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- **Revenue Surge**: 46% YoY growth to $571 million, fueled by 59% equity volume increase and 81% customer asset growth to $24.6 billion.
- **AI Adoption**: Vega AI assists 1.2 million weekly users, with 10% WAUs using it for trading decisions.
- **Global Dominance**: 760,000+ international funded accounts, APAC assets exceed $3 billion, and 4 new EU licenses secured.
- **Profitability**: Q4 adjusted net income $14.6 million (8.8% margin), full-year $84 million, with 45% ex-marketing margin.
- **B2B Momentum**: Meritz partnership nearing $1 billion in equity flow, targeting 10x growth by year-end 2026.

**【CEO Summary Section】**
- **Record Growth**: Full-year revenue reached $571 million (46% YoY growth), driven by 59% YoY equity trading volume growth to $732 billion. Customer assets surged 81% YoY to $24.6 billion, including $1 billion from Webull Pay acquisition.
- **AI Integration**: Vega AI tool now assists 1.2 million weekly users, with 10% of WAUs deploying it. AI adoption extends to customer service, R&D, and operations.
- **Global Expansion**: 760,000+ funded accounts outside the U.S., with APAC assets surpassing $3 billion and Canada nearing $1.5 billion. Licensed in 4 new EU markets (Germany, Italy, Spain, Portugal).
- **2026 Priorities**: Double Webull Premium subscribers (target 204,000), expand B2B partnerships (e.g., Meritz Financial Group), and launch sports prediction markets.

**【CFO Financial Commentary】**
- **Q4 Financials**: Revenue $165.2 million (50% YoY growth), adjusted operating profit $21.6 million (13% margin). Full-year adjusted net income $84 million.
- **Revenue Breakdown**: Trading-related revenue $112.5 million (56% YoY), interest income $43.5 million (31% YoY). DARTs reached $1.2 million, up 38% YoY in options.
- **Cost Management**: Adjusted operating expenses $143.6 million (62% YoY growth), driven by $35 million in marketing spend. Ex-marketing margin 45%, highest on record.
- **Liquidity**: $3.9 billion net deposits in Q4, $8.6 billion full-year, reflecting strong customer retention (97% quarterly retention rate).

**【Q&A Highlights】**
- **Marketing Spend**: Q4 marketing expense 23-24% of revenue, performance-based. Q1 2026 spend expected lower, with focus on AUM growth efficiency.
- **2026 Trading Trends**: Q1 2026 DARTs up 17% YoY in equities, 38% YoY in options. Volatility-driven options trading and global diversification (e.g., APAC) support margin resilience.
- **Prediction Markets**: 152 million contracts traded in Q4, 81 million in December. Viewed as engagement tool, not core revenue driver.
- **B2B Expansion**: Meritz partnership nearing $1 billion in equity flow. Pipeline for institutional clients prioritizes price, technology, and global reach.
- **M&A Strategy**: Focus on organic growth in AI, trading tech, and global markets. Open to M&A but no active deals.


Webull Corporation Class A Ordinary Shares(BULL)-20260305-2025 Q4 Earnings call transcript

- **Record Growth**: Q3 revenue surged 55% YoY to $156.9 million, driven by 71% YoY equity trading volume growth and crypto reintroduction.
- **Innovative Products**: Launch of AI-powered Vega, crypto futures, and sports prediction markets (30M contracts in October) boosted user engagement.
- **Global Expansion**: AUM reached $21.2B (including $1.2B from Webull Pay), with 50% of new funded accounts trading crypto and 700K+ international funded accounts.
- **Profitability**: Operating margin expanded to 23.4%, with adjusted net income of $32.9M (20.9% margin).
- **Strategic Moves**: Planning 100+ crypto listings, leveraging institutional partnerships (e.g., Meritz), and focusing on high ROI marketing strategies.

**【Management Opening Remarks】**
- Carlos Questell provided an overview of the Q3 2025 earnings release and highlighted the use of non-GAAP financial measures, emphasizing their importance for understanding operational performance while cautioning about their limitations compared to GAAP metrics.

**【CEO Commentary】**
- **Revenue Growth**: Q3 revenue reached $156.9 million, up 55% YoY, driven by 71% YoY growth in equity trading volumes and the reintroduction of crypto trading.
- **Product Innovations**: Launched Vega, an AI-powered trading assistant, and expanded offerings with crypto futures, sports prediction markets (30 million contracts in October), and corporate bonds.
- **International Expansion**: Achieved $21.2 billion in AUM (including $1.2 billion from Webull Pay acquisition), with 700,000+ funded accounts outside the U.S. and Webull Canada nearing $1 billion in AUM.
- **Customer Engagement**: 50% of new funded accounts traded crypto, and 97.7% quarterly retention rate.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted operating profit of $36.7 million (23.4% margin) and adjusted net income of $32.9 million (20.9% margin), both records.
- **Revenue Breakdown**: Trading-related revenue grew 64% YoY to $103.5 million, interest income rose 32% YoY to $43.4 million, and other revenue increased 11% YoY.
- **Expense Management**: Operating expenses grew 13% YoY to $120.2 million, with disciplined control over marketing spend and focus on high ROI initiatives like asset matching promotions.

**【Q&A Highlights】**
- **Prediction Markets**: Generated $1.25-$1.50 per contract revenue, reengaging dormant accounts and attracting new users.
- **Crypto Strategy**: Planning to list 100+ crypto assets, focusing on low spreads and superior trading experience for active traders.
- **International Growth**: 50% of new funded accounts from outside the U.S., with strong adoption of U.S. products in markets like Canada and Australia.
- **Vega Impact**: Tens of millions of engagements, enhancing user retention and portfolio insights.
- **Partnerships**: Meritz partnership to access South Korean retail via institutional channels, with equities trading already live and options in development.

Webull Corporation (BULL) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 46% YoY to $131.5M, driven by 58% equity volume growth and 64% AUM expansion.
- **Crypto Expansion**: U.S. crypto trading volumes up 10x in 4 days; Brazil AUM +240%.
- **Profitability**: 3 straight quarters of operating profit, 18ppt margin improvement.
- **Capital Deployment**: $142.8M raised via SEPA for global product rollouts.

**【Management Opening Remarks】**
- Webull reported Q2 2025 revenue growth of 46% YoY to $131.5M, driven by market recovery and new product launches.
- The company achieved 3 straight quarters of operating profitability with adjusted operating profit of $23.3M.
- Webull raised $142.8M via a standby equity purchase agreement, enhancing capital flexibility for global expansion.

**【CEO Summary Section】**
- **Market Environment**: S&P 500 volatility fueled trading activity, with equity volumes up 58% YoY to $161B.
- **Product Innovations**: 
  - Webull Premium subscribers reached 75K (vs. 100K target) with higher AUM per user.
  - Crypto trading relaunched in U.S., Brazil, and Australia; Brazil crypto AUM grew 240% in 4 weeks.
  - Latin America and Europe expansion with 24.9M registered users (+18% YoY).
- **Customer Metrics**: 
  - Customer AUM $15.9B (+64% YoY), deposits $1.4B (+37% YoY).
  - Funded accounts 4.73M (+10% YoY), net new AUM $3.3B Q2.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Trading-related revenue +63% YoY to $82.4M (DARTs +56% YoY).
  - Interest income $36.3M (+14% YoY).
- **Expense Management**: 
  - Total expenses $108.2M (+20% YoY), but revenue growth outpaced expenses by 26ppts.
  - Operating margin improved 18ppts YoY to 17.7%.

**【Q&A Highlights】**
- **Crypto Strategy**: U.S. crypto launch within 4 days saw 10x trading volume growth; Brazil crypto AUM up 240% in 4 weeks.
- **Marketing Effectiveness**: $30M Q2 marketing spend drove high-quality customer acquisition; U.S. AUM growth 70% YoY.
- **M&A Outlook**: Focus on organic growth but open to strategic acquisitions.


Webull Corporation (BULL) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 32% YoY growth to $117.4 million, fueled by options trading and Webull Premium adoption.
- **Profit Margin Expansion**: Adjusted operating margin jumps to 24.4%, GAAP net income reaches $13.1 million.
- **Strategic Wins**: 40,000 Premium subscribers in 7 weeks; $1B+ in retirement AUM; crypto trading expansion in Q2.
- **User Momentum**: 24.1M registered users (+17% YoY); 4.7M funded accounts (+10% YoY).
- **Global Ambitions**: Latin America app launch; Netherlands brokerage services Q3 debut.

**【Management Opening Remarks】**
- Carlos Questell provided standard disclaimers regarding forward-looking statements and non-GAAP financial measures. He emphasized the availability of the press release and the call recording on the company’s IR website.

**【CEO Commentary】**
- **Revenue Growth**: Q1 2025 revenue reached $117.4 million, up 32% YoY, driven by new funded accounts, customer assets, and higher trading volumes in options and equities.
- **Profitability**: Adjusted operating profit was $28.7 million, with a margin of 24.4% (up 22 percentage points YoY). GAAP net income was $13.1 million, reflecting a 11.1% net profit margin.
- **Strategic Initiatives**: 
  - Launched Webull Premium, attracting 40,000 users and $260 million in AUM within 7 weeks.
  - Introduced prediction contracts with Kalshi and partnered with BlackRock for portfolio solutions.
  - Expanded into fractional fixed income (corporate bonds in Q2) and crypto trading in international markets.
- **User Growth**: 24.1 million registered users (17% YoY) and 4.7 million funded accounts (10% YoY). Retirement AUM exceeded $1 billion.
- **Trading Volumes**: $128 billion in equity notional volume (15% YoY) and 121 million options contracts (8% YoY).
- **Global Expansion**: Launched Latin America app and plans to enter the Netherlands in Q3.

**【CFO Commentary】**
- **Revenue Breakdown**: Trading-related revenue grew 52% YoY, while interest-related income declined 4.3% YoY to $31.1 million.
- **Cost Control**: Adjusted operating expenses rose 2.4% YoY to $88.7 million, with disciplined marketing spend optimization.
- **Profitability Metrics**: GAAP net income margin improved 25 percentage points YoY to 11.1%.

**【Q&A Highlights】**
- No questions were asked during the session.


Actual		0.15	0.04	0.07	0.01
Forecast				0.0167	0.05
Surprise	0.00%	0.00%	0.00%	+319.16%	-80.00%

Actual	--	117.37M	131.49M	156.94M	165.20M
Forecast	--	--	--	132.18M	156.57M
Surprise	0.00%	0.00%	0.00%	+18.73%	+5.51%

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BULL Q4 2025 Earnings

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