Is BULL a Buy? What to Consider in 2026
Short answer
The bull case for Webull Corporation (BULL) rests on User and asset growth: Webull crossed 26 million registered users and reported customer assets up about 90% year over year to roughly $24 billion, with a record quarterly retention rate near 98.4%. Revenue (Q1 2026 quarterly) is ~$159.9 million, up 36% year over year. If you believe that thesis holds, the real questions become position sizing and overlap, not timing. The main risk to that view: Webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. Whether BULL is a buy comes down to whether you believe the thesis. This is informational, not a recommendation, and Walnut is not an investment adviser.
Webull Corporation operates Webull, a mobile-first digital investment platform that lets retail investors trade stocks, ETFs, options, futures, fractional shares, and in some markets digital assets, with round-the-clock access to global markets. It serves more than 26 million registered users across roughly 14 markets in North America, Asia Pacific, Europe, and Latin America through a network of licensed brokerage entities. Its business earns money in two main ways: trading-related revenue, which in the United States leans heavily on payment for order flow (options are the larger share of those rebates), and interest-related income from margin loans, stock lending, and interest on client cash balances. In its first full year as a public company it reported record revenue of about $571 million (up 46%) and record net deposits of $8.6 billion (up 91%). The company was founded in 2016 by Wang Anquan, a former Alibaba and Xiaomi employee, and grew out of Fumi Technology, with significant engineering operations historically tied to Changsha, China. Webull went public on Nasdaq in April 2025 through a merger with the SPAC SK Growth Opportunities Corp; the stock briefly spiked around 375% and touched a headline market value near $30 billion before falling sharply back toward a few billion dollars. That China lineage has drawn political attention: a US House committee focused on the Chinese Communist Party has written to Webull's leadership over the company's ties to the PRC and data-privacy questions, which is a recurring part of the bear case rather than a settled matter.
What's the case for buying BULL?
1. User and asset growth
Webull crossed 26 million registered users and reported customer assets up about 90% year over year to roughly $24 billion, with a record quarterly retention rate near 98.4%. Rising assets and sticky users are the foundation of every other revenue line. The open question is how much of that growth converts into funded, active accounts rather than sign-ups.
2. Two revenue engines: trading and interest
Trading-related revenue rose 36% year over year on record daily average revenue trades, while interest-related income grew about 29% on higher margin loans and client cash balances. Having both a volume-driven line and a balance-driven line gives some diversification. Interest income in particular tends to be steadier than trading rebates, which swing with market activity.
3. International expansion
Webull operates across roughly 14 markets and recently gained the license to operate across the European Economic Area, extending a footprint that already spans Asia Pacific, Latin America, and North America. Geographic breadth is a differentiator versus US-only apps. Each new market, though, carries its own licensing, funding, and competitive costs before it contributes meaningful profit.
4. Path from growth to profit
Adjusted EPS turned slightly positive (about $0.03) in Q1 2026 even as the company reported a GAAP net loss, and trailing figures still show sizeable losses partly tied to non-cash and SPAC-related items. The bull case rests on operating leverage as revenue scales past a largely fixed technology base. Whether reported GAAP profitability follows, and how quickly, is the crux.
What are the risks to BULL?
Webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. A large portion of its US revenue comes from payment for order flow, a practice that regulators have periodically scrutinized and could restrict, which would pressure a core income line. Its ties to China have drawn a US congressional committee letter over PRC links and data privacy, an unresolved political and regulatory overhang. The stock is a recent SPAC listing and has been highly volatile, and the company still reports GAAP losses. Competition from far larger and better-capitalized brokers, plus other low-cost trading apps, can raise customer-acquisition costs and compress margins.
How is BULL valued? (as of July 2026)
Snapshot for BULL as of July 2026, sourced from Yahoo Finance and may be delayed. Valuation figures move with price and earnings; verify the current numbers with your broker before deciding.
- Revenue (Q1 2026 quarterly): ~$159.9 million, up 36% year over year
- Revenue (recent full year): ~$571 million, up 46%
- Registered users: ~26 million+ across ~14 markets
- Customer assets: ~$24 billion, up ~90% year over year
- Profitability: Adjusted EPS ~$0.03 positive; GAAP still at a loss (trailing loss per share ~$1.01)
- Market cap: ~$3.6 to $3.7 billion (stock ~$7 per share)
Figures are approximate and tied to the asOf date; verify live numbers before acting. Because Webull is not consistently profitable on a GAAP basis, a traditional P/E ratio is not meaningful, so the market values it on revenue growth, users, and assets rather than earnings. The gap between a slightly positive adjusted EPS and a GAAP loss is worth understanding, since it reflects non-cash and SPAC-related charges as well as the underlying run rate.
How do you decide if BULL is a buy?
Rather than asking whether BULL is a buy in the abstract, it tends to help to answer four questions:
- Thesis: do you believe the case above, and is it still true today?
- Time horizon: a single stock can be volatile, so a longer horizon absorbs more of the swings.
- Position sizing: a thesis can be right and the sizing still wrong; decide how much of your portfolio one name should be.
- Overlap: check whether you already hold BULL indirectly through an index or sector ETF before adding more.
For the full picture, see the BULL stock guide (what the company does, the ETFs that hold it, similar stocks, and the themes it fits). In Walnut you can ask its AI about BULL against your real portfolio and see your actual exposure before deciding.
The bottom line on BULL
The bottom line: Webull Corporation's story right now is User and asset growth, with revenue (q1 2026 quarterly) at ~$159.9 million, up 36% year over year. If you believe that narrative continues, the call is about sizing BULL sensibly and checking overlap with what you own; if you doubt it (the risk: webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly.), it is not for you. Decide from the thesis, not the ticker. Walnut is not an investment adviser.
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FAQ
Is BULL a good stock to buy right now?
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The case for Webull Corporation right now is User and asset growth, with revenue (q1 2026 quarterly) at ~$159.9 million, up 36% year over year. If you believe that thesis holds, BULL is a way to own it and the real questions are sizing and overlap, not timing; the main risk to that view is webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. So it comes down to whether you believe the thesis. Walnut is not an investment adviser and this is not a recommendation.
What does Webull Corporation do?
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Webull Corporation operates Webull, a mobile-first digital investment platform that lets retail investors trade stocks, ETFs, options, futures, fractional shares, and in some marke
What are the main risks of BULL?
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Webull's revenue is tied closely to retail trading activity, so a quieter market or lower volumes can hit trading-related revenue quickly. A large portion of its US revenue comes from payment for order flow, a practice that regulators have periodically scrutinized and could restrict, which would pressure a core income line. Its ties to China have drawn a US congressional committee letter over PRC links and data privacy, an unresolved political and regulatory overhang. The stock is a recent SPAC listing and has been highly volatile, and the company still reports GAAP losses. Competition from far larger and better-capitalized brokers, plus other low-cost trading apps, can raise customer-acquisition costs and compress margins.
Is BULL a good stock to buy right now?
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That depends on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is fast user, asset, and revenue growth across many markets. The bear case is reliance on trading volumes and payment for order flow, GAAP losses, high volatility as a recent SPAC listing, and unresolved scrutiny of its China ties. Weigh both against your own portfolio.
What is Webull?
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Webull is a mobile-first digital brokerage platform that lets retail investors trade stocks, ETFs, options, futures, fractional shares, and in some markets digital assets, with around-the-clock access to global markets. It serves more than 26 million registered users across roughly 14 markets. It is often compared to Robinhood and moomoo as a low-cost trading app.
How does Webull make money?
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Webull earns revenue mainly two ways. The first is trading-related revenue, which in the US relies substantially on payment for order flow, with options making up the larger share of those rebates. The second is interest-related income from margin loans, stock lending, and interest on client cash balances. Trading revenue tends to swing with market activity, while interest income is steadier.
When did Webull go public and how?
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Webull began trading on Nasdaq in April 2025 through a merger with the SPAC SK Growth Opportunities Corp rather than a traditional IPO. The stock spiked dramatically in its first days, rising around 375% and briefly reaching a headline market value near $30 billion, before falling sharply back toward a few billion dollars. That volatility is typical of recent SPAC listings.
Walnut is informational and is not an investment adviser. This page is educational and not a recommendation to buy or sell BULL; figures are approximate and dated, and your own situation, time horizon, and risk tolerance should drive any decision. Verify current data before investing.