Webull CEO's Most Surprising Admission: 'I Expect B2B to Match or Exceed Our Retail Business'

"I expect our B2B business to match or exceed our current retail business in the coming years. For a company that built its entire identity around retail traders, that's a meaningful pivot worth understanding. The Meritz Financial Group partnership in Korea has already traded north of $1 billion notional in equity for Korean customers, and Denier expects that volume to grow tenfold by year-end."

"The successful marketing campaign was the primary reason for the increased marketing costs during that quarter. The CFO added that marketing as a percentage of revenue actually fell from roughly 35% in 2024 to around 23% to 24% in 2025, so the absolute dollar increase reflects scale, not inefficiency."

"On AI, Vega is gaining real traction. 1.2 million global users per week are using Vega, and approximately 1 in 8 users consulted it before executing a trade. That's not a vanity metric. Pre-trade AI consultation is a behavior that deepens platform lock-in."

Webull reported Q4 revenue of $165.2 million, up 53% year-over-year, with full-year 2025 revenue reaching $571 million, up 46% from 2024. Customer assets hit $24.6 billion, up 81% year-over-year, while net Q4 deposits surged 225% to $3.9 billion. Despite an EPS miss at $0.01 versus $0.05 estimate, the company doubled marketing spending to $53.25 million as a percentage of revenue actually decreased from 35% to 23-24%, reflecting operational efficiency at scale. CEO Anthony Denier emphasized B2B expansion through partnerships like Meritz Financial Group in Korea, which has already traded over $1 billion notional volume. The AI tool Vega attracts 1.2 million weekly users, with one in eight consulting it before trades, demonstrating meaningful platform engagement and lock-in potential.

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