10-QPeriod: Q2 FY2026

Robinhood Markets, Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Filed July 30, 2026For Securities:HOOD

Summary

Robinhood Markets, Inc. (HOOD) reported a strong second quarter for fiscal year 2026, with total net revenues increasing 32% year-over-year to $1.31 billion, driven by a significant rise in transaction-based revenues, particularly from options, event contracts, and equities. Net income attributable to Robinhood also saw robust growth, up 45% to $561 million, translating to a diluted EPS of $0.62. This financial performance was supported by continued customer growth, with Funded Customers increasing 7% to 28.4 million and Robinhood Gold Subscribers growing 39% to 4.84 million. Total Platform Assets grew 32% to $368.7 billion, reflecting strong net deposits and positive market movements, although partially offset by lower cryptocurrency valuations. The company also announced a workforce reduction of approximately 10% and successfully closed several strategic acquisitions, including WonderFi, further expanding its market reach. Financially, the company issued $2.2 billion in convertible senior notes and repurchased $374 million of its Class A common stock, indicating active capital management. Despite increased operating expenses, particularly in general and administrative, and technology and development, the company demonstrated solid profitability and a positive outlook for liquidity.

Key Highlights

  • 1Total net revenues increased 32% to $1.31 billion for the three months ended June 30, 2026, compared to $989 million for the same period in 2025.
  • 2Net income attributable to Robinhood increased 45% to $561 million for the three months ended June 30, 2026, compared to $386 million in 2025.
  • 3Diluted EPS grew to $0.62 for the three months ended June 30, 2026, up from $0.42 in the prior year period.
  • 4Funded Customers increased by 7% to 28.4 million, and Robinhood Gold Subscribers grew by 39% to 4.84 million.
  • 5Total Platform Assets rose 32% to $368.7 billion, driven by net deposits and market gains, offset slightly by lower crypto valuations.
  • 6The company acquired WonderFi and successfully issued $2.2 billion in convertible senior notes.
  • 7Operating expenses increased 33% to $734 million, driven by higher general and administrative, technology and development, and operations costs, including expenses related to acquisitions and new product launches.

Frequently Asked Questions

Revenue growth was primarily driven by a 44% increase in transaction-based revenues, totaling $776 million, up from $539 million in the prior year's quarter. This surge was largely due to significant increases in event contracts, options, and equities trading volumes. Net interest revenues also grew 9% to $389 million, mainly from higher margin interest and credit card-related net interest.

Customer growth was strong, with Funded Customers increasing 7% to 28.4 million. Engagement metrics also showed substantial improvement, with Robinhood Gold Subscribers up 39% to 4.84 million. Total Platform Assets grew 32% to $368.7 billion, indicating increased customer asset levels on the platform.

Robinhood completed the acquisition of WonderFi, a Canadian digital asset company, in June 2026. Additionally, the company issued $2.2 billion in 0.00% convertible senior notes due 2029 to strengthen its capital position and announced a workforce reduction of approximately 10% as part of its ongoing efficiency efforts.

The company anticipates that potential future rate cuts by the Federal Reserve could negatively impact net interest revenues and customer returns on cash deposits. However, the company believes its primary sources of liquidity are adequate to meet its needs for the next 12 months, supported by strong operational cash flows and existing credit facilities.