Webull posted $34.7 million in pretax income for the June 30 quarter, up from a $21.4 million pretax loss a year earlier, as revenue rose 51% to $198.8 million. Funded accounts rose 8% to 5.13 million, while existing users drove most of the roughly 70% trading-volume growth.
Adjusted operating profit reached $62.6 million, a 31.5% margin, up from $23.3 million a year earlier. Customer assets rose 79% to $28.5 billion, far faster than net deposits, which grew 7%; trading-related revenue totaled $147.7 million. Adjusted operating expenses climbed 26% to $136.2 million, largely because higher volumes raised brokerage and transaction costs, though total operating expenses rose 13%. Working-capital swings drove a $250.9 million net operating cash outflow in the first half of 2026; total equity was $1.04 billion.
Management cited updated active-trader tools, rolled out after the Pattern Day Trader Rule was eliminated June 4, as a driver of activity. Webull launched in Spain, Argentina and Colombia, announced the purchase of Pi Securities in Thailand, expanded Vega AI to about 480,000 users, and added futures and prediction markets plus a partnership giving accredited investors access to late-stage private companies. The analysis says one quarter cannot show whether these efforts will make growth less dependent on high trading volumes.
