Robinhood (NASDAQ:HOOD) Posts Record $1.31B Revenue in Q2 2026, EPS Beats by 38%

Robinhood Markets (NASDAQ: HOOD) reported record quarterly revenue of $1.31 billion for Q2 2026, up 32% year-over-year, with GAAP EPS of $0.62 beating the $0.45 consensus by 38%. Shares fell -3.15% on Wednesday, July 29, 2026, while the S&P 500 declined 1.54%, as investors scrutinized the composition of the results.

Q2 2026 Results

• Revenue: $1.31 billion, up 32% year-over-year, driven by a 44% increase in transaction-based revenues to $776 million.
• GAAP EPS: $0.62, up 48% year-over-year from $0.42, beating the $0.45 consensus; results included $0.14 per share in gains primarily from the deconsolidation of Robinhood Ventures Fund I.
• GAAP net income: $573 million, up 48% year-over-year, including $129 million in one-time gains from the Robinhood Ventures Fund I deconsolidation.
• Adjusted EBITDA (non-GAAP): $741 million, up 35% year-over-year.
• Total operating expenses: $734 million, up 33% year-over-year, reflecting marketing investments, one-time restructuring charges from the June 2026 reduction in force, and costs related to Trump Accounts and Rothera.

What Drove the Results

GAAP EPS of $0.62 beat the $0.45 consensus by $0.17, or 38%. However, $0.14 of that EPS came from the deconsolidation of Robinhood Ventures Fund I, a non-recurring item, meaning the underlying operational beat was narrower than the headline figure implies. Revenue of $1.31 billion grew 32% year-over-year, with options revenue rising 29% to $342 million and equities revenue climbing 95% to $129 million, while event contracts revenue rose over 10x year-over-year to $156 million.

The primary offset was a 38% decline in cryptocurrency trading revenue to $100 million, as crypto notional trading volumes on the Robinhood app fell 35% year-over-year to $18 billion. Net interest revenues grew a more modest 9% year-over-year to $389 million, reflecting lower short-term interest rates. Operating expenses rose 33% year-over-year to $734 million, outpacing the 32% revenue gain, with incremental costs from Trump Accounts, the Rothera prediction market joint venture with Susquehanna International Group, and restructuring charges all contributing.

Platform Milestones

Robinhood reported several operational records in the quarter. Gold subscribers reached 4.8 million, up 39% year-over-year and up 500,000 sequentially, with approximately 40% of new funded customers signing up for Gold in Q2. Total platform assets grew 32% year-over-year to $369 billion. Net deposits were $21.7 billion in the quarter and $75.7 billion over the trailing twelve months. Funded customers increased 7% year-over-year to 28.4 million, while average revenue per user rose 24% year-over-year to $187.

The company noted that Robinhood Legend surpassed $100 million in annualized revenues, and the Robinhood Gold Card crossed 1 million customers with over $17 billion in annualized purchase volume. Trump Accounts, which launched July 4, had already reached over 7 million account sign-ups with nearly $1.5 billion deposited. International funded customers surpassed 1 million during the quarter, and Robinhood completed its acquisition of WonderFi, a Canadian digital asset platform.

Wall Street View

Wall Street broadly maintained a constructive stance on Robinhood heading into the print, with the most recent consensus reflecting a strong buy-leaning distribution. The company did not provide specific forward EPS or revenue guidance in the press release, but noted that total operating expenses included non-recurring restructuring costs and new product launch expenses, and CFO Shiv Verma characterized the business as "firing on all cylinders" with thirteen business lines now generating $100 million or more in annualized revenues.

Investor Takeaway

The Q2 headline beat is real but partly obscured by the $129 million Robinhood Ventures Fund I deconsolidation gain, which inflated GAAP net income and EPS by $0.14; investors focused on that adjustment are effectively seeing a narrower operational beat. The more forward-looking signal may be the structural diversification story: event contracts revenue rose over 10x year-over-year to $156 million, Gold subscribers hit a record 4.8 million, and Trump Accounts added nearly $1.5 billion in deposits within weeks of launch, suggesting that non-crypto revenue streams are becoming a meaningful counterweight to continued crypto volume softness.