TLDR
- Webull Q2 revenue hit $198.8 million, beating Wall Street’s $165.7 million forecast
- Adjusted EPS of $0.05 topped the expected $0.04
- Trading-related revenue jumped 66% year-over-year to $147.7 million
- The June 4 elimination of the Pattern Day Trader rule drove a surge in active trading on the platform
- Northland Securities raised its price target on BULL from $14 to $15, maintaining a Buy rating
Webull (BULL) stock jumped 13.8% in pre-market trading on Wednesday after the digital brokerage posted its best quarterly results since going public. The stock reached $9.83 in pre-open trading, up from its previous close of $8.64.
Webull Corporation Class A Ordinary Shares, BULL
Q2 2026 revenue came in at $198.8 million, well ahead of the $165.7 million Wall Street had expected. Adjusted EPS of $0.05 also beat the $0.04 consensus estimate.
Trading-related revenue was the standout line item, climbing 66% year-over-year to $147.7 million. Adjusted operating profit surged 169% to a record $62.6 million.
That kind of operating leverage is hard to ignore. Revenue grew far faster than expenses, and the numbers show it.
A big part of that growth came from a regulatory shift. On June 4, the Pattern Day Trader rule was eliminated, removing the $25,000 minimum account balance requirement that had kept many retail traders on the sidelines. The rule change opened the door to a wave of active trading on Webull’s platform.
The results showed the impact clearly. Equity notional volume hit $279 billion for the quarter. Options contracts reached 213 million.
Customer assets grew 79% year-over-year to $28.5 billion. Registered users rose 13% to 28.2 million.
AI Platform Gaining Traction
Webull’s AI system, called Vega, reached 480,000 active users during the quarter. The company has pointed to AI-driven growth as a key part of its strategy going forward.
Northland Securities analyst Michael Grondahl kept his Buy rating on the stock and raised his price target from $14 to $15. He cited the strong Q2 results, demonstrated operating leverage, and the AI initiatives as reasons for the updated target.
BULL still trades well below its 52-week high of $16.04, even after Wednesday’s pre-market move.
Crypto Rally Added to the Momentum
Going into earnings, BULL had already been moving higher on Tuesday. Bitcoin and other cryptocurrencies rallied as falling Treasury yields boosted appetite for risk assets.
President Trump’s planned meeting with crypto executives at the White House and expectations of a clearer U.S. regulatory framework for digital assets also lifted sentiment.
That matters for Webull because the platform offers crypto trading. When crypto prices rise sharply, it tends to bring more retail traders back to the platform, boosting volume and engagement. Webull shares were up 6.81% at $8.47 during Wednesday’s session before the earnings report dropped.
Analysts going into the print had been looking for adjusted EPS of $0.03 on revenue of $181.26 million. Webull cleared both comfortably.
In Q1 2026, Webull’s revenue climbed 36% year-over-year to $159.9 million, though total operating expenses jumped 68% as the company ramped up marketing and absorbed higher transaction costs tied to surging volumes.
The Q2 print shows that cost growth has now been outpaced by revenue growth, with adjusted operating profit hitting a record high for the quarter.
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