Robinhood Q2 2026 Financial Results:
Total net revenue increased by 32% year-over-year to $1.31 billion.
Transaction-based revenue rose by 44% year-over-year to $776 million, primarily driven by a more than tenfold increase in active contracts revenue to $156 million, a 29% increase in operations revenue to $342 million, and a 95% increase in equities revenue to $129 million, partially offset by a 38% decline in cryptocurrency revenue to $100 million.
Net interest income grew by 9% year-over-year to $389 million, primarily driven by growth in interest-earning assets, partially offset by lower short-term rates and securities lending activities.Other revenue increased by 54% year-over-year to $143 million, primarily driven by revenue from Trump account services and growth in Robinhood Gold subscription revenue.
Net income rose by 48% year-over-year to $573 million.
Net income includes a gain of $129 million, primarily related to the dissolution of Robinhood Ventures Fund I (“RVI”).
Diluted earnings per share (“EPS”) increased by 48% to $0.62.
Diluted EPS includes a $0.14 gain, primarily related to the unwinding of RVI.
Total operating expenses increased by 33% year-over-year to $734 million. The year-over-year increase was primarily driven by marketing and growth investments, one-time restructuring charges associated with workforce reductions announced in June 2026, and expenses related to Trump accounts and Roth IRA offerings.
Adjusted operating expenses, including stock-based compensation (“SBC”) (non-GAAP), increased by 23% year-over-year to $641 million, which includes expenses related to the Trump account and Rosella.
Adjusted EBITDA (non-GAAP) rose by 35% year-over-year to $741 million.
Funded accounts grew by 1.9 million, or 7%, year-over-year, reaching 28.4 million.
Investment accounts increased by 2.5 million, or 9%, year-over-year, reaching 29.9 million.
Total platform assets rose by 32% year-over-year to $369 billion, primarily driven by continued net deposits and higher equity valuations, partially offset by a decline in cryptocurrency valuations.
Net deposits amounted to $21.7 billion, representing an annualized growth rate of 28% relative to total platform assets as of the end of Q1 2026. Over the past twelve months, net deposits totaled $75.7 billion, reflecting a 27% increase relative to total platform assets as of the end of Q2 2025.
Robinhood Gold subscribers increased by 1.4 million, or 39%, year-over-year, reaching 4.8 million.
Average revenue per user (“ARPU”) rose by 24% year-over-year to $187.
Total cash and cash equivalents stood at $5.4 billion, including net proceeds from the convertible notes issuance in June 2026, compared to $4.2 billion as of the end of Q2 2025.
Share repurchases totaled $414 million, representing 4.4 million shares of our Class A common stock at an average price of approximately $94 per share. This includes $290 million in repurchases associated with our convertible notes issuance in June 2026, which fall outside the existing share repurchase authorization.
Since the launch of its first share repurchase program in the third quarter of 2024, the company has repurchased a total of $1.3 billion worth of shares under the program as of the end of the second quarter of 2026, representing 27 million Class A common shares at an average price of approximately $47 per share.
Vlad Tenev, Chairman and CEO of Robinhood, stated: “Whether it’s Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: enabling everyone to become an owner. Broad-based ownership is key to a free, stable, and prosperous society.”
Shiv Verma, Chief Financial Officer of Robinhood, said: “The business is firing on all cylinders. We’ve achieved record revenues and set new highs in equity, options, and active contracts, continuing to gain market share. Our product velocity keeps delivering new offerings to customers, driving greater diversification of our business. Robinhood Legend and our credit card business have joined our growing portfolio of thirteen business lines, each generating over $100 million in annual revenue.”
Editor/Liam