Webull Corporation (NASDAQ: BULL) shares are charging higher in premarket trading Thursday after the brokerage platform posted a double-beat second quarter. The stock was up 14.81% at $9.92, according to market data.
Webull's Q2 Numbers Show a Brokerage Hitting Its Stride
MarketDash
Webull shares jump after Q2 earnings and revenue beat estimates, with customer assets climbing 79% to $28.5 billion year over year.
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Earnings Snapshot
The company reported adjusted earnings of twelve cents per share, crushing the 3 cents analysts were looking for. Revenue came in at $198.83 million, up 51% year over year and ahead of the $181.26 million consensus estimate.
What drove the growth? Continued customer asset expansion and heavy trading activity across core asset classes, especially options and equities. Adjusted operating profit jumped 169% year over year to a record $62.6 million, with an adjusted operating margin of roughly 31.5%.
Interest-related income rose 18% year over year to $42.8 million, reflecting higher assets under management, increased margin loans, and larger client cash balances. Webull exited the quarter with about $701.62 million in total cash and cash equivalents.
Key Metric
Customer assets climbed 79% year over year to $28.5 billion, helped by the change in the PDT rule. Average customer account size nearly doubled to more than $5,500.
Trading-related revenue grew 66% year over year to $147.7 million, fueled by record volumes. Daily average revenue trades increased 62% to 1.64 million in the quarter. Equity notional trading volume rose 73% to $279 billion, while options contract volume jumped 68% to 213 million contracts, putting Webull among the top retail brokers in options for the first time.
The company added roughly 600,000 registered users during the quarter, bringing the total to 28.2 million, up 13% year over year from 24.9 million. Funded accounts reached 5.13 million, an 8% increase, with gross funded accounts rising by about 132,000 and net new funded accounts up by approximately 20,000.
Quarterly retention was a strong 97.3%. Net customer deposits totaled $1.6 billion in Q2, up more than 7% year over year, supporting continued asset growth.
Webull's AI-powered Vega platform added about 160,000 users in the quarter, bringing total active users to 480,000, while active-trader engagement increased 23%.
In the Asia-Pacific region, customer assets exceeded $5 billion. The acquisition of Thailand-based PI Securities is expected to close at the end of August and should significantly boost regional AUM.
With record trading volumes, a growing user base, and a solid balance sheet, Webull is showing it can compete with the big names in retail brokerage. The question now is whether it can keep the momentum going.
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