Robinhood Q2 Earnings Call: Revenue, Profit, and Users All Hit Record Highs, CEO Live Demos 8 New Products

Organized & Compiled: TechFlow

Guests: Vlad Tenev, Robinhood Chairman & CEO; Shiv Verma, Robinhood CFO

Host: Chris Krugel, Robinhood VP of Corporate Finance & IR

Source: Robinhood

Original Title: Robinhood Markets, Inc. Q2 2026 Earnings Call

Broadcast Date: July 29, 2026

Disclosure: Vlad Tenev and Shiv Verma are Robinhood's Chairman & CEO and CFO respectively. Their statements on the earnings call represent the company's position and carry a natural bias.

Key Takeaways

Robinhood held its most watched earnings call in history live at Nasdaq. CEO Vlad Tenev brought CFO Shiv Verma back to the place where the company rang the IPO bell five years ago, using a string of record-breaking numbers to prove: this former "retail trading App" has grown into a super financial ecosystem covering trading, banking, credit cards, prediction markets, on-chain finance, and children's investment accounts.

Q2 net revenue was $1.31 billion, up 32% year-over-year, diluted EPS was $0.62, up 48% year-over-year, all significantly beating expectations. The highlight was event contracts (prediction markets) revenue of $156 million, up more than 10 times year-over-year. But the other side of the earnings report was a decline in crypto business revenue, with in-app crypto trading volume down 35% year-over-year. On the call, Vlad spent a full 20 minutes demonstrating the interfaces of 8 products live, from the Children's Investment Account launched by the Trump administration to AI trading agents, from stock tokens to the L2 chain Robinhood Chain. This was not a traditional earnings call, but more like a product launch event.

Highlights of Key Views

On Company Vision

• "Robinhood exists to make everyone an owner. A society without widely distributed ownership is very fragile."
• "Since the IPO, platform assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist."

On Prediction Markets

• "The World Cup was really a proof of concept for us, and we are scaling up quickly."
• "The benefit of prediction markets is that events are always happening. The soccer season is coming, and the midterm elections are also extremely important."

On Regulation

• "We don't want the ground beneath our feet to be pulled out every four or eight years."
• "It would be a pity if the United States could not benefit from all the advantages of tokenization."

On Capital Allocation

• "The denominator matters." (The denominator matters.)
• "We are not only a growth company capable of long-term investment, but can also self-finance with a lean and disciplined operating model."

On User Growth

• "This quarter added nearly 1 million funded customers, the highest record in nearly five years since the IPO."
• "At any given time, there may be several different growth vectors exerting force simultaneously in the ecosystem."

Opening: Return to Nasdaq After Five Years

Chris Krugel: Welcome everyone to the Robinhood Q2 2026 earnings call. Present today are Chairman & CEO Vlad Tenev, CFO Shiv Verma, and myself, Chris Krugel, the company's VP of Corporate Finance & IR. Vlad and Shiv will make opening remarks, then we will open for Q&A.

After Vlad and Shiv took the stage, Vlad looked around the Nasdaq hall filled with audience.

Vlad Tenev: Wow, thank you all for coming. The venue is packed, fantastic. We are back at New York Nasdaq, with Shiv and Chris here. This is the most attended earnings event in our history. I remember last year when Shiv did this offline analyst event for the first time, we were worried if anyone would come, but those who came were very satisfied, seems the news has spread.

Actually, it has been exactly five years since we rang the listing bell here. During that time, we have achieved significant growth and delivered results for customers. Since the IPO, platform assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist.

Robinhood exists to make everyone an owner. I think this is a unique vision, not many companies are pursuing this direction. This is not only a powerful vision for every individual customer, but for the entire society. A society without widely distributed ownership is very fragile. We believe widespread ownership is crucial for a free, stable, and prosperous society, because when more people have a vested interest in outcomes, they will truly engage. We hope more people can invest in the great companies of our nation, and we have only just scratched the surface.

Three Strategic Directions and Q2 Scorecard

To achieve the vision of "making everyone an owner," Vlad said the company is focusing on three things.

Vlad Tenev: First, become number one for active traders, allowing customers to own any tradable asset. Second, become the wallet share leader for the next generation of customers, bringing ownership to the entire family, achieving true lifetime ownership. Third, build a leading global financial ecosystem, extending the ownership we promote in the US to the world, benefiting billions.

In Q2, we maintained product momentum on all three fronts, setting a series of records.

At the active trader level, core business is running well, market share increased, and trading volume for equities, options, and prediction markets all hit historic highs. After Rothera began supporting Robinhood prediction markets, it quickly grew into one of the top three Designated Contract Markets (DCM) in the US. We also launched the first version of agentic trading, allowing customers to use AI agents to trade stocks, options, and cryptocurrency, and access Robinhood's tools and features.

At the wallet share level, the Trump Account (Children's Investment Account) officially launched, a historic step towards "achieving widespread financial ownership from birth." We are honored to serve as the broker and sole initial trustee, helping millions of American children become owners of the economy from day one. The Robinhood Gold credit card also crossed the milestone of 1 million cardholders, with annualized spend exceeding $17 billion. Bank deposits broke through $3 billion since launching last November. All of this together drove record net deposits, customers trust us more, entrusting more assets to our management, and platform assets also hit a quarterly new high.

At the global financial ecosystem level, we completed the acquisition of Canada's WonderFi, obtained a Capital Markets Services license in Singapore, and launched a full suite of products at the "The World is Flat" international event, including Robinhood Chain. This is the first chain built specifically for real-world assets, and performance has been very good since launch.

Robinhood Chain and Global Expansion

Vlad specifically emphasized early data on Robinhood Chain on the call.

Vlad Tenev: After Robinhood Chain launched, decentralized exchange (DEX) volume exceeded $12 billion, making it one of the largest chains by volume in the past week. It is also the fastest chain to reach 100 million transactions, currently I think it has far exceeded 150 million transactions, very cool.

Customers also deposited over $200 million in Robinhood Earn. Robinhood Earn is our stablecoin lending product launched based on Robinhood Chain and stablecoin USDG, now customers can get a 7% annual yield, very competitive. This has only been online for a few weeks.

Stock tokens might be the product I'm most excited about. We launched stock tokens in over 120 countries, allowing many global users to experience the concept of ownership. Tokenization allows high-quality assets (like US stocks) to reach everyone with an internet connection. As long as you have a smartphone and connect to our blockchain, you can get exposure to US stocks, this is very exciting.

Currently we serve over 1 million accounts outside the US, and we are just getting started.

Financial Overview: Revenue, Profit, and Users Hit New Highs

Vlad handed the microphone to Shiv, who detailed the financial data.

Shiv Verma: Before diving into specific numbers, I want to share three core points for this quarter.

First, core business is very strong. Net deposits hit a record $22 billion, annualized growth rate 28%. We set new records in equities, options, prediction markets, and margin business. Top of funnel growth is also accelerating, adding nearly 1 million funded customers this quarter.

Second, this brought record revenue (up 32% year-over-year), and achieved another quarter of strong profitability, with adjusted EBITDA margin reaching 57%. We are continuing to drive strong revenue growth and scalable profitability.

Third, we maintained discipline on expenses. Even with core business hitting new highs and us stacking new products, we lowered and narrowed full-year spending guidance.

Looking at Q2 data specifically. Revenue increased 32% year-over-year to a record $1.31 billion, driven by comprehensive strong business growth. Trading volume reached record levels in most asset classes, and market share also hit a new high. Interest-earning assets are also growing, margin, credit card, and banking business all set records. Other income is also growing, Gold subscribers reached a historic high of 4.8 million, and Trump Accounts also began generating revenue.

On expenses, adjusted operating expenses plus stock-based compensation were $641 million, managed well, below previous guidance range, and this already includes costs for Rothera and WonderFi two new businesses (previous guidance did not include these two items). Looking at the full year, we continue to improve efficiency, allowing us to self-finance WonderFi costs and cut additional expenses from the system. Therefore, we lowered and narrowed 2026 adjusted operating expenses plus stock-based compensation guidance to between $2.675 billion and $2.775 billion.

We believe this is not only a growth company capable of long-term investment, but can also use a lean and disciplined operating model to self-finance meaningful new investments, this is our competitive advantage.

Strong revenue growth and expense discipline flowed into profits together. Adjusted EBITDA was $741 million, up 35% year-over-year, margin 57%. Earnings per share was $0.62, up 48% year-over-year.

Capital Allocation: Convertible Bonds, Buybacks, and "The Denominator Matters"

Shiv Verma: Speaking of capital allocation, there are several key points. In June we seized the opportunity to raise $2.2 billion in capital, providing greater flexibility for future growth investments. We believe there are huge opportunities ahead, this capital gives us greater ability to pursue them. And we completed the raise on terms very attractive to shareholders: 0% coupon rate, no net dilution before stock price exceeds $300.

Even while raising capital, we are prudently managing equity. Year-to-date, we repurchased 7.5 million shares, spending $664 million. As we have said, the denominator matters.

We are very proud of Q2 results, and Q3 started well too. July average daily trading volume compared to record Q2, is at similar levels on equities, options, and event contracts. July net deposits are moving towards $4 billion, this does not include Trump Account deposits.

Three Metrics to Measure Long-Term Vision

Shiv also shared three key metrics management believes measure long-term progress.

Shiv Verma: Some investors say it's hard to judge which growth areas to focus on. I want to share three measuring sticks we think are important.

First, net deposits. Customers continue to entrust their hard-earned money to us at a growth rate exceeding 20%. With strong net deposit growth, assets will compound,进而 driving business growth.

Second, Rule of 40 (Growth + Margin). We maintained strong adjusted EBITDA margins while achieving double-digit revenue growth. In past years we have been a Rule of 80+ company. We think it's important to be both a growth company and a high-margin operating company, and all this happening at our scale of over $5 billion annual revenue, which is quite rare.

Third, business lines with annualized revenue over $100 million. We are happy to announce, now 13 business lines have reached this level. As we quickly deliver products to customers, just this quarter added two more: Robinhood Legend and Credit Card.

As we build a family of financial apps, we plan to add more annualized revenue over $100 million businesses in the coming year. If we can continue to progress in these areas quarter by quarter, year by year, financial results will naturally follow.

Our financial North Star remains unchanged: maximize earnings per share and free cash flow for shareholders long-term.

Product Demo: From Trump Account to Stock Tokens

Before Q&A, Vlad did something rare on earnings calls: he spent nearly 20 minutes demonstrating interfaces of multiple products under Robinhood live.

Vlad Tenev: I want to try something different. Many of you may be familiar with our main App, but in the past few years, we have expanded from a single trading app into a broader system. I want to take you on a quick tour of the other app family we built.

The first is Trump Account. This is an incredible collaboration between the Treasury Department, National Design Studio, Robinhood team, and BNY. I believe this is the best digital experience delivered by the government in history. Actually, Secretary Besson said a few days ago, this is the best product launch by the government in history. I think this evaluation is high, after all NASA is also competing for this title.

This is my child's Trump Account. You can not only see today's account value, but also see what it will be like at age 18. You can even simulate: if I add $50 or $130 monthly, what will compound interest bring by age 18? Even see age 60, that is retirement age. What we really want to do is show the magic of compound interest, getting people to think long-term.

Here is educational content, we make learning basics of stock market and investing very easy. And this is just the beginning. Michael Dell and his wife Susan have donated a large sum, and many others too. We are making it convenient for employers to donate too, each person has a $2,500 tax-free employer quota annually, Robinhood itself is also participating. If you haven't yet, I strongly suggest you open one for your child or grandchild. And it will get better and better.

The second is the banking app. We believe we are building the best digital banking experience on the market. You can feel that premium Art Deco style. We want to create an uncompromising banking experience. Usually other new banks make some sacrifices on pure digital experience, but we want to make a true private banking product.

One thing people like most is deposit rates. Now just set up direct deposit and become a Gold subscriber, your checking account and savings account can get high annual yield, no minimum limit. People really like not having to move funds back and forth to let most money enjoy highest yield. We directly give each account 3.5%. Currently about 40% of customers have set up direct deposit, this is a good penetration rate.

Below this is the Family tab. You can add family members. This is really the first banking product treating family as first-class citizens. Customer wages go directly into the bank, spend with credit card, cashback flows back to brokerage account, powering their investments. We make all this extremely simple.

The third is Robinhood Wallet. As part of "The World is Flat" launch, we launched Robinhood Chain mainnet, a powerful chain needs a matching wallet. I declare first, many features I show are not yet available in the US, these are pure overseas products. People outside 120+ countries can use.

You will see design language similar to Robinhood, but all features are driven by crypto technology. In the bottom tabs there are perpetual contracts, through partnership with Lighter, active traders overseas can not only get leveraged exposure to crypto perpetual contracts, but also commodities and single stock perpetual contracts. We make reloading, withdrawing, and placing orders very simple.

Another feature I'm excited about is stock tokens. This is NVIDIA. If you are an overseas customer, you can get exposure to NVIDIA through stock tokens. They even have some advantages over traditional stocks: can trade 24/7, including Saturdays and holidays. You can send and receive on chain, like any cryptocurrency. Address is right here. This makes global expansion of ownership very easy, you just need internet connection and blockchain connection.

Looking forward, we will continue to advance in this direction. We are adding more stocks, and truly pushing tokenization of other real-world assets. We have a lot of momentum here, lots to do. There are many other products in the pipeline.

In a few months we will hold the third Hood Summit in Houston, Texas, "Engine of Creation", stay tuned, should be very exciting.

Q&A: Can Prediction Markets Sustain? Where Does User Growth Come From?

Q&A session adopted an unusual form: first answer shareholder questions collected via Say Technologies, then answer live audience questions, finally take call-in phones.

About the Goal of Robinhood Social

Shareholder Zach: What is the goal of Robinhood Social? When will it open to the public?

Vlad Tenev: Thanks for the question. I noticed you are also on Robinhood Social, this question has been discussed on the platform too, so very perfect. Robinhood has largely been an order placement tool so far, but trading ideas usually come from outside. You get ideas from somewhere in the real world, then come here to place orders. Robinhood Social's goal is to integrate the idea source too, making the community the source of trading strategies and insights.

About the Impact of the CLARITY Act

Shareholder John: CLARITY Act is still advancing in the Senate, if similar legislation passes, what aspect impacts Robinhood the most? If delayed, what is the impact?

Vlad Tenev: I'll answer this. CLARITY Act is very important, because although this administration is great, truly the first crypto-friendly administration to embrace new technology, we hope the foundation of this industry in the US is lasting. We don't want the ground beneath our feet to be pulled out every four or eight years, new rules replaced.

To let the industry truly grow, regulatory stability is necessary, and this needs to be achieved through legislation. We saw this in the GENIUS Act. I think CLARITY Act goes further, especially one point we have been pushing hard: tokenization. We have been investing in tokenization products, we think this will be a huge industry. We are currently pushing this direction outside the US, progress from V1 to V2 is already obvious: now completely on chain, 24/7 trading, divisible by default. There are many advantages. If the United States could not benefit from all these advantages, it would be a pity.

We are excited about all aspects of the bill, think it can help us go further. But we won't just wait, we will continue to push hard on on-chain products and traditional centralized products, ensuring we continue to innovate in certain areas overseas, while advancing in the US through Robinhood Earn and other on-chain products. We will be fine anyway, but CLARITY Act is very important for maximizing the value of all products we have been building.

About Early Data on Trump Account

Shareholder Joe: How is early progress since Trump Account launched in July? Specifically how many accounts opened? How much assets flowed in? How do you view long-term contribution to net deposits and custody assets?

Vlad Tenev: Progress is very good. 7.7 million children have registered, we see nearly $1.5 billion in funds have flowed into Trump Accounts, and this is before large charitable donations start flowing in. We think this number will reach tens of millions scale, we are actively advancing. Donations we believe will start growing very quickly from here, but needs continuous effort.

Successful projects have a characteristic: people want things more and more, and want them fast. We are working with partners to deliver. Next soon will allow employers to fund employees' Trump Accounts, for those who want to do charity, currently market actually lacks good choices, no default option. You have to evaluate charities, figure out if they waste fees, if money really goes where it should. We want to provide a default, low-cost quality mechanism. We are just getting started.

About Drivers of Funded User Growth

Dan Dolev (Mizuho): Congrats Vlad and Shiv, quarterly performance is amazing. What surprised us most is the amazing growth of funded accounts. Can you explain which are structural factors, what are you doing? Also quick update on Europe progress.

Shiv Verma: Last quarter we said we would focus efforts to re-push top of funnel growth, happy to see progress. This quarter added nearly 1 million funded customers, the highest record in nearly five years since the IPO. Drivers are many, not single reason. Strong market environment certainly helps. We launched many new products, banking, credit cards these all brought strong organic growth. SpaceX IPO also helped. This quarter we also had an acquisition, bringing several hundred thousand accounts. And we continue to grow overseas.

This shows the power of the ecosystem, or the power of the financial app family Vlad mentioned. At any given time, there may be several different growth vectors exerting force. This quarter we saw many vectors exerting force simultaneously, we will continue to focus on this direction, whether through new products or marketing, this will become one of our most important KPIs in the future.

Vlad Tenev: There is more work to do.

About the Sustainability of Prediction Markets

Dan Fannon: Want to talk about prediction markets, how do you view sustainability after World Cup? Transitioning from World Cup to soccer season, what is the long-term durability of this asset class? Besides sports related content, what do you see in macro or larger events?

Vlad Tenev: The benefit of prediction markets is that events are always happening. You mentioned the upcoming soccer season, midterm elections are also extremely important, will certainly become discussion topics, customers will certainly want to trade them, hedge their portfolios, events are happening continuously. So we are preparing for this, continuing to make product improvements, making pricing improvements. Rothera is online, I think World Cup was really a proof of concept for us, we are scaling up quickly, making it bigger, goal is to give customers the best prices. This is our thinking: can we access multiple trading venues, ensure customers get the best deals on Robinhood?