Webull Corporation (NASDAQ: BULL) reported record second-quarter 2026 revenues of $198.831 million, marking a 51% year-over-year increase from $131.493 million in Q2 2025 and a 24% sequential jump from the first quarter. The results exceeded analyst consensus revenue forecasts of approximately $181.263 million. Quarterly adjusted earnings per share (EPS) came in at $0.12, beating the analyst estimate of $0.03 by 300% and representing a 140% increase over the $0.05 per share reported in Q2 2025.

Following the release, Webull shares rose 7.41% to trade at $9.28 in after-hours trading. CFO H.C. Wang described the quarter as "the best quarter in Webull's history," citing robust engagement and volume growth. CEO Anthony Denier highlighted that the company successfully navigated the June 4 elimination of the Pattern Day Trader (PDT) Rule, which allowed eligible customers to place unlimited day trades, driving significant share gains and record trading volumes.

The top-line growth was primarily fueled by trading-related revenue, which climbed 66% year-over-year to $147.7 million. This acceleration was attributed to record trading volumes following the PDT rule change. Equity notional volume reached $279 billion (up 73% YoY), while options contracts volume hit 213 million (up 68% YoY). Interest-related income also grew 18% year-over-year to $42.8 million, driven by higher assets under management (AUM) and growth in margin loans.

Financial Results and Profitability

Profitability expanded sharply as revenue growth outpaced cost increases. Total operating expenses rose only 13% year-over-year to $153.4 million, while adjusted operating expenses increased 26% to $136.2 million. This divergence resulted in robust bottom-line figures:

• Adjusted operating profit: $62.6 million, up from $23.3 million in the prior-year quarter, yielding a 31.5% operating margin.
• Adjusted net income: $43.2 million, compared to $15.4 million in Q2 2025.
• GAAP Net income: $24.4 million, a turnaround from a net loss of $28.3 million in the same period last year.
• Adjusted EPS: $0.12 per share, versus $0.05 in Q2 2025.

The company exited the quarter with approximately $701.62 million in total cash and cash equivalents. Marketing expenses normalized during the quarter, with CFO Wang noting that adjusted operating expenses declined 6% sequentially from $145.1 million in Q1, reflecting the roll-off of aggressive asset-matching promotions from the previous year.

Operational Highlights

Webull’s user base and asset holdings continued to expand. Customer AUM reached $28.5 billion, reflecting 79% year-over-year growth, driven by net deposits of $1.6 billion (up 7% YoY). Registered users grew 13% to 28.2 million, while funded accounts increased 8% to 5.13 million. Daily average revenue trades (DARTs) rose 62% to 1.6 million.

Strategic initiatives gained traction during the quarter:

• AI Expansion: The Vega AI tool added approximately 160,000 new users, bringing total active users to roughly 480,000 (a 12% quarter-over-quarter increase). Webull expanded its Model Context Protocol (MCP) to support natural-language research and trade execution.
• International Growth: Webull launched in Spain, Argentina, and Colombia, bringing its licensed presence to 35 markets globally, with trading activities in 18 markets. International funded accounts grew to approximately 810,000.
• Asia-Pacific Presence: The company announced the acquisition of Pi Securities in Thailand, expanding its APAC footprint where customer assets now exceed $5 billion.
• Institutional Business: Institutional AUM exceeded $1.4 billion, accounting for approximately 5% of total AUM. The company expanded institutional product offerings to include futures and prediction markets, with prediction market revenue growing 71% quarter-over-quarter.
• Crypto: Crypto revenue was noted at $2.25 million for the quarter, representing just over 1% of total revenue. The company is integrating coin-in and coin-out features.

What the Numbers Show

The shift in Webull’s cost structure marks a pivotal change from its prior trajectory. In Q1, operating expenses had jumped 68%, outpacing revenue growth and compressing margins. In Q2, however, total operating expenses grew at just 13% while revenue surged 51%. This reversal suggests that heavy investments in marketing and branding are yielding returns through scale. With adjusted operating margins expanding to 31.5%, Webull is demonstrating clear operating leverage. Additionally, the normalization of marketing spend—down sequentially from Q1—indicates that the company is transitioning from aggressive customer acquisition via high-cost promotions to more sustainable brand-building and organic growth strategies.

Webull has introduced native app connectors for ChatGPT, Claude, and Grok, enabling investors to securely link their accounts directly to these leading artificial intelligence platforms. This strategic expansion allows users to access account information, real-time market data, investment research, portfolios, watchlists, and order activity through natural-language prompts. The launch positions Webull as a pioneer in the AI-native brokerage space, bridging the gap between complex financial data and intuitive AI interfaces.

Alongside the AI connectors, Webull released its official Command Line Interface (CLI), a standalone Go binary with zero runtime dependencies. Designed for developers, quantitative traders, fintech builders, and power users, the CLI provides direct interaction with Webull’s production trading infrastructure from the terminal. It supports multi-asset trading across stocks, options, futures, cryptocurrencies, and event contracts, while also facilitating portfolio monitoring, reporting automation, and integration into AI agents and software applications.

The company also expanded its Model Context Protocol (MCP) ecosystem with a new suite of enhanced skills designed to provide deeper investment intelligence. These tools equip AI assistants with fundamental analysis and market context capabilities beyond basic account visibility.

Key Features of Webull Integrations

Enhanced Market Intelligence Tools

The expanded MCP skill library includes several specialized tools aimed at improving research and decision-support workflows:

• Capital Flow Analysis: Tracks money movement trends to assess market sentiment and liquidity dynamics.
• Stock Snapshot: Consolidates key performance indicators, valuation metrics, fundamental data, and trading activity into a single view.
• Industry Comparison: Evaluates companies against peers and industry benchmarks for relative positioning.
• Forecast EPS: Provides access to earnings-per-share forecasts and analyst expectations.
• SEC Filings: Retrieves and analyzes corporate disclosures, including annual and quarterly reports.
• Earnings Calendar: Monitors upcoming earnings announcements and corporate catalysts.
• Dividend Calendar: Tracks dividend declarations, ex-dividend dates, record dates, and payment schedules.

Jack Keating, Head of AI and CEO of Webull Tech US, stated that artificial intelligence is evolving from a source of information into a mechanism for deeper investor engagement. He noted that the next generation of investors will expect AI to help research opportunities, monitor portfolios, identify risks, and understand account activity seamlessly. By combining leading AI platforms, enhanced market intelligence skills, and institutional-grade developer infrastructure, Webull aims to create a complete ecosystem for AI applications, agents, developers, and investors.

What the Numbers Show

While no financial metrics were disclosed in this product announcement, the strategic shift toward AI-native infrastructure highlights a broader industry trend. By integrating directly with dominant AI models like ChatGPT and Claude, Webull is attempting to reduce friction in data retrieval and trade execution. The introduction of a zero-dependency CLI suggests a focus on developer efficiency and automation, potentially attracting a more technical user base capable of building custom trading workflows. This move differentiates Webull from traditional brokerages by positioning its platform as an extensible API-first environment rather than a closed-loop application.