Webull delivered what management called the best quarter in the company’s history as a sharp increase in trading activity drove revenue and adjusted operating profit substantially higher, while adoption of its Vega artificial intelligence platform continued to expand.
Second-quarter revenue increased 51% year-over-year to a record $198.8 million, while trading-related revenue jumped 66% to $147.7 million.
Adjusted operating profit increased approximately 169% to $62.6 million from $23.3 million, producing an adjusted operating margin of 31.5%. Adjusted net income increased to $43.2 million from $15.4 million.
The operating leverage was particularly notable because total operating expenses increased only 13%, substantially slower than the 51% increase in revenue. Webull swung to $34.7 million of pretax income from a $21.4 million pretax loss a year earlier.
GAAP net income attributable to Webull reached $24.4 million compared with a $28.3 million net loss in the prior-year quarter.
Trading activity accelerated across both equities and options.
Equity notional volume increased 73% year-over-year to $279 billion and rose another 7% sequentially. Options contract volume climbed 68% year-over-year to 213 million contracts and increased 34% sequentially. Daily average revenue trades increased 62% to 1.6 million.
Webull linked part of the record trading activity to updated active-trader functionality implemented following the June 4 elimination of the Pattern Day Trader Rule. The company said eligible customers were able to take advantage of the changed trading environment immediately, contributing to higher engagement and volumes.
At the same time, Webull is building AI more deeply into the platform. Vega AI added approximately 160,000 users during the quarter, bringing its active user base to approximately 480,000.
Webull also expanded its Model Context Protocol capabilities to support natural-language research, tool building and trade execution through leading AI models.
Customer assets increased 79% year-over-year to $28.5 billion, registered users reached 28.2 million and funded accounts increased 8% to 5.13 million.
Webull continued expanding internationally as well, launching in Spain, Argentina and Colombia. The company is now licensed across 35 markets and conducts trading activities in 18 markets. International funded accounts reached approximately 810,000.
KEY QUOTES:
“Webull’s advanced technology platform enabled eligible customers to fully leverage the new trading environment from day one, contributing to record trading volumes and strong customer engagement.”
Anthony Denier, Group President and U.S. CEO of Webull
“Q2 was the best quarter in Webull’s history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially.”
H.C. Wang, Chief Financial Officer of Webull
