Achieved 46% annual revenue growth to $571 million, fueled by record trading volumes across equities, options, and emerging asset classes.

Customer assets surged 81% year-over-year to $24.6 billion, supported by $8.6 billion in cumulative net deposits and the Webull Pay acquisition.

Integrated AI via the 'Vega' assistant to provide real-time insights, now serving 1.2 million weekly users and handling over 10 million queries.

Expanded global footprint to 14 countries, with non-U.S. funded accounts reaching 760,000 and APAC assets surpassing $3 billion.

Improved adjusted operating profit margin by 14.6 percentage points to 19.3%, demonstrating significant operating leverage as the platform scales.

Strategic pivot toward B2B opportunities, leveraging the Meritz Financial Group partnership to provide U.S. market access to international institutional clients.

Maintained high customer retention of approximately 97% while successfully surpassing the target of 100,000 Webull Premium subscribers.

Management aims to double the Webull Premium subscriber base in 2026 by enhancing features for active traders and long-term investors.

The company plans to scale its B2B platform, expecting these institutional relationships to potentially equal or exceed the retail business over several years.

Anticipates securing at least two additional digital asset licenses before the next earnings call to further expand global crypto trading capabilities.

Marketing spend is expected to moderate from Q4 2025 levels, though management remains opportunistic based on market conditions and acquisition efficiency.

Strategic focus remains on 'price leadership' through AI-driven operational efficiencies and aggressive price compression in international and crypto markets.

Q4 marketing expenses rose 62% year-over-year as a deliberate, performance-based investment to capitalize on strong equity markets and the recent public listing.

Interest-related income was sequentially flat in Q4 due to the normalization of borrowing rates for hard-to-borrow securities, offsetting gains in margin lending.

The company reduced its debt by paying down $35 million of the principal on its $100 million promissory note during the fourth quarter.

Management noted that while prediction markets drive engagement, they are viewed as a 're-engagement tool' rather than a core long-term business pillar.

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Management clarified that Q4 spend was performance-based, targeting high-net-worth active traders, resulting in record $3.9 billion quarterly net deposits.

Marketing as a percentage of revenue actually decreased from 35% in 2024 to approximately 23-24% in 2025.

Spending is expected to be 'much lighter' in Q1 2026, though the company will remain opportunistic.

The partnership has already facilitated over $1 billion in notional equity trading for Korean customers.

Management views the relationship as being in the 'early innings' and expects volume to grow 10x by the end of 2026.

B2B relationships are noted to have longer onboarding cycles but provide more consistent revenue through varying market cycles.

Webull intends to use price compression to target active crypto traders, noting they are less reliant on crypto revenue than competitors.

Prediction markets are being used as a top-of-funnel tool to lower barriers to entry and re-engage dormant retail users.

Management emphasized they will not prioritize prediction markets over core securities trading, despite high growth in the sector.

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