BULL Webull (BULL) Q4 FY25 earnings call
Webull concluded its first full year as a public company with record revenue and strong operating profitability, driven by its focus on active traders and strategic global expansion. The company successfully integrated AI tools like Vega, expanded its product offerings including prediction markets and crypto, and grew its international footprint. While marketing spend increased significantly in Q4 to fuel customer and AUM growth, management remains committed to balancing investment with disciplined execution and expects to maintain strong operating margins.
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BULL operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Funded customers Outside the US | 760K+We now have more than 760,000 funded accounts outside the US APAC customer assets have surpassed $3 billion, and our partnership with Meritz Financial Group has increased access to the US market for Korean investors.Source: earnings call transcript | 790K+In APAC, our customer assets have grown to $4 billion, and we now have over 790,000 funded accounts outside the US Our ability to export the US retail trading experience at scale, thanks to our global infrastructure, compliance capabilities and product depth remains a genuine competitive differentiator.Source: earnings call transcript | ~810KWe now have approximately 810,000 international funded accounts.Source: earnings call transcript | — |
| Assets under custody (AUC) APAC | $3B+We now have more than 760,000 funded accounts outside the US APAC customer assets have surpassed $3 billion, and our partnership with Meritz Financial Group has increased access to the US market for Korean investors.Source: earnings call transcript | $4BIn APAC, our customer assets have grown to $4 billion, and we now have over 790,000 funded accounts outside the US Our ability to export the US retail trading experience at scale, thanks to our global infrastructure, compliance capabilities and product depth remains a genuine competitive differentiator.Source: earnings call transcript | $5B+In APAC, our customer assets have grown to over $5 billion.Source: earnings call transcript | — |
| Registered users | 26.8MDuring the fourth quarter, we added roughly 1 million registered users, bringing the platform to a total of 26.8 million registered users.Source: earnings call transcript | 27.6MAnd bringing the platform to a total of 27.6 million registered users.Source: earnings call transcript | 28.2MOur targeted marketing continues to drive adoption as we added approximately 600,000 registered users during the quarter bringing our total to $28.2 million, up 13% from $24.9 million at the end of the second quarter of 2025.Source: earnings call transcript | +2.2% |
| Funded customers | 5.03MWe added approximately 100,000 new funded accounts this quarter, bringing the total number of funded accounts to 5.03 million, an 8% year-over-year increase.Source: earnings call transcript | 5.11MWe added approximately 80,000 new funded accounts this quarter, bringing the total number to 5.11 million, an 8% year-over-year increase.Source: earnings call transcript | 5.13MFunded accounts reached $5.13 million in the quarter, an 8% year-over-year increase.Source: earnings call transcript | +0.4% |
| Retention rate | ~97%As we continue to innovate and enhance our offerings, we're also happy to report that our quarterly retention rate remained high at approximately 97%.Source: earnings call transcript | 98.4%As we continue to innovate and enhance our offerings, we're also happy to report that our quarterly retention rate was at a record high at 98.4%.Source: earnings call transcript | 97.3%Our quarterly retention rate was 97.3%.Source: earnings call transcript | -1.1 pt |
| Assets under custody (AUC) | $24.6BLegal customer assets reached an all-time high of $24.6 billion in the fourth quarter, representing an 81% increase on a year-over-year basis and a $3.4 billion sequential increase.Source: earnings call transcript | $24BCustomer assets reached $24 billion, up 90% year-over-year.Source: earnings call transcript | $28.5BCustomer assets reached $28.5 billion, representing 79% year-over-year growth.Source: earnings call transcript | +18.8% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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