BULL — Webull Corporation Class A Ordinary Shares

Webull Corporation Q4 and Full Year 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Full Year Revenue: $571 million, up 46% year-over-year.
• Q4 Revenue: $165.2 million, a 50% increase year-over-year.
• Adjusted Operating Profit: $110.3 million for the full year; $21.6 million in Q4, representing a 13% adjusted operating profit margin.
• Adjusted Net Income: $84 million for the full year; $14.6 million in Q4, equating to 8.8% of revenue.
• Customer Assets: Reached $24.6 billion, an 81% increase year-over-year.
• Trading Volumes: Equity trading volume increased by 59% to $732 billion; options volume rose by 19% to 550 million contracts.
• Funded Accounts: 5.03 million, an 8% year-over-year increase.

2. Strategic Updates and Business Highlights

• AI Integration: Launched Vega, an AI assistant for trading, which assists 1.2 million users weekly.
• Global Expansion: Over 760,000 funded accounts outside the U.S. with significant growth in APAC and Canada.
• New Product Offerings: Introduced prediction markets and reintroduced crypto trading for U.S. customers, with strong growth in these areas.
• Webull Premium: Surpassed 102,000 subscribers, contributing significantly to assets under management (AUM) and margin balances.

3. Forward Guidance and Outlook

• 2026 Priorities: Focus on enhancing offerings for active traders, expanding global business, and building B2B partnerships.
• Marketing Strategy: Expect a lighter marketing spend in Q1 2026 compared to Q4 2025, while remaining opportunistic in growth investments.
• DARTs and Trading Trends: Strong start to Q1 2026, with January being one of the best months since inception, driven by market volatility.

4. Bad News, Challenges, or Points of Concern

• Increased Operating Expenses: Adjusted operating expenses rose 62% year-over-year, primarily due to marketing investments.
• Market Volatility: While volatility can drive trading activity, it also presents risks that could affect user engagement and trading volumes.
• Competitive Pressures: The need to maintain price leadership in a competitive landscape, particularly in the crypto and prediction markets.

5. Notable Q&A Insights

• Marketing Spend: The increase in Q4 marketing expenses was strategic, leading to record net deposits of $3.9 billion. Future marketing costs are expected to be more controlled.
• Crypto and B2B Growth: Crypto trading is still in early stages but presents significant opportunities. The partnership with Meritz is growing, with expectations for substantial increases in trading volumes.
• Prediction Markets: Seen as a tool for customer engagement rather than a core revenue driver; they have potential for attracting new demographics.
• M&A Strategy: Focus remains on organic growth, with M&A considered opportunistically.

This summary encapsulates Webull's strong performance in 2025, strategic initiatives, and outlook for the future while addressing potential challenges and competitive dynamics.