Robinhood Markets, Inc.

Robinhood reported Q2 revenue of a record $1.3 billion, up 32% year over year. Adjusted EBITDA was $741 million, up 35% year over year, with a 57% margin; EPS was 62 cents, up 48% year over year. Adjusted OpEx and SBC were $641 million, below prior outlook. Net deposits were a record $22 billion, gold subscribers reached 4.8 million, and funded customers increased by nearly 1 million in the quarter. For 2026, management lowered and tightened adjusted OpEx and SBC guidance to $2.675 billion to $2.775 billion. In July, average daily volumes were said to be in a similar area to Q2 for equities, options, and event contracts, and July net deposits were tracking toward the $4 billion area, excluding Trump account deposits.

Vladimir Tenev framed the quarter as proof that Robinhood’s three-part strategy is working: win active traders, expand into wallet and family ownership, and build a global financial ecosystem. He pointed to record volumes in equities, options, and prediction markets, plus new launches such as agentic trading, Trump accounts, Robinhood Chain, stock tokens, and Robinhood Earn. His tone was highly optimistic and expansionary, emphasizing that Robinhood is only at the beginning of a much larger opportunity.

Shiv Kumar Verma highlighted the core operating metrics: record $22 billion in net deposits, nearly 1 million new funded customers, revenue up 32% to $1.3 billion, and adjusted EBITDA of $741 million at a 57% margin. He said adjusted OpEx and SBC came in at $641 million, below prior guidance, and that the company is lowering full-year 2026 adjusted OpEx and SBC to $2.675 billion to $2.775 billion. On capital allocation, he noted Robinhood raised $2.2 billion in June on 0% coupon terms with no net dilution until the share price exceeds $300, and that it repurchased 7.5 million shares for $664 million year to date.

Analysts focused on the sustainability of growth in funded accounts, prediction markets, Robinhood Chain, international rollout, and the updated expense guide. Management said the nearly 1 million funded customer gain reflected a mix of strong market conditions, new products like banking and credit card, the SpaceX IPO, an acquisition, and overseas growth. On Trump accounts, management said 7 million children have signed up and nearly $1.5 billion of contributions have already come in; on prediction markets, they said usage has grown to about 2 million users and that event-driven demand should persist beyond the World Cup into football season and the midterms.