Webull (NASDAQ:BULL) executives highlighted record revenue, rising customer assets, and continued adjusted profitability in the company’s fourth-quarter and full-year 2025 earnings call, while also discussing product expansion in AI, crypto, and prediction markets, and an increased emphasis on global growth and emerging B2B opportunities.
Full-year 2025 results: record revenue and improved adjusted operating margins
Group President and U.S. CEO Anthony Denier said 2025 represented “strong progress and returns” in Webull’s first full year as a public company following its April listing. The company reported full-year revenue of $571 million, up 46% from 2024, which Denier attributed to record trading volumes across asset categories.
On the cost side, Webull recorded adjusted operating expenses of $460.7 million, up 24% for the year, as the company continued investing in product and market expansion. Denier said adjusted operating profit margin improved by 14.6 percentage points to 19.3%, equating to adjusted operating profit of $110.3 million.
Q4: revenue up 50%, marketing spend increased, profitability continued
Group CFO H.C. Wang said fourth-quarter revenue totaled $165.2 million, up 50% year over year, reflecting “continued strength across both trading and interest-related income streams.” Trading-related revenue rose 56% to $112.5 million, and DARTs increased to 1.2 million in the quarter, with Wang citing broad engagement across equities, options, futures, crypto, and prediction markets.
Interest-related income grew 31% to $43.5 million, driven by higher interest earned on client cash, margin lending, and corporate cash. Wang noted customer margin balances increased 43% year over year to $689 million at quarter-end, which he linked to higher utilization from premium customers. Sequentially, interest-related income was “roughly flat” as declines in fully paid stock lending revenues offset gains elsewhere, which Wang said reflected normalization in borrowing rates for certain hard-to-borrow securities.
Webull’s adjusted operating expenses were $143.6 million in Q4, up 62% year over year, primarily due to increased marketing and branding investments. Wang described the higher marketing spend as intentional, designed to capitalize on market conditions and the company’s recent listing to accelerate customer acquisition, AUM growth, and international expansion.
Despite the higher expenses, Webull reported its fifth consecutive quarter of operating profitability. Wang said adjusted operating profit was $21.6 million, representing a 13% margin, and adjusted net income was $14.6 million, or 8.8% of revenue. For the full year, adjusted net income was $84 million.
Platform, AI, and product updates: Vega, premium subscriptions, prediction markets, and crypto
Denier emphasized the company’s push to integrate AI across the user experience and internal operations. He highlighted Vega, Webull’s AI assistant launched at the end of 2025, which provides market data, analysis, and AI-generated trading ideas, along with real-time portfolio monitoring and user-controlled risk preferences. Denier said Vega currently assists 1.2 million global users each week, with 10% of weekly active users using the tool and more than 10 million questions answered since launch.
Webull also provided an update on Webull Premium, its subscription service. Denier said Webull Premium ended the year with 102,000 subscribers, surpassing the company’s 100,000 target. He added that premium subscribers represent 30% of AUM and 60% of overall margin debit balances. The company’s goal for the coming year is to double the premium subscriber base while adding features.
In digital assets, Denier said 2025 included the reintroduction of crypto trading for U.S. customers through the acquisition of Webull Pay, as well as crypto launches in Australia and Brazil. He said Webull is exploring additional digital asset licenses and expects to bring more markets online in the coming year, while later noting on the call that crypto trading remains “de minimis” relative to securities trading and that additional crypto product rollouts were expected later in the current quarter.
On prediction markets, Denier said more than 152 million prediction contracts traded during the quarter, including 81 million in December alone, and he previewed plans to introduce sports prediction markets across major leagues. In Q&A, Denier described prediction markets as an “engaging” tool to re-engage customers and broaden the addressable demographic, but said he does not expect them to become part of Webull’s core business, which remains focused on active securities traders. He also disclosed pricing for prediction markets: a $0.01 commission per contract, plus exchange rebates, and noted Webull ran a Super Bowl-related promotion with no commissions on certain prediction market products.
Growth metrics and global expansion: users, funded accounts, assets, and net deposits
Webull added about 1 million registered users in Q4, ending the year with 26.8 million registered users, a 15% year-over-year increase. Funded accounts rose by about 100,000 in the quarter to 5.03 million, up 8% year over year. Denier said quarterly retention remained around 97%.
Customer assets reached $24.6 billion in Q4, up $3.4 billion sequentially. Denier said customers deposited over $3.9 billion during the quarter—up 225% year over year—bringing full-year cumulative net deposits to $8.6 billion.
Webull’s international footprint was also a focus. Denier said the platform has more than 760,000 funded accounts outside the U.S., with APAC customer assets surpassing $3 billion. He highlighted a partnership with Meritz Financial Group to expand access to U.S. markets for Korean investors and said Canada was approaching $1.5 billion in customer assets. Webull also launched in the Netherlands and is licensed in additional EU markets including Germany, Italy, Spain, and Portugal.
Outlook themes for 2026: disciplined investment, volatility benefits, and B2B ambitions
Looking ahead, Denier said Webull’s 2026 priorities include sustaining and growing offerings for active traders using AI tools, expanding localized product offerings globally, and building on its B2B platform efforts. In Q&A, Denier and Wang said the company expects marketing spend to be lower in Q1 than Q4, while remaining “opportunistic” about investing in growth. Wang noted marketing expense as a percentage of revenue declined to about 23%–24% in 2025 from about 35% in 2024, adding that most marketing spend is performance-based and adjustable.
On early 2026 trends, Denier said January was “probably the second-best month” the company has ever had and described Q1 as “certainly looking strong.” He said market volatility tends to drive more activity among Webull’s customer base and can lead to greater concentration in options trading, which he said carries higher margin than equities.
Denier also discussed B2B progress, calling it a long-term effort but one that has expanded since the company’s first announcement three months earlier. He said Meritz-related activity remains early-stage, noting Korean customers have traded “north of $1 billion notional in equity” through the partnership, and he expects that figure to be “10x” by the end of the year. Denier said Webull’s B2B pipeline includes multiple prospective relationships and argued the company is competitive on price, technology, geographic presence, and product breadth.
Separately, Wang confirmed Webull reduced a promissory note balance during the quarter, saying the company paid down $35 million of principal on a $100 million promissory note that was on the balance sheet at the beginning of Q4. He said management intends to pay it down over time but will evaluate timing based on cash flow, balance sheet considerations, and strategic priorities.
About Webull (NASDAQ:BULL)
Webull Financial LLC is a commission-free online brokerage platform that provides individual investors with access to U.S. equities, exchange-traded funds (ETFs), options, and cryptocurrencies. Through its mobile and desktop applications, the company offers real-time market data, advanced charting tools, customizable watchlists, and streamlined order execution. Webull’s platform is designed to support both self-directed traders and investors seeking an intuitive interface coupled with professional-grade analytics.
In addition to its core trading services, Webull delivers educational resources and research tools to help users make informed decisions.
