Webull Corporation (NASDAQ:BULL), the financial services and trading platform, has reported its financial results for the fourth quarter and full year of 2025, marking its first complete fiscal year as a publicly traded company. The report presents a mixed picture of robust top-line growth overshadowed by a bottom-line performance that fell short of Wall Street's expectations, a dynamic reflected in the stock's immediate market reaction.
Earnings Report: A Top-Line Beat, A Bottom-Line Miss
For the fourth quarter of 2025, Webull delivered revenue that exceeded analyst forecasts, but its profitability metric came in below consensus estimates. The company reported Non-GAAP earnings per share (EPS) of $0.03 for the quarter. This result missed the analyst estimate of $0.0408 per share, a shortfall of approximately 27%. Conversely, the company's quarterly sales of $165.2 million surpassed the estimated $159.3 million.
The full-year figures tell a story of significant expansion. Webull announced record annual revenue of $571 million, a substantial 46% increase year-over-year. The company also highlighted a record $8.6 billion in net deposits for the year, surging 91% compared to the previous period.
Market Reaction to the Mixed Results
The market's initial response to the earnings release has been negative, focusing primarily on the earnings miss. Following the announcement, Webull's stock traded down in the after-hours session. This price action suggests investor disappointment with the profitability figure, despite the strong sales performance and user deposit growth. The reaction underscores a market that may be prioritizing near-term earnings power over top-line growth metrics at this juncture.
Press Release Highlights and Forward Outlook
The company's press releases emphasized its milestone achievements in its debut year as a public entity. Key highlights from the announcement include:
- Record Annual Revenue: $571 million, up 46% year-over-year.
- Record Net Deposits: $8.6 billion, representing a 91% annual increase.
- Strong User and Asset Growth: The record deposits point to significant platform engagement and expanding client assets under custody.
The press release did not provide formal financial guidance for the coming quarters or year. However, current analyst estimates offer a benchmark for future performance. Analysts project sales for the first quarter of 2026 to reach approximately $164.7 million, with full-year 2026 sales estimates standing at roughly $708.8 million. The absence of company-provided outlook is a neutral factor and does not inherently explain the post-earnings stock movement.
Valuation and Performance Context
The stock's recent performance adds context to the earnings reaction. Over the past month, shares of Webull have declined approximately 9.3%, indicating some pre-earnings caution or weakness. The post-earnings dip extends this near-term trend. Investors will be watching to see if the strong fundamental growth in users and deposits can translate into more consistent profitability in future quarters to reverse this momentum.
For a detailed breakdown of historical earnings, future estimates, and analyst projections, you can review the full data on Webull's earnings page.
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