coinbase’s crypto-trading activity alongside what it reports about its execution and custody business. Strong activity and a steady service business would show that Webull’s provider is operating in a supportive market; weakness could point to softer crypto demand or underline Webull’s reliance on an outside provider. It would not prove that Webull’s service has been interrupted. The takeaway is whether the market and provider context for Webull’s crypto offering remains supportive.
Miami International Holdings, Inc. earningsMIAX
Miami International Holdings, Inc. operates U.S. options exchanges, so its report will show whether options-market activity is providing a backdrop for Webull’s options order-flow revenue.
Set MIAX’s reported U.S. options activity beside Webull’s own options contracts and order-flow rebates. If exchange activity, Webull’s contracts and rebates all rise, broad options trading is reaching Webull’s platform; if exchange activity rises but Webull’s figures do not, market growth is not translating into more business for Webull. The takeaway is the difference between a busy market and trading that Webull actually captures.
Virtu Financial, Inc. earningsVIRT
Virtu is one of the market makers that pays Webull for customer orders, so its report offers a view of the securities-trading conditions facing a direct payer.
Use Virtu’s market-making activity and trading results as context for the securities market, then check Webull’s own order-flow rebates and stock and options volumes. Strong Virtu activity alongside growth in Webull’s trading and rebates would show an active market reaching Webull; weaker Virtu activity could signal tougher conditions, but cannot show how much Virtu paid Webull. Webull’s figures settle whether activity reached its business; Virtu’s report describes the payer’s market context.
Webull Corporation earningsThis company
More than half of Webull’s revenue came from payments market makers made for routed stock and options orders in 2025, so this report will show whether customer trading is still driving that core income.
Read equity trading volume and options contracts alongside order-flow rebates, the payments market makers make to receive customer orders. Then check funded accounts and customer retention: rising trading and rebates with steady retention mean customers are active and staying; weaker trading or rebates alongside falling retention mean Webull’s ability to monetize activity and keep customers is under pressure.
