Woofun AI reports that Webull achieved record Q2 2026 revenue of $198 million, driven by equity and options trading, while president Anthony Michael Denier signaled early signs of recovery in the crypto business through new deposit and withdrawal capabilities.

The $198 million total represented 51% year-over-year growth, with equity and options trading generating $112 million, or 56% of the total. In contrast, crypto contributed only $2.25 million, accounting for 1% of revenue. This diverges from competitor Robinhood, which reported on July 30 that its crypto transaction revenue fell 38% to $100 million from $160 million a year earlier. Per Woofun AI, Webull's results slightly exceeded the $194.5 million Wall Street consensus compiled by Yahoo Finance.

Market reaction followed the Wednesday earnings release, with Webull's stock price rising 8.9% on Wednesday. Pre-market activity on Thursday saw shares climb nearly 15%, trading at $9.98 a share as of 10:37 am UTC. The price movement reflected investor confidence in the broader financial performance despite the modest crypto contribution.

Denier noted on the Wednesday earnings call that "the clouds start to part" in the crypto business, a positive development after the last nine months. The company is gradually rolling out crypto deposit and withdrawal capabilities. Analyst estimates suggest this strategic expansion may drive future growth beyond current Wall Street consensus.