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The themes Webull is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
The theme it is part of
Highest-graded in Software Application
Graded A or B and worth $2B or more: A first, then the largest.
SAPSAP SE$287.7BA+
SHOPShopify Inc.$192.7BA+
CRMSalesforce, Inc.$179.4BA+
ADPAutomatic Data Processing, Inc.$120.9BA+
NOWServicenow, Inc.$106.7BA
Grade rose recently in Technology
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
LRCXLAM Research CorporationOct 22, 2026BAGraded B, now A
IBMInternational Business Machines CorporationOct 21, 2026BAGraded B, now A
CDNSCadence Design Systems, Inc.Oct 28, 2026BAGraded B, now A
NXPINXP Semiconductors N.V.Oct 27, 2026BAGraded B, now A
UIUbiquiti Inc.Nov 6, 2026BAGraded B, now A
How it makes money
- Customer bank deposits30%
- Platform and trading fees25%
- Margin financing16%
- Options12%
- Corporate bank deposits6%
- Data subscription income3%
Shares of revenue are estimates for year ended 2025-12-31, not figures from a filing.
Competes with
What it sells6
Stocks and exchange-traded funds
A brokerage account lets customers buy and sell shares in U.S.-listed companies and funds that trade on stock exchanges.
Options
Customers can trade contracts tied to stocks, funds or market indexes; these contracts can be used to bet on price movements or manage investment risk.
Futures
Customers can trade contracts tied to assets such as stock indexes, crops, currencies, interest rates, metals and energy.
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Digital assets
In selected markets, customers can buy, sell and hold supported cryptocurrencies through Webull.
Event-based contracts and prediction markets
In eligible markets, customers can take positions on the outcomes of specified economic, financial or other publicly observable events.
Cash sweep
Uninvested brokerage cash is moved to partner banks, where it can earn interest paid to customers.
Who buys it4
- Individual retail investors who open and fund brokerage accounts to trade investments themselves.
- Investors who subscribe to enhanced market data, research and analytical tools.
- Eligible customers who borrow money through margin accounts to buy investments.
- Investors who prefer a managed approach and use Webull’s robo-advisor or retirement account services.
What it stands on, and what could break it
What the business leans on
- 1U.S. brokerage revenue depends in part on payments from market makers for routing customer orders; Webull names a limited group of market makers as significant sources of revenue.
- 2Apex Clearing provides clearing services for Webull’s U.S. brokerage trades and holds customer securities under the omnibus clearing arrangement.
- 3Brokerage services in each market depend on Webull obtaining and maintaining local licenses, approvals and registrations.
- 4The app relies on outside providers for market information, technology and processing services, and on mobile app stores to reach users.
What could go wrong
- 1A sustained decline in securities trading, or changes that restrict payment for order flow, could reduce revenue because trading-related income and U.S. order-routing payments are important to the business.
- 2Webull’s ability to provide brokerage services depends on meeting changing financial regulations and maintaining licenses in its markets; legal or regulatory action could also stop it from offering event-based contracts.
- 3Disruption to Apex Clearing or to market makers and liquidity providers could interfere with trade clearing or execution and affect Webull’s ability to serve customers and earn trading-related revenue.
About Webull Corp
Webull runs a mobile, web and desktop brokerage app where individual investors can trade, follow markets and use research tools. It had 26.8 million registered users and 5.0 million funded accounts (December 31, 2025, high confidence), and provided brokerage services in 14 markets (December 31, 2025, high confidence). In the United States, it earns trade-related income that includes payments from market makers for routing orders; in many other markets, it charges customers trading commissions. It also earns interest on customer and company cash balances, and reported revenue of $571 million (FY2025, high confidence).
- Head office
- St. Petersburg, Florida, United States
- Founded
- 2019
- Listed on
- Nasdaq
- Financial year ends
- December 31
Built from Webull Corp’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
