Webull Posts Record $198M Q2 Revenue as Crypto Tops 1%
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- Webull reported record Q2 2026 revenue of $198 million, up 51% year-over-year, beating Wall Street consensus of $194.5 million compiled by Yahoo Finance.
- Cryptocurrency trading generated only $2.25 million for the quarter — just over 1% of total revenue — while equity and options trading produced $112 million, or about 56%.
- Webull president Anthony Michael Denier said on the Wednesday earnings call that he is seeing 'the clouds start to part' in the crypto business, noting the company is gradually rolling out crypto deposit and withdrawal capabilities.
- Webull's stock rose 8.9% on Wednesday and was up nearly 15% in pre-market trading Thursday, changing hands at $9.98 a share as of 10:37 am UTC.
- Robinhood, by contrast, posted record quarterly results on July 30 but saw its crypto transaction revenue fall 38% to $100 million from roughly $160 million a year earlier.
Why it matters: Crypto remains a rounding error on broker revenue ledgers — $2.25M against $198M total — even after nine months of executive optimism about the segment. The 51% year-over-year revenue jump and 8.9% stock move show the market rewarded Webull's core equity and options business, not its crypto push, despite Denier's bullish framing on the earnings call.
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