Q2 2026 Webull Corp Earnings Call Transcript
Key Points
- Record Q2 revenue of $198.8 million, up 51% year-over-year, driven by strong trading activity and asset growth.
- Adjusted operating profit reached a record $62.6 million, with a 31.5% operating margin, demonstrating significant operating leverage.
- Successfully navigated the SEC's elimination of the Pattern Day Trader (PDT) rule, leading to record trading volumes and a top-five position in retail options.
- Customer assets grew 79% year-over-year to $28.5 billion, with average account size nearly doubling to over $5,500.
- AI-powered Vega system saw strong adoption, with 480,000 active users and a 23% quarter-over-quarter increase in engagement from active traders.
- International expansion continues, with launches in Spain, Argentina, and Colombia, and the acquisition of Thai Securities to boost APAC growth.
- Institutional business is growing, with AUM exceeding $1.4 billion, and new offerings like futures and prediction markets expanding the product suite.
- Marketing expenses, while normalized, still reflect amortization from prior aggressive promotions, impacting near-term profitability.
- Crypto revenue remains minimal at just over 1% of total revenue, with the business still in early stages of recovery.
- Institutional business growth has been slower than expected, with onboarding taking longer than anticipated.
- July saw a slight softness in equity volumes compared to June, indicating some market sensitivity.
- The company is actively addressing dormant accounts, which involves operational costs and may temporarily impact net funded account growth.
- Prediction markets, while growing, are still a small revenue contributor, with quarterly revenue estimated at $5-6 million.
- The PDT rule change benefit may not be fully durable, with potential for volume normalization as initial excitement fades.
Good day, and welcome to the Webull Corporation second quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Carlos Questell, Head of Investor Relations for Webull. Please go ahead.
Good morning, good afternoon and good evening, everyone. Welcome to Webull's second quarter 2026 conference call. Earlier today, we issued a press release detailing our second quarter financial results. A copy of the release can be found on our IR website at webullcorp.com under the Investor Relations tab. Please note that this call is being recorded and will be available for replay via our IR website.
This call will include forward-looking statements about the company's performance and business outlook. These statements are based on how we see things today and contain elements of uncertainty. For information concerning the factors that can cause actual results to differ materially, please refer to the
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