Second Quarter 2026
Filed Jul 29, 2026Revenues up 32% year-over-year to a record $1.31 billion; diluted EPS up 48% year-over-year to $0.62; Net Deposits were a record $22 billion.
Record revenue, 48% growth in net income and diluted EPS, broad transaction growth, record Net Deposits, and expanding Gold adoption were accompanied by a lower and tighter 2026 Adjusted Operating Expenses and SBC outlook.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenuesGAAP | $1.31 billion | – | increased 32% |
| Transaction-based revenuesGAAP | $776 million | – | increased 44% |
| Net interest revenuesGAAP | $389 million | – | increased 9% |
| Other revenuesGAAP | $143 million | – | increased 54% |
| Net incomeGAAP | $573 million | – | increased 48% |
| Diluted earnings per shareGAAP | $0.62 | – | increased 48% |
| Total operating expensesGAAP | $734 million | – | increased 33% |
| Adjusted Operating Expenses and Share-Based Compensationnon-GAAP | $641 million | – | increased 23% |
| Adjusted EBITDAnon-GAAP | $741 million | – | increased 35% |
| Funded Customersother | 28.4 million | – | increased by 1.9 million, or 7% |
| Investment Accountsother | 29.9 million | – | increased by 2.5 million, or 9% |
| Total Platform Assetsother | $369 billion | – | increased 32% |
| Net Depositsother | $21.7 billion | – | – |
| Net Deposits, past twelve monthsother | $75.7 billion | – | – |
| Robinhood Gold Subscribersother | 4.8 million | up 500 thousand sequentially | increased by 1.4 million, or 39% |
| Average Revenue Per Userother | $187 | – | increased 24% |
| Robinhood Retirement AUCother | $34.5 billion | – | increased 82% |
| Margin Bookother | $21.6 billion | – | increased 127% |
| Cash and Depositsother | $18.7 billion | – | increased 34% |
| Cash Sweepother | $29.7 billion | – | decreased 9% |
| Equity Notional Trading Volumesother | $956 billion | – | increased 85% |
| Options Contracts Tradedother | 774 million | – | increased 50% |
| Crypto Notional Trading Volumesother | $40 billion | – | – |
| Robinhood App Notional Volumesother | $18 billion | – | decreased 35% |
| Bitstamp Notional Volumesother | $22 billion | – | – |
| Event Contracts Tradedother | 13.6 billion | – | increased over 10x |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Transaction-based revenuesPrimarily driven by event contracts revenue, options revenue, and equities revenue, partially offset by cryptocurrencies revenue. | $776 million | – | increased 44% |
| Event contracts revenueEvent contracts revenue growth. | $156 million | – | up over 10x |
| Options revenueOptions revenue growth. | $342 million | – | up 29% |
| Equities revenueEquities revenue growth. | $129 million | – | up 95% |
| Cryptocurrencies revenuePartially offset transaction-based revenue growth. | $100 million | – | down 38% |
| Net interest revenuesGrowth in interest-earning assets, partially offset by lower short-term interest rates and securities lending activity. | $389 million | – | increased 9% |
| Other revenuesTrump Account service revenues and increased Robinhood Gold subscription revenues. | $143 million | – | increased 54% |
2026 outlook
- Operating expensesAdjusted Operating Expenses and SBC: $2.675 to $2.775 billion
- NoteThe 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 the CFO transition, potential significant regulatory matters, or other significant expenses.
- NoteRobinhood is not providing a 2026 outlook for total operating expenses.
Capital returns
- Share repurchases were $414 million, representing 4.4 million shares of Class A common stock at an average price per share of approximately $94.
- $290 million was repurchased in connection with the June 2026 convertible notes offering and outside of the existing share repurchase authorization.
- Since starting the 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 Class A common stock at an average price per share of approximately $47.
What drove it
- Event contracts revenue was $156 million, up over 10x year-over-year, while Event Contracts Traded increased over 10x year-over-year to 13.6 billion.
- Equities revenue was $129 million, up 95%, and Equity Notional Trading Volumes increased 85% year-over-year to $956 billion.
- Options revenue was $342 million, up 29%, and Options Contracts Traded increased 50% year-over-year to 774 million.
- Interest-earning asset growth supported net interest revenues.
- Other revenues were driven by Trump Account service revenues and increased Robinhood Gold subscription revenues.
- Total Platform Assets growth was driven by continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations.
- Robinhood Legend and the Credit Card business joined thirteen different business lines that have reached $100 million-plus in annualized revenues.
Concerns
- Cryptocurrencies revenue was $100 million, down 38%, and Robinhood App Notional Volumes decreased 35% year-over-year to $18 billion.
- Net interest revenue growth was partially offset by lower short-term interest rates and securities lending activity.
- Total operating expenses increased 33% year-over-year, driven by marketing and growth investments, one-time restructuring charges from the June 2026 reduction in force, and expenses related to Trump Accounts and Rothera.
- The 2026 expense outlook excludes provision for credit losses, pending-acquisition costs, certain CFO-transition equity modifications, potential significant regulatory matters, and other significant expenses.
- Cash Sweep decreased 9% year-over-year to $29.7 billion.
What to watch
- Execution against the 2026 Adjusted Operating Expenses and SBC outlook of $2.675 to $2.775 billion.
- The rate of Funded Customer growth and cross-selling, which affects variable marketing costs.
- The Company's ability to manage credit losses, prevent fraud, and manage web-hosting expenses efficiently.
- Sustained event-contract, equities, and options engagement and the continued impact of lower cryptocurrency valuations.
- Growth in Robinhood Gold adoption, with approximately 40 percent of new Funded Customers signing up for Gold in Q2.
Balance sheet and cash flow
- Cash and cash equivalents totaled $5.4 billion, including net proceeds from the June 2026 convertible notes offering, compared with $4.2 billion at the end of Q2 2025.
- 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.
Analysis
Robinhood reported record total net revenues of $1.31 billion, up 32% year-over-year, alongside net income of $573 million and diluted EPS of $0.62, both up 48%. Adjusted EBITDA increased 35% to $741 million. The reported period also included $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I, with a $0.14 impact on diluted EPS.
Transaction-based revenues increased 44% to $776 million, led by event contracts revenue of $156 million, up over 10x, equities revenue of $129 million, up 95%, and options revenue of $342 million, up 29%. This activity was reflected in record Equity Notional Trading Volumes of $956 billion, record Options Contracts Traded of 774 million, and record Event Contracts Traded of 13.6 billion. Cryptocurrencies revenue of $100 million declined 38%, while Robinhood App Notional Volumes decreased 35% year-over-year to $18 billion.
Customer and asset metrics showed continued platform expansion. Funded Customers reached 28.4 million, Investment Accounts reached 29.9 million, and Total Platform Assets reached $369 billion. Net Deposits were $21.7 billion, while Gold Subscribers reached 4.8 million and ARPU increased 24% to $187. The company cited continued Net Deposits and higher equity valuations as drivers of platform asset growth, partly offset by lower cryptocurrency valuations.
Expense growth tracked closely with revenue growth, as total operating expenses increased 33% to $734 million and Adjusted Operating Expenses and SBC increased 23% to $641 million. The company cited marketing and growth investments, restructuring charges, and Trump Accounts and Rothera-related expenses. It lowered and tightened its 2026 Adjusted Operating Expenses and SBC outlook to $2.675 to $2.775 billion from its prior $2.7 billion to $2.825 billion outlook, while noting that the outlook includes neither several potentially material expense categories nor a total operating expenses outlook.
Capital allocation included $414 million of share repurchases, including $290 million connected with the June 2026 convertible notes offering and conducted outside the existing authorization. Cash and cash equivalents totaled $5.4 billion, including net proceeds from that offering. The key reported operating risks are lower short-term interest rates and securities lending activity, cryptocurrency-related pressure, and expense categories excluded from the outlook, including credit losses, regulatory matters, and acquisition-related costs.
Management, verbatim
Whether it's the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner.
Vlad Tenev, Chairman and CEO of Robinhood
The business is firing on all cylinders.
Shiv Verma, Chief Financial Officer of Robinhood
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.
Shiv Verma, Chief Financial Officer of Robinhood
Not in the filing
stated, not guessed- Prior-year and prior-quarter dollar amounts for total net revenues, transaction-based revenues, net interest revenues, other revenues, net income, diluted EPS, total operating expenses, Adjusted Operating Expenses and SBC, and Adjusted EBITDA.
- Gross profit and gross margin.
- Operating income or loss.
- Operating cash flow and free cash flow.
- Total debt and net debt.
- Dividend declaration or payment.
- Weighted-average diluted shares.
- 2026 revenue guidance, gross-margin guidance, tax-rate guidance, and GAAP total operating expenses guidance.
- A comparable full-year 2026 actual result for Adjusted Operating Expenses and SBC to assess the prior full-year outlook.
- Prior-quarter comparisons for revenue, earnings, operating expenses, and most operating metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.