That wraps up our initial coverage of Webull’s Q2 results. Thank you for stopping by!
Webull said the June 4 elimination of the Pattern Day Trader Rule helped drive record quarterly trading volumes almost immediately.
Equity notional volume increased 73% year over year to $279 billion, options volume surged 68% to 213 million contracts, and daily average revenue trades climbed 62% to 1.6 million.
The company had updated functionality ready for eligible traders on the first day of the new environment, positioning it to capture activity from smaller accounts previously constrained by the rule.
With funded accounts rising 8% to 5.13 million, the regulatory change could remain a major growth catalyst beyond Q2.
Webull posted record second-quarter revenue of $198.8 million, up 51% year over year and 24% sequentially, as trading activity climbed across its platform.
Trading-related revenue jumped 66% to $147.7 million, while adjusted operating profit nearly tripled to $62.6 million, producing a 31.5% margin.
The company also swung from a $28.3 million net loss last year to $24.4 million in net income. Customer assets climbed 79% to $28.5 billion, giving investors evidence that Webull is generating meaningful operating leverage as it scales.
Webull just reported earnings, with shares initially up 11% following a strong double beat. Here are the key numbers:
Webull doubled Wall Street’s earnings estimate, while revenue beat expectations by approximately 10%.
From Webull’s CEO: “I’m proud to report a record second quarter for Webull, highlighted by our successful implementation of updated active trader functionality following the June 4 elimination of the Pattern Day Trader Rule.”
With Webull (NASDAQ:BULL) rallying to $8.55 intraday, tonight’s release hinges on one variable management flagged repeatedly: the first partial quarter under FINRA’s new PDT rule.
CEO Denier guided to a low-end 20% transaction lift over time, though Q2 captures only one month of the rule.
A revenue print above Q1’s $159.93 million, DARTs exceeding 1.3 million, and adjusted operating profit defending $14.8 million would validate the setup.
Order flow rebates, which contributed $84.4 million last quarter, remain the swing factor.
A GAAP loss wider than Q1’s $21.72 million, marketing climbing past $49.41 million, or funded accounts stalling near 5.11 million could unwind today’s 7.82% gain fast.
Webull (NASDAQ:BULL) reports Q2 2026 results after the close today, with shares rising 7.88% to $8.56 despite a -50.34% one-year decline.
Q1 baseline: -$0.04 EPS on $159.93 million revenue.
Options skew bullish: full-chain put/call ratio 0.19, with Aug 21 call open interest at 121,884.
Historically, misses averaged -5.52% earnings-day moves versus 0.48% beat reaction. Revenue slipping into the high-$150 million range could pressure shares after the run-up.
With Webull (NASDAQ:BULL) trading at $8.56 ahead of tonight’s report, here’s the stock’s Bull vs. Bear case ahead of earnings.
Webull could be one of the biggest beneficiaries of FINRA’s June 4 pattern day trader rule change, which removes a major barrier for smaller active traders.
The company is already spending aggressively to capture that opportunity, with marketing approaching 30% of revenue even as trading volumes reach records.
That investment is pressuring near-term margins, but CEO Anthony Denier says Webull is prioritizing “long-term category leadership.”
Institutional activity is also gaining traction, reaching 9.5% of equity notional volume.
If the regulatory tailwind accelerates retail growth and marketing expenses begin to normalize, Webull’s earnings story could improve quickly.
Live coverage has ended. The full story is below.
Webull (NASDAQ:BULL | BULL Price Prediction) is expected to report Q2 2026 earnings today at 4:15 PM ET. This is the first quarter to capture any impact from the pattern day trader rule change, which is a major catalyst management has been flagging all spring. The stock is up 7.5% on Wednesday heading into results.
Q1 revenue reached $159.93 million, up 36% year over year, but GAAP operating expenses climbed 68% to $162.31 million as marketing spend more than doubled to $49.41 million. Webull swung to a GAAP net loss of $21.72 million versus prior-year net income of $13.09 million.
However, Webull saw strong engagement. Equity notional volume jumped 104% to $261 billion, customer assets grew 90% to $24 billion, and funded-account retention hit a record 98.4%. Shares are down 50.34% over the past year but up 9.68% in the past month into the report.
Tonight, I’ll be watching how management quantifies the early pattern day trader response. CEO Anthony Denier called a 20% transaction lift the low-end case and flagged that Q3 impact will exceed Q2, so management’s tone will likely matter more than the Q2 results.
Marketing intensity is the second thing to watch. Webull’s CFO said ex-marketing operating margin has held at 40% or higher every quarter since Q3 of 2024, so any narrowing of the marketing-to-revenue ratio could flip the margin narrative fast.
I’ll also track institutional and B2B flow above the Q1 9.5% share, with nearly 200 institutional clients onboarded. Analysts will also be watching for updates on U.S. self-clearing, which management targeted for Q4 of this year.
Product execution matters too. Coin-in, coin-out, and staking were still expected in Q2, while Vega Analyst users engage 16-17 times per month, with 20% of those sessions converting to a trade.
| Quarter | EPS Surprise | 1-Day Move | 1-Week Move | 30-Day Move |
|---|---|---|---|---|
| Q1 2026 | -233.33% | -6.51% | -3.18% | +1.51% |
| Q4 2025 | -80% | -4.89% | -7.68% | -13.79% |
| Q3 2025 | +133.33% | +4.58% | +10.98% | +1.21% |
| Q2 2025 | n/a | -1.03% | -1.47% | +3.83% |
On average, shares moved -0.34% seven days after earnings over the past year.
Contact [email protected] for any questions or corrections.
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 250 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
He specializes in breaking down complex companies into clear, actionable insights for everyday investors, with a focus on fundamentals-driven research.
His work has also been featured on platforms including Seeking Alpha and Sure Dividend.
Outside of work, Thomas enjoys weight lifting and soccer.
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