Webull (BULL) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $571 million in 2025, up 46% year-over-year, with customer assets reaching $24.6 billion, an 81% increase, and net deposits totaling $8.6 billion.

• Registered users rose 15% year-over-year to 26.8 million, with funded accounts up 8% to 5.03 million.

• Expanded globally with over 760,000 funded accounts outside the U.S., new licenses in multiple EU countries, and APAC customer assets surpassing $3 billion.

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

• Public listing completed in April 2025 and acquired Webull Pay, adding $1 billion in customer assets.

Financial highlights

• Q4 revenue was $165.2 million, up 50% year-over-year; full-year adjusted operating profit was $110.3 million, with a 19.3% margin.

• Adjusted net income for the year was $84.3 million; Q4 adjusted net income was $14.6 million.

• Adjusted operating expenses rose to $460.7 million for the year, mainly due to strategic and marketing investments.

• Equity trading volume increased 59% to $732 billion; options volume rose 19% to 550 million contracts in 2025.

• DARTs reached 1.2 million in Q4, with Q4 equity notional volume at $239 billion (up 87% YoY) and options contracts at 154 million (up 38% YoY).

Outlook and guidance

• Aims to double premium subscriber base in 2026, expand B2B platform partnerships, and enhance offerings for active traders.

• Expects continued global expansion, new digital asset licenses, and further AI integration.

• Q1 2026 is tracking strong, with January being the second-best month ever.

• Management confident in delivering lasting shareholder value through ongoing investment in marketing, innovation, and market expansion.