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Webull Corporation has announced its financial and operating results for the fourth quarter and full year of 2025, marking its first complete year as a public company with record-breaking performance.
The digital investment platform reported a record revenue of $571 million for the full year 2025, representing a 46% increase year-over-year. Net deposits also saw a significant surge, reaching $8.6 billion, a 91% increase compared to the previous year.
Anthony Denier, Group President and U.S. CEO of Webull, commented on the results: “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.”
Denier 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. We are proud to have become the platform of choice for sophisticated, active, self-directed investors, with a business grounded in our core equity and options offerings while also expanding into new asset classes, geographies and types of investors. The scale we have achieved is a testament to the hard work and thought leadership of our team.” The introduction of Vega positions Webull among leading AI trading platforms, enhancing decision-making for its user base.
H.C. Wang, Chief Financial Officer of Webull, stated: “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.”
Key operating highlights for the full year 2025 included customer assets reaching an all-time high of $24.6 billion, an 81% year-over-year growth. The number of funded trading accounts increased to 5.0 million, an 8% rise, while registered users grew by 15% to 26.8 million.
Webull's global expansion efforts in 2025 included the official relaunch of cryptocurrency trading in the U.S. market, granting users direct access to their Webull Pay accounts within the app. The company also launched cryptocurrency trading in Australia, offering access to up to 240 cryptocurrencies through a partnership with Coinbase Prime, a development relevant to the growing demand for crypto prime brokerages. Furthermore, Webull initiated brokerage services in the European Union, starting with the Netherlands, providing retail investors with access to European and U.S.-listed equities, fractional shares, European ETFs, and U.S. options.
The company also rolled out Level 3 Options for customers in Canada, Singapore, and Hong Kong, expanding access to a broader range of U.S. options strategies. Webull noted its reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, acknowledging the potential impact of new regulation or bans on payment for order flow (PFOF).
For institutional players, Webull's continued growth in retail trading volumes and its expansion into new asset classes like corporate bonds and cryptocurrencies underscore the evolving dynamics of market microstructure. The substantial increase in funded accounts and the adoption of advanced AI tools by retail platforms can influence order flow quality and demand for diversified institutional services, including prime brokerage and digital asset liquidity solutions.
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