Webull Corporation (NASDAQ: BULL) reported fourth‑quarter 2025 revenue of $165.2 million, a 50% year‑over‑year increase that topped analyst expectations of roughly $150 million. Net earnings per share were $0.01, falling short of the consensus estimate of $0.03‑$0.05 and of the prior‑year EPS of $0.07 or a loss of $0.22, depending on the source. The miss reflects a sharp rise in operating expenses, particularly marketing and branding spend, which grew 62% year‑over‑year to $12.3 million.
The revenue surge was driven by a 71% jump in equity trading volume and a 30% rise in interest‑related income from margin lending and stock lending, although the 30% figure for interest income is not consistently corroborated across all sources. Crypto trading and subscription services also contributed to the top‑line, reflecting Webull’s expanding product mix. The company’s global expansion continued to pay off, with customer assets increasing 81% to $24.6 billion and funded accounts outside the U.S. growing to over 700,000.
Management highlighted the EPS miss as a consequence of higher marketing and branding expenses, which were intended to accelerate customer acquisition and support the launch of the AI tool Vega. CFO H.C. Wang said, "We reported another quarter of strong financial performance, particularly in our equities and options businesses, which contributed to a significant full‑year revenue increase. We're seeing robust returns on our strategic investment in marketing, innovation and addressable market expansion and are confident that we are positioning Webull to deliver lasting shareholder value." The higher costs compressed operating margins, explaining the earnings shortfall despite the revenue beat.
CEO Anthony Denier emphasized the broader strategic context, stating, "I'm tremendously proud to report our first full‑year results as a public company, including record revenues, AUM, customer accounts and the number of markets we serve. Webull was founded as a platform providing investors with access to valuable market information and advanced tools, and the introduction of our proprietary AI tool, Vega, will allow us to accomplish that mission in ways that are truly transformative for Webull and our users." He added, "From our start, we have built our business around improving the investing experience for self‑directed traders and deploying Vega brings us to a whole new level of excellence in this regard."
The company did not provide explicit guidance for the next quarter, but analyst estimates for Q1 2026 revenue are around $164.7 million. Investors are watching how Webull will balance continued marketing investment with margin recovery as it scales its high‑margin subscription and crypto offerings.
Market reaction to the results was mixed. While the revenue beat was welcomed, the EPS miss and margin compression drew concern, leading to a cautious stance among investors who noted the need for disciplined cost management as Webull expands its product portfolio and global footprint.
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