Q3 2025 net income = -$21.39 million
Q4 2025 net income = $38.95 million
Increase = 17.56m (profitable!)
So why the shift? Webull has been spending heavily on infrastructure and global expansion. They recently added crypto and predictions and are now exclusively the only platform enabling hourlies on the spx index. It is a beefy platform and the mobile app runs flawlessly - with more features than many desktop apps can dream of.
Ai assistant was implemented.
Lots of partnerships and expendature led to a messy income statement. But earnings in q4 2025 tells a different story. Theyre just getting ramped up and already millions profitable quarterly, within same year they spent the money!
2026 Q1 earnings will set the stage for this year, and with customer assets having steadily climbed with each quarter along with user engagement, it seems all sunshine and rainbows.
But the stock itself is telling a different story - reaching new lows day after day. Discussions on various forums continue to state unprofitibility and "chinese ownership" as a problem. In other words, fud is churning, retail is selling (per robinhood stat) and hedge funds are.. buying? Thats right, hedge funds are aggressively adding right now.
At the same time, short interest at an all time high and every day we see a short volume ratio of 25!
Furthermore, the stock is massively overleveraged. The irony here is more losers than winners if the stock suddenly starts to run up violently as over 50 million shares are already called for - thus locking investors in place or forcing them to buy shares. The losses to gamma would be absolutely biblical and be on the front page of every investor newspaper.
But this is very unlikely to happen.
So here we are with a company whos rapidly expanding, seeing ROI on expendature a mere quarter later, and hosts the most capable mobile retail brokerage app to ever exist by huge margin.
And yet today its stock tanked for the 9th consecutive day and took a 5% hit.
So what does the future hold for webull?
*concentrates*
An intense warzone between fundamentals, fud, and manipulators. Weve seen a company doesnt have to make money to blast off to the moon (tesla) but.. what if the opposite is true for a company who makes money too fast? Could it be that... we see inverse tesla, and webull reaches its low analyst target of 74 cents per share?
The answer is.. yes.
Becouse we are in a different market landscape now for where gamma, hedge funds, and fud are king. Fundamentals have not played a part in a long time. An unprofitable company can be worth a quarter trillion while a profitable one is worth 3 billion. Webull just happens to be the first major victim of this paradigm shift.