Webull delivered Q4 revenue of $165.2 million, a 53% year-over-year increase, driving full-year 2025 revenue to $571 million (up 46%). Customer assets rose 81% to $24.6 billion and net deposits surged 225% to $3.9 billion, while EPS came in at $0.01 against a $0.05 estimate due to higher marketing spend ($53.25 million) that nonetheless fell to roughly 23–24% of revenue.

CEO Anthony Denier emphasized a strategic shift toward B2B services, expecting institutional revenue to match or exceed the retail segment in coming years. The Meritz Financial Group partnership in Korea has already traded over $1 billion notional and targets tenfold volume growth by year-end, leveraging stickier economics from longer onboarding cycles.

Webull’s Vega AI platform now engages 1.2 million weekly users, with one in eight consulting Vega before executing trades, strengthening platform lock-in. Prediction markets saw 162 million contracts in Q4 but are being repositioned as a customer engagement tool rather than a core revenue driver.

Denier reported that January was the company’s second-best month ever, indicating a strong Q1 start, and noted that market volatility benefits options trading, which carries higher margins. Despite these developments, shares remain down roughly 30% year-to-date as analysts trim targets but maintain positive ratings.