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Webull Reports Fourth Quarter and Full Year 2025 Financial Results

Company marks first full year as public company with record revenue of $571 million and record net deposits of $8.6 billion, representing a 46% and 91% increase respectively 

Webull will continue to expand product offering globally while remaining laser-focused on being the platform of choice for active, self-directed investors 

Webull Corporation (NASDAQ: BULL) (“Webull” or the “Company”) announced financial and operating results for the fourth quarter and full year of 2025, which ended December 31, 2025.

“I’m tremendously proud to report our first full-year results as a public company, including record revenues, AUM, customer accounts and the number of markets we serve. Webull was founded as a platform providing investors with access to valuable market information and advanced tools, and the introduction of our proprietary AI tool, Vega, will allow us to accomplish that mission in ways that are truly transformative for Webull and our users,” said Anthony Denier, Group President and U.S. CEO of Webull. “From our start, we have built our business around improving the investing experience for self-directed traders and deploying Vega brings us to a whole new level of excellence in this regard. We are proud to have become the platform of choice for sophisticated, active, self-directed investors, with a business grounded in our core equity and options offerings while also expanding into new asset classes, geographies and types of investors. The scale we have achieved is a testament to the hard work and thought leadership of our team.”

“We reported another quarter of strong financial performance, particularly in our equities and options businesses, which contributed to a significant full-year revenue increase,” said H.C. Wang, Chief Financial Officer of Webull. “We’re seeing robust returns on our strategic investment in marketing, innovation and addressable market expansion and are confident that we are positioning Webull to deliver lasting shareholder value.”

Fourth Quarter Results

Financial Results                                                                                                                                

  • Total revenues increased 50% year-over-year to $165.2 million.
  • Trading-related revenue increased 56% year-over-year.
  • Total operating expenses increased 55% year-over-year, primarily driven by higher brokerage and transaction costs, reflecting rapid growth in trading volumes and product expansion, and increased marketing and branding expenses which led to record net deposits.
  • Adjusted operating expenses increased 62% year-over-year to $143.6 million.
  • Income from continuing operations before income taxes totaled $8.1 million for the quarter, representing a year-over-year decrease of $9.2 million, primarily due to increased marketing and branding expenses and continued investment in our product and global expansion efforts.
  • Adjusted operating profit totaled $21.6 million for the quarter and was consistent year-over-year.
  • Adjusted operating profit per share – basic and diluted was $0.04, compared with an adjusted operating profit per share of $0.16 (basic and diluted) in the prior year comparative quarter. The increase in our outstanding shares between the periods contributed to the decline.
  • Net income attributable to the Company decreased to $3.0 million for the quarter from $10.8 million for the prior year comparative quarter.
  • Adjusted net income decreased to $14.6 million for the quarter, compared to $15.0 million for the prior year comparative quarter.
  • Net income per ordinary share – basic and diluted was $0.01 per share, compared to basic and diluted loss per ordinary share of $0.22 per share for the prior year comparative quarter.[1]

Operating Results

  • Customer assets totaled $24.6 billion, an all-time high, representing 81% year-over-year growth, driven by market recovery and strong net deposits, which grew 225% year-over-year.
  • Funded accounts increased to 5.0 million, representing 8% year-over-year growth.
  • Registered users increased 15% year-over-year to 26.8 million users.
  • Options contracts volume grew to 154 million, a 38% year-over-year increase and an increase of 5% from the previous quarter.
  • Equity notional volume grew to $239 billion, representing an 87% year-over-year increase and an increase of 17% from the previous quarter.
  • DARTs increased to 1.2 million, representing 55% year-over-year growth.

Full Year Results

Financial Results

  • Revenues increased 46% year-over-year to $571 million.
  • Trading-related revenue increased 59% year-over-year.
  • Total operating expenses increased 27% year-over-year primarily driven by higher brokerage and transaction costs, reflecting growth in trading volumes, and increased technology and development and general and administrative expenses due to headcount growth to support continued investment in product and global expansion efforts.
  • Adjusted operating expenses increased 24% year-over-year.
  • Income from continuing operations before income taxes for the year was $45.2 million as compared to a loss for the prior year of $12.1, an increase of $57.3 million.
  • Adjusted operating profit for the year was $110.3 million, a year-over-year increase of $92 million.
  • Adjusted operating profit per share – basic and diluted was $0.28, compared with an adjusted operating profit per share of $0.13 (basic and diluted) for the prior year.
  • Net Income attributable to the Company was $24.8 million for the year as compared to a net loss of $22.7 million for the prior year, an increase of $47.5 million.
  • Adjusted net income increased $76.3 million to $84.2 million for the year.
  • Net Loss per ordinary share – basic and diluted was $1.23, compared to $3.73 (basic and diluted) for the prior year.[1]

Operating Results 

  • Option contracts volume increased to 550 million, representing a 19% year-over-year increase.
  • Equity notional volume increased to 732 billion, representing a 59% year-over-year increase.

Company Highlights

Fourth Quarter 

  • Introduced Vega AI, the next evolution of our AI-powered decision partner delivering real-time, personalized insights and analysis using news, earnings, and data for investors to help them navigate the complexities of modern trading.
  • Launched corporate bond trading for U.S. customers, building on our previous rollout of U.S. government bond trading, enabling further user portfolio diversification.
  • Entered into a partnership with Meritz Financial Group, one of South Korea’s largest financial institutions, to offer South Korean investors seamless access to U.S. equity markets.

Full Year

  • Officially relaunched cryptocurrency trading in the U.S. market, giving users access to their Webull Pay accounts directly within the Webull app, and allowing them to trade cryptocurrency alongside all other Webull products.
  • Launched cryptocurrency in Australia, enabling access to trading of up to 240 cryptocurrencies powered by a partnership with Coinbase Prime.
  • Launched Webull in the European Union with the introduction of brokerage services in the Netherlands, giving retail investors access to European and U.S.-listed equities, fractional shares, European ETFs and U.S. options.
  • Rolled out Level 3 Options for our customers in Canada, Singapore and Hong Kong, granting access to a broader range of U.S. options strategies and providing clients with exposure to all areas of capital markets to empower full control over their portfolios.