Shares of Webull Corporation (NASDAQ: BULL) surged to their highest level since December 2025 on Wednesday, following the release of its second-quarter earnings report. The stock climbed to $9.88, marking a gain of more than 120% from its 2025 low, and lifting the company's market capitalization to over $4.8 billion.
Strong Q2 results driven by trading boom
Webull, often dubbed China's answer to Robinhood, reported revenue of $198 million for the second quarter, a 51% increase year-over-year and above consensus estimates. The trading segment was the primary growth driver, with revenue jumping 66% to $147.7 million. The company also posted a significant improvement in profitability, with operating profit surging 169% to $62.6 million.
The surge in trading activity was fueled by heightened market volatility and a rally in cryptocurrencies, which pushed the total crypto market capitalization above $2.3 trillion. Additionally, the elimination of the pattern day trader rule in the U.S. expanded the customer base, contributing to higher volumes.
International expansion and asset growth
Webull has accelerated its global footprint, launching operations in Spain, Argentina, and Colombia during the quarter. The company now operates in 18 markets and holds licenses in 35. International funded accounts reached 810,000, while institutional assets under management climbed to $1.5 billion.
Total funded accounts grew 13% year-over-year to 28.2 million, despite intense competition from rivals like Robinhood and Interactive Brokers. The company's equity notional volume reached $279 billion, and options contracts volume rose 68% year-over-year to 213 million. Adjusted net income margin expanded to 43.2% from 15.2% in the same period last year.
Analyst outlook and valuation concerns
Analysts remain optimistic about Webull's growth trajectory. The average estimate projects third-quarter revenue of $194 million (up 24% year-over-year) and fourth-quarter revenue of $206 million (up 25%). If these figures materialize, full-year revenue would rise 30% to $741 million.
However, the stock's valuation remains elevated. With an estimated annual EPS of $0.14 and a share price of $9.88, the forward P/E ratio stands at approximately 70, compared to Robinhood's multiple of 45. This suggests that investors are pricing in sustained high growth.
Technical analysis points to further upside
From a technical perspective, BULL stock has been in a strong uptrend, forming an ascending triangle pattern that has now broken above its upper resistance. The stock is trading above the 50-day moving average, and the Relative Strength Index (RSI) has moved above the neutral 50 level, indicating bullish momentum. Additionally, the price remains above the Ichimoku cloud and Supertrend indicators, suggesting continued upward movement. The next key resistance level is seen at $15.
While the company's fundamentals and technicals appear strong, investors should be mindful of the high valuation and potential market volatility. As always, it's essential to conduct thorough research before making investment decisions.
This article is for informational purposes only and does not constitute financial advice.
