Webull (NASDAQ: BULL) logs strongest quarter yet as trading hits records
Rhea-AI Filing Summary
Webull Corporation (NASDAQ: BULL) reported its strongest quarter to date for the three months ended June 30, 2026, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially. GAAP net income attributable to the company was $24.4 million, versus a loss in the prior-year quarter, while adjusted net income rose to $43.2 million.
Non-GAAP adjusted operating profit reached $62.6 million with a 31.5% adjusted operating margin, reflecting operating leverage as adjusted operating expenses grew 26% to $136.2 million, slower than revenue. Trading-related revenues benefited from the June elimination of the Pattern Day Trader Rule, contributing to record activity.
Customer assets increased to $28.5 billion, up 79% year-over-year, driven primarily by net deposits. Equity notional trading volume reached $279 billion and options contracts volume 213 million, up 73% and 68% respectively, while DARTs climbed to 1.635 million. Webull continued investing in AI tools, international expansion to 18 markets, and scaling its institutional business.
Positive
- Revenue surged 51% year-over-year to $198.8 million in Q2 2026, with sequential growth of 24%, indicating strong top-line expansion driven largely by higher trading activity and customer assets.
- Adjusted operating profit nearly tripled to $62.6 million, with margin expanding to 31.5%, showing meaningful operating leverage as revenue growth outpaced the 26% rise in adjusted operating expenses.
- Adjusted net income grew to $43.2 million from $15.4 million a year earlier, and Q2 2026 marked the company’s seventh consecutive quarter of profitability with improving non-GAAP margins.
- Customer assets rose 79% year-over-year to $28.5 billion, driven primarily by net deposits, supporting higher trading volumes and interest-related income.
- Trading volumes reached records, with equity notional volume up 73% and options contracts up 68% year-over-year, and DARTs increasing to 1.635 million, evidencing strong platform engagement and market share gains.
Negative
- None.
Filing Explained
The August 19 report is incorporated into registration statements; June 30 balances show 446,769,891 Class A shares outstanding and $17,611,040 of revolving credit.
Webull furnished this Form 6-K as an interim report for its June 30, 2026 results; the report is incorporated into its Form S-8 and Form F-3 registration statements, making the filed information part of those registration statements.
The incorporation is a registration-document action, not a disclosure that securities were offered or sold. The balance sheet reports
At
The June 30 balance sheet also reports a
The financial and operating information is unaudited and may be adjusted during preparation of later financial statements or the year-end audit.
Key Figures
Key Terms
Pattern Day Trader Rule regulatory
payment for order flow financial
Daily Average Revenue Trades financial
contra revenue financial
adjusted operating profit financial
Earnings Snapshot
FAQ
How did Webull (BULL) perform financially in Q2 2026?
What were Webull (BULL)’s key non-GAAP metrics for Q2 2026?
How fast are Webull (BULL)’s customer assets and deposits growing?
What were Webull (BULL)’s trading volumes and DARTs in Q2 2026?
How is Webull (BULL) expanding internationally and institutionally?
What impact did the Pattern Day Trader Rule change have on Webull (BULL)?
How does Webull (BULL) use non-GAAP measures like adjusted operating profit?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2026
Commission File Number: 001-42597
Webull Corporation
200 Carillon Parkway
St. Petersburg, Florida 33716
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40- F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On August 19, 2026, Webull Corporation (the “Company”) issued a press release reporting financial results for the three and six months ended June 30, 2026. On August 19, 2026, the Company also made available an investor presentation on its website. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively.
This Report on Form 6-K (this “Report”), including all exhibits hereto, is incorporated by reference into the Company’s registration statements on Form S-8 (File Nos. 333-289886 and 333-295112) and Form F-3 (File No. 333-286880) and shall be a part of such registration statements from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
| Exhibit No. | Description of Exhibits | |
| 99.1 | Press Release dated August 19, 2026 | |
| 99.2 | Investor Presentation |
1
Forward-Looking Statements
This Report includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this Report, the Exhibits thereto or other statements of the Company made in connection therewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “predict,” “potential,” “seek,” “future,” “propose,” “continue,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.
All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this Report, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company’s business on third-parties and the risk that the Company’s platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company’s global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company’s business practices; (4) the Company’s estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company’s expectations regarding demand for and market acceptance of its products and service; (5) the Company’s reliance on trading related income, including payment for order flow (“PFOF”), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company’s exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company’s reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company’s industry and the Company’s need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company’s platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) the risks associated with incorporating artificial intelligence technologies into certain of our products and processes, including potential regulatory, operational, reputational, or compliance challenges; (14) risks related to the Company’s need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (15) the ability to meet, or continue to meet, stock exchange listing standards; (16) the possibility of adverse developments in pending or new litigation and regulatory investigations; (17) risks relating to our offering of event contracts or prediction market products in the United States, including potential changes in regulatory interpretations or enforcement priorities; (18) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (19) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (20) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; (21) risks relating to the Company’s share repurchase program under which the Company may repurchase up to $100 million of its Class A ordinary shares, including that the program may be suspended, modified or discontinued at any time, and that the actual amount, timing and manner of any repurchases will depend on market conditions, share price, applicable legal requirements, contractual restrictions and other factors; and (22) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the U.S. Securities and Exchange Commission (the “SEC”), including in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the SEC, such as the Company’s Annual Report on Form 20-F filed with the SEC on April 9, 2026. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this Report may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this Report should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WEBULL CORPORATION | ||
| Date: August 19, 2026 | By: | /s/ Anquan Wang |
| Name: | Anquan Wang | |
| Title: | Chief Executive Officer | |
3
Exhibit 99.1
Webull Reports Second Quarter 2026 Financial Results
Webull reports another strong quarter of growth, marked by record trading volumes, increased customer assets, and strong net deposits. Webull continues to invest in strategic priorities, including enhanced offerings for its active traders, international expansion, and building its institutional business.
ST. PETERSBURG, Fla., August 19, 2026 /PRNewswire/ – Webull Corporation (NASDAQ: BULL) (“Webull” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2026.
“I’m proud to report a record second quarter for Webull, highlighted by our successful implementation of updated active trader functionality following the June 4 elimination of the Pattern Day Trader Rule,” said Anthony Denier, Group President and U.S. CEO. “Webull’s advanced technology platform enabled eligible customers to fully leverage the new trading environment from day one, contributing to record trading volumes and strong customer engagement. We also made significant progress in executing on our 2026 roadmap, including expanding our AI capabilities with the launch of Vega Analyst, extending our global footprint, and scaling our institutional business. We believe these investments are strengthening Webull’s position as a leading platform for active traders seeking access to investment opportunities across global markets and asset classes.”
“Q2 was the best quarter in Webull’s history, with record revenue of $198.8 million, up 51% year-over-year and 24% sequentially,” said H.C. Wang, Chief Financial Officer of Webull. “Adjusted operating profit reached $62.6 million, representing a 31.5% operating margin, while adjusted net income was $43.2 million. These results demonstrate the operating leverage inherent in our platform and the potential for further margin expansion.”
Second Quarter Results
Financial Results
| ● | Total revenues increased 51% year-over-year to $198.8 million. |
| ● | Trading-related revenue increased 66% year-over-year to $147.7 million. |
| ● | Total operating expenses increased 13% year-over-year, primarily driven by higher brokerage and transaction costs associated with rapid growth in trading volumes as well as product expansion, offset by lower share-based compensation expense. |
| ● | Adjusted operating expenses increased 26% year-over-year to $136.2 million. |
| ● | Income before income taxes totaled $34.7 million for the quarter, compared to a loss before taxes of $21.4 million for the prior year comparative quarter. The increase of $56.1 million in income was primarily due to total revenues growing 51%, which outpaced the 13% increase in total operating expenses. |
| ● | Adjusted operating profit totaled $62.6 million for the quarter, compared to $23.3 million for the prior year comparative quarter. |
| ● | Adjusted operating profit per share – basic and diluted was $0.12, compared with a basic and diluted adjusted operating profit per share of $0.05 in the prior year comparative quarter. |
| ● | Net income attributable to the Company was $24.4 million for the quarter, compared to a net loss of $28.3 million for the prior year comparative quarter. |
| ● | Adjusted net income increased to $43.2 million for the quarter, compared to $15.4 million for the prior year comparative quarter. |
| ● | Net income per ordinary share – basic and diluted was $0.05 and $0.04 per share, respectively, compared to basic and diluted loss per ordinary share of $1.20 per share for the prior year comparative quarter. |
| ● | Share Repurchase Program – During the quarter, the Company repurchased and cancelled 1,820,788 Class A ordinary shares at an average repurchase price of $6.03. |
Operating Results
| ● | Customer assets (AUM) totaled $28.5 billion, representing 79% year-over-year growth, driven by net deposits which grew 7% year-over-year. |
| ● | Registered users increased 13% year-over-year to 28.2 million users. |
| ● | Funded accounts increased to 5.13 million, representing 8% year-over-year growth. | |
| ● | Equity notional volume grew to $279 billion, representing a 73% year-over-year increase and an increase of 7% from the previous quarter. | |
| ● | Options contracts volume grew to 213 million, a 68% year-over-year increase and an increase of 34% from the previous quarter. | |
| ● | DARTs increased to 1.6 million, representing 62% year-over-year growth. |
Company Highlights
| ● | Successfully implemented updated active trader functionality for all eligible customers following the elimination of the Pattern Day Trader Rule, contributing to record quarterly trading volumes. |
| ● | Vega AI added approximately 160,000 new users during the quarter, bringing total active users to approximately 480,000. |
| ● | Expanded Model Context Protocol (“MCP”) to support natural-language research, tool-building and trade execution through leading AI models. |
| ● | Introduced paper trading capabilities to achieve parity with live trading across asset classes, providing users with the ability to test and refine trading strategies. |
| ● | Continued international expansion with the launch of Webull in Spain, Argentina, and Colombia. Webull is now licensed across 35 markets globally and operates trading activities in 18 markets. |
| ● | International funded accounts grew to approximately 810,000. |
| ● | Announced the acquisition of Pi Securities in Thailand, expanding Webull’s presence in Asia-Pacific where customer assets now exceed $5 billion. |
| ● | Expanded Webull’s B2B offering with access to futures and prediction markets, and partnered with Monark Markets to provide accredited investors access to late-stage private companies through special purpose vehicles. |
2
Conference Call Information
Webull will host a conference call to discuss its results at 5:00 p.m. E.T. today, August 19, 2026. The conference call can be accessed at https://event.choruscall.com/mediaframe/webcast.html?webcastid=y93ulpXT or participants may dial 1-844-744-1431 (U.S.) or 1-412-564-6518 (international).
Following the call, a replay and transcript will be available on the Company’s website at www.webullcorp.com/investor-relations, as well as the earnings press release and accompanying slide presentation.
About Webull Corporation
Webull Corporation (NASDAQ: BULL) owns and operates Webull, a leading digital investment platform built on next-generation global infrastructure and AI technologies. Through its global network of licensed brokerages, Webull offers investment services in 18 markets across North America, Asia Pacific, Europe, Africa, and Latin America. Webull serves more than 28 million registered users globally, providing retail and institutional investors with 24/7 access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options, futures, fractional shares, and digital assets through Webull’s trading platform, which seamlessly integrates market data and information, its user community, and investor education resources. Learn more at www.webullcorp.com. You may also access certain information on Webull and its securities on the website of the U.S. Securities and Exchange Commission (the “SEC”) at http://www.sec.gov, where Webull will, among others, be filing reports, such as Reports on Form 6-K and its Annual Report on Form 20-F.
Contacts
For Investors
ir@webullcorp.com
For Media
5W Public Relations
Nicholas Koulermos
Webull@5wpr.com
(212) 999-5585
Use of Non-GAAP Financial Measures
We use adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses, all of which are non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted operating profit per share represents adjusted operating profit divided by our weighted average shares outstanding on a basic and diluted basis. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses, and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions.
We believe that adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income before income taxes, net income, and total operating expenses. We believe that adjusted operating profit, adjusted net income, and adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
3
Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses should not be considered in isolation or construed as an alternative to income before income taxes, earnings per share, net income attributable to the Company, and total operating expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit, adjusted operating profit per share, adjusted net income, and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Quarterly Reconciliations of Non-GAAP and GAAP Financial Measures” set forth at the end of this press release.
Definitions
“Customer assets” refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, digital assets and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers’ investments and digital holdings, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.
“DARTs” refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.
“Equity notional volume” refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers’ equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.
“Funded accounts” refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer’s account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.
“Options contracts volume” refers to the total number of options contracts bought or sold over a specified period of time. Options contracts volume directly drives our options trading revenue, as we earn payment for order flow or commissions for customers’ options trades on a per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting our options trading revenue with precision difficult.
“Registered users” refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.
4
Webull Corporation
Condensed Consolidated Statements of Financial Position
| June 30, 2026 | December 31, 2025 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 701,621,304 | $ | 653,188,906 | ||||
| Cash and cash equivalents segregated under federal and foreign requirements | 1,224,069,199 | 1,537,119,275 | ||||||
| Receivables from brokers, dealers, and clearing organizations | 701,369,826 | 562,961,145 | ||||||
| Receivables from customers, net | 1,011,784,680 | 708,785,550 | ||||||
| Prepaid expenses and other current assets | 60,814,415 | 50,208,272 | ||||||
| Customer-held fractional shares | 223,802,727 | 172,309,953 | ||||||
| Total current assets | 3,923,462,151 | 3,684,573,101 | ||||||
| Right-of-use assets | 64,014,634 | 64,357,655 | ||||||
| Property and equipment, net | 41,473,511 | 35,894,855 | ||||||
| Intangible assets, net | 54,269,690 | 55,434,567 | ||||||
| Goodwill | 25,066,700 | 30,264,138 | ||||||
| Deferred tax assets | 3,450,909 | 9,346,987 | ||||||
| Other non-current assets | 1,000,000 | 1,000,000 | ||||||
| Total non-current assets | 189,275,444 | 196,298,202 | ||||||
| Total assets | $ | 4,112,737,595 | $ | 3,880,871,303 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Payables due to customers | $ | 2,877,895,236 | $ | 2,667,837,626 | ||||
| Payables due to brokers, dealers, and clearing organizations | 1,632,515 | 3,481,115 | ||||||
| Lease liabilities - current portion | 3,497,320 | 3,611,195 | ||||||
| Accounts payable and other accrued expenses | 97,610,615 | 102,183,377 | ||||||
| Revolving credit facility | 17,611,040 | – | ||||||
| Unsecured promissory notes | 50,000,000 | – | ||||||
| Total current liabilities | 3,048,246,726 | 2,777,113,313 | ||||||
| Lease liabilities - non-current portion | 7,624,608 | 8,911,821 | ||||||
| Unsecured promissory notes | – | 65,000,000 | ||||||
| Deferred tax liabilities | 13,193,834 | 13,366,222 | ||||||
| Total non-current liabilities | 20,818,442 | 87,278,043 | ||||||
| Total liabilities | 3,069,065,168 | 2,864,391,356 | ||||||
| Commitments and Contingencies | – | – | ||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares ($0.00001 par value; 4,000,000,000 shares authorized, 446,769,891 and 445,905,406 shares issued and outstanding as of June 30, 2026, respectively; and 440,715,769 and 439,591,284 shares issued and outstanding as of December 31, 2025, respectively) | 4,459 | 4,396 | ||||||
| Class B ordinary shares ($0.00001 par value, 1,000,000,000 shares authorized, 83,859,005 shares issued and outstanding as of June 30, 2026 and December 31, 2025) | 839 | 839 | ||||||
| Treasury shares (864,485 and 1,124,485 shares as of June 30, 2026 and December 31, 2025, respectively) | – | – | ||||||
| Additional paid in capital | 3,207,257,664 | 3,192,952,827 | ||||||
| Accumulated deficit | (2,175,548,251 | ) | (2,178,189,845 | ) | ||||
| Accumulated other comprehensive income | 11,817,455 | 1,524,496 | ||||||
| Total shareholders’ equity | 1,043,532,166 | 1,016,292,713 | ||||||
| Noncontrolling interest | 140,261 | 187,234 | ||||||
| Total equity | 1,043,672,427 | 1,016,479,947 | ||||||
| Total liabilities and total equity | $ | 4,112,737,595 | $ | 3,880,871,303 | ||||
5
Webull Corporation
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | ||||||||||||||||
| Equity and option order flow rebates | $ | 112,961,852 | $ | 68,688,838 | $ | 197,354,691 | $ | 132,800,020 | ||||||||
| Interest related income | 42,752,379 | 36,286,533 | 82,802,757 | 67,426,597 | ||||||||||||
| Handling charge income | 34,780,092 | 20,105,503 | 61,192,834 | 37,652,513 | ||||||||||||
| Other revenues | 8,336,757 | 6,412,476 | 17,408,814 | 10,983,055 | ||||||||||||
| Total revenues | 198,831,080 | 131,493,350 | 358,759,096 | 248,862,185 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Brokerage and transaction | 44,348,662 | 34,800,716 | 82,741,802 | 58,046,172 | ||||||||||||
| Technology and development | 22,157,376 | 19,140,449 | 46,018,198 | 36,065,341 | ||||||||||||
| Marketing and branding | 35,046,209 | 30,300,834 | 84,457,375 | 53,291,872 | ||||||||||||
| General and administrative | 51,823,929 | 50,976,724 | 102,465,372 | 84,597,444 | ||||||||||||
| Total operating expenses | 153,376,176 | 135,218,723 | 315,682,747 | 232,000,829 | ||||||||||||
| Other expense, net | 10,768,430 | 17,659,796 | 21,200,591 | 18,749,213 | ||||||||||||
| Income (loss) before income taxes | 34,686,474 | (21,385,169 | ) | 21,875,758 | (1,887,857 | ) | ||||||||||
| Provision for income taxes | 10,343,085 | 6,999,777 | 19,270,241 | 13,558,002 | ||||||||||||
| Net income (loss) | 24,343,389 | (28,384,946 | ) | 2,605,517 | (15,445,859 | ) | ||||||||||
| Less net loss attributable to noncontrolling interest | (20,935 | ) | (110,919 | ) | (36,077 | ) | (257,639 | ) | ||||||||
| Net income (loss) attributable to the Company | 24,364,324 | (28,274,027 | ) | 2,641,594 | (15,188,220 | ) | ||||||||||
| Preferred shares redemption value accretion | – | – | – | (21,702,737 | ) | |||||||||||
| Fair value of ordinary shares issued to preferred shareholders | – | (513,080,828 | ) | – | (513,080,828 | ) | ||||||||||
| Fair value of ordinary share warrants issued to preferred shareholders | – | (15,600,000 | ) | – | (15,600,000 | ) | ||||||||||
| Excess carrying value of preferred shares repurchased | – | 38,093,537 | – | 38,093,537 | ||||||||||||
| Net income (loss) attributable to ordinary shareholders | $ | 24,364,324 | $ | (518,861,318 | ) | $ | 2,641,594 | $ | (527,478,248 | ) | ||||||
| Net income (loss) per share attributable to ordinary shareholders | ||||||||||||||||
| Basic | $ | 0.05 | $ | (1.20 | ) | $ | 0.00 | $ | (1.84 | ) | ||||||
| Diluted | $ | 0.04 | $ | (1.20 | ) | $ | 0.00 | $ | (1.84 | ) | ||||||
| Weighted-average shares outstanding | ||||||||||||||||
| Basic | 530,642,516 | 431,390,035 | 528,397,409 | 286,155,488 | ||||||||||||
| Diluted | 542,622,870 | 431,390,035 | 543,513,592 | 286,155,488 | ||||||||||||
| Net income (loss) | $ | 24,343,389 | $ | (28,384,946 | ) | $ | 2,605,517 | $ | (15,445,859 | ) | ||||||
| Other comprehensive income, net of tax: | ||||||||||||||||
| Change in cumulative foreign currency translation adjustment | 4,603,428 | 9,212,371 | 10,282,063 | 10,954,020 | ||||||||||||
| Other comprehensive income | 4,603,428 | 9,212,371 | 10,282,063 | 10,954,020 | ||||||||||||
| Comprehensive income (loss) | 28,946,817 | (19,172,575 | ) | 12,887,580 | (4,491,839 | ) | ||||||||||
| Less comprehensive loss attributable to noncontrolling interest | (20,935 | ) | (110,919 | ) | (36,077 | ) | (257,639 | ) | ||||||||
| Less foreign currency translation adjustment attributable to noncontrolling interest | (6,894 | ) | 12,414 | (10,896 | ) | (15,713 | ) | |||||||||
| Preferred shares redemption value accretion | – | – | – | (21,702,737 | ) | |||||||||||
| Fair value of ordinary shares issued to preferred shareholders | – | (513,080,828 | ) | – | (513,080,828 | ) | ||||||||||
| Fair value of ordinary share warrants issued to preferred shareholders | – | (15,600,000 | ) | – | (15,600,000 | ) | ||||||||||
| Excess carrying value of preferred shares repurchased | – | 38,093,537 | – | 38,093,537 | ||||||||||||
| Comprehensive income (loss) attributable to ordinary shareholders | $ | 28,974,646 | $ | (509,661,361 | ) | $ | 12,934,553 | $ | (516,508,515 | ) | ||||||
6
Webull Corporation
Unaudited Quarterly Reconciliation of Non-GAAP and GAAP Financial Measures
Adjusted Operating Expenses Reconciliation
(Unaudited)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||
| Total operating expenses (GAAP) | $ | 135,218,723 | $ | 153,376,176 | $ | 232,000,829 | $ | 315,682,747 | ||||||||
| Less: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | ||||||||||||
| Adjusted operating expenses (Non-GAAP) | $ | 108,249,321 | $ | 136,240,980 | $ | 196,962,382 | $ | 281,345,975 | ||||||||
Adjusted Operating Profit Reconciliation
(Unaudited)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||
| Income (loss) before income taxes | $ | (21,385,169 | ) | $ | 34,686,474 | $ | (1,887,857 | ) | $ | 21,875,758 | ||||||
| Add: Other expense (income), net | 17,659,796 | 10,768,430 | 18,749,213 | 21,200,591 | ||||||||||||
| Add: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | ||||||||||||
| Adjusted operating profit (Non-GAAP) | $ | 23,244,029 | $ | 62,590,100 | $ | 51,899,803 | $ | 77,413,121 | ||||||||
| Adjusted operating profit per share (Non-GAAP) - basic | $ | 0.05 | $ | 0.12 | $ | 0.18 | $ | 0.15 | ||||||||
| Adjusted operating profit per share (Non-GAAP) - diluted | $ | 0.05 | $ | 0.12 | $ | 0.16 | $ | 0.14 | ||||||||
| Weighted-average shares outstanding - basic | 431,390,035 | 530,642,516 | 286,155,488 | 528,397,409 | ||||||||||||
| Weighted-average shares outstanding - diluted | 473,431,087 | 542,622,870 | 325,521,525 | 543,513,592 | ||||||||||||
Adjusted Net Income Reconciliation
(Unaudited)
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||
| Net income (loss) attributable to the Company (GAAP) | $ | (28,274,027 | ) | $ | 24,364,324 | $ | (15,188,220 | ) | $ | 2,641,594 | ||||||
| Add: Share-based compensation | 26,969,402 | 17,135,196 | 35,038,447 | 34,336,772 | ||||||||||||
| Add: Deferred tax impact of officer stock compensation and other items | – | (2,192,461 | ) | – | 5,845,761 | |||||||||||
| Add: Foreign currency transaction losses (gains) | 5,740,232 | 3,854,895 | 5,843,939 | 9,573,592 | ||||||||||||
| Add: Equity Offering Costs | 10,976,693 | – | 10,976,693 | – | ||||||||||||
| Adjusted net income (Non-GAAP) | $ | 15,412,300 | $ | 43,161,954 | $ | 36,670,859 | $ | 52,397,719 | ||||||||
7
Contra Revenue Impact
Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers (“ASC 606”), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., “contra revenue”). The following presents how contra revenue impacted our revenues.
Quarterly Impact:
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||
| Contra revenue impact on: | ||||||||||||||||
| Option handling fees | $ | (1,440,872 | ) | $ | (4,196,056 | ) | $ | (1,559,413 | ) | $ | (8,189,029 | ) | ||||
| Platform and trading fees | (3,219,590 | ) | (7,670,054 | ) | (5,925,705 | ) | (16,355,583 | ) | ||||||||
| Other income | (427,442 | ) | (549,824 | ) | (427,442 | ) | (1,516,700 | ) | ||||||||
| Total contra revenue | $ | (5,087,904 | ) | $ | (12,415,934 | ) | $ | (7,912,560 | ) | $ | (26,061,312 | ) | ||||
Statement Regarding Unaudited Financial and Operational Information
The unaudited financial and operational information included in this press release is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull’s preparation of financial statements subsequent hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein.
Cautionary
Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release or other statements of the Company made in connection herewith, including, for instance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for future operations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “predict,” “potential,” “seek,” “future,” “propose,” “continue,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology.
8
All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and its management as of the date of this press release, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retain its management and key employees; (2) the reliance of key functions of the Company’s business on third-parties and the risk that the Company’s platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in unexpected network interruptions, failures, security breaches, or computer virus attacks; (3) the risks associated with the Company’s global operations and continued global expansion, including, but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial costs or require adverse changes to the Company’s business practices; (4) the Company’s estimates of expenses and costs, of profitability or of other operational and financial metrics as well as the Company’s expectations regarding demand for and market acceptance of its products and service; (5) the Company’s reliance on trading related income, including payment for order flow (“PFOF”), and the risk of new regulation or bans on PFOF and similar practices; (6) the Company’s exposure to fluctuations in interest rates, rapidly changing interest rate environments, volatile prices of securities and digital assets and their respective trading volumes; (7) the Company’s reliance on a limited number of market makers and liquidity providers to generate a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers; (8) the effects of competition in the Company’s industry and the Company’s need to constantly innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users; (9) changes in international trade policies and trade disputes that could result in tariffs, taxes or other protectionist measures adversely affecting our business; (10) risks related to general political, economic and business conditions globally and in jurisdictions where the Company operates; (11) risk of further actions taken by various government bodies in the United States that have made the Company the subject of inquiries and investigations relating to concerns about our connections to China; (12) the risk that the failure to protect customer data and privacy or to prevent security breaches relating to the Company’s platform could result in economic loss, damage to its reputation, deter customers from using its products and services, and expose it to legal penalties and liability; (13) the risks associated with incorporating artificial intelligence technologies into certain of our products and processes, including potential regulatory, operational, reputational, or compliance challenges; (14) risks related to the Company’s need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory organizations; (15) the ability to meet, or continue to meet, stock exchange listing standards; (16) the possibility of adverse developments in pending or new litigation and regulatory investigations; (17) risks relating to our offering of event contracts or prediction market products in the United States, including potential changes in regulatory interpretations or enforcement priorities; (18) risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement with cryptocurrency trading on our platform; (19) political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance of a cryptocurrency; (20) risks related to the offer and resale of our securities, such as dilution from the issuance of additional Class A ordinary shares upon the exercise of warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the perception that sales of our securities may occur; (21) risks relating to the Company’s share repurchase program under which the Company may repurchase up to $100 million of its Class A ordinary shares, including that the program may be suspended, modified or discontinued at any time, and that the actual amount, timing and manner of any repurchases will depend on market conditions, share price, applicable legal requirements, contractual restrictions and other factors; and (22) other risks and uncertainties that are more fully described in filings made, or to be made, by the Company with the SEC, including in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the SEC, such as the Company’s Annual Report on Form 20-F filed with the SEC on April 9, 2026. The foregoing list of factors is not exhaustive. Reported results should not be considered an indication of future performance. There may be additional risks that the Company and its management presently do not know about or that the Company and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this press release should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. The Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
9
Exhibit 99.2
S ECO N D Q UA R T ER 2026 Earnings S ECO N D Q UA R T ER 2026 Earnings
This presentation by Webull Corporation ("Webull") includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Among other things, statements other than statements of historical fact, including statements about Webull's beliefs and expectations, Webull's business strategy and operational plans, planned products and services, financial and market outlook, and projections, are forward-looking statements. These forward-looking statements can be identified by terminology such as "may," "could," "will," "expect," "anticipate," "aim," "future," "intend," "plan," "believe," "estimate," "likely to," "potential," "confident," "guidance," and similar terminology, although not all forward-looking statements contain such terminology. All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of Webull and its management as of the date of this presentation, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to Webull and its management and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risks and uncertainties that are more fully described in filings made, or to be made, by Webull with the U.S. Securities and Exchange Commission (the "SEC"), including in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in those filings. There may be additional risks that Webull and its management presently do not know or that Webull and its management currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In light of these factors, risks and uncertainties, the forward-looking events and circumstances discussed in this presentation may not occur, and any estimates, assumptions, expectations, forecasts, views or opinions set forth in this presentation should be regarded as preliminary and for illustrative purposes only and accordingly, undue reliance should not be placed upon the forward-looking statements. All information provided in this presentation is as of the date hereof, and Webull undertakes no obligation to update any forward-looking statement, except as required under applicable law. This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the U.S. ("GAAP"), including adjusted operating profit, adjusted net income, and adjusted operating expenses. Adjusted operating profit represents income from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions, and other expense (income), net. Adjusted net income represents net income attributable to the Company, excluding share-based compensation expenses, foreign currency transaction gains and losses and one-time transactions. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses and one-time transactions. Webull believes that adjusted operating profit, adjusted net income, and adjusted operating expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in income from continuing operations, before income taxes, and total operating expenses. Such measures also provide useful information about Webull's operating results, enhances the overall understanding of Webull's past performance and future prospects and allows for greater visibility with respect to key metrics used by Webull's management in its financial and operational decision-making. The reconciliation of those measures to the most comparable GAAP measures is presented in the Appendix at the end of this presentation. These non-GAAP measures have limitations as an analytical tool and you should not consider them in isolation or as a substitute for an analysis of Webull's financial results under GAAP. Adjusted operating profit, adjusted net income and adjusted operating expenses presented here may not be comparable to similarly titled measures presented by other companies. This presentation does not constitute investment, tax or legal advice, and does not contain all relevant information relating to Webull or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of Webull. This presentation does not constitute (i) an offer or invitation for the sale or purchase of our securities or a commitment of Webull, or (ii) a solicitation of proxy, consent or authorization with respect to any securities. This presentation shall not form the basis of any contract, commitment or investment decision and does not constitute either advice or recommendation regarding any securities. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance or results of Webull. We own or have rights to various trademarks, trade names or service marks that we use in connection with our business, including, among others, "Webull" and our other registered and common law trade names, trademarks and service marks, including our corporate logo. Solely for convenience, some of the trademarks, service marks and trade names referred to in this prospectus are listed without the TM and ® symbols, but we will assert, to the fullest extent under applicable law, rights to such trademarks, service marks and trade names. The unaudited financial and operational information included in this presentation is subject to potential adjustments and is based on the information available to management at this time. Potential adjustments to operational and consolidated financial information may be identified from work performed during Webull's preparation of financial statements subsequently hereto or its year-end audit. Information may also be presented differently from the information included herein in the future. This could result in significant differences from the unaudited or other historical operational and financial information included herein. 1 webullcorp.com/investor-relations/ Disclaimers Disclaimers
Total Revenues $ in millions Q2 2026 Highlights Q2 2026 Highlights Record revenues and disciplined expense growth drove record profitability Adjusted Operating Expenses $ in millions 131.5 198.8 2Q 25 2Q 26 108.2 136.2 2Q 25 2Q 26 +51% +26% Adjusted Operating Profit $ in millions 23.3 62.6 2Q 25 2Q 26 +169% 2 webullcorp.com/investor-relations/
Webull Q2 2026 Highlights Webull Q2 2026 Highlights Active Trader International Expansion Institutional Expanded Offering • Announced partnership with Monark Markets provides accredited investors access to late-stage private companies through special purpose vehicles • Launched futures and prediction markets for institutional clients Pattern Day Trading Rule • Technology platform successfully handled anticipated uplift in volumes from removal of the PDT rule • Net beneficiary of account consolidation across the industry Agentic Trading • Launched MCP servers connected to leading AI models, enabling users to utilize plain language for research, building tools, and executing trades Paper Trading Upgrade • Established parity with live trading capabilities across asset classes Global Footprint • With launches in Spain, Argentina, and Colombia, Webull has established trading operations in 18 markets • Licensed in 35 markets globally • Approximately 810k international funded accounts Asia • APAC customer assets exceeded $5.0bn • Announced acquisition of Pi Securities in Thailand, further strengthening Webull's presence in the region Latam • Completed first tokenized equity trade 3 webullcorp.com/investor-relations/ We are executing on all fronts: deepening the user experience for active traders, expanding our global footprint, and scaling our institutional business Expanding Scale • Institutional AUM exceeded $1.4bn as business continues to scale, accounting for approximately 5% of Group AUM
Funded Accounts in millions Q2 2026 Business Results – Users and Accounts Q2 2026 Business Results – Users and Accounts Continued registered user and funded account growth with strong quarterly retention of 97.3% 4.73 4.93 5.03 5.11 5.13 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 24.9 25.9 26.8 27.6 28.2 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Registered Users in millions +13% YEAR-OVER-YEAR +8% YEAR-OVER-YEAR % Quarterly Retention 97.3% 97.1% 97.7% 96.9% 98.4% 4 webullcorp.com/investor-relations/
Q2 2026 Business Results – Customer Assets Q2 2026 Business Results – Customer Assets Net Deposits $ in billions 1.5 2.1 3.9 2.1 1.6 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 15.9 21.2 24.6 28.5 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 24.0 Customer Assets $ in billions +79% YEAR-OVER-YEAR +7% YEAR-OVER-YEAR 5 webullcorp.com/investor-relations/ Customer assets grew 79% year-over-year, primarily driven by net deposits
Q2 2026 Business Results – Trading Q2 2026 Business Results – Trading Record equities and options volumes, up 73% and 68% year-over-year respectively, reflecting continued market share gains 161 204 239 261 279 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 127 147 154 159 213 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Equity Notional Volume $ in billions +73% YEAR-OVER-YEAR Options Contracts Volume in millions +68% YEAR-OVER-YEAR 6 webullcorp.com/investor-relations/
Q2 2026 Financial Results – Revenues Expenses Q2 2026 Financial Results – Revenues & Expenses 51% revenue growth with increased marketing investment driving customer acquisition and AUM growth 131.5 156.9 165.2 159.9 198.8 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 108.2 120.2 143.6 145.1 136.2 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Total Revenues $ in millions +51% YEAR-OVER-YEAR Adjusted Operating Expenses $ in millions +26% YEAR-OVER-YEAR 7 webullcorp.com/investor-relations/
Adjusted Operating Profit $ in millions | Q2 2026 Financial Results – Profits and Margins Q2 2026 Financial Results – Profits and Margins Adjusted Net Income $ in millions | 31.5% 17.7% % Adjusted Operating Profit Margin 23.3 36.7 21.6 14.8 62.6 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 % Adjusted Net Income as Percentage of Revenue 15.4 32.9 14.6 9.2 43.2 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 21.7% 11.7% Adjusted operating profit and adjusted net income are non-GAAP financial measures that exclude share-based compensation, foreign currency transaction losses and one-time transactions. Specifically, Q2 2025 adjusted net income excludes offering expenses related to the Company's listing which was completed in April 2025, and Q3 2025 adjusted net income excludes Webull Pay transaction related employee distribution and gain recognized from the acquisition of Webull Pay. 23.4% 20.9% 13.0% 8.8% 9.3% 5.8% 8 webullcorp.com/investor-relations/ Seventh consecutive quarter of profitability, with record profits and improving margins
Q2 2026 Financial Results – Trading Related Revenues Q2 2026 Financial Results – Trading Related Revenues 19.6 27.6 28.2 26.7 33.5 56.2 65.0 62.9 64.5 88.4 13.0 15.2 21.4 19.7 25.8 20.0 0.0 60.0 40.0 100.0 80.0 120.0 140.0 2Q 25 3Q 25 Equity Revenue 4Q 25 Option Revenue 1Q 26 Platform and trading fees 2Q 26 112.5 110.9 147.7 88.8 107.8 $ in millions 160.0 See Appendix for quarterly information on Daily Average Revenue Trades. 1008 1101 1202 Record trading volumes led to a 66% year-over-year growth in trading related revenues, with DARTs reaching all-time high DARTs in thousands 1635 1312 9 webullcorp.com/investor-relations/
Q2 2026 Financial Results – Interest Related Income Q2 2026 Financial Results – Interest Related Income Interest-related income increased 18% year-over-year, driven by growth in margin loans and client cash balances $ in millions 7.6 9.7 5.8 3.9 4.8 8.6 9.7 12.0 11.9 12.9 18.0 19.4 19.6 19.2 20.8 2.1 4.6 6.1 5.1 4.3 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 50.0 45.0 4Q 25 1Q 26 2Q 26 2Q 25 3Q 25 Stock Lending See Appendix for quarterly balance information on interest-earning assets. Margin Financing Client Cash Corporate Cash 10 webullcorp.com/investor-relations/ 43.5 40.1 42.8 36.3 43.4
Q2 2026 Financial Results – Adjusted Operating Expenses Q2 2026 Financial Results – Adjusted Operating Expenses Ex-marketing operating margin consistently at 40%+ demonstrating strong underlying platform economics 26.2 39.2 37.5 37.8 36.8 17.5 17.4 18.2 19.8 20.6 34.8 35.6 35.1 38.4 44.3 29.7 28.0 52.8 49.1 34.6 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 $ in millions 160.0 2Q 25 General and Administrative 3Q 25 4Q 25 1Q 26 2Q 26 Technology and Development Brokerage and Transaction Marketing and Branding 143.6 136.2 145.1 120.2 108.2 40.3% 41.2% 45.0% 40.0% % Adjusted Operating Profit Margin ex-Marketing 48.9% 11 webullcorp.com/investor-relations/
Appendix
Appendix: Monthly Metrics Appendix: Monthly Metrics 13 The following table presents our operational metrics by month. Operational Metrics 2025-07 2025-08 2025-09 2025-10 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 2026-05 2026-06 2026-07 Registered Users (in millions) 25.1 25.4 25.9 26.2 26.5 26.8 27.1 27.3 27.6 27.8 28.0 28.2 28.4 Funded Accounts (in millions) 4.7 4.8 4.9 5.0 5.1 5.0 5.1 5.1 5.1 5.1 5.1 5.1 5.1 Customer Assets ($ in billions) $ 16.9 $ 18.0 $ 21.2 $ 24.4 $ 23.3 $ 24.6 $ 25.4 $ 24.9 $ 24.0 $ 26.8 $ 29.3 $ 28.5 $ 27.3 Net Deposits ($ in billions) $ 0.6 $ 0.9 $ 0.7 $ 1.7 $ 1.0 $ 1.2 $ 0.9 $ 0.6 $ 0.6 $ 0.3 $ 0.5 $ 0.8 $ 0.4 Equity Notional Volume ($ in billions) $ 67.9 $ 63.5 $ 72.6 $ 93.2 $ 72.1 $ 74.0 $ 87.2 $ 76.4 $ 96.9 $ 85.4 $ 87.7 $ 105.8 $ 81.9 Options Contracts Volume (in millions) 47.1 48.2 51.7 58.7 46.0 49.5 52.0 50.3 56.4 60.7 62.7 89.4 88.7 DARTs (in thousands) : Equities 683 657 766 850 701 616 830 736 733 756 856 1,341 1,069 Options 334 349 369 394 385 352 409 431 418 442 479 655 653 Others 47 48 55 95 116 92 119 128 134 117 123 136 118 Interest Earning Asset Balances(1) ($ in millions): Client Bank Deposits(2) $ 3,484 $ 3,576 $ 3,854 $ 3,976 $ 3,929 $ 4,268 $ 4,126 $ 3,968 $ 3,892 $ 4,258 $ 4,472 $ 3,872 $ 3,818 Margin(3) $ 568 $ 598 $ 626 $ 707 $ 659 $ 690 $ 794 $ 761 $ 750 $ 776 $ 849 $ 990 $ 926 (1) Represents month-end balances. (2)Balance includes cash and cash equivalents segregated under federal and foreign regulations, customers' cash that is participating in our off-balance sheet cash sweep program, and cash of our platform users who are on a fully introduced basis with Apex Clearing. (3) Balance includes both our on-balance sheet margin loans and the off-balance sheet margin loans of our platform users' that are administered on a fully-introduced basis with Apex
Appendix: Daily Average Revenue Trades Appendix: Daily Average Revenue Trades 14 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 DARTS (in '000) 1,008 1,101 1,202 1,312 1,635 Equities 597 702 725 766 984 Options 354 350 377 419 526 Others 57 49 100 127 125 DARTs refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. "Others" include futures contracts, prediction market contracts, crypto, fixed income, mutual funds, and other investment products. The following table presents our DARTs by quarter and disaggregated by trade type.
Appendix: Contra Revenue Appendix: Contra Revenue We offer marketing promotions to our platform users that are intended to increase the amount of platform users' assets on our platform by incentivizing platform users to deposit more cash or transfer securities from other third-party brokerages into their Webull brokerage account in return for a promotional payment in cash or free shares. Most of our platform users are not considered customers under ASC 606, Revenues from Contracts with Customers ("ASC 606"), and promotional payments made to these platform users are accounted for as a marketing and branding expense. Conversely, for our platform users who have been determined to be customers under ASC 606, we account for these promotional payments as a reduction in revenue (i.e., "contra revenue"). The following presents how contra revenue impacted our trade related revenues. $ in millions 15
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results Adjusted Operating Expenses and Total Operating Expenses Reconciliation: Adjusted Operating Profit Reconciliation: $ in millions $ in millions 16
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Adjusted Operating Expenses Reconciliation: (1) Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The impact of these reclassifications is immaterial to the presentation of the financials taken as a whole. $ in millions 17
Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.) 18 Adjusted Net Income Reconciliation: $ in millions 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Net (loss) income attributable to the Company (GAAP) $ (28.3) $ 36.9 $ 3.0 $ (21.7) $ 24.4 Add: Share-based compensation 27.0 4.4 4.4 17.2 17.1 Add: Deferred tax impact of officer stock compensation limitation and other items - - - 8.0 (2.2) Add: Foreign currency transaction losses (gains) 5.7 (0.9) 7.2 5.7 3.9 One-time transactions: Add: Equity offering costs 11.0 - - - - Add: Webull Pay transaction related employee distribution - 7.9 - - - Less: Gain from Webull Pay acquisition - (15.4) - - - Adjusted net income (Non-GAAP) $ 15.4 $ 32.9 $ 14.6 $ 9.2 $ 43.2
Webull