Updated July 30, 2026.
Robinhood earnings for the second quarter of 2026 paired a company record with clear weakness in crypto. Revenue rose 32% year over year to $1.308 billion, yet crypto revenue fell 38% to $100 million. The contrast presents a larger, more diversified platform whose recent growth increasingly depends on businesses beyond digital-asset trading.
Robinhood disclosed the figures on July 29 in an exhibit filed with the SEC. Transaction-based revenue climbed 44% to $776 million, led by prediction markets. Event contracts produced $156 million, more than ten times the year-earlier amount. The central question is therefore not whether the quarter was strong, but whether its revenue mix can be repeated.
Robinhood earnings: the essential Q2 2026 figures
| Metric | Q2 2026 | Year-on-year change |
|---|---|---|
| Revenue | $1.308bn | +32% |
| Transaction revenue | $776m | +44% |
| Crypto revenue | $100m | -38% |
| Crypto volume | $40bn | App: -35% |
| Event-contract revenue | $156m | More than 10x |
| Net income | $573m | +48% |
| Diluted EPS | $0.62 | Includes $0.14 benefit |
| Adjusted EBITDA | $741m | +35% |
Platform assets reached $369 billion, up 32%, while net deposits were $21.7 billion. Funded customers increased 7% to 28.4 million, and Gold subscribers advanced 39% to 4.8 million. Those figures broaden the base that Robinhood can monetize, although they do not by themselves show how active or profitable each account is.
Record growth coexists with a crypto slowdown
Crypto revenue moved against the group because trading on the Robinhood app weakened. Of $40 billion in total crypto volume, the app contributed $18 billion, down 35%, while Bitstamp supplied $22 billion. Without the acquired exchange, Robinhood’s reported digital-asset scale would have been substantially smaller.
Bitstamp also changes the comparison by adding institutional and international activity to a business historically centered on US retail investors. Aggregate volume demonstrates wider reach, but does not mean that revenue per traded dollar or margins are equal across both channels. Future reports need to separate organic expansion, acquired volume and integration economics.
This shift belongs beside the wider push toward tokenized shares on public blockchains. Robinhood wants to move beyond trading into global distribution of financial instruments, but investor rights, legal structure and liquidity matter as much as the underlying technology.
Prediction markets are becoming a concentrated growth engine
Event-contract revenue of $156 million exceeded crypto revenue, after Robinhood handled 13.6 billion contracts during the quarter. That exceptional growth offset digital-asset weakness. It also concentrated more of the company’s incremental revenue in a young product whose demand may vary with the event calendar.
Durability depends on market depth, event frequency, user acquisition and regulation. Elections, sports and macroeconomic releases can create uneven peaks. Prediction markets also face disputes over classification, consumer protection and their boundary with gambling, so a regulatory change could quickly affect both product availability and revenue.
Profit rose sharply, but EPS contains a one-off benefit
Net income increased 48% to $573 million and adjusted EBITDA rose 35% to $741 million. Diluted EPS of $0.62, however, included a $0.14 benefit primarily associated with a gain from the deconsolidation of RVI. Roughly 23% of reported EPS therefore came from an item that does not describe the ordinary operating run rate.
That does not erase the underlying improvement: revenue, assets and adjusted EBITDA all expanded. It does require a normalized comparison that separates recurring operating profit from accounting gains. Adjusted EBITDA is also a non-GAAP measure and should be assessed alongside net income, stock compensation, investment needs and cash conversion.
Ethereum L2, stock tokens and Earn increase execution risk
Robinhood announced a public mainnet for an Ethereum layer 2, stock tokens across more than 120 countries, decentralized lending through Robinhood Earn, and perpetual contracts for European users. The strategy joins brokerage, blockchain infrastructure, lending and derivatives. It expands the addressable market while multiplying technical, legal and operational dependencies.
Stock tokens need clarity on backing, custody, corporate actions and economic rights. Earn introduces smart-contract, counterparty and liquidity exposure. Perpetuals add leverage and liquidations, making an understanding of crypto perpetual funding rates important when assessing user behavior and market risk.
International distribution crosses different securities, derivatives, lending and crypto regimes. The evolution of stablecoin rules in the US and UK illustrates how reserve, anti-money-laundering and access requirements can quickly alter the economics of an onchain financial product.
What to monitor after Robinhood earnings
The first indicator is transaction-revenue composition. App crypto, Bitstamp and event contracts should be tracked separately. Bitstamp must demonstrate that it can contribute customers and margin rather than merely acquired volume. For prediction markets, revenue per contract, seasonality and regulatory decisions will test durability.
Investors should also follow net deposits, asset growth, the conversion of 28.4 million funded customers into active users and Gold retention. Product indicators include adoption of the L2, liquidity in stock tokens, any losses or incidents at Earn, and the behavior of European perpetual traders.
Overall, Robinhood earnings describe a broader and more profitable company that has found new growth engines. They also reveal weak retail crypto activity, rising reliance on prediction markets and profit supported by a one-time gain. The quality of future quarters will depend less on the aggregate record than on the durability and diversification of its components.
