Webull (BULL) Operating Expenses (2024 - 2026)
Webull (BULL) posted Operating Expenses of $153.38 million for Q2 2026, up 13.4% from $135.22 million a year earlier but down 5.5% from the prior quarter.
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Analysis
Webull (BULL) Operating Expenses (2024 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Webull was $596.21 million, up 35.8% year-over-year; for FY2025, it was $512.52 million, up 26.7% from FY2024.
- Annual Operating Expenses has increased for three consecutive years, with a three-year compound annual growth rate of 17.0% (FY2022 to FY2025).
- In prior years, Webull's Operating Expenses was $404.58 million in FY2024 (+10.4%), $366.62 million in FY2023 (+14.6%) and $319.78 million in FY2022.
- Quarterly Operating Expenses has run from a low of $95.22 million in Q4 2024 to a high of $162.31 million in Q1 2026 over five years.
- On a year-over-year basis, Operating Expenses has increased in each of the last five quarters, with growth averaging 31.7% over the last six quarters.
- According to Business Quant data, Operating Expenses for the three prior quarters was $162.31 million (Q1 2026), $148 million (Q4 2025) and $132.52 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Robinhood Markets | 104.70 Bn | 85.79 Bn | - | 734.00 Mn |
| 2 | Bank of New York Mellon | 100.72 Bn | 40.09 Bn | - | 3.44 Bn |
| 3 | Cme | 94.58 Bn | 94.58 Bn | - | 599.10 Mn |
| 4 | Intercontinental Exchange | 85.83 Bn | 79.63 Bn | - | 1.28 Bn |
| 5 | Nasdaq | 52.05 Bn | 49.49 Bn | 1.50 Bn | 788.00 Mn |
| 6 | State Street | 49.39 Bn | 49.39 Bn | - | 2.66 Bn |
| 7 | Interactive Brokers | 39.24 Bn | 32.69 Bn | - | 440.00 Mn |
| 8 | Northern Trust | 31.94 Bn | 31.94 Bn | - | 1.64 Bn |
| 9 | Cboe Global Markets | 26.47 Bn | 18.13 Bn | 731.60 Mn | 255.60 Mn |
| 10 | Webull | 3.69 Bn | 1.00 Bn | 85.87 Mn | 153.38 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 153.38 Mn |
| Mar 31, 2026 | 162.31 Mn |
| Dec 31, 2025 | 148.00 Mn |
| Sep 30, 2025 | 132.52 Mn |
| Jun 30, 2025 | 135.22 Mn |
| Mar 31, 2025 | 96.78 Mn |
| Dec 31, 2024 | 95.22 Mn |
| Sep 30, 2024 | 111.85 Mn |
| Jun 30, 2024 | 98.76 Mn |
| Mar 31, 2024 | 98.75 Mn |
API Access
Webull Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=BULL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "BULL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=BULL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();