Webull Corporation is a St. Petersburg, Florida-headquartered digital investment platform (Nasdaq: BULL) operating a global network of licensed brokerages across 35 markets (trading in 18), serving 28.2M registered users (+13% YoY), 5.13M funded accounts (+8% YoY), with customer assets of $28.5B (+79% YoY). For Q2 2026, the Company delivered record revenue of $198.8M (+51% YoY, +24% QoQ), driven by trading-related revenue of $147.7M (+66% YoY). Total operating expenses rose 13% YoY (brokerage/transaction costs from volume growth, product expansion, offset by lower SBC). Adjusted operating profit of $62.6M (31.5% margin, up from $23.3M YoY). Adjusted net income of $43.2M (vs $15.4M YoY). Net income of $24.4M (vs $(28.3M) loss YoY). Equity notional volume $279B (+73% YoY), options contracts 213M (+68% YoY), DARTs 1.6M (+62% YoY). The June 4 Pattern Day Trader (PDT) rule elimination enabled immediate active trader functionality rollout, contributing to record volumes. Vega AI added ~160K users (480K total active). International expansion: launched Spain, Argentina, Colombia (now 35 markets licensed, 18 trading). Announced Pi Securities acquisition in Thailand. Cash: $701.6M + $1.224B segregated = $1.93B total. Repurchased 1.82M shares at $6.03 avg ($11M).
The investment thesis rests on three variables. The post-PDT rule elimination volume surge and the active trader monetization is the load-bearing top-line variable, with equity notional volume $279B (+73% YoY), options contracts 213M (+68% YoY), DARTs 1.6M (+62% YoY), and the strategic intent is to sustain the elevated engagement through the active trader tool suite and the Vega AI integration, and the market will track the monthly DARTs, notional volume, and the active trader feature adoption as real-time indicators. The international expansion and the institutional/B2B diversification is the load-bearing growth variable, with 35 markets licensed (18 trading), international funded accounts 810K, Pi Securities Thailand acquisition announced, B2B futures/prediction markets, Monark Markets partnership for private company access, and the strategic intent is to scale the global footprint while building recurring institutional revenue streams, and the market will track the market entry timeline, the international AUM growth, and the B2B revenue contribution as real-time indicators. The operating leverage and the margin expansion trajectory is the load-bearing profitability variable, with 31.5% adjusted operating margin (up from ~17% YoY), operating expenses growing only 13% vs revenue +51%, SBC decreasing, and the strategic intent is to continue expanding margins toward the mid-30s% through scale and technology leverage, and the market will track the quarterly adjusted operating margin and the expense ratio as real-time indicators.