Robinhood (HOOD) · Financial Technology
Robinhood Q2 2026 earnings: summary, key numbers & outlook
Results filed 29 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Robinhood reported Q2 2026 total net revenues up 32% year-over-year to a record $1.31 billion, with net income up 48% to $573 million and diluted EPS up 48% to $0.62.
Robinhood had a record quarter. Revenue rose 32% to $1.31 billion, driven by trading: event contracts revenue was $156 million (up over 10x), options revenue $342 million (up 29%) and equities revenue $129 million (up 95%). Crypto revenue fell 38% to $100 million. Net income was $573 million, including $129 million of gains mostly from deconsolidating Robinhood Ventures Fund I. Net Deposits were a record $21.7 billion, and Gold subscribers reached 4.8 million.
Management lowered and tightened its 2026 Adjusted Operating Expenses and SBC outlook to $2.675 to $2.775 billion, from $2.7 billion to $2.825 billion, citing efficiencies captured and costs from two new businesses, Rothera and WonderFi. The main tension is cost and dependence on trading: operating expenses rose 33% to $734 million, including restructuring charges, and the company flags regulatory risk around event contracts and payment for order flow. No revenue or earnings guidance was given.
Key numbers
- Total net revenues · GAAP
- $1.31 billion
- Net income · GAAP
- $573 million
- Diluted EPS · GAAP
- $0.62
- Adjusted EBITDA · non-GAAP
- $741 million
- Total operating expenses · GAAP
- $734 million
- Adjusted Operating Expenses and SBC · non-GAAP
- $641 million
- Net cash provided by operating activities · GAAP
- $720.0M
up 32% year-over-year
up 48% year-over-year
up 48% year-over-year
up 35% year-over-year
up 33% year-over-year
up 23% year-over-year
| Segment or metric | Value | Change |
|---|---|---|
| Transaction-based revenues | $776 million | up 44% year-over-year |
| Net interest revenues | $389 million | up 9% year-over-year |
| Other revenues | $143 million | up 54% year-over-year |
| Funded Customers | 28.4 million | up 7% year-over-year |
| Robinhood Gold Subscribers | 4.8 million | up 39% year-over-year |
| Total Platform Assets | $369 billion | up 32% year-over-year |
| Net Deposits | $21.7 billion | annualized growth rate of 28% |
| Event Contracts Traded | 13.6 billion | up over 10x year-over-year |
Where each number comes from
- Total net revenues: “Total net revenues increased 32% year-over-year to $1.31 billion.”
- Net income: “Net income increased 48% year-over-year to $573 million.”
- Diluted EPS: “Diluted earnings per share (“EPS”) increased 48% to $0.62.”
- Adjusted EBITDA: “Adjusted EBITDA (non-GAAP) increased 35% year-over-year to $741 million.”
- Total operating expenses: “Total operating expenses increased 33% year-over-year to $734 million.”
- Adjusted Operating Expenses and SBC: “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.”
- Net cash provided by operating activities: “Net cash provided by operating activities | 3,509 | 720 | 4,151 | 2,758”
- Transaction-based revenues: “Transaction-based revenues increased 44% year-over-year to $776 million, primarily driven by event contracts revenue of $156 million, up over 10x”
- Net interest revenues: “Net interest revenues increased 9% year-over-year to $389 million, primarily driven by growth in interest-earning assets”
- Other revenues: “Other revenues increased 54% year-over-year to $143 million, primarily driven by Trump Account service revenues and increased Robinhood Gold subscription revenues.”
- Funded Customers: “Funded Customers increased by 1.9 million, or 7%, year-over-year to 28.4 million.”
- Robinhood Gold Subscribers: “Robinhood Gold Subscribers increased by 1.4 million, or 39%, year-over-year to 4.8 million.”
- Total Platform Assets: “Total Platform Assets increased 32% year-over-year to $369 billion, primarily driven by continued Net Deposits and higher equity valuations”
- Net Deposits: “Net Deposits were $21.7 billion, an annualized growth rate of 28% relative to Total Platform Assets at the end of Q1 2026.”
- Event Contracts Traded: “Event Contracts Traded increased over 10x year-over-year to a record 13.6 billion.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $1.3B | +32.3% | +22.6% |
| Net income | $561.0M | +45.3% | +60.3% |
| Diluted EPS | $0.62 | +47.6% | +63.2% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted Operating Expenses and SBC | 2026 | $2.675 to $2.775 billion |
Key takeaways
Record revenue led by trading and event contracts
Total net revenues rose 32% to $1.31 billion. Transaction-based revenues increased 44% to $776 million, with event contracts revenue of $156 million, up over 10x.
Crypto weakness offset by other trading lines
Cryptocurrencies revenue was $100 million, down 38%, while options revenue of $342 million rose 29% and equities revenue of $129 million rose 95%.
Net income includes one-time deconsolidation gains
Net income of $573 million included $129 million of gains primarily related to the deconsolidation of RVI, contributing $0.14 to diluted EPS of $0.62.
Customer growth and record deposits continue
Net Deposits were $21.7 billion and Total Platform Assets reached $369 billion. Robinhood Gold Subscribers hit 4.8 million, a 17 percent adoption rate.
2026 expense outlook lowered and tightened
The Adjusted Operating Expenses and SBC outlook is now $2.675 to $2.775 billion, versus $2.7 billion to $2.825 billion previously, with Rothera and WonderFi costs now included.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $1.0B * |
| Q1 2025 | $927.0M |
| Q2 2025 | $989.0M |
| Q3 2025 | $1.3B |
| Q4 2025 | $1.3B * |
| Q1 2026 | $1.1B |
| Q2 2026 | $1.3B |
| Q3 2026 | $1.4B |
Data
| Q1 2025 | $0.37 |
| Q2 2025 | $0.42 |
| Q3 2025 | $0.61 |
| Q1 2026 | $0.38 |
| Q2 2026 | $0.62 |
| Q3 2026 | $0.51 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Questions
What were Robinhood's Q2 2026 headline results?
Total net revenues rose 32% year-over-year to a record $1.31 billion, net income rose 48% to $573 million, and diluted EPS rose 48% to $0.62. Net income included $129 million of gains mostly from deconsolidating RVI.
What drove revenue growth in Q2 2026?
Transaction-based revenues rose 44% to $776 million, led by event contracts ($156 million), options ($342 million) and equities ($129 million). Crypto revenue fell 38% to $100 million.
What is Robinhood's 2026 expense guidance?
Robinhood lowered and tightened its 2026 Adjusted Operating Expenses and SBC outlook to $2.675 to $2.775 billion from $2.7 billion to $2.825 billion. The range now covers Rothera and WonderFi costs but excludes items such as credit losses and restructuring.
How did customer and asset metrics change?
Funded Customers grew 7% year-over-year to 28.4 million, Total Platform Assets rose 32% to $369 billion, and Net Deposits were $21.7 billion. Robinhood Gold Subscribers reached 4.8 million, up 39%.
How much did Robinhood spend on share repurchases?
Robinhood repurchased $414 million of Class A stock in the quarter, representing 4.4 million shares at an average price of approximately $94. This included $290 million tied to its June 2026 convertible notes offering.
Documents
SEC filing