Webull Reports Second Quarter 2026 Financial Results

Webull reports another strong quarter of growth, marked by record trading volumes, increased customer assets, and strong net deposits. Webull continues to invest in strategic priorities, including enhanced offerings for its active traders, international expansion, and building its institutional business

 Webull Corporation (NASDAQ: BULL) (“Webull” or the “Company”) announced financial and operating results for the second quarter ended June 30, 2026.

“I’m proud to report a record second quarter for Webull, highlighted by our successful implementation of updated active trader functionality following the June 4 elimination of the Pattern Day Trader Rule,” said Anthony Denier, Group President and U.S. CEO. “Webull’s advanced technology platform enabled eligible customers to fully leverage the new trading environment from day one, contributing to record trading volumes and strong customer engagement. We also made significant progress in executing on our 2026 roadmap, including expanding our AI capabilities with the launch of Vega Analyst, extending our global footprint, and scaling our institutional business. We believe these investments are strengthening Webull’s position as a leading platform for active traders seeking access to investment opportunities across global markets and asset classes.”

“Q2 was the best quarter in Webull’s history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially,” said H.C. Wang, Chief Financial Officer of Webull. “Adjusted operating profit reached $62.6 million, representing a 31.5% operating margin, while adjusted net income was $43.2 million. These results demonstrate the operating leverage inherent in our platform and the potential for further margin expansion.”

Second Quarter Results

Financial Results                                                                                                                                

• Total revenues increased 51% year-over-year to $198.8 million.
• Trading-related revenue increased 66% year-over-year to $147.7 million.
• Total operating expenses increased 13% year-over-year, primarily driven by higher brokerage and transaction costs associated with rapid growth in trading volumes as well as product expansion, offset by lower share-based compensation expense.
• Adjusted operating expenses increased 26% year-over-year to $136.2 million.
• Income before income taxes totaled $34.7 million for the quarter, compared to a loss before taxes of $21.4 million for the prior year comparative quarter. The increase of $56.1 million in income was primarily due to total revenues growing 51%, which outpaced the 13% increase in total operating expenses.
• Adjusted operating profit totaled $62.6 million for the quarter, compared to $23.3 million for the prior year comparative quarter.
• Adjusted operating profit per share – basic and diluted was $0.12, compared with a basic and diluted adjusted operating profit per share of $0.05 in the prior year comparative quarter.
• Net income attributable to the Company was $24.4 million for the quarter, compared to a net loss of $28.3 million for the prior year comparative quarter.
• Adjusted net income increased to $43.2 million for the quarter, compared to $15.4 million for the prior year comparative quarter.
• Net income per ordinary share – basic and diluted was $0.05 and $0.04 per share, respectively, compared to basic and diluted loss per ordinary share of $1.20 per share for the prior year comparative quarter.
• Share Repurchase Program – During the quarter, the Company repurchased and cancelled 1,820,788 Class A ordinary shares at an average repurchase price of $6.03.

Operating Results

• Customer assets (AUM) totaled $28.5 billion, representing 79% year-over-year growth, driven by net deposits which grew 7% year-over-year.
• Registered users increased 13% year-over-year to 28.2 million users.
• Funded accounts increased to 5.13 million, representing 8% year-over-year growth.
• Equity notional volume grew to $279 billion, representing a 73% year-over-year increase and an increase of 7% from the previous quarter.
• Options contracts volume grew to 213 million, a 68% year-over-year increase and an increase of 34% from the previous quarter.
• DARTs increased to 1.6 million, representing 62% year-over-year growth.

Company Highlights

• Successfully implemented updated active trader functionality for all eligible customers following the elimination of the Pattern Day Trader Rule, contributing to record quarterly trading volumes.
• Vega AI added approximately 160,000 new users during the quarter, bringing total active users to approximately 480,000.
• Expanded Model Context Protocol (“MCP”) to support natural-language research, tool-building and trade execution through leading AI models.
• Introduced paper trading capabilities to achieve parity with live trading across asset classes, providing users with the ability to test and refine trading strategies.
• Continued international expansion with the launch of Webull in Spain, Argentina, and Colombia. Webull is now licensed across 35 markets globally and operates trading activities in 18 markets.
• International funded accounts grew to approximately 810,000.
• Announced the acquisition of Pi Securities in Thailand, expanding Webull’s presence in Asia-Pacific where customer assets now exceed $5 billion.
• Expanded Webull’s B2B offering with access to futures and prediction markets, and partnered with Monark Markets to provide accredited investors access to late-stage private companies through special purpose vehicles.