Webull (BULL) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $571 million for 2025, up 46% year-over-year, driven by strong trading volumes and global expansion, including a public listing and significant business growth.

• Customer assets reached $24.6 billion, an 81% increase from 2024, with net deposits totaling $8.6 billion and funded accounts growing 8% to 5.03 million; registered users rose 15% to 26.8 million.

• Expanded global presence to 14 countries, with notable growth in APAC, new market launches in the EU, and expansion into Brazil and Australia.

• Launched AI assistant Vega, now assisting 1.2 million users weekly, and introduced new products including prediction markets, BlackRock model portfolios, and corporate bond trading.

• Public listing completed in April 2025, with conversion of preferred stock into ordinary shares eliminating non-cash accounting losses.

Financial highlights

• Q4 revenue was $165.2 million, up 50% year-over-year, with trading-related revenues up 56% to $112.5 million.

• Adjusted operating profit for 2025 was $110.3 million (19.3% margin), with Q4 profit at $21.6 million (13% margin); adjusted net income for the year was $84.3 million.

• Adjusted operating expenses for the year were $460.7 million, up 24%, with Q4 expenses at $143.6 million, up 62% year-over-year due to increased marketing.

• Full-year net income attributable to the company was $24.8 million, compared to a net loss of $22.7 million in the prior year.

• Customer margin balances increased 43% year-over-year to $689 million at Q4 end.

Outlook and guidance

• Aims to double premium subscriber base in 2026, expand AI and B2B offerings, and focus on active, self-directed investors.

• Marketing spend expected to moderate in Q1 2026, with continued focus on performance-based, flexible investments.

• Expects continued strong trading activity, especially in options, amid market volatility.

• B2B business pipeline is robust, with expectations for significant growth over the next several years.

• Plans to deploy AI-assisted trading tools, grow market share in existing and new markets, and broaden solutions for institutional clients.