Webull delivered its strongest quarter since going public, reporting second-quarter revenue of $198.8 million, up 51% from a year earlier and 24% from the first quarter. The result beat both major consensus figures — Barchart's $182.83 million and Investing.com's $165.71 million — though the lack of alignment means the beat ranged from roughly 8.7% to 20%. Trading-related revenue climbed 66% to $147.7 million, showing that customer activity, not cost reductions, drove the quarter. Adjusted operating profit surged 169% to a record $62.6 million, while adjusted net income reached $43.2 million. On a reported basis, Webull posted net income of $24.4 million, reversing a $28.3 million loss a year earlier. Basic earnings per share were $0.05 and diluted EPS were $0.04, ahead of the $0.03–$0.04 consensus range.
The standout driver was the June 4 elimination of the Pattern Day Trader rule, which removed the $25,000 minimum balance requirement and unlocked a wave of active retail trading. Equity notional volume increased 73% year-over-year to $279 billion, options volume rose 68% to 213 million contracts, and daily average revenue trades climbed 62% to 1.64 million. Customer assets jumped 79% to $28.5 billion, far outpacing the 8% increase in funded accounts to 5.13 million, indicating larger balances and stronger engagement among existing users. Webull's prediction-market volume rose about 71% sequentially through the Kalshi integration, generating roughly $5 million to $6 million in quarterly revenue.
Shares closed Wednesday at $8.64, up 8.95% in regular trading, then climbed 14.7% after hours to $9.91. Northland Securities maintained a Buy rating and raised its price target from $14 to $15. Management gave no formal guidance, but executives said July activity remained strong and August volumes were healthy. The company also highlighted its AI platform Vega, which reached 480,000 active users. In the background, the crypto rally — led by Bitcoin as Treasury yields fell and President Trump prepared to meet crypto executives — added to positive sentiment for platforms offering digital-asset trading. Webull also said it is preparing a European crypto launch after securing Dutch regulatory approval, though overseas institutional rollout has taken longer than expected. Robinhood's similarly strong July volumes, with equity notional up 59% and options up 66%, suggest a wider retail-engagement cycle rather than a Webull-specific cost story.
