Slide 1: Second Quarter 2026 Earnings
S ECO N D Q UA R T ER 2026 Earnings S ECO N D Q UA R T ER 2026 Earnings
Slide 2: Forward-looking statements disclaimer
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 abou
Slide 3: Q2 2026 Highlights
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
Slide 4: Webull Q2 2026 Highlights
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 predictio
Slide 5: Q2 2026 Business Results – Users and Accounts
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 3
Slide 6: Q2 2026 Business Results – Customer Assets
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.
Slide 7: Q2 2026 Business Results – Trading
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 No
Slide 8: Q2 2026 Financial Results – Revenues & Expenses
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
Slide 9: Q2 2026 Financial Results – Profits and Margins
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
Slide 10: Q2 2026 Financial Results – Trading Related Revenues
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 fe
Slide 11: Q2 2026 Financial Results – Interest Related Income
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.
Slide 12: Q2 2026 Financial Results – Adjusted Operating Expenses
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 5
Slide 13: Appendix
Appendix
Slide 14: Appendix: Monthly Metrics
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
Slide 15: Appendix: Daily Average Revenue Trades
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
Slide 16: Appendix: Contra Revenue
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
Slide 17: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results
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
Slide 18: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
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
Slide 19: Appendix: Unaudited Reconciliations of Non-GAAP and GAAP Results (Cont.)
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)
Slide 20: ea Webull
ea Webull