Webull Corporation (NASDAQ: BULL) wrapped up its first full year as a publicly listed company with record revenue and customer metrics across the board, though a sharp rise in spending, particularly on marketing, kept quarterly profits under pressure.

The retail brokerage reported full-year revenue of $571 million, up 46% from the year before, driven by a 59% jump in trading-related income. Net deposits hit $8.6 billion for the year, nearly doubling from $4.5 billion in 2024, a figure the company attributed to aggressive customer acquisition campaigns.

Customer assets reached an all-time high of $24.6 billion by the end of the fourth quarter, up 81% year-over-year.

Profit Turns Positive, but the Math Gets Complicated

After posting a net loss of $22.7 million in 2024, Webull swung to a full-year net income of $24.8 million in 2025, an improvement of $47.5 million. Adjusted net income, which strips out stock compensation, currency swings and one-time items, came in at $84.2 million, up $76.3 million from the prior year.

The fourth quarter told a somewhat different story. While Q4 revenue rose 50% year-over-year to $165.2 million, net income attributable to the company fell sharply to $3 million from $10.8 million in the same period a year ago.

The culprit was a 128% spike in marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term and branding expenses during the quarter, from $23.4 million to $53.3 million, as the company pushed hard to attract new deposits. Operating expenses as a whole rose 55% year-over-year in Q4, faster than revenues.

"We reported another quarter of strong financial performance, particularly in our equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term and options businesses, which contributed to a significant full-year revenue increase," said H.C. Wang, Chief Financial Officer of Webull.

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"We're seeing robust returns on our... investment in marketing, innovation and addressable market expansion and are confident that we are positioning Webull to deliver lasting shareholder value."

Trading Volumes Climb Across the Board

Active trading metrics reinforced the revenue narrative. Daily average revenue trades (DARTs) hit 1.2 million in Q4, up 55% year-over-year, while 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 on the broader platform climbed 15% to 26.8 million. Quarterly retention rates held above 96%, which the company cited as evidence of platform stickiness despite the competitive retail brokerage landscape.

For context, eToro reported $868 million in net contribution for 2025 with 3.8 million funded accounts, illustrating how differently two competing retail platforms can look even when both are growing.

Webull's funded account base is now comfortably larger, though its revenue base remains well below eToro's.

Global Push Spans Four Continents

Webull spent much of 2025 planting flags in new markets. The company officially launched brokerage services in the Netherlands, giving it a foothold inside the European Union, a move covered in depth when Webull launched its European operations with a new Dutch office and license last September. The company has since obtained regulatory licenses in four additional EU markets, though it has not yet launched publicly in all of them.

In Asia, Webull entered into a distribution arrangement with Meritz Financial Group, one of South Korea's largest financial institutions, to bring U.S. equity market access to Korean investors. The company also expanded its CQG futures infrastructure partnership to Singapore, following similar deals in Hong Kong and Malaysia, building out a shared technology backbone across Asia-Pacific. Outside the U.S., Webull now counts more than 760,000 funded accounts, with Asia-Pacific customer assets surpassing $3 billion.

In Australia, Webull launched cryptocurrency trading with access to up to 240 digital assets, powered through a partnership with Coinbase Prime. The company also officially relaunched crypto trading in the U.S., integrating its Webull Pay wallet directly into the main app.

Earlier in 2025, Webull's UK operation added London-listed shares and cut U.S. stock commissions to a flat $0.10 per trade as price competition intensified across retail brokerage markets.

The company's stock debuted on Nasdaq in April 2025 after merging with blank-check company SK Growth Opportunities Corporation. Shares fell more than 70% from their initial post-listing high, and the company's per-share metrics remain complicated by a significant expansion in share count following the conversion of preferred stock at the time of listing.