Robinhood Q2 2026 Earnings: Revenue, Profit, and Users All Reach Records

Organized & Compiled by Deep潮 TechFlow

Guests: Vlad Tenev, Chairman and CEO of Robinhood; Shiv Verma, CFO of Robinhood

Moderator: Chris Krugel, VP of Corporate Finance & IR at Robinhood

Podcast source: Robinhood

Robinhood Markets, Inc. Q2 2026 Earnings Call

Broadcast date: July 29, 2026

Disclosure: Vlad Tenev, Chairman and CEO, and Shiv Verma, CFO, of Robinhood, made statements during the earnings call that represent the company’s position and are inherently biased due to their vested interests.

Robinhood held the most-watched earnings call in history live on Nasdaq. CEO Vlad Tenev, alongside CFO Shiv Verma, returned to the very spot where the company rang the IPO bell five years ago, using a series of record-breaking figures to demonstrate that this once "retail trading app" has grown into a super-financial ecosystem encompassing trading, banking, credit cards, prediction markets, on-chain finance, and children’s investment accounts.

Q2 net revenue was $1.31 billion, up 32% year-over-year; diluted EPS was $0.62, up 48% year-over-year, significantly exceeding expectations. The most standout figure was event contract (prediction market) revenue of $156 million, more than ten times year-over-year growth. However, the other side of the earnings report showed a decline in crypto business revenue, with in-app crypto trading volume down 35% year-over-year. During the call, Vlad spent a full 20 minutes live-demonstrating the interfaces of eight products, ranging from the Trump administration’s children’s investment accounts to AI trading agents, stock tokens, and the Layer 2 blockchain Robinhood Chain. This was not a traditional earnings call but more like a product launch event.

About the Company's Vision

• Robinhood exists to make everyone an owner. A society without widely distributed ownership is very fragile.
• Since the IPO, the platform's total assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist.

About prediction markets

• The World Cup was truly a proof of concept for us; we're scaling up rapidly.
• The benefit of prediction markets is that events are always happening. The soccer season is coming up, and the midterm elections are extremely important.

Regarding regulation

• We don’t want the ground beneath our feet to be pulled out from under us every four or eight years.
• It would be a shame if the United States cannot benefit from all the advantages of tokenization.

About Capital Allocation

• The denominator matters.
• We are not only a growth-oriented company capable of long-term investment, but also self-finance through a lean and disciplined operational model.

Regarding user growth

• This quarter, nearly 1 million new depositing customers were added, the highest number in nearly five years since the IPO.
• At any given time, several different growth vectors may be simultaneously driving the ecosystem.

Chris Krugel: Welcome everyone to Robinhood’s Q2 2026 earnings call. Joining us today are Chairman and CEO Vlad Tenev, CFO Shiv Verma, and myself, Chris Krugel, Vice President of Finance and Investor Relations. Vlad and Shiv will begin with opening remarks, followed by a question-and-answer session.

After Vlad and Shiv took the stage, Vlad first looked around the packed Nasdaq auditorium.

Vlad Tenev: Wow, thank you all for coming. The room is packed—amazing. We’re back in New York at Nasdaq, with Shiv and Chris here. This is our largest-ever earnings event audience. I remember last year, when Shiv hosted his first in-person analyst event, we were worried if anyone would show up—but those who came had a great time, and it seems the word got out.

Actually, it’s been exactly five years since we rang the bell for our IPO. Since then, we’ve achieved significant growth and delivered real results for our customers. The platform’s total assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist.

Robinhood exists to make everyone an owner. I believe this is a unique vision that few companies are pursuing. It’s a powerful vision not only for each individual customer but for society as a whole. A society without widely distributed ownership is extremely fragile. We believe that broad ownership is essential for a free, stable, and prosperous society, because when more people have a personal stake in the outcomes, they truly invest in them. We want more people to invest in the great companies of our nation—and we’ve only just begun to scratch the surface.

To realize the vision of "making everyone an owner," Vlad says the company is focusing on three things.

Vlad Tenev: First, become the top platform for active traders by enabling customers to own any tradable asset. Second, become the leading wallet for the next generation of customers, bringing ownership to entire families and achieving true lifelong ownership. Third, build a leading global financial ecosystem that extends the ownership we’ve championed in the U.S. to the entire world, benefiting billions of people.

In Q2, we maintained our product development pace across all three fronts, setting a series of records.

At the active trader level, core operations are performing well, market share is growing, and trading volumes across equities, options, and prediction markets have all reached all-time highs. After Rothera began supporting Robinhood’s prediction markets, it rapidly became one of the top three Designated Contract Markets (DCMs) in the U.S. We also launched the first version of agentic trading, enabling customers to trade stocks, options, and cryptocurrencies using AI agents integrated with Robinhood’s tools and features.

At the wallet share level, the Trump account (children’s investment account) has officially launched, marking a historic step toward “universal financial ownership from birth.” We are honored to serve as the broker and sole initial trustee, helping millions of American children become owners of the economy from day one. The Robinhood Gold credit card has also surpassed one million cardholders, with annualized spending exceeding $17 billion. Bank deposits have surpassed $3 billion since their launch in November last year. Together, these milestones have driven record net deposits, as customers increasingly trust us with more of their assets, pushing the platform’s total assets to a new quarterly high.

On the global financial ecosystem level, we completed the acquisition of Canada’s WonderFi, obtained a Capital Markets Services license in Singapore, and launched a full suite of products, including Robinhood Chain, at the "World Is Flat" international event. Robinhood Chain is the first blockchain built specifically for real-world assets and has performed exceptionally well since its launch.

Vlad emphasized the early data on Robinhood Chain during the phone call.

Vlad Tenev: Since the launch of Robinhood Chain, decentralized exchange (DEX) trading volume has exceeded $12 billion, making it one of the largest chains by trading volume over the past week. It is also the fastest chain to reach 100 million transactions, and I believe it has now far surpassed 150 million—very impressive.

Customers have deposited over $200 million into Robinhood Earn, our stablecoin lending product built on Robinhood Chain and the stablecoin USDG, offering a competitive 7% annualized yield—just weeks after launch.

Stock tokens are the product that excites me the most. We’ve launched stock tokens in over 120 countries, enabling millions of global users to experience the concept of ownership. Tokenization makes high-quality assets, such as U.S. stocks, accessible to anyone with an internet connection. All you need is a smartphone and a connection to our blockchain to gain exposure to U.S. stocks—it’s incredibly exciting.

We currently serve over one million accounts outside the United States, and we’re just getting started.

Vlad handed the mic to Shiv, who broke down the financial data in detail.

Shiv Verma: Before diving into the specific numbers, I’d like to share three key highlights from this quarter.

First, our core business is extremely strong. Net deposits reached a record $22 billion, with an annualized growth rate of 28%. We set new records across equity, options, prediction markets, and margin trading. Top-of-funnel growth is also accelerating, with nearly 1 million new funded customers added this quarter.

Second, this generated record revenue (up 32% year-over-year) and another quarter of strong profitability, with an adjusted EBITDA profit margin of 57%. We continue to drive robust revenue growth and scalable profitability.

Third, we maintain discipline around expenses. Even as our core business set new records and we added new products, we lowered and narrowed our full-year expense guidance.

Look specifically at Q2 data: Revenue increased 32% year-over-year to a record $1.31 billion, driven by broad-based strong growth across the business. Trading volume reached record levels across the vast majority of asset classes, and market share hit new highs. Interest-bearing assets also grew, with margin, credit card, and banking businesses all setting records. Other revenue increased as well, with Gold subscribers reaching a record 4.8 million, and Trump accounts beginning to generate revenue.

On the cost side, adjusted operating expenses plus stock-based compensation amounted to $641 million, well managed and below the previously guided range, and this includes the costs of the new businesses Rothera and WonderFi (which were not included in the prior guidance). Looking ahead for the full year, we continue to improve efficiency, enabling us to self-fund WonderFi’s costs while further reducing expenses across the system. As a result, we have lowered and narrowed our guidance for adjusted operating expenses plus stock-based compensation for 2026 to between $2.675 billion and $2.775 billion.

We believe that this is not only a growth-oriented company suitable for long-term investment, but also one that can self-finance meaningful new investments through a lean and disciplined operational model—this is our competitive advantage.

Strong revenue growth and cost discipline together drove profitability. Adjusted EBITDA reached $741 million, a 35% year-over-year increase, with a margin of 57%. Earnings per share were $0.62, up 48% year-over-year.

Shiv Verma: When it comes to capital allocation, there are a few key points. In June, we seized the opportunity to raise $2.2 billion in capital, providing greater flexibility to invest for future growth. We believe there are tremendous opportunities ahead, and this capital enhances our ability to pursue them. Moreover, we completed the raise under terms highly attractive to shareholders: 0% coupon and no net dilution until the stock price exceeds $300.

Even while raising capital, we have been prudently managing our equity. Year to date, we have repurchased 7.5 million shares at a cost of $664 million. As we’ve stated, the denominator matters.

We are very proud of our Q2 performance, and the start of Q3 has been strong as well. In July, average daily trading volume across equity, options, and event contracts remained comparable to the record-breaking Q2. Net deposits in July are on track to reach $4 billion, not including deposits from the Trump account.

Shiv also shared the three key metrics that management considers essential for measuring long-term progress.

Shiv Verma: Some investors say it’s hard to determine which growth areas to focus on. I’d like to share three metrics we consider important.

First, net deposits. Customers continue to entrust us with their hard-earned money at a growth rate exceeding 20%. With strong net deposit growth, assets compound, driving business expansion.

Second, the Rule of 40 (growth + profitability). We have maintained a strong adjusted EBITDA margin while achieving double-digit revenue growth. For several years, we have been a Rule of 80+ company. We believe it is important to be both a growth-oriented company and a high-margin operator, and doing so at our scale—over $5 billion in annual revenue—is quite rare.

Third, business lines with annualized revenue exceeding $100 million. We are pleased to announce that we now have 13 business lines reaching this milestone. In just this quarter alone, two new ones were added: Robinhood Legend and the credit card.

As we build out a family of financial applications, we plan to add more businesses generating over $100 million in annual revenue over the next year. If we can make consistent progress quarter after quarter and year after year in these areas, the financial results will naturally follow.

Our financial north star remains unchanged: maximizing earnings per share and free cash flow for shareholders over the long term.

Before the Q&A, Vlad did something rare on earnings calls: he spent nearly 20 minutes live-demonstrating the interfaces of several Robinhood products.

Vlad Tenev: I wanted to try something different. Many of you are probably familiar with our main app, but over the past few years, we’ve expanded from a single trading app into a broader ecosystem. I’d like to give you a quick overview of the other apps we’ve built.

The first is the Trump account. This was an incredible collaboration between the Treasury Department, the National Design Studio, the Robinhood team, and BNY. I believe this is the best digital experience the government has ever delivered. In fact, Minister Besson said just a few days ago that this is the best product launch the government has ever had. I think that’s a high bar, especially considering NASA is also in the running for that title.

This is my child’s Trump account. You can not only see today’s account value, but also what it will look like at age 18. You can even simulate: what if I add $50 or $130 each month—how much would compounding grow by age 18? You can even see what it could be at age 60, retirement age. What we truly want to do is demonstrate the power of compounding and encourage people to think long-term.

This is educational content designed to make learning the basics of the stock market and investing easy—and this is just the beginning. Michael Dell and his wife Susan have made a significant donation, and many others have as well. We’re enabling employers to contribute easily, with an annual tax-free employer contribution limit of $2,500 per person, and Robinhood is also participating. If you haven’t already, I strongly encourage you to open one for your child or grandchild. And it’s only going to get better.

The second is a banking app. We believe we’re building the best digital banking experience on the market. You can feel the refined Art Deco aesthetic. We want to create an uncompromising banking experience. While other neobanks often make trade-offs in their purely digital offerings, we aim to deliver a true private banking product.

One of the most popular features is the deposit interest rate. Now, by setting up direct deposit and becoming a Gold subscriber, both your checking and savings accounts earn high annual yields with no minimum balance requirement. People really appreciate being able to earn the highest yield on most of their money without having to move funds around. We offer 3.5% directly to each account. Currently, about 40% of our customers have set up direct deposit, which is a strong penetration rate.

This is the Family tab. You can add family members. This is truly the first banking product to treat family as a first-class citizen. Customers have their salaries deposited directly into the bank, spend using a credit card, and receive cash back that flows back into their brokerage account to fuel their investments. We’ve made all of this incredibly simple.

The third is the Robinhood Wallet. As part of the "The World Is Flat" launch, we introduced the Robinhood Chain mainnet—a powerful chain requiring a matching wallet. I want to clarify upfront that many of the features I’m demonstrating are not yet available in the U.S.; these are exclusively international products available to users in over 120 countries.

You’ll see a design language similar to Robinhood, but all features are powered by crypto technology. The bottom tab includes perpetual contracts; through our partnership with Lighter, active traders overseas can gain leveraged exposure not only to crypto perpetual contracts but also to commodities and single-stock perpetual contracts. We’ve made deposits, withdrawals, and placing trades simple.

Another feature I’m excited about is stock tokens. This is NVIDIA. If you’re an international customer, you can gain exposure to NVIDIA through stock tokens. They even offer some advantages over traditional stocks: they can be traded 24/7, including on weekends and holidays. You can send and receive them on-chain, just like any cryptocurrency. The address is right here. This makes global ownership incredibly easy—you only need an internet connection and blockchain access.

Looking ahead, we will continue advancing in this direction. We are adding more stocks and actively driving the tokenization of additional real-world assets. We have strong momentum here and plenty to accomplish, with many other products in our pipeline.

A few months from now, we’ll host the third Hood Summit, “The Engine of Creation,” in Houston, Texas—stay tuned, it’s going to be amazing.

The Q&A session followed an unusual format: first addressing shareholder questions collected via Say Technologies, then taking questions from the live audience, and finally fielding incoming phone calls.

About the goals of Robinhood Social

Shareholder Zach: What is the goal of Robinhood Social, and when will it be open to the public?

Vlad Tenev: Thank you for the question. I noticed you're also on Robinhood Social, and this topic has already been discussed on the platform, so it’s a perfect fit. So far, Robinhood has largely been a tool for placing orders, with trading ideas typically coming from outside sources—you get an idea from somewhere in the real world and then come here to place the order. The goal of Robinhood Social is to integrate the source of those ideas as well, making the community a source of trading strategies and insights.

Regarding the impact of the CLARITY Act

Shareholder John: The CLARITY Act is still progressing in the Senate. If a similar bill passes, what would be the most significant impact on Robinhood? What if it is delayed?

Vlad Tenev: Let me answer that. The CLARITY Act is crucial because, while the current administration is excellent and truly the first crypto-friendly government to embrace new technology, we want the foundation of this industry in the United States to be enduring. We don’t want the ground beneath us to be pulled out every four or eight years, with new rules replacing the old ones.

For the industry to truly grow, regulatory stability is essential—and this must be achieved through legislation. We see this in the GENIUS Act. I believe the CLARITY Act goes even further, particularly in one area we’ve been strongly advocating: tokenization. We’ve been investing in tokenized products, and we believe this will be a massive industry. We’re currently advancing this direction outside the U.S., and the progress from V1 to V2 is clear: fully on-chain, 24/7 trading, and inherently divisible. There are numerous advantages. It would be a shame if the U.S. were unable to benefit from all of them.

We’re excited about all aspects of the bill and believe it will help us take the next step. But we won’t wait around—we’ll continue aggressively advancing both on-chain and traditional centralized products, ensuring we maintain innovation in certain international markets while progressing in the U.S. through Robinhood Earn and other on-chain offerings. Regardless, we’ll be fine, but the CLARITY Act is crucial to maximizing the value of all the products we’ve been building.

Early data regarding the Trump account

Shareholder Joe: How has the early progress been since the Trump account went live in July? How many accounts have been opened specifically, and how much in assets have flowed in? What is the long-term outlook for net deposits and custodied assets?

Vlad Tenev: The progress has been excellent. Seven million children have registered, and nearly $1.5 billion has flowed into Trump’s account, even before significant charitable donations began arriving. We believe this number will reach tens of millions, and we are actively pushing forward. We expect donations to accelerate rapidly from here, but sustained effort is required.

Successful projects have one thing in common: people want more of what they value, and they want it quickly. We’re working closely with our partners to deliver on this. Soon, employers will be able to contribute to their employees’ Trump accounts. For those who want to give charitably, there’s currently a lack of good options—and no default choice. You have to evaluate charities, figure out whether they’re wasting fees, and confirm that the money actually reaches its intended destination. We aim to provide a default, low-cost, high-quality mechanism. We’ve only just begun.

Factors driving deposit-related user growth

Dan Dolev (Mizuho): Congratulations to Vlad and Shiv on an outstanding quarter. What surprised us most was the remarkable growth in funded accounts. Could you explain what structural factors are driving this, and what you’re doing to achieve it? Also, please provide a quick update on progress in Europe.

Shiv Verma: Last quarter, we said we would focus on reigniting growth at the top of the funnel, and I’m pleased to see the progress. This quarter, we added nearly one million new funded customers—the highest number in nearly five years since our IPO. There are many contributing factors, not just one single cause. The strong market environment certainly helped. We launched numerous new products, and banking and credit card integrations drove robust organic growth. The SpaceX IPO also contributed. This quarter, we completed an acquisition that brought in hundreds of thousands of new accounts. Additionally, we continue to see steady growth overseas.

This highlights the power of the ecosystem, or as Vlad mentioned, the power of the family of financial applications. At any given time, multiple different growth vectors may be active. This quarter, we saw many vectors driving growth simultaneously, and we will continue to focus on this approach—whether through new products or marketing—as it will become one of our most important KPIs going forward.

Vlad Tenev: There is still more work to be done.

On the sustainability of prediction markets

Dan Fannon: I’d like to discuss prediction markets—what are your thoughts on their sustainability after the World Cup? How sustainable is this asset class in the long term as we transition from the World Cup to the regular football season? Beyond sports-related events, what macro or larger-scale events have you observed?

Vlad Tenev: The benefit of prediction markets is that events are constantly happening. You mentioned the upcoming soccer season, and the midterm elections are also extremely significant and will certainly be a topic of discussion—clients will naturally want to trade them and hedge their portfolios, as events keep occurring. We’re preparing for this by continuously improving our products and pricing. Rothera is already live, and I believe the World Cup was a true proof of concept for us; we’re rapidly scaling up to make it even bigger, with the goal of delivering the best possible prices to our customers. That’s our mindset: Can we connect to multiple venues to ensure clients get the most favorable trades on Robinhood?