Robinhood posts record $1.31B revenue as event contracts surge 10x

Robinhood reported record Q2 revenue of $1.31B, beating estimates, as event contracts surged more than 10x to $156M.

"The business is firing on all cylinders. We delivered record revenues and drove new highs across equity, option, and event contract volumes," Shiv Verma, chief financial officer of Robinhood, said.

Transaction-based revenue rose 44% to $776M. Options contributed $342M, up 29%, while equities revenue nearly doubled to $129M. Crypto revenue slid to $100M, down 38% from a year earlier, though it topped the $86.6 million analyst consensus. Adjusted EBITDA reached $741M, exceeding the $628.9 million estimate. GAAP diluted EPS of $0.62 included $0.14 of gains tied to the deconsolidation of Robinhood Ventures Fund I; adjusted EPS was $0.48, above the $0.43 consensus.

Metric	Actual	Consensus	Beat/Miss
Revenue	$1.31B	$1.28B	+2.3%
Adj. EBITDA	$741M	$628.9M	+17.8%
Crypto Revenue	$100M	$86.6M	+15.5%
Adj. EPS	$0.48	$0.43	+$0.05

The results show Robinhood's transformation from a crypto-trading story into a multi-product platform. Crypto now supplies less than 8% of total net revenue, down from being a headline growth driver two years ago. The company lowered its 2026 adjusted operating expense outlook to a range of $2.675B to $2.775B, below the $2.95 billion analysts had expected.

Funded customers reached 28.4 million, and Robinhood Gold subscribers hit a record 4.8 million. Net deposits totaled $21.7 billion, up from $17.7 billion a year ago. Platform assets grew to $369 billion from $307 billion. The Gold Card crossed 1 million cardholders with $17 billion in annualized purchase volume.

Robinhood is expanding its crypto footprint despite the revenue decline. The quarter brought the public mainnet launch of Robinhood Chain, an Ethereum Layer 2 for tokenized real-world assets. The company debuted Robinhood Earn, its first onchain lending product, rolled out stock tokens across more than 120 countries, and closed the WonderFi acquisition in Canada. Perpetual futures went live in the European Union, and the company flagged plans for a crypto offering in the United Kingdom. Robinhood also launched Rothera, a CFTC-licensed prediction markets exchange run as a joint venture with Susquehanna International Group.

The stock fell 3.15% to $89.84 in regular trading and slipped further to $87.00 after hours, even as the company beat on every major metric. The muted reaction may reflect the $0.14 per share of one-time gains in reported EPS. Coinbase and Strategy are scheduled to report results Thursday, offering a broader read on crypto-sector earnings.

The guidance cut on expenses suggests management expects operating leverage to improve even as crypto revenue remains under pressure. Investors will watch the Q3 earnings call for updates on Robinhood Chain adoption and whether event contract volumes can sustain their growth trajectory.

This article is for informational purposes only and does not constitute investment advice.