About Webull Corporation
Webull Corporation (NASDAQ: BULL) is a U.S.‑based fintech company that operates an online brokerage and trading platform focused on self‑directed retail investors, offering commission‑free stock, options, and futures trading, as well as tools, research, and educational content. Founded in 2017 and headquartered in Fort Lauderdale, Florida, Webull has positioned itself as a lower‑cost, tech‑enabled alternative to traditional brokerages. As of 2025, the company reported 26.8 million registered users and 5.03 million funded accounts, with over $24.6 billion in customer assets.
Although Webull is still relatively early in its public‑company lifecycle, its 2025 results show a shift toward profitability, with an adjusted operating margin of 19.3% and adjusted net income of $84.2 million for the full year, up from $18.2 million of adjusted operating profit in 2024. Market‑cap data varies by provider, but quotes and filings around the March 2026 release place BULL in the mid‑single‑digit‑billion‑dollar range depending on share price and dilution.
Top Financial Highlights
- Q4 2025 revenue: $165.2 million, up 50% year‑over‑year.
- Full‑year 2025 revenue: $571.0 million, up 46% year‑over‑year.
- Net loss per share (basic and diluted) for 2025: $1.23, compared with $3.73 in 2024.
- Adjusted net income for 2025: increased $76.3 million to $84.2 million annually; $14.6 million in Q4.
- Adjusted operating profit for 2025: $110.3 million, with an operating margin of 19.3%, up from $18.2 million and a much lower margin in 2024.
- Operating expenses (adjusted): $460.7 million in 2025, up 24% year‑over‑year, slower than revenue growth.
- Trading‑related revenue growth: up 56% year‑over‑year in Q4, reflecting higher trading volumes.
- Option contracts volume: 550 million in 2025, up 19% year‑over‑year.
- Equity notional volume: $732 billion in 2025, up 59% year‑over‑year.
- Customer assets: $24.6 billion at year‑end 2025, up 81% year‑over‑year.
- Net new deposits: $8.6 billion in 2025, indicating strong customer inflow.
- Registered users: 26.8 million, up 15% year‑over‑year; funded accounts 5.03 million, up 8%.
- Cash and liquidity position: The company highlighted a solid balance sheet, with cash on hand and operating cash flow sufficient to support continued growth and marketing investment.
- Q4 marketing spend: approximately $52.8 million on customer acquisition, up 62% year‑over‑year, driving record net deposits.
Beat or Miss?
| Metric | Reported (Q4 2025) | Difference / Analysis |
| Total revenue | $165.2 million | Exceeded estimated $150.9 million by about 9.5%; clear top‑line beat. |
| EPS (reported) | $0.01 | Missed consensus estimate of about $0.03; softer bottom‑line despite strong growth. |
| Operating margin (Q4 adj.) | 13.0% (based on $21.6M adj. op. profit / $165.2M revenue) | Down from 23.4% in Q3 2025, reflecting higher marketing and operating costs. |
| Adjusted net income (Q4) | $14.6 million | Not directly tied to a single per‑share estimate in public summaries but implies improving profitability trajectory. |
What Leadership Is Saying?
“2025 was an inflection point for Webull, highlighted by our public listing, revenue re‑acceleration, and expanding profit margins. We are focused on building long‑term shareholder value by deepening our platform, expanding product offerings, and continuing to scale responsibly.” – CEO
“We achieved adjusted operating profit of $110.3 million for the year, more than five times higher than 2024, with operating margin expanding by 14.6 percentage points to 19.3%. This demonstrates our ability to scale efficiently while investing in growth‑oriented initiatives.” – CFO
Historical Performance: Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total revenue | $165.2 million | ~$110.1 million (implied by 50% YoY) | 50% |
| Adjusted net income* | $14.6 million | Negligible positive or small loss (implied) | Large improvement (turnaround) |
| Adjusted operating margin | 13.0% | ~~10% or lower (implied by prior margin profile) | Slight increase; 2025 full‑year margin up 14.6 pp. |
How Market Reacted?
Webull’s stock (BULL) rose in after‑hours trading following the Q4 and full‑year 2025 results, as the market rewarded the 50% YoY revenue growth and the clear shift toward operating profitability despite the EPS miss. Analysts highlighted the record annual revenue of $571 million, $21.6 million of adjusted operating profit in Q4, and $24.6 billion in customer assets as evidence that the platform is scaling and monetizing users more effectively. The reaction was cautiously bullish: investors welcomed the improved margins and lower net loss per share, but remained watchful on whether marketing and operating costs will continue to pressure near‑term EPS.
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