HOOD · Q2 2026 Earnings

Bullish

Robinhood Markets

Reported July 29, 2026

30-second summary

Robinhood put up Q2 revenue of $1.31B (+32% YoY, +23% QoQ), GAAP EPS of $0.62 (+48% YoY, including $0.14 of gains from RVI deconsolidation — ex-gain EPS is ~$0.48), net income of $573M, and adjusted EBITDA of $741M at a 57% margin — with transaction revenue re-accelerating to +44% YoY, driven by event contracts (+10x) and equities (+95%). Management lowered and tightened the FY26 adjusted OpEx+SBC envelope to $2.675–$2.775B (from $2.7–$2.825B), the first cut to this envelope in coverage history, while explicitly framing efficiencies as funding new business investments (Rothera, WonderFi). Funded customers grew +7% YoY to 28.4M (+1.9M net adds), Gold Card crossed 1M customers with $17B annualized purchase volume, and Trump Accounts launched July 4th with 7M sign-ups and ~$1.5B deposits.

Headline numbers

EPS

Q2 FY2026

$0.62

Revenue

Q2 FY2026

$1.31B

+32.2% YoY

+2.2% vs est.

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$1.31B	$0.99B	+32.3%	$1.07B	+22.6%
EPS	$0.62	$0.44	+40.9%	$0.38	+63.2%

Guidance

Adjusted OpEx guidance for FY2026 lowered and tightened to $2.675–$2.775B (from $2.7–$2.825B), reflecting operational efficiencies that funded new business initiatives.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Trump Accounts Investment	Q2 FY2026	~$50 million expected in Q2	not disclosed	in-line (actual investment not separately disclosed but no overrun signaled)	Met

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Adjusted Operating Expenses and SBC (non-GAAP)	FY 2026	$2.7 billion to $2.825 billion	$2.675 billion to $2.775 billion	lowered by $25M at low end, $50M at high end; range tightened by $25M	Lowered

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Transaction-based revenues	$0.776B	$0.539B	+44.0%
Net interest revenues	$0.389B	$0.357B	+9.0%
Other revenues	$0.143B	$0.093B	+53.8%
Options revenue	$0.342B	$0.265B	+29.1%
Equities revenue	$0.129B	$0.066B	+95.5%
Cryptocurrencies revenue	$0.1B	$0.16B	-37.5%

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Funded Customers	28.4 million	26.5 million	—
Investment Accounts	29.9 million	27.4 million	—
Total Platform Assets	$369 billion	$279 billion	—
Net Deposits (quarterly)	$21.7 billion	—	—
Robinhood Gold Subscribers	4.8 million	3.5 million	—
Average Revenue Per User (ARPU)	$187	$151 annualized	—
Adjusted EBITDA (non-GAAP)	$741 million	—	—
Adjusted EBITDA Margin (non-GAAP)	57%	—	—

Management tone

Note: transcript not available for this quarter; tone observations below are drawn from press-release language only and are correspondingly narrower than usual.

Expense narrative flipped from offensive raises to disciplined trade-off. Through the last three quarters management raised the FY envelope twice (Q3 FY25 for prediction markets/Ventures/CEO award; Q1 FY26 for Trump Accounts). This quarter is the first cut, with the specific framing that efficiencies "were used to fund costs related to two new businesses, Rothera and WonderFi." The shift signals that operational leverage is now sufficient to internally fund new business M&A without external envelope expansion — a materially more mature capital allocation posture.

Product velocity language paired with expense discipline for the first time. The press-release language "our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues" ties product velocity explicitly to deposit growth and revenue — a tighter accountability frame than pure velocity commitments.

Trump Accounts moved from strategic ambition to launched program. Q1 elevated Trump Accounts as the strategic centerpiece and the reason for the $100M OpEx raise. Q2's press release reports the July 4th launch, with 7M sign-ups and ~$1.5B deposited to date, and cites Trump Account service revenues as a primary driver of Other revenues (+54% YoY to $143M). The FY OpEx envelope came down rather than being tested at the ceiling, suggesting Q2 Trump Accounts spend was absorbed as planned.

Answers to last quarter's watch list

Q2 Trump Accounts spend pacing vs the ~$50M Q2 commitment — Trump Accounts launched July 4th with 7M sign-ups and ~$1.5B deposits, and Trump Account service revenues were called out as a primary driver of Other revenues (+54% YoY). The FY OpEx envelope came down rather than being tested at the $2.825B ceiling, indicating Q2 spend was absorbed inside the guide.

Resolved positively

Funded customer growth re-acceleration above 6% YoY — Funded customers came in at 28.4M, +1.9M net adds or +7% YoY, meeting the >6% threshold.

Resolved positively

Gold Card cardholder progression from 800K toward the >1M-before-year-end commitment — Gold Card crossed 1 million customers with over $17 billion in annualized purchase volume; the Credit Card business as a whole crossed $100M in annualized revenues. Milestone achieved ahead of year-end.

Resolved positively

Q2 transaction revenue vs the Q1 print — Transaction revenue hit $776M, +44% YoY and +25% QoQ from $623M in Q1 — a decisive re-acceleration led by event contracts (+10x) and equities (+95%).

Resolved positively

Robinhood Ventures 1 traction post-IPO — RVI was deconsolidated in Q2, generating $129M of net income and $0.14 of EPS from the deconsolidation, but no operational traction disclosure.

Continue monitoring

Banking deposit compounding off the $2B / 125K base — Robinhood Banking now has over $3B in deposits from over 240K Funded Customers, with ~40% signed up for direct deposit.

Resolved positively

Net interest revenue trajectory post the $6B sweep-to-balance-sheet shift — NII came in at $389M, +9% YoY, with the press release citing growth in interest-earning assets partially offset by lower short-term rates and securities lending.

Resolved positively

Trump Accounts revenue model disclosure — Trump Account service revenues were cited as a primary driver of Other revenues but unit economics and government fee structure were not disclosed. Status: Partially resolved

What to watch into next quarter

Crypto revenue stabilization vs the $100M Q2 base — -38% YoY is the sharpest crypto decline in coverage history; watch whether Q3 stabilizes above $100M or continues compressing, and whether Bitstamp institutional volumes ($22B in Q2) offset retail softness ($18B, -35% YoY)

FY26 OpEx+SBC pacing vs the new $2.675–$2.775B envelope — Q1+Q2 combined OpEx pacing will indicate whether Q3+Q4 has room to absorb Rothera launch spend and WonderFi integration without another mid-year revision

Rothera operational ramp — launched in June with 3.5B contracts traded to date; Q3 should provide a first quarter of Rothera-attributable volumes and revenues distinct from the Robinhood app event contracts line

Event contracts $156M — sports-vs-non-sports mix disclosure — the first quarter with a dedicated line item; Q3 should provide diversification data

Platinum Card adoption trajectory — Gold Card hit 1M with $17B annualized purchase volume; Platinum Card began rolling out in Q2 with early "strong adoption" commentary. Q3 should provide a first sizing

Trump Accounts revenue framing — 7M sign-ups and ~$1.5B deposits post-July 4th launch; Q3 needs unit economics or ARR framing to size the contribution vs the Gold subscription piece of Other revenues

Funded customer growth durability — +7% YoY in Q2 with 1.9M net adds and the WonderFi customer base now included. Watch how much of the delta is organic vs the WonderFi consolidation, and whether the +7% pace holds into Q3

Sources

Robinhood Markets Q2 FY2026 press release (Exhibit 99.1), filed with SEC: https://www.sec.gov/Archives/edgar/data/1783879/000178387926000113/q22026robinhoodexhibit991.htm
Consensus estimates per tradefeeds as of 2026-07-29

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.