Robinhood Q2 2026 Revenue Rises 32% to $1.31 Billion as Diluted EPS Jumps 48% to $0.62

Robinhood Markets reported record second-quarter revenue as rapid growth in prediction markets, options and equities more than offset a sharp decline in cryptocurrency trading income.

Total net revenue for the three months ended June 30, 2026, increased 32% year over year to $1.31 billion. Net income climbed 48% to $573 million, while diluted earnings per share rose by the same percentage to $0.62.

The quarterly result included $129 million of gains primarily connected to the deconsolidation of Robinhood Ventures Fund I, or RVI. That gain contributed approximately $0.14 to diluted EPS, meaning the investment-related benefit accounted for part of the company’s reported profit growth.

Prediction Markets and Equities Drive Trading Revenue Higher

Transaction-based revenue advanced 44% from a year earlier to $776 million, supported by record activity across equities, options and event contracts.

Event-contract revenue reached $156 million, more than 10 times its level in the prior-year quarter. Robinhood processed a record 13.6 billion event contracts during the period, also representing an increase of more than tenfold. The expansion allowed prediction-market revenue to exceed cryptocurrency transaction revenue during the quarter.

Options revenue rose 29% to $342 million, while equities revenue surged 95% to $129 million. Equity notional trading volume increased 85% to a record $956 billion, and the number of options contracts traded climbed 50% to a record 774 million.

The gains in those businesses were partially offset by weaker cryptocurrency activity. Crypto transaction revenue fell 38% year over year to $100 million. Total crypto notional volume was $40 billion, including $18 billion processed through the Robinhood app and $22 billion through Bitstamp. Trading volume on the Robinhood app declined 35% from the previous year.

Net Interest and Subscription Revenue Continue to Grow

Net interest revenue increased 9% to $389 million, mainly because Robinhood held more interest-earning assets. The benefit was partly offset by lower short-term interest rates and reduced contributions from securities-lending activity.

Other revenue climbed 54% to $143 million, driven primarily by service revenue associated with Trump Accounts and higher Robinhood Gold subscription income. The growth provided Robinhood with a larger stream of revenue outside its transaction-driven businesses.

Robinhood Gold subscribers increased by 1.4 million, or 39%, from a year earlier to a record 4.8 million. The total also rose by approximately 500,000 from the first quarter, while Gold’s adoption rate reached 17% of funded customers. Around 40% of customers who newly funded an account during the quarter subscribed to Gold.

Average revenue per user increased 24% year over year to $187, reflecting stronger trading engagement and continued adoption of Robinhood’s subscription and financial-services products.

Operating Expenses Rise 33%

Total operating expenses increased 33% from the previous year to $734 million. Robinhood attributed the increase to higher marketing and growth investment, expenses associated with Trump Accounts and Rothera, and one-time restructuring charges arising from the workforce reduction announced in June.

Adjusted operating expenses and share-based compensation, a non-GAAP measure, rose 23% to $641 million. The figure also included costs related to Trump Accounts and Rothera.

Despite the higher spending, adjusted EBITDA increased 35% to $741 million. Robinhood’s adjusted EBITDA margin reached 57%, compared with 56% in the same quarter a year earlier.

Platform Assets Reach $369 Billion

Robinhood added 1.9 million funded customers over the past year, bringing the total to 28.4 million, an increase of 7%. Investment accounts rose by 2.5 million, or 9%, to 29.9 million.

Total platform assets climbed 32% to $369 billion. Robinhood said the increase was primarily driven by continued customer deposits and higher equity valuations, although falling cryptocurrency prices partially reduced the gain.

Customers deposited a net $21.7 billion during the quarter, equivalent to an annualised growth rate of 28% relative to platform assets at the end of the first quarter. Net deposits over the latest 12 months reached $75.7 billion, representing growth of 27% relative to platform assets at the end of the second quarter of 2025.

Robinhood Retirement assets under custody increased 82% year over year to a record $34.5 billion. Its margin book more than doubled, rising 127% to $21.6 billion, while cash and deposits grew 34% to a record $18.7 billion.

Cash Sweep balances declined 9% to $29.7 billion. Robinhood said the decrease partly reflected a February change to its high-yield cash programme, under which more than $6 billion was transferred from Cash Sweep balances to customer free-credit balances classified under cash and deposits.

Cash Balance Rises Following Convertible Note Offering

Robinhood ended the quarter with $5.4 billion in cash and cash equivalents, up from $4.2 billion a year earlier. The balance included proceeds from the company’s convertible senior notes offering completed in June.

The company issued $2.2 billion of zero-coupon convertible senior notes due in 2029, increasing its financial flexibility for future investment and growth initiatives.

Robinhood repurchased $414 million of Class A common stock during the quarter, acquiring 4.4 million shares at an average price of approximately $94 each. The total included $290 million of repurchases completed in connection with the convertible note offering and outside the company’s existing buyback authorisation.

Since launching its first repurchase programme in the third quarter of 2024, Robinhood had bought back $1.3 billion of shares under the programme by the end of June 2026. Those purchases covered approximately 27 million shares at an average price of around $47.

Robinhood Expands Into New Financial Products

CEO Vlad Tenev said Robinhood’s development of Robinhood Chain, Robinhood Ventures and Trump Accounts was guided by its aim of expanding access to asset ownership.

CFO Shiv Verma said the company achieved record revenue and new highs in equity, options and event-contract volumes while continuing to gain market share and diversify its business. Robinhood Legend and its credit-card operation became the latest additions to a group of 13 business lines generating at least $100 million in annualised revenue.

Robinhood Legend crossed the $100 million annualised-revenue threshold roughly 18 months after becoming available to customers. The company’s credit-card business also exceeded $100 million in annualised revenue, as the Robinhood Gold Card reached more than one million customers and approximately $17 billion in annualised purchase volume.

The company also launched Rothera in June through a joint venture with Susquehanna International Group. The independently managed, Commodity Futures Trading Commission-licensed exchange and clearinghouse had processed more than 3.5 billion contracts by the time Robinhood reported its results.

Robinhood’s international funded-customer base surpassed one million during the quarter. The company completed its acquisition of Canadian digital-asset platform WonderFi and received a capital markets services licence from the Monetary Authority of Singapore on July 1, a step toward launching brokerage services in Singapore.