On March 4, Webull Corporation (NASDAQ: BULL) announced its financial results for the full year 2025, representing the company’s first annual report since becoming a publicly traded entity. The digital investment platform delivered annual revenue of $571 million, reflecting a 46% increase compared to 2024. According to the company, this growth was primarily driven by rising trading volumes across all asset classes, underscoring sustained engagement from its user base.

Customer assets surged 81% year-over-year to reach $24.6 billion, supported by total net deposits of $8.6 billion for the year. The company also demonstrated notable progress in profitability, reporting an adjusted operating profit of $110.3 million alongside an expanded operating profit margin of 19.3%. These figures reflect Webull’s ongoing efforts to scale its business while improving operational efficiency.

Strategic Product Launches and Platform Milestones
A central highlight of 2025 was the introduction of Vega, an artificial intelligence-powered trading assistant designed to enhance the user experience for retail investors. Since its launch, Vega has gained significant traction, now assisting 1.2 million global users on a weekly basis and handling over 10 million queries. The AI tool represents a key component of Webull’s broader strategy to integrate advanced technology into its platform.

The company also achieved a significant milestone for its ‘Webull Premium’ subscription service, surpassing 100,000 subscribers. These premium users now account for 30% of the platform’s total assets under management, indicating strong demand for enhanced features and deeper analytical tools among active traders.

In addition, Webull expanded its product offerings by reintroducing cryptocurrency trading to U.S. customers through the acquisition of Webull Pay. The company also launched prediction markets, which saw more than 152 million contracts traded in the fourth quarter alone, further diversifying the platform’s engagement drivers.

International Expansion and User Growth
Webull continued its global expansion throughout 2025, reporting over 760,000 funded accounts outside the United States. The company entered several new markets during the year, including Canada, the Netherlands, and multiple other European Union nations, broadening its international footprint.

As of year-end, the platform hosted 26.8 million registered users and 5.03 million funded accounts globally. The company also maintained a high quarterly retention rate of approximately 97%, reflecting strong user loyalty and engagement.

Webull Corporation operates as a digital investment platform that enables retail investors to trade securities through its licensed broker-dealer entities. The company holds regulatory licenses and serves customers across a broad range of jurisdictions, including the United States, Canada, the United Kingdom, Australia, Hong Kong, Indonesia, Singapore, Malaysia, Thailand, Japan, South Africa, the Netherlands, and other international markets.

Analyst Outlook: Rosenblatt Maintains Buy Rating Despite Price Target Adjustment
In the wake of Webull’s earnings announcement, Rosenblatt Securities analyst Chris Brendler reaffirmed a Buy rating on the stock, though he reduced the 12-month price target to $12 from the previous $15. The revised target now values the company at 20 times projected 2027 adjusted EBITDA, compared to the earlier multiple of 25 times.

With Webull’s stock closing at $6.07 on Tuesday, the new price target implies approximately 100% upside potential. The company’s current market capitalization stands at roughly $3.2 billion.

Fourth Quarter Performance Exceeds Revenue Expectations
Webull’s fourth-quarter 2025 results demonstrated continued operational momentum, with revenue reaching $165.2 million. This figure surpassed both Rosenblatt’s estimate of $162.7 million and the broader Street consensus of $150.9 million. The revenue beat was attributed to robust trading activity during the quarter, with daily average revenue trades (DARTS) hitting 1.2 million. Equity notional volumes climbed to $239 billion, while trading revenue amounted to $112.5 million.

Profitability Impacted by Strategic Marketing Investment
Despite the revenue outperformance, adjusted operating profit for the quarter came in well below expectations, as operating expenses surged to $143.6 million compared to Rosenblatt’s estimate of $122.8 million. The increase was largely driven by a significant ramp in marketing and branding expenditures, which rose 81% quarter-over-quarter to $53.3 million.

Management framed this spending as a performance-based initiative aimed at acquiring high-value active traders, particularly following record net deposits of $3.9 billion in the quarter. Rosenblatt noted that operating margins excluding marketing expenses reached 45%, highlighting what the firm views as strong underlying operational leverage once marketing spending normalizes.

Management has guided that marketing expenditures are expected to decline materially in the first quarter of 2026, suggesting that the fourth-quarter spike was opportunistic rather than indicative of a structural shift in the company’s cost structure.

Positioning for Serious Retail Traders as a Competitive Moat
The analyst commentary coincides with Webull’s ongoing efforts to differentiate itself as a platform tailored for “serious” self-directed investors. In a recent interview with Benzinga, CEO Anthony Denier emphasized that Webull’s competitive edge lies in building an institutional-grade, mobile-first ecosystem designed for highly engaged retail traders—rather than focusing solely on accumulating large numbers of casual accounts.

Rosenblatt echoed this enthusiasm, pointing to rapid growth across several engagement-driven verticals, including prediction markets, cryptocurrency trading, premium subscriptions, and international user expansion. According to the firm, these initiatives collectively reinforce Webull’s positioning as a platform capable of sustaining long-term user engagement and monetization.