Webull's Record Q2 Revenue Hits $198M, Crypto Contribution Remains Modest

Webull, the online brokerage, announced a significant surge in its financial performance for the second quarter of 2026, achieving a record revenue of $198.8 million. This represents a substantial 51% increase compared to the same period last year. The company largely attributed this robust growth to heightened activity in equity and options trading, while cryptocurrency trading revenues constituted a minor portion of the overall intake.

According to company reports, approximately $2.25 million of Webull's total Q2 revenue was generated from cryptocurrency trading, amounting to just over 1% of the total. In contrast, equity and options trading continued to be the primary revenue driver, contributing roughly $112 million, or 56% of the total. Anthony Michael Denier, President of Webull, noted that he is starting to see the 'clouds part in the crypto business' and confirmed that the company is in the process of gradually rolling out crypto deposit and withdrawal capabilities.

These strong financial results were largely fueled by increased trading volumes across the platform. Equity notional volume climbed 73% year-over-year to $279 billion, while options contracts volume surged by 68% to 213 million contracts. Daily average revenue trades (DARTs) also saw a significant increase of 62%, reaching 1.6 million. Webull attributed part of this growth to updated active trader functions introduced following the elimination of the U.S. Pattern Day Trader rule on June 4.

The quarter also marked a return to profitability for Webull, with the company reporting a net income of $24.4 million, a reversal from a $28.3 million loss in the comparable quarter of 2025. Adjusted operating profit reached $62.6 million. Customer assets grew by an impressive 79% year-over-year to $28.5 billion, and funded accounts increased by 8% to 5.13 million worldwide. Registered users also saw a 13% rise, reaching 28.2 million.

The broader market dynamics during this period underscored the strength of Webull's traditional brokerage services. For comparison, while competitor Robinhood also posted record quarterly results, its crypto transaction revenue fell by 38% to $100 million from a year earlier, aligning Webull's relatively small crypto contribution with broader market trends. Analysts and market observers are focusing on the sustainability of Webull's equity and options-driven growth, while closely monitoring the potential for recovery in the crypto market. The company's plans to expand cryptocurrency deposit and withdrawal capabilities could potentially boost revenue contributions from this segment in the future.