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Robinhood just had its biggest quarter ever. The company posted $1.31 billion in net revenue for Q2 2026, a 32% jump from the same period last year, with trading volumes surging 44% across the board.
Net income came in at $573 million, up 48% year-over-year, or 62 cents per diluted share. That number got a boost from a $129 million gain tied to the deconsolidation of Robinhood Ventures Fund I — worth noting, because strip that out and the underlying business still ran hot. Options trading revenue rose 29% to $342 million. Equity trading revenue nearly doubled, up 95% to $129 million. And event contracts — basically Robinhood’s prediction market play — blew past expectations, expanding more than tenfold to $156 million. Net interest revenues grew 9% to $389 million, helped by interest-earning assets even as short-term rates stayed lower. Other revenues climbed 54% to $143 million, driven by Robinhood Gold subscriptions and Trump Accounts service fees.
Crypto trading, though? Down 38% to $100 million.
Event Contracts and Equity Trading Drive the Numbers
The tenfold jump in event contracts is probably the most striking single data point in the whole report. Prediction markets have been a contested space — regulators have pushed back hard on some operators — but Robinhood clearly sees it as a growth lane worth doubling down on. User demand seems real. The $156 million figure isn’t a rounding error; it’s now a meaningful slice of the company’s transaction-based revenue mix.
Equity trading’s 95% surge is worth sitting with too. That kind of growth in a single quarter doesn’t happen without a pretty specific market backdrop — retail traders came back, volatility gave them reasons to act, and Robinhood was sitting right in the middle of it. Options stayed steady as the bigger revenue line at $342 million, but equities basically caught up fast.
The crypto decline is harder to read. Whether it’s a Robinhood-specific problem or just a reflection of where crypto valuations sat during the quarter isn’t totally clear from the numbers alone. Probably some of both.
Average revenue per user hit $187, up 24%. That’s a meaningful jump — it means existing users are doing more on the platform, not just sitting on cash.
$21.7 Billion in Net Deposits, $369 Billion in Total Assets
Robinhood pulled in $21.7 billion in net deposits during the quarter. Annualized, that’s a 28% growth rate. Total platform assets reached $369 billion, up 32% year-over-year. Those aren’t small numbers for a company that started as a zero-commission stock trading app.
Operating expenses rose 33% to $734 million. Marketing spend went up. New product lines cost money. And there were restructuring charges tied to a workforce reduction in June 2026 — the source didn’t specify the scale of those cuts, but they showed up in the expense line. Despite all that, adjusted EBITDA grew 35% to $741 million. Adjusted operating expenses and share-based compensation rose 23% to $641 million, which came in below Robinhood’s own internal projections. So costs went up, but not as much as the company had feared.
That’s actually the more interesting story buried in the expense section. Robinhood spent more, but managed to spend less than it planned to. In a quarter with a workforce reduction and heavy marketing investment, staying under your own budget is harder than it looks.
Convertible Notes, Buybacks, and a Stronger Cash Position
The company ended Q2 with $5.4 billion in cash and cash equivalents, up from $4.2 billion at the same point last year. A big chunk of that came from a $2.2 billion convertible notes offering closed in June 2026. That’s a significant capital raise — it gives Robinhood flexibility, but it also adds to the debt load. No details in the release about the terms or conversion price.
On the buyback side, Robinhood repurchased $414 million of Class A common stock during the quarter. Total cumulative buybacks since late 2024 now stand at $1.3 billion. That’s a pretty aggressive pace of returning capital to shareholders for a company that’s also investing heavily in new products and just raised $2.2 billion in debt.
Robinhood’s broader product push — Robinhood Chain, Robinhood Ventures, Trump Accounts — seems aimed at turning a trading app into something closer to a full financial platform. The Trump Accounts service fees contributed to that 54% jump in other revenues, alongside Gold subscriptions. How sticky those revenue streams turn out to be is unclear yet, but they’re already moving the needle.
The crypto revenue drop to $100 million is worth watching next quarter. If valuations recover, that line probably bounces back. If they don’t, it’s going to be a drag on an otherwise strong mix. For now, event contracts and equities are carrying the weight.
Adjusted EBITDA of $741 million on $1.31 billion in revenue.
Frequently Asked Questions
What was Robinhood’s net income for Q2 2026?
Robinhood reported net income of $573 million for Q2 2026, up 48% year-over-year, equal to 62 cents per diluted share.
Why did Robinhood’s crypto trading revenue fall in Q2 2026?
Cryptocurrency trading revenue dropped 38% to $100 million, with Robinhood citing lower crypto valuations as the main factor behind the decline.
How much did Robinhood raise through its convertible notes offering?
Robinhood closed a $2.2 billion convertible notes offering in June 2026, which helped push its cash position to $5.4 billion by quarter-end.
