Transaction-based revenue rose 44% YoY to $776 million. Event contract revenue jumped more than 10x to $156 million, with options contributing $342 million (+29%) and equities $129 million (+95%) lifting the total. Equities notional volume of $956 billion, 774 million options contracts, and 13.6 billion event contracts all set quarterly records.

Fund inflows were also strong. Net inflows of $21.7 billion translate to a 28% annualized growth rate versus platform assets at the end of Q1, and trailing-twelve-month net inflows reached $75.7 billion. Funded customers grew to 28.4 million (+7%), and average revenue per funded customer rose to $187 (+24%).

Revenue streams also broadened. Robinhood Legend and the credit-card business each surpassed $100 million in annualized revenue, bringing the total number of such businesses to 13, and Gold subscribers reached 4.8 million (+39% YoY). Gold card credit-card customers crossed 1 million, and the Trump Account logged 7 million sign-ups with roughly $1.5 billion in deposits shortly after launch.

Of the headline $0.62 EPS, $0.14 reflects a largely one-time gain tied to the deconsolidation of Robinhood Venture Fund¹ and related items. The $0.55 market estimate is on an adjusted basis, but the company did not provide an adjusted EPS figure, so stripping out the one-time items, earnings quality is weaker than the headline suggests.

While trading was broadly active, crypto trading revenue declined. App-based crypto notional volume also fell 35% YoY. The trading mix has shifted toward event contracts, equities, and options, delivering diversification, but absent a recovery in crypto, that leg remains a source of volatility.

The cost of growth investing also climbed. Total operating expenses rose 33% to $734 million, driven by marketing and growth investments, one-time restructuring costs from the June workforce reduction, and Trump Account- and Latoura-related costs. Credit-loss provisions doubled YoY to $56 million, signaling that risks are scaling alongside the expansion of cards and lending.

Management emphasized the pace of product launches and market-share gains, noting that the business is broadening across trading, subscriptions, cards, and international. The CFO characterized the franchise as gaining momentum across the board, citing record revenue and all-time-high trading volumes in equities, options, and event contracts.

Guidance is centered on the cost plan rather than revenue or profit forecasts. The company lowered and narrowed the 2026 adjusted operating expenses plus stock-based compensation range set in Q1, framing it as absorbing costs from new initiatives such as Latoura and WonderFi while still delivering efficiency. Credit-loss provisions, pending M&A, stock-based compensation true-ups tied to the CFO transition and restructuring, and major regulatory costs are excluded from the guide, leaving room for total costs to step outside the range.

On the numbers alone, both revenue and EPS topped estimates, but selling pressure dominated after the close. The market appears to be weighing the heavy one-time component in earnings, the softness in crypto trading, and the fact that elevated growth expectations were already priced into the stock. The lower cost guide is an efficiency signal, but it is also mixed with restructuring and new-business costs, leaving room for interpretation as a clean acceleration.

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