Webull Corp. published the earnings-call transcript for its Fourth Quarter and Full Year 2025 Earnings Conference Call. The call featured President and US CEO Anthony Denier, CFO H.C. Wang, and Head of Investor Relations Carlos Questell. Management highlighted record full-year revenue of $571 million, up 46% from 2024, alongside customer assets of $24.6 billion, up 81% year over year, and strong trading activity across equities, options, and newer products including futures, crypto, and prediction markets. Denier said Webull is expanding its product set into “a one-stop shop for securities trading, as well as offering in crypto, futures, prediction markets, and more,” adding “it’s all enhanced by AI.” A key focus was Vega, Webull’s AI assistant launched late last year. Denier said Vega “currently assists 1.2 million global users each week,” and has helped answer “over 10 million questions since creation.” Webull also discussed growth in Webull Premium subscriptions (102,000 by year-end), international expansion (including new EU market licenses), and plans to build its B2B platform following its Meritz partnership. In Q4, Webull reported revenue of $165.2 million, up 50% year over year, with adjusted operating profit of $21.6 million (13% margin) and adjusted net income of $14.6 million. Wang said the company’s higher Q4 marketing spend was “intentional and strategic,” aimed at accelerating “customer acquisition, AUM growth, and international expansion,” while emphasizing flexibility because “the majority of our marketing spend is actually performance-based.” Denier added that marketing will likely be lower in Q1, saying, “I do not expect that the marketing cost will be as high going forward.” On early 2026 trends, Denier said January was “probably the second-best month we have ever had as a company since inception,” and noted that volatility tends to drive more options activity, which he described as margin-accretive. On prediction markets, Denier characterized them primarily as an engagement tool rather than a core driver, stating, “I do not believe that prediction markets are going to be any part of our core business going forward.” The full transcript can be accessed through the link below.
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