Webull Corporation (NASDAQ: BULL) wrapped up itsfirst full year as a publicly listed company with record revenue and customermetrics across the board, though a sharp rise in spending, particularly onmarketing, kept quarterly profits under pressure.The retail brokerage reported full-year revenue of $571million, up 46% from the year before, driven by a 59% jump in trading-relatedincome. Net deposits hit $8.6 billion for the year, nearly doubling from $4.5billion in 2024, a figure the company attributed to aggressive customeracquisition campaigns. Customer assets reached an all-time high of $24.6 billion bythe end of the fourth quarter, up 81% year-over-year.Profit Turns Positive, but the Math Gets ComplicatedAfter posting a net loss of $22.7 million in 2024, Webullswung to a full-year net income of $24.8 million in 2025, an improvement of$47.5 million. Adjusted net income, which strips out stock compensation,currency swings and one-time items, came in at $84.2 million, up $76.3 millionfrom the prior year.The fourth quarter told a somewhat different story. While Q4revenue rose 50% year-over-year to $165.2 million, net income attributable tothe company fell sharply to $3 million from $10.8 million in the same period ayear ago.The culprit was a 128% spike in marketing and brandingexpenses during the quarter, from $23.4 million to $53.3 million, as thecompany pushed hard to attract new deposits. Operating expenses as a whole rose55% year-over-year in Q4, faster than revenues."We reported another quarter of strong financialperformance, particularly in our equities and options businesses, whichcontributed to a significant full-year revenue increase," said H.C. Wang,Chief Financial Officer of Webull."We're seeing robust returns on our... investment inmarketing, innovation and addressable market expansion and are confident thatwe are positioning Webull to deliver lasting shareholder value."Trading Volumes Climb Across the BoardActive trading metrics reinforced the revenue narrative.Daily average revenue trades (DARTs) hit 1.2 million in Q4, up 55%year-over-year, while equity notional volume surged 87% to $239 billion in thequarter. Options contract volume rose 38% to 154 million contracts in Q4, andtopped 550 million for the full year, a 19% annual increase.Funded accounts, unique customers with money in a Webullbrokerage account, grew 8% year-over-year to just over 5 million. Registeredusers on the broader platform climbed 15% to 26.8 million. Quarterly retentionrates held above 96%, which the company cited as evidence of platformstickiness despite the competitive retail brokerage landscape.For context, eToro reported $868 million in net contribution for 2025 with3.8 million funded accounts, illustrating how differently two competingretail platforms can look even when both are growing. Webull's funded account base is now comfortably larger,though its revenue base remains well below eToro's.Global Push Spans Four ContinentsWebull spent much of 2025 planting flags in new markets. Thecompany officially launched brokerage services in the Netherlands, giving it afoothold inside the European Union, a move covered in depth when Webull launched its European operations with a new Dutch officeand license last September. The company has since obtained regulatorylicenses in four additional EU markets, though it has not yet launched publiclyin all of them.In Asia, Webull entered into a distribution arrangement withMeritz Financial Group, one of South Korea's largest financial institutions, tobring U.S. equity market access to Korean investors. The company also expanded its CQG futures infrastructure partnership toSingapore, following similar deals in Hong Kong and Malaysia, building outa shared technology backbone across Asia-Pacific. Outside the U.S., Webull nowcounts more than 760,000 funded accounts, with Asia-Pacific customer assetssurpassing $3 billion.In Australia, Webull launched cryptocurrency trading withaccess to up to 240 digital assets, powered through a partnership with CoinbasePrime. The company also officially relaunched crypto trading in the U.S.,integrating its Webull Pay wallet directly into the main app.Earlier in 2025, Webull's UK operation added London-listed shares and cut U.S.stock commissions to a flat $0.10 per trade as price competitionintensified across retail brokerage markets. The company's stock debuted on Nasdaq in April 2025 aftermerging with blank-check company SK Growth Opportunities Corporation. Shares fell more than 70% from their initial post-listing high,and the company's per-share metrics remain complicated by a significantexpansion in share count following the conversion of preferred stock at thetime of listing.This article was written by Damian Chmiel at www.financemagnates.com.