Webull 2025 Revenue Jumps 46% to $571M; Price Target Cut to $14
Webull reported 2025 revenue of $571 million, up 46% year-over-year, with customer assets rising 81% to $24.6 billion and adjusted operating profit margin expanding to 19.3%. Northland trimmed its price target to $14 from $18 while maintaining an Outperform rating, citing lower peer multiples.
1. Full-Year 2025 Financial Results
Webull delivered $571 million in revenue for 2025, marking a 46% increase over 2024. Customer assets climbed 81% to $24.6 billion, supported by $8.6 billion in net deposits, while adjusted operating profit reached $110.3 million and margins expanded to 19.3%.
2. Product and Service Developments
The launch of Vega, an AI-powered trading assistant, now serves 1.2 million weekly users and has handled over 10 million queries. Webull Premium surpassed 100,000 subscribers, contributing 30% of assets under management, and prediction markets saw 152 million contracts traded in Q4.
3. International Expansion
Global funded accounts grew to 5.03 million, with outside-US funded accounts reaching 760,000. The platform entered new markets including Canada, the Netherlands and multiple EU countries, bringing registered users to 26.8 million and maintaining a 97% quarterly retention rate.
4. Analyst Price Target Update
Northland Capital lowered its price target on Webull to $14 from $18 but kept an Outperform rating. The adjustment reflects reduced peer multiples despite noting solid growth and elevated marketing expenses in the fourth quarter.