Lam Research Corporation

Q2 revenue was a record $1.3 billion, up 32% from a year ago. Adjusted EBITDA was $741 million, up 35% year over year, with a 57% margin, and adjusted EPS was $0.62, up 48% year over year. Net deposits were a record $22 billion, Gold subscribers reached 4.8 million, and adjusted OpEx and SBC came in at $641 million. Looking ahead, management said July average daily volumes were in a similar area to Q2 for equities, options, and event contracts, July net deposits were tracking toward the $4 billion area, and full-year 2026 adjusted OpEx and SBC guidance was lowered and tightened to $2.675 billion to $2.775 billion.

Vlad Tenev framed the quarter as proof that Robinhood is progressing on its long-term vision of making everyone an owner, with growth coming from active traders, family/wallet-share products, and international expansion. He emphasized product velocity across the core app and newer offerings, pointing to records in equities, options, prediction markets, and deposits, plus early traction in Agentic Trading, Trump Accounts, Robinhood Chain, and stock tokens. His tone was upbeat and expansive, but he also stressed there is “more to do” on product development and global rollouts.

Shiv Verma said the core business remains strong, citing record net deposits of $22 billion, nearly 1 million funded customers added, and records across equities, options, prediction markets, and margin. He highlighted profitability discipline with adjusted EBITDA of $741 million and 57% margins, while adjusted OpEx and SBC were $641 million and below prior outlook even after adding Rothera and WonderFi costs. He also said the company opportunistically raised $2.2 billion of capital in June, repurchased 7.5 million shares for $664 million year to date, and lowered 2026 adjusted OpEx and SBC guidance to $2.675 billion to $2.775 billion.

Analysts pressed on what drove the surge in funded customers, and management said it was a mix of strong market conditions, new products like Banking and Credit Card, the SpaceX IPO, an acquisition that added a couple hundred thousand accounts, and continued overseas growth. Questions on prediction markets focused on durability after the World Cup; management said events like football season and the midterms should keep driving engagement, and that pricing and routing improvements through Rothera should improve economics. Analysts also asked about Trump Accounts, with management saying 7 million children have signed up and nearly $1.5 billion has already been contributed, and about perps, tokenization, and global expansion, where management repeatedly framed the opportunity as broad but still early.