Webull (BULL) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $198.8 million, up 51% year-over-year, driven by strong trading activity, asset growth, and the elimination of the Pattern Day Trader Rule.

• Adjusted operating profit reached $62.6 million, up 169% year-over-year, with a 31.5% margin, reflecting strong operating leverage.

• Customer assets grew 79% year-over-year to $28.5 billion, with significant growth in both U.S. and international markets.

• Registered users increased 13% to 28.2 million; funded accounts rose 8% to 5.13 million.

• Strategic focus on active traders, global expansion to 18 markets, and institutional business, with AI-powered tools like Vega and MCP servers gaining traction.

Financial highlights

• Trading-related revenues rose 66% year-over-year to $147.7 million, up 33% quarter-over-quarter.

• Interest-related income grew 18% year-over-year to $42.8 million, supported by higher AUM and margin loans.

• Adjusted net income was $43.2 million, with a net profit margin of 21.7%.

• Adjusted operating expenses were $136.2 million, up 26% year-over-year, reflecting investments in marketing and technology.

• Crypto revenue was $2.25 million, just over 1% of total Q2 revenue; prediction markets generated $5–6 million, up 71% quarter-over-quarter.

Outlook and guidance

• Management expects sustained elevated trading volumes post-PDT Rule removal, with continued margin expansion and growth from investments in technology, international expansion, and institutional business.

• Marketing spend is expected to normalize, reflecting current promotions rather than prior year amortization.

• Margin balances are expected to trend higher as AUM grows and risk appetite returns.

• Ongoing focus on leveraging AI capabilities and expanding global reach, with further product rollouts anticipated.