Webull Swings to $24 Million Profit as Trading Revenue Jumps 66%

Online broker Webull returned to profitability in the second quarter of 2026, reporting net income attributable to the company of $24.4 million against a $28.3 million loss in the same period a year earlier. The latest unaudited results also mark an improvement from the first quarter, when Webull recorded a $21.7 million loss. Revenue rose 51% year over year to $198.8 million, up 24% from the first three months of 2026, while total operating expenses fell 6% sequentially.

Trading activity drove the rebound. Trading-related revenue climbed 66% to $147.7 million, roughly three-quarters of total revenue. Options revenue advanced to $88.4 million from $56.2 million a year earlier, and equity revenue rose to $33.5 million from $19.6 million. Webull handled 213 million options contracts in the quarter, up 68%, while equity notional volume reached $279 billion, a 73% increase. Daily average revenue trades grew 62% to 1.64 million.

"Q2 was the best quarter in Webull's history," Chief Financial Officer H.C. Wang said. Adjusted operating profit came in at $62.6 million, up from $23.3 million, and adjusted net income reached $43.2 million versus $15.4 million.

GAAP operating expenses rose 13% to $153.4 million, a slower pace than revenue. Brokerage and transaction costs increased to $44.3 million from $34.8 million as client activity expanded. Marketing and branding spending was $35.0 million, down sharply from $49.4 million in the first quarter but above the $30.3 million spent a year earlier. Webull separately disclosed $12.4 million of contra revenue from promotional payments, more than double the $5.1 million recorded in the prior-year period.

Customer assets stood at $28.5 billion at the end of June, up 79% year over year, after $2.1 billion of net deposits during the quarter. Registered users rose 13% to 28.2 million, while funded accounts reached 5.13 million, up only 8% year over year. The figures imply about $5,556 of assets per funded account, a lower average than Robinhood's roughly $12,993 and Interactive Brokers' approximately $179,000, according to an FM Intelligence comparison cited in the release.

Webull's Vega AI assistant added about 160,000 users during the quarter, bringing active users to roughly 480,000. The company continued geographic expansion following launches in Spain, Argentina and Colombia, and now operates in 18 markets. About 810,000 funded accounts are outside the United States, and institutional assets under management exceeded $1.4 billion. Post-quarter data showed customer assets easing to $27.3 billion in July from $28.5 billion in June.