Following a fairly slow and disappointing Q1, US neobroker Robinhood (NASDAQ:HOOD) has reported its best-ever quarter in Q2 2026, with Revenues up by 23% QoQ driven by growth in the company’s Precition Markets event contracts trading, as well as options and equities. The increases in overall Robinhood top and bottom line results occurred even as Crypto trading revenues declined, as digital asset trading volumes globally continued to slow.
Revenues at Robinhood came in at a record $1.308 billion in Q2 2026, up by 23% from $1.067 billion in Q1. Net profit of $573 million was 64% more than Q1’s $350 million.
Despite the heady financial success, Robinhood announced layoffs of about 10% of its workforce toward the end of Q2.
Vlad Tenev, Chairman and CEO of Robinhood said,
“Whether it’s the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner.
“Broad ownership is essential to a free, stable, and prosperous society.”
Shiv Verma, Chief Financial Officer of Robinhood said,
“The business is firing on all cylinders. We delivered record revenues and drove new highs across equity, option, and event contract volumes, as we continue to win market share. Our product velocity continues to deliver new products for customers and drive a more diversified business, with Robinhood Legend and the Credit Card business joining our growing roster of now thirteen different business lines that have reached $100 million-plus in annualized revenues.”
Second Quarter Results
- Total net revenues increased 32% year-over-year to $1.31 billion.
- Transaction-based revenues increased 44% year-over-year to $776 million, primarily driven by Prediction Markets event contracts revenue of $156 million, up over 10x, options revenue of $342 million, up 29%, and equities revenue of $129 million, up 95%, partially offset by cryptocurrencies revenue of $100 million, down 38%.
- Net interest revenues increased 9% year-over-year to $389 million, primarily driven by growth in interest-earning assets, partially offset by lower short-term interest rates and securities lending activity.
- Other revenues increased 54% year-over-year to $143 million, primarily driven by Trump Account service revenues and increased Robinhood Gold subscription revenues.
- Net income increased 48% year-over-year to $573 million.
- Net income included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I (“RVI”).
- Diluted earnings per share (“EPS”) increased 48% to $0.62.
- Diluted EPS included $0.14 of gains primarily related to the deconsolidation of RVI.
- Total operating expenses increased 33% year-over-year to $734 million. The year-over-year increase was primarily driven by marketing and growth investments, one-time restructuring charges from the reduction in force announced in June 2026, and expenses related to Trump Accounts and Rothera.
- Adjusted Operating Expenses and Share-Based Compensation (“SBC”) (non-GAAP) increased 23% year-over-year to $641 million, which includes expenses related to Trump Accounts and Rothera.
- Adjusted EBITDA (non-GAAP) increased 35% year-over-year to $741 million.
- Funded Customers increased by 1.9 million, or 7%, year-over-year to 28.4 million.
- Investment Accounts increased by 2.5 million, or 9%, year-over-year to 29.9 million.
- Total Platform Assets increased 32% year-over-year to $369 billion, primarily driven by continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations.
- Net Deposits were $21.7 billion, an annualized growth rate of 28% relative to Total Platform Assets at the end of Q1 2026. Over the past twelve months, Net Deposits were $75.7 billion, a growth rate of 27% relative to Total Platform Assets at the end of Q2 2025.
- Robinhood Gold Subscribers increased by 1.4 million, or 39%, year-over-year to 4.8 million.
- Average Revenue Per User (“ARPU”) increased 24% year-over-year to $187.
- Cash and cash equivalents totaled $5.4 billion, including net proceeds from our June 2026 convertible notes offering, compared with $4.2 billion at the end of Q2 2025.
- Share repurchases were $414 million, representing 4.4 million shares of our Class A common stock at an average price per share of approximately $94. This includes $290 million repurchased in connection with our June 2026 convertible notes offering and outside of our existing share repurchase authorization.
- Since starting our initial share repurchase program in Q3 2024, total share repurchases under the program were $1.3 billion as of the end of Q2 2026, representing 27 million shares of our Class A common stock at an average price per share of approximately $47.
Q2 Highlights
Platform for Active Traders
- Active trader engagement reached new records in Q2 across equity, option, and prediction market volumes, as we continued to gain market share. Additionally, Robinhood Legend surpassed $100 million in annualized revenues, roughly 18 months after rolling out to customers.
- With the launch of Agentic Trading in May, customers are now able to trade equities, options, and crypto through AI-powered agents. To date, nearly 100 thousand customers have opened Agentic Trading accounts, with over $100 million in AUC.
- Prediction Markets reached a new milestone with the launch of Rothera in June, a CFTC-licensed exchange and clearinghouse independently managed through Robinhood’s joint venture with Susquehanna International Group, with over 3.5 billion contracts traded to date.
Wallet Share for the Next Generation
- Robinhood’s Credit Card business grew to over $100 million in annualized revenues as the Robinhood Gold Card crossed 1 million customers with over $17 billion in annualized purchase volume. Additionally, the Platinum Card began rolling out, and the Company has already seen strong adoption.
- On July 4th, Trump Accounts officially launched and the program has already reached over 7M account sign ups with nearly $1.5 billion deposited to date, marking a historic step in Robinhood’s mission to democratize finance for all.
- Robinhood Banking continued its momentum in Q2, with over $3 billion in deposits from over 240 thousand Funded Customers and approximately 40 percent of customers signed up for direct deposit as of the end of June.
- Robinhood Strategies grew to over 300 thousand Funded Customers with nearly $2 billion in assets under management to date. Also under the Company’s advisory umbrella, TradePMR launched the Robinhood Advisor Network to connect customers with RIAs and reached $50 billion in assets under management.
- Gold subscribers hit a record 4.8 million, up 500 thousand sequentially. Overall adoption rate reached 17 percent, with approximately 40 percent of new Funded Customers signing up for Gold in Q2.
Global Financial Ecosystem
- International Funded Customers surpassed 1 million during the quarter, reflecting strong adoption across Robinhood’s growing global footprint. As part of reaching this milestone, Robinhood closed its acquisition of WonderFi, a Canadian leader in digital asset products and services, marking the Company’s official entry into the region.
- Robinhood hosted “The World is Flat,” a live event from London, unveiling the launch of Robinhood Chain’s Public Mainnet, a permissionless, AI-native, financial-grade Ethereum Layer 2 blockchain built to institutional standards for financial services and real world assets. Additionally, the Company announced new Stock Tokens now available to eligible users in more than 120 countries via the Robinhood Wallet.
- During the event, the Company also debuted Robinhood Earn, the Company’s first decentralized lending product available directly in the Robinhood app, introduced perpetual futures in the EU, and plans to launch crypto offerings in the UK.
- Additionally, on July 1 Robinhood Singapore received its capital markets services license from the Monetary Authority of Singapore (“MAS”), a significant step toward offering brokerage services to customers in Singapore in the future.
Additional Q2 2026 Operating Data
- Robinhood Retirement AUC increased 82% year-over-year to a record $34.5 billion.
- Margin Book increased 127% year-over-year to a record $21.6 billion.
- Cash and Deposits increased 34% year-over-year to a record $18.7 billion.
- Cash Sweep decreased 9% year-over-year to $29.7 billion.
- In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending, resulting in over $6 billion of Cash Sweep balances that moved to Cash and Deposits in the form of customer free credit balances at the date of the shift.
- Equity Notional Trading Volumes increased 85% year-over-year to a record $956 billion.
- Options Contracts Traded increased 50% year-over-year to a record 774 million.
- Crypto Notional Trading Volumes were $40 billion, including Robinhood App Notional Volumes which decreased 35% year-over-year to $18 billion, and Bitstamp Notional Volumes which were $22 billion.
- Event Contracts Traded increased over 10x year-over-year to a record 13.6 billion.
Financial Outlook
As previously disclosed, Robinhood’s 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues. Prior outlook for 2026 Adjusted Operating Expenses and SBC provided at Q1 2026 Earnings (April 28, 2026) was $2.7 billion to $2.825 billion, which did not include costs related to Rothera and WonderFi. As we look ahead to the rest of the year, Robinhood is lowering and tightening its 2026 outlook for Adjusted Operating Expenses and SBC to a range of $2.675 to $2.775 billion to reflect efficiencies we have captured, part of which were used to fund costs related to two new businesses, Rothera and WonderFi.
This expense outlook does not include provision for credit losses, costs related to pending acquisitions, costs from equity modifications of restructuring and executive awards in connection with CFO transition, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals which may be determined in the future are required, as Robinhood is unable to accurately predict the size or timing of such matters, expenses or accruals at this time.
Robinhood’s full Q2 2026 results release can be seen here.
