Webull Sees 46% Revenue Surge to $571M, Launches Vega AI Assistant
Webull reported 2025 revenue of $571 million, up 46% year-over-year, driven by record trading volumes and the launch of its Vega AI assistant serving 1.2 million users weekly. The company expanded into 14 countries, posted a 97% retention rate and reintroduced crypto trading; marketing spend rose 62%, increasing operating expenses.
1. Record Revenue Growth
Webull reported 2025 revenue of $571 million, a 46% increase year-over-year, fueled by record trading volumes across equities, options and crypto. Early-2026 market volatility further boosted customer activity, with options trading—boasting higher margins—seeing a notable uptick.
2. Product Launches and Global Expansion
The firm launched Vega, an AI assistant serving 1.2 million users weekly, and rolled out prediction markets alongside the return of crypto trading. It expanded its footprint to 14 countries, with significant gains in APAC and Canada, and achieved a 97% quarterly retention rate.
3. Rising Costs and Profitability Pressures
Adjusted operating expenses climbed 62% year-over-year due to increased marketing and branding investments targeting high-net-worth active traders. Management expects lighter marketing spend in Q1 but plans opportunistic investments, while early-stage B2B deals and modest crypto contributions limit near-term margin improvement.