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Webull Corporation (NASDAQ: BULL) has announced financial and operating results for the second quarter ended 30 June 2026, reporting total revenues of $198.8 million, up 51 per cent year-on-year and 24 per cent sequentially.
Trading-related revenue rose 66 per cent year-on-year to $147.7 million. Total operating expenses increased 13 per cent year-on-year, which the company attributes primarily to higher brokerage and transaction costs associated with rapid growth in trading volumes and product expansion, offset by lower share-based compensation expense. Adjusted operating expenses increased 26 per cent year-on-year to $136.2 million.
Income before income taxes totalled $34.7 million for the quarter, compared with a loss before taxes of $21.4 million in the prior year comparative quarter. Webull attributes the $56.1 million increase in income to total revenues growing 51 per cent, which outpaced the 13 per cent rise in total operating expenses.
Adjusted operating profit totalled $62.6 million for the quarter, compared with $23.3 million in the prior year comparative quarter, representing a 31.5 per cent operating margin. Adjusted operating profit per share, basic and diluted, was $0.12, compared with $0.05 in the prior year comparative quarter.
Net income attributable to the company was $24.4 million for the quarter, compared with a net loss of $28.3 million in the prior year comparative quarter. Adjusted net income increased to $43.2 million, compared with $15.4 million a year earlier. Net income per ordinary share, basic and diluted, was $0.05 and $0.04 per share respectively, compared with a basic and diluted loss per ordinary share of $1.20 in the prior year comparative quarter.
During the quarter, the company repurchased and cancelled 1,820,788 Class A ordinary shares at an average repurchase price of $6.03.
Anthony Denier, Group President and U.S. CEO, Webull
Anthony Denier, Group President and U.S. CEO, Webull said:
"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. 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."
H.C. Wang, Chief Financial Officer, Webull said:
"Q2 was the best quarter in Webull's history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially. 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."
On operating metrics, customer assets (AUM) totalled $28.5 billion, up 79 per cent year-on-year, driven by net deposits which grew 7 per cent year-on-year. Registered users increased 13 per cent year-on-year to 28.2 million, while funded accounts rose to 5.13 million, an increase of 8 per cent year-on-year.
Equity notional volume grew to $279 billion, a 73 per cent year-on-year increase and up 7 per cent from the previous quarter. Options contracts volume reached 213 million, up 68 per cent year-on-year and up 34 per cent from the previous quarter. Daily average revenue trades (DARTs) increased to 1.6 million, up 62 per cent year-on-year.
Among its highlights for the quarter, Webull said it had implemented updated active trader functionality for all eligible customers following the elimination of the Pattern Day Trader Rule, which it said contributed to record quarterly trading volumes. Vega AI added approximately 160,000 new users during the quarter, taking total active users to approximately 480,000. The company also expanded its Model Context Protocol (MCP) integration to support natural-language research, tool-building and trade execution through leading AI models, and introduced paper trading capabilities across asset classes to bring parity with live trading.
On international expansion, Webull launched operations in Spain, Argentina and Colombia during the quarter, taking its licensed markets to 35 globally, with trading activities now operating in 18 markets. International funded accounts grew to approximately 810,000. The company also announced the acquisition of Pi Securities in Thailand, expanding its presence in Asia-Pacific, where customer assets now exceed $5 billion.
On the institutional side, Webull expanded its B2B offering with access to futures and prediction markets, and partnered with Monark Markets to provide accredited investors with access to late-stage private companies through special purpose vehicles.
Webull will host a conference call to discuss the results at 5:00 p.m. ET on 19 August 2026. A replay and transcript will be made available on the company's website following the call.
Webull is a digital investment platform built on next-generation global infrastructure and AI technologies. Through its global network of licensed brokerages, Webull offers investment services in 18 markets across North America, Asia Pacific, Europe, Africa and Latin America, serving more than 28 million registered users globally.
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