Webull Reports Second Quarter 2026 Financial Results

Webull reports another strong quarter of growth, marked by record trading volumes, increased customer assets, and strong net deposits. Webull continues to invest in strategic priorities, including enhanced offerings for its active traders, international expansion, and building its institutional business.

ST. PETERSBURG, Fla., Aug. 19, 2026 /PRNewswire/ -- Webull Corporation (NASDAQ: BULL) ("Webull" or the "Company") today announced financial and operating results for the second quarter ended June 30, 2026.

"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," said Anthony Denier, Group President and U.S. CEO. "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. We also made significant progress in executing on our 2026 roadmap, including expanding our AI capabilities with the launch of Vega Analyst, extending our global footprint, and scaling our institutional business. We believe these investments are strengthening Webull's position as a leading platform for active traders seeking access to investment opportunities across global markets and asset classes."

"Q2 was the best quarter in Webull's history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially," said H.C. Wang, Chief Financial Officer of Webull. "Adjusted operating profit reached $62.6 million, representing a 31.5% operating margin, while adjusted net income was $43.2 million. These results demonstrate the operating leverage inherent in our platform and the potential for further margin expansion."

Second Quarter Results

Financial Results

• Total revenues increased 51% year-over-year to $198.8 million.
• Trading-related revenue increased 66% year-over-year to $147.7 million.
• Total operating expenses increased 13% year-over-year, primarily driven by higher brokerage and transaction costs associated with rapid growth in trading volumes as well as product expansion, offset by lower share-based compensation expense.
• Adjusted operating expenses increased 26% year-over-year to $136.2 million.
• Income before income taxes totaled $34.7 million for the quarter, compared to a loss before taxes of $21.4 million for the prior year comparative quarter. The increase of $56.1 million in income was primarily due to total revenues growing 51%, which outpaced the 13% increase in total operating expenses.
• Adjusted operating profit totaled $62.6 million for the quarter, compared to $23.3 million for the prior year comparative quarter.
• Adjusted operating profit per share – basic and diluted was $0.12, compared with a basic and diluted adjusted operating profit per share of $0.05 in the prior year comparative quarter.
• Net income attributable to the Company was $24.4 million for the quarter, compared to a net loss of $28.3 million for the prior year comparative quarter.
• Adjusted net income increased to $43.2 million for the quarter, compared to $15.4 million for the prior year comparative quarter.
• Net income per ordinary share – basic and diluted was $0.05 and $0.04 per share, respectively, compared to basic and diluted loss per ordinary share of $1.20 per share for the prior year comparative quarter.
• Share Repurchase Program – During the quarter, the Company repurchased and cancelled 1,820,788 Class A ordinary shares at an average repurchase price of $6.03.

Operating Results

• Customer assets (AUM) totaled $28.5 billion, representing 79% year-over-year growth, driven by net deposits which grew 7% year-over-year.
• Registered users increased 13% year-over-year to 28.2 million users.
• Funded accounts increased to 5.13 million, representing 8% year-over-year growth.
• Equity notional volume grew to $279 billion, representing a 73% year-over-year increase and an increase of 7% from the previous quarter.
• Options contracts volume grew to 213 million, a 68% year-over-year increase and an increase of 34% from the previous quarter.
• DARTs increased to 1.6 million, representing 62% year-over-year growth.

Company Highlights

• Successfully implemented updated active trader functionality for all eligible customers following the elimination of the Pattern Day Trader Rule, contributing to record quarterly trading volumes.
• Vega AI added approximately 160,000 new users during the quarter, bringing total active users to approximately 480,000.
• Expanded Model Context Protocol ("MCP") to support natural-language research, tool-building and trade execution through leading AI models.
• Introduced paper trading capabilities to achieve parity with live trading across asset classes, providing users with the ability to test and refine trading strategies.
• Continued international expansion with the launch of Webull in Spain, Argentina, and Colombia. Webull is now licensed across 35 markets globally and operates trading activities in 18 markets.
• International funded accounts grew to approximately 810,000.
• Announced the acquisition of Pi Securities in Thailand, expanding Webull's presence in Asia-Pacific where customer assets now exceed $5 billion.
• Expanded Webull's B2B offering with access to futures and prediction markets, and partnered with Monark Markets to provide accredited investors access to late-stage private companies through special purpose vehicles.

Conference Call Information

Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, August 19, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=y93ulpXT or participants may dial 1-844-744-1431 (U.S.) or 1-412-564-6518 (international).

Following the call, a replay and transcript will be available on the Company's website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.

About Webull Corporation

Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure and AI technologies. Through its global network of licensed brokerages, Webull offers investment services in 18 markets across North America, Asia Pacific, Europe, Africa, and Latin America. Webull serves more than 28 million registered users globally, providing retail and institutional investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull's trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.

Contacts

For Investors [email protected]

For Media 5W Public Relations Nicholas Koulermos email protected 999-5585

Use of Non-GAAP Financial Measures

We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.

We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, earnings per share, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Financial Measures" set forth at the end of this press release.

Definitions

"Customer assets" refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers' investments and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.

"DARTs" refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.

"Equity notional volume" refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers' equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.

"Funded accounts" refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer's account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.

"Options contracts volume" refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers' options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.

"Registered users" refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.

Webull Corporation

Condensed Consolidated Statements of Financial Position

June 30, 2026

December 31, 2025

(Unaudited)

Assets

Cash and cash equivalents

$

701,621,304

$

653,188,906

Cash and cash equivalents segregated under federal and foreign requirements

1,224,069,199

1,537,119,275

Receivables from brokers, dealers, and clearing organizations

701,369,826

562,961,145

Receivables from customers, net

1,011,784,680

708,785,550

Prepaid expenses and other current assets

60,814,415

50,208,272

Customer-held fractional shares

223,802,727

172,309,953

Total current assets

3,923,462,151

3,684,573,101

Right-of-use assets

64,014,634

64,357,655

Property and equipment, net

41,473,511

35,894,855

Intangible assets, net

54,269,690

55,434,567

Goodwill

25,066,700

30,264,138

Deferred tax assets

3,450,909

9,346,987

Other non-current assets

1,000,000

1,000,000

Total non-current assets

189,275,444

196,298,202

Total assets

$

4,112,737,595

$

3,880,871,303

Liabilities and shareholders' equity

Payables due to customers

$

2,877,895,236

$

2,667,837,626

Payables due to brokers, dealers, and clearing organizations

1,632,515

3,481,115

Lease liabilities - current portion

3,497,320

3,611,195

Accounts payable and other accrued expenses

97,610,615

102,183,377

Revolving credit facility

17,611,040

–

Unsecured promissory notes

50,000,000

–

Total current liabilities

3,048,246,726

2,777,113,313

Lease liabilities - non-current portion

7,624,608

8,911,821

Unsecured promissory notes

–

65,000,000

Deferred tax liabilities

13,193,834

13,366,222

Total non-current liabilities

20,818,442

87,278,043

Total liabilities

3,069,065,168

2,864,391,356

Commitments and Contingencies

–

–

Shareholders' equity

Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 446,769,891 and 445,905,406 shares issued and outstanding as of June 30, 2026, respectively; and 440,715,769 and 439,591,284 shares issued and outstanding as of December 31, 2025, respectively)

4,459

4,396

Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 83,859,005 shares issued and outstanding as of June 30, 2026 and December 31, 2025)

839

839

Treasury shares (864,485 and 1,124,485 shares as of June 30, 2026 and December 31, 2025, respectively)

–

–

Additional paid in capital

3,207,257,664

3,192,952,827

Accumulated deficit

(2,175,548,251)

(2,178,189,845)

Accumulated other comprehensive income

11,817,455

1,524,496

Total shareholders' equity

1,043,532,166

1,016,292,713

Noncontrolling interest

140,261

187,234

Total equity

1,043,672,427

1,016,479,947

Total liabilities and total equity

$

4,112,737,595

$

3,880,871,303

Webull Corporation

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026

2025

2026

2025

Revenues

Equity and option order flow rebates

$

112,961,852

$

68,688,838

$

197,354,691

$

132,800,020

Interest related income

42,752,379

36,286,533

82,802,757

67,426,597

Handling charge income

34,780,092

20,105,503

61,192,834

37,652,513

Other revenues

8,336,757

6,412,476

17,408,814

10,983,055

Total revenues

198,831,080

131,493,350

358,759,096

248,862,185

Operating expenses

Brokerage and transaction

44,348,662

34,800,716

82,741,802

58,046,172

Technology and development

22,157,376

19,140,449

46,018,198

36,065,341

Marketing and branding

35,046,209

30,300,834

84,457,375

53,291,872

General and administrative

51,823,929

50,976,724

102,465,372

84,597,444

Total operating expenses

153,376,176

135,218,723

315,682,747

232,000,829

Other expense, net

10,768,430

17,659,796

21,200,591

18,749,213

Income (loss) before income taxes

34,686,474

(21,385,169)

21,875,758

(1,887,857)

Provision for income taxes

10,343,085

6,999,777

19,270,241

13,558,002

Net income (loss)

24,343,389

(28,384,946)

2,605,517

(15,445,859)

Less net loss attributable to noncontrolling interest

(20,935)

(110,919)

(36,077)

(257,639)

Net income (loss) attributable to the Company

24,364,324

(28,274,027)

2,641,594

(15,188,220)

Preferred shares redemption value accretion

–

–

–

(21,702,737)

Fair value of ordinary shares issued to preferred shareholders

–

(513,080,828)

–

(513,080,828)

Fair value of ordinary share warrants issued to preferred shareholders

–

(15,600,000)

–

(15,600,000)

Excess carrying value of preferred shares repurchased

–

38,093,537

–

38,093,537

Net income (loss) attributable to ordinary shareholders

$

24,364,324

$

(518,861,318)

$

2,641,594

$

(527,478,248)

Net income (loss) per share attributable to ordinary shareholders

Basic

$

0.05

$

(1.20)

$

0.00

$

(1.84)

Diluted

$

0.04

$

(1.20)

$

0.00

$

(1.84)

Weighted-average shares outstanding

Basic

530,642,516

431,390,035

528,397,409

286,155,488

Diluted

542,622,870

431,390,035

543,513,592

286,155,488

Net income (loss)

$

24,343,389

$

(28,384,946)

$

2,605,517

$

(15,445,859)

Other comprehensive income, net of tax:

Change in cumulative foreign currency translation adjustment

4,603,428

9,212,371

10,282,063

10,954,020

Other comprehensive income

4,603,428

9,212,371

10,282,063

10,954,020

Comprehensive income (loss)

28,946,817

(19,172,575)

12,887,580

(4,491,839)

Less comprehensive loss attributable to noncontrolling interest

(20,935)

(110,919)

(36,077)

(257,639)

Less foreign currency translation adjustment attributable to noncontrolling interest

(6,894)

12,414

(10,896)

(15,713)

Preferred shares redemption value accretion

–

–

–

(21,702,737)

Fair value of ordinary shares issued to preferred shareholders

–

(513,080,828)

–

(513,080,828)

Fair value of ordinary share warrants issued to preferred shareholders

–

(15,600,000)

–

(15,600,000)

Excess carrying value of preferred shares repurchased

–

38,093,537

–

38,093,537

Comprehensive income (loss) attributable to ordinary shareholders

$

28,974,646

$

(509,661,361)

$

12,934,553

$

(516,508,515)

Webull Corporation Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures

Adjusted Operating Expenses Reconciliation

(Unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025

2026

2025

2026

Total operating expenses (GAAP)

$

135,218,723

$

153,376,176

$

232,000,829

$

315,682,747

Less: Share-based compensation

26,969,402

17,135,196

35,038,447

34,336,772

Adjusted operating expenses (Non- GAAP)

$

108,249,321

$

136,240,980

$

196,962,382

$

281,345,975

Adjusted Operating Profit Reconciliation

(Unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025

2026

2025

2026

Income (loss) before income taxes

$

(21,385,169)

$

34,686,474

$

(1,887,857)

$

21,875,758

Add: Other expense (income), net

17,659,796

10,768,430

18,749,213

21,200,591

Add: Share-based compensation

26,969,402

17,135,196

35,038,447

34,336,772

Adjusted operating profit (Non-GAAP)

$

23,244,029

$

62,590,100

$

51,899,803

$

77,413,121

Adjusted operating profit per share (Non-GAAP) - basic

$

0.05

$

0.12

$

0.18

$

0.15

Adjusted operating profit per share (Non-GAAP) - diluted

$

0.05

$

0.12

$

0.16

$

0.14

Weighted-average shares outstanding - basic

431,390,035

530,642,516

286,155,488

528,397,409

Weighted-average shares outstanding - diluted

473,431,087

542,622,870

325,521,525

543,513,592

Adjusted Net Income Reconciliation

(Unaudited)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025

2026

2025

2026

Net income (loss) attributable to the Company (GAAP)

$

(28,274,027)

$

24,364,324

$

(15,188,220)

$

2,641,594

Add: Share-based compensation

26,969,402

17,135,196

35,038,447

34,336,772

Add: Deferred tax impact of officer stock compensation and other items

–

(2,192,461)

–

5,845,761

Add: Foreign currency transaction losses (gains)

5,740,232

3,854,895

5,843,939

9,573,592

Add: Equity Offering Costs

10,976,693

–

10,976,693

–

Adjusted net income (Non-GAAP)

$

15,412,300

$

43,161,954

$

36,670,859

$

52,397,719

Contra Revenue Impact

Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense*.* Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our revenues.

Quarterly Impact:

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2025

2026

2025

2026

Contra revenue impact on:

Option handling fees

$

(1,440,872)

$

(4,196,056)

$

(1,559,413)

$

(8,189,029)

Platform and trading fees

(3,219,590)

(7,670,054)

(5,925,705)

(16,355,583)

Other income

(427,442)

(549,824)

(427,442)

(1,516,700)

Total contra revenue

$

(5,087,904)

$

(12,415,934)

$

(7,912,560)

$

(26,061,312)

Statement Regarding Unaudited Financial and Operational Information

The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequent hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.