Webull Corporation reported record quarterly profitability for Q2 2026, driven by a 62% surge in daily trading activity and a 66% increase in trading-related revenue. The online brokerage posted adjusted operating profit of $62.6 million, up 169% from the same period last year, on total revenue of $198.8 million, exceeding consensus by roughly 20%.
Trading revenue reached $147.7 million, accounting for 74% of total income and split between options ($88.4 million), equities ($33.5 million), platform fees ($25.8 million) and cryptocurrency ($2.25 million). Interest income from client cash, margin financing and stock lending added $42.8 million, an 18% year-over-year increase. Adjusted operating expenses rose 26% to $136.2 million, though marketing costs fell to $34.6 million from $49.1 million in the prior quarter.
The company’s adjusted operating margin expanded to 31.5%, marking the seventh consecutive profitable quarter, while the margin excluding marketing expenses reached 48.9%—maintaining levels above 40% since Q3 2024. Adjusted net income totaled $43.2 million, representing 21.7% of revenue.
User metrics reflected sustained growth, with registered users rising 13% year-over-year to 28.2 million and funded accounts increasing 8% to 5.13 million, including 810,000 international accounts. Customer assets grew 79% to $28.5 billion, supported by $1.6 billion in net deposits, while average account balances more than doubled to over $5,500. Daily average revenue trades (DARTs) hit a record 1.635 million, up 62% year-over-year, alongside equity notional volume of $279 billion (73% higher) and options contract volume of 213 million (68% higher).
Management highlighted the elimination of the pattern day trader (PDT) rule in early June 2026 as a key catalyst, with U.S. CEO Anthony Denier stating the change is now considered permanent and expressing confidence trading volumes would not revert to pre-PDT levels. Group CFO H.C. Wang noted that excluding marketing expenses, operating profit margins have remained above 40% for nine consecutive quarters.
Webull’s shares surged 14.7% in after-hours trading following the results, adding to an 8.95% gain during regular trading to close at $8.07. The stock remains well below its 52-week high of $16.04.
