Webull Posts Record Revenue as Marketing Costs Squeeze Profits

Webull reported $571 million in full-year 2025 revenue, up 46%, while a 128% surge in Q4 marketing pressured quarterly profits.

Key Points

• Webull grew full-year revenue 46% to $571 million and swung to a $24.8 million net profit in 2025, reversing a $22.7 million loss in 2024.
• A 128% surge in Q4 marketing expenses — from $23.4 million to $53.3 million — pushed quarterly net income down to $3 million from $10.8 million a year earlier.

Webull Posts Record Revenue as Marketing Costs Squeeze Profits

Webull closed its first full year as a publicly listed company with record revenue and customer metrics, though a steep rise in marketing spending compressed quarterly profits.

The retail brokerage generated $571 million in full-year revenue, a 46% increase from the prior year. Trading-related income drove much of that gain, rising 59% year-over-year. Net deposits reached $8.6 billion for the year, nearly double the $4.5 billion Webull collected in 2024, as the company poured resources into customer acquisition. Customer assets climbed 81% year-over-year to an all-time high of $24.6 billion by the end of the fourth quarter.

Webull swung from a $22.7 million net loss in 2024 to a $24.8 million net profit in 2025, an improvement of $47.5 million. Adjusted net income, which excludes stock compensation, currency fluctuations, and one-time items, reached $84.2 million, up $76.3 million from the year before.

The fourth quarter told a more complicated story. Q4 revenue rose 50% year-over-year to $165.2 million, but net income attributable to the company fell to $3 million from $10.8 million in the same quarter a year ago. Marketing and branding expenses drove the pressure, surging 128% to $53.3 million from $23.4 million. Total operating expenses climbed 55% year-over-year in Q4, outpacing revenue growth.

Trading Volumes Climb Across All Categories

Active trading metrics reinforced the revenue picture. Daily average revenue trades (DARTs) reached 1.2 million in Q4, up 55% year-over-year. Equity notional volume surged 87% to $239 billion in the quarter. Options contract volume rose 38% to 154 million contracts in Q4 and topped 550 million for the full year, a 19% annual increase.

Funded accounts — unique customers with money in a Webull brokerage account — grew 8% year-over-year to just over 5 million. Registered users across the platform climbed 15% to 26.8 million. Quarterly retention rates held above 96%.

Global Expansion Spans Four Continents

Webull launched brokerage services in the Netherlands in 2025, establishing a foothold inside the European Union. The company also secured regulatory licenses in four additional EU markets. In Asia, Webull entered a distribution agreement with Meritz Financial Group, one of South Korea’s largest financial institutions, to offer U.S. equity access to Korean investors. The company expanded its CQG futures infrastructure partnership to Singapore, following earlier deals in Hong Kong and Malaysia. Outside the U.S., Webull counted more than 760,000 funded accounts, with Asia-Pacific customer assets surpassing $3 billion.

In Australia, Webull launched cryptocurrency trading covering up to 240 digital assets through a partnership with Coinbase Prime. The company also relaunched crypto trading in the U.S., integrating its Webull Pay wallet directly into the main app. The UK operation added London-listed shares and cut U.S. stock commissions to a flat $0.10 per trade.

Webull’s stock debuted on Nasdaq in April 2025 following a merger with blank-check company SK Growth Opportunities Corporation. Shares fell more than 70% from their initial post-listing high.

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