Webull Corporation Class A Ordinary Shares

Webull reported record second-quarter revenue of $198.8 million, up 51% year over year. Adjusted operating expenses were $136.2 million, up 26% year over year and down 6% sequentially from $145.1 million in Q1. Adjusted operating profit was $62.6 million, up 169% year over year, with a 31.5% margin, and adjusted net income was $43.2 million, with a 21.7% margin. Trading-related revenues rose 66% year over year to $147.7 million, DARTs increased 62% year over year to 1.64 million, and interest-related income grew 18% year over year to $42.8 million. Customer assets were $28.5 billion, up 79% year over year; funded accounts reached 5.13 million, up 8% year over year; net customer deposits were $1.6 billion, up over 7% year over year. Equity notional volume was $279 billion, up 73% year over year, and options contract volume was 213 million, up 68% year over year. The company did not give formal next-quarter or full-year financial guidance on the call, but management said marketing spend should remain roughly similar in quantum for the rest of the year, and August trading activity was tracking strongly.

Anthony Denier framed the quarter as a major inflection point, saying the elimination of the PDT rule was the defining event and helped drive significant volume growth and record results. He emphasized Webull’s positioning as a platform for active traders, along with international expansion and institutional buildout as the three core growth pillars. His tone was confident and upbeat, especially on the durability of post-PDT behavior, AI product rollout, and the company’s ability to scale globally.

H.C. Wang highlighted that revenue growth outpaced expense growth, creating operating leverage. He cited record revenue of $198.8 million, adjusted operating expenses of $136.2 million, adjusted operating profit of $62.6 million, and adjusted net income of $43.2 million, while noting trading-related revenues of $147.7 million and interest-related income of $42.8 million. He said about 40% of Q1 marketing expense and to a lesser extent Q2 reflected last year’s promotions, that marketing should normalize over the next couple of quarters, and that for the rest of the year spend should be similar in quantum to the first half.

Analysts focused on whether the PDT rule change is a one-time bump or a durable step-up in activity; management said it is already showing sustained effects into July and August, with customers making smaller, more frequent trades and take rates improving. Questions also covered APAC growth and the Pi Securities deal, with management saying it brings immediate AUM benefit and high-quality funded accounts at low acquisition cost. Analysts pressed on marketing spend, dormant accounts, crypto, and prediction markets; management said dormant-account cleanup is a healthy compliance-driven process, crypto revenue was about $2.25 million in Q2, and prediction markets are growing quickly at roughly $5 million to $6 million per quarter and up 71% sequentially.