Author|Azuma(@azuma_eth)
On July 30, Beijing time, the US internet brokerage Robinhood (HOOD) officially released its financial report for the second quarter of 2026.
The report shows, Robinhood achieved net revenue of $1.308 billion in the second quarter, a year-on-year increase of 32%, reaching a record high; net profit attributable to Robinhood common shareholders reached $561 million, a year-on-year increase of 45%; diluted earnings per share (EPS) were $0.62, exceeding market expectations of $0.42.
Robinhood's growth this quarter was driven by a combination of trading business, user assets, and subscription services. Specifically:
- Trading revenue reached $776 million, a year-on-year increase of 44%. Within this, event contract revenue reached $156 million, growing over 10 times year-on-year; options revenue reached $342 million, up 29% year-on-year; equities revenue reached $129 million, up 95% year-on-year.
- Net interest revenue reached $389 million, up 9% year-on-year. Additionally, other revenue reached $143 million, up 54% year-on-year, reflecting Robinhood's efforts to diversify revenue sources through new services like the Trump account and Gold subscriptions, gradually reducing reliance on a single trading business.
- User scale and asset deposits also continued to grow. Funded customers reached 28.4 million, a 7% year-on-year increase; Robinhood Gold subscribers reached 4.8 million, a 39% year-on-year increase, setting a new record; total platform assets reached $369 billion, a 32% year-on-year increase; net deposits for the quarter were $21.7 billion, a 28% year-on-year increase.
Compared to the past model that relied on zero-commission trading and young retail investors to drive growth, today's Robinhood is attempting to transform from a 'retail trading platform' into a one-stop financial ecosystem covering trading, wealth management, digital assets, and on-chain finance.
Trading Business Booms Across the Board, Prediction Markets Become Growth Breakout
The most outstanding performance for Robinhood this quarter came from the explosion of its trading business. Data shows, in the second quarter, Robinhood's trading revenue reached $776 million, a year-on-year increase of 44%, becoming the main driver of overall revenue growth.
Specifically, the revenue data and growth status for various types of trading services are as follows:
- Equities trading revenue reached $129 million, up 95% year-on-year;
- Options trading revenue reached $342 million, up 29% year-on-year;
- Event contract (i.e., prediction market) revenue reached $156 million, up over 10 times year-on-year;
- Cryptocurrency trading revenue was approximately $100 million, down 38% year-on-year, the only major trading service to decline......
Benefiting from the favorable environment of the strong US stock market in the second quarter, the overall trading activity on the Robinhood platform also hit a new high. The notional trading volume for equities in Q2 reached $956 billion, an 85% year-on-year increase; options contract volume reached 774 million, a 50% year-on-year increase.
The most noteworthy point in the earnings report is that prediction markets have now become Robinhood's new key focus and the biggest breakout point for this quarter's performance growth — for details, refer to "The First Prediction Market Concept Stock Has Emerged!".
This year, the popularity of prediction markets has continued to rise, experiencing a major boom during the World Cup cycle, while Robinhood has also accelerated its layout. In the second quarter, Robinhood launched its self-built prediction market platform, Rothera — a CFTC-licensed prediction market exchange and clearinghouse jointly established by Robinhood and Susquehanna International Group.
During the World Cup cycle, Robinhood redirected some orders originally destined for Kalshi to be executed on Rothera. Artemis data indicates this move helped Rothera capture nearly 15% of the market share for World Cup-related event contracts.
Compared to traditional stock trading, prediction markets have stronger event-driven attributes and better fit the needs of young users for instant information and trading interaction. For Robinhood, this not only means a new source of revenue but also signifies the company's attempt to broaden user trading scenarios.
Growing User Asset Deposits, Robinhood Seeks a Second Growth Curve
If the trading business is the main driver of Robinhood's current performance growth, then providing deeper financial services centered around user assets is the key to capturing long-term value.
In the past, Robinhood relied more on transaction fees and user activity for growth. However, as the platform scales, the company is now attempting to increase user asset deposits and expand revenue sources through subscriptions, wealth management, credit cards, and other businesses.
- By the end of the second quarter, Robinhood's funded customers reached 28.4 million, a 7% year-on-year increase; total platform assets reached $369 billion, a 32% year-on-year increase; net deposits for the quarter were $21.7 billion, with net deposits over the past 12 months reaching $75.7 billion.
- Meanwhile, Robinhood Gold (paid subscription membership) continued its rapid growth. In Q2, Gold subscribers reached 4.8 million, a 39% year-on-year increase, setting a new record.
- Furthermore, new products launched around high-value users are beginning to scale. The Robinhood Credit Card business has exceeded $100 million in annualized revenue, with Gold Card users surpassing 1 million; Robinhood Strategies has attracted over 300,000 users, managing assets close to $2 billion.
In the earnings presentation, Robinhood revealed that it currently has 13 business lines with annualized revenue exceeding $100 million, including equities trading, options trading, crypto trading, Gold subscriptions, prediction markets, credit cards, and more.
This indicates Robinhood is gradually shifting from a platform dependent on trading cycles to a comprehensive ecosystem covering trading, asset management, payments, and financial services.
AI and Blockchain, Robinhood Bets on Next-Gen Financial Infrastructure
Beyond traditional trading and wealth management businesses, Robinhood is also extending its reach into the fields of AI and blockchain, attempting to lay the groundwork for next-generation financial infrastructure in advance.
In May this year, Robinhood announced the launch of the Agentic Trading feature, allowing users to trade stocks, options, and crypto assets through AI agents. By the end of the second quarter, nearly 100,000 users had activated Agentic Trading accounts, with related asset scale exceeding $100 million.
Unlike simply providing trading tools, Robinhood hopes to embed AI capabilities directly into the investment process, enhancing user engagement frequency through automated analysis and trading assistance. Currently, Agentic Trading is still in its early stages, but its growth rate shows that AI is becoming an important direction for Robinhood to expand its product boundaries.
Simultaneously, Robinhood is accelerating its blockchain layout. In the second quarter, Robinhood launched the Robinhood Chain public mainnet, positioned as an Ethereum Layer 2 network for Real World Assets (RWA). Driven by recent Meme trends, Robinhood Chain has become one of the most active underlying ecosystems in the current Web3 market.
Next Stop, "Super Financial App"
Overall, the biggest change revealed in Robinhood's Q2 earnings report is not just that revenue and profit continue to hit new highs, but that the company's growth logic is changing.
In the past, Robinhood attracted young investors with low-barrier trading and grew rapidly through stocks, options, and crypto trading. Now, the company is continuously expanding user demand boundaries through businesses like Gold subscriptions, credit cards, prediction markets, AI trading, and blockchain. From a long-term strategic perspective, Robinhood is attempting to evolve from a simple "trading platform" into a "Super Financial App" covering investment, wealth management, digital assets, and more financial service scenarios.
The core of this goal is not just to add more products, but to build a more complete financial ecosystem around the user lifecycle: users can complete trading, asset management, cash management, and even participate in future on-chain finance all within the same platform.
Of course, this path is still full of challenges. On one hand, new businesses are still in their early stages, and whether they can sustainably contribute to scaled revenue still needs time to verify. On the other hand, the regulatory environment in areas like prediction markets, crypto assets, and on-chain finance may also affect Robinhood's future expansion pace.
But at least from the Q2 earnings report, Robinhood is no longer content with being just an internet brokerage serving retail traders; it is advancing toward becoming the next-generation financial gateway.
