Webull Surges 13% After Record Q2 Revenue Jumps 51% on PDT Rule Elimination

Webull Corporation shares rose roughly 13% to around $9.76 in early Thursday trading after the online broker reported its strongest quarter since going public. Q2 2026 revenue reached a record $198.8 million, up 51% year-over-year and well ahead of the $165.71 million consensus estimate, while trading-related revenue surged 66% year-on-year to $147.7 million. Adjusted operating profit hit a company record of $62.6 million, a 169% increase, representing a 31.5% operating margin.

Adjusted EPS of $0.05 edged past the $0.04 estimate, and reported EPS swung to $0.04 from a loss of $1.20 in the same period last year. The key catalyst was the June 4, 2026 elimination of the Pattern Day Trader rule, which scrapped the $25,000 minimum account balance requirement for frequent margin day trading. That regulatory change drove daily average revenue trades to a record 1.64 million and pushed equity notional volume to $279 billion, lifting Webull into a top-five position among all U.S. retail brokers in options for the first time.

Customer assets climbed to $28.5 billion, up 79%. Rival Robinhood ticked up only about 2% on the news, with the broader brokerage ETF flat, suggesting the market viewed the move as company-specific rather than a sector-wide lift. The stock had already more than doubled from its 2026 low, bringing its market capitalization above $4.8 billion.