Robinhood Markets (NASDAQ:HOOD) reported record second-quarter revenue, net deposits and platform engagement, while outlining continued investments in trading products, banking, international expansion and blockchain-based financial services.
Revenue rose 32% year over year to a record $1.3 billion in the second quarter, driven by growth across transaction-based revenue, interest-earning assets and other revenue streams, CFO Shiv Verma said. Adjusted EBITDA increased 35% from a year earlier to $741 million, producing a 57% margin, while earnings per share rose 48% to $0.62.
Chairman and CEO Vlad Tenev said the company has quadrupled total platform assets and increased adjusted EBITDA more than eightfold since going public. He said Robinhood’s strategy is centered on becoming a leading platform for active traders, increasing wallet share among younger customers and families, and building a global financial ecosystem.
Trading, Gold and Banking Expansion
Robinhood said it achieved record volumes during the quarter in equities, options and prediction markets, while margin balances, its credit card book and Robinhood Banking also reached records. The company said it gained market share across several asset classes.
Gold subscribers reached a record 4.8 million, equivalent to a 17% attachment rate relative to net funded accounts. Robinhood also said it now has 13 businesses with at least $100 million in annual recurring revenue, including Robinhood Legend and its credit card, which joined that group during the quarter.
Tenev said the Robinhood Gold Card surpassed 1 million cardholders and is generating more than $17 billion in annualized purchase volume. Banking deposits exceeded $3 billion after the product began rolling out in November, and about 40% of banking customers have enrolled in direct deposit, according to Tenev.
The company recently began rolling out its Platinum Card, Tenev said, and continues to develop a banking product designed to connect direct deposit, spending, rewards and investing. Robinhood Banking offers Gold subscribers with direct deposit a 3.5% annual percentage yield on checking and savings accounts, with no minimum balance requirement, he said.
International and Blockchain Initiatives
Robinhood closed its acquisition of Canadian crypto platform WonderFi and received a capital markets services license in Singapore. Tenev said Singapore is expected to serve as a hub for the company’s centralized brokerage offerings in Southeast Asia and the broader Asia-Pacific region, while Indonesia may require direct local licensing.
The company said it now serves more than 1 million accounts outside the United States. Tenev also said Robinhood intends to offer foreign stocks to U.S. and international customers over time, though he did not provide a launch timetable.
At its recent crypto and international product event, Robinhood introduced Robinhood Chain, a blockchain designed for real-world assets. Tenev said the chain generated more than $12 billion in decentralized exchange volume following its launch and became the fastest chain to reach 100 million transactions. He later said transactions had exceeded 150 million.
Robinhood Earn, the company’s stablecoin lending product powered by Robinhood Chain and USDG, has received more than $200 million in customer deposits and offers a 7% APY, according to Tenev. The company also introduced stock tokens in more than 120 countries outside the U.S., allowing customers to access tokenized exposure to U.S. stocks with 24/7 trading and on-chain transfer capabilities.
In response to questions about its decentralized-finance roadmap, Tenev said Robinhood plans to expand the range of real-world assets and stock tokens available on-chain while improving infrastructure for developers. Verma said Robinhood earns “a few basis points” per transaction from the chain on average and shares approximately half of that revenue with Arbitrum, the Layer 2 network on which the chain is built.
Prediction Markets, Agentic Trading and Customer Acquisition
Robinhood said Rothera, its joint venture designated contract market with Susquehanna International Group, has become a top-three designated contract market in the U.S. shortly after beginning operations. Tenev said the company expects a growing share of prediction-market flow to move through Rothera, while continuing to connect customers with multiple market venues.
About 2 million customers have now used Robinhood’s prediction markets, up from the last disclosed figure of roughly 1.5 million, Verma said. The company expects events including football season and U.S. midterm elections to support continued activity.
Tenev also discussed Robinhood’s agentic trading offering, which enables users to build artificial-intelligence agents that trade equities, options and, soon, cryptocurrencies. More than 100,000 people have opened or integrated agentic accounts, he said. Robinhood is working to reduce the technical complexity of connecting AI tools to trading accounts and intends to eventually provide agents with access to a broader set of Robinhood tools.
Robinhood Social, which is currently being refined, is expected to be available to all customers before the end of the quarter, Tenev said. The product is intended to help users discover trade ideas and validate claims about investing activity through Robinhood’s trading data.
Outlook and Capital Allocation
Verma said Robinhood lowered and tightened its full-year 2026 outlook for adjusted operating expenses and stock-based compensation to a range of $2.675 billion to $2.775 billion. The company said it is absorbing costs from WonderFi and Rothera while continuing to invest in new initiatives and operate more efficiently.
In June, Robinhood raised $2.2 billion in capital through financing that carries a 0% coupon and creates no net dilution unless the share price exceeds $300, Verma said. The company also repurchased 7.5 million shares year to date for $664 million.
For July, Verma said average daily volumes in equities, options and event contracts were tracking in a similar range to second-quarter levels. July net deposits were tracking toward roughly $4 billion, excluding deposits into Trump Accounts. Tenev said 7 million children had signed up for Trump Accounts and that contributions were nearing $1.5 billion following the July launch.
About Robinhood Markets (NASDAQ:HOOD)
Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.
Robinhood’s core products and services include a mobile app and web platform for trading U.S.
