실적분석 2026년 8월 19일

Webull ($BULL) Q2 2026 Earnings Analysis — Revenue Beat, No Guidance Issued

Earnings Scorecard

Revenue: $199 million (+51% YoY, vs. $183 million estimate) ✅ Beat

EPS: Diluted $0.04 (GAAP, attributable to common shareholders), estimate $0.03 (adjusted) — different bases, not directly comparable

Guidance: Not provided — no numerical outlook for next-quarter or full-year revenue/EPS

Stock reaction: After-hours +11.31% ($9.62) — as of 06:00 KST on 08-20

Highlights

Record revenue: $199 million, above the $183 million estimate and up 51% YoY

Adjusted operating leverage: Adjusted operating income of $62.6 million, operating margin of 31.5%

Joint growth in trading and assets: Equity notional trading volume of $279 billion (+73%), customer assets of $28.5 billion (+79%)

After the Pattern Day Trader rule was repealed on June 4, the active-trader feature quickly gained traction, pushing the quarter's trading volume to an all-time high. Transaction-based revenue climbed 66% YoY to $147.7 million, with revenue growth significantly outpacing cost growth (13%).

Weak Spots

Slowing growth in funded accounts: Funded accounts of 5.13 million, up just 8% YoY

Dependence on trading activity: High weight of transaction-based revenue leaves the business highly sensitive to short-term markets

No numerical guidance: No next-quarter or full-year revenue/EPS figures provided

Registered users rose 13% to 28.2 million, yet the pace of growth in funded accounts lags that of trading volume and revenue. If market conditions cool, earnings leverage could shrink quickly along with trading activity.

What Management Said

Management explained that the active-trader feature took hold immediately after the Pattern Day Trader rule was repealed, fueling a surge in trading volume. The CFO called this the strongest quarter in the company's history, emphasizing the platform's operating leverage and additional margin upside. The press release did not include any forward revenue or EPS guidance.

Market Reaction and What to Watch

The combination of a larger-than-expected revenue beat and an adjusted operating margin above 30% — growth and profitability improving together — fueled the after-hours buying.

Whether equity and options trading volumes hold at last quarter's level in the upcoming quarter

Whether the growth rate of funded accounts catches up with trading-volume growth

Trends in overseas funded accounts and Asia-Pacific customer assets following the launches in Spain and Latin America and the Thailand acquisition