HOOD's Q2 High Five Meets a 38% Crypto Cold Shower 🧊

Robinhood Markets posted record second-quarter results on Wednesday, with revenue climbing 32% year over year to $1.31 billion and net income rising 48% to $573 million, or $0.62 per share, ahead of analyst estimates of $0.43 per share on $1.29 billion in revenue. Shares of Robinhood (HOOD) fell roughly 4% in after-hours trading after slipping 3.15% during the regular session, as a steep drop in crypto transaction revenue offset gains across the rest of the business.

Cryptocurrency transaction revenue fell 38% year over year to $100 million, down from $160 million in Q2 2025. Total crypto notional trading volume for the quarter was $40 billion, comprising $18 billion on the Robinhood app, down 35% year over year, and $22 billion from Bitstamp, the crypto exchange Robinhood acquired in June 2025. Quarterly crypto volume declined from $66 billion in Q1.

Transaction-based revenue overall rose 44% to $776 million, driven by prediction markets, options and equities. Event contracts generated $156 million, up more than tenfold year over year, while options revenue climbed 29% to $342 million and equities revenue rose 95% to $129 million. "We hit all-time highs in trading volumes across equities, options, and prediction markets," CEO Vlad Tenev said on X. Platform assets grew to $369 billion from $307 billion, net deposits rose to $21.7 billion from $17.7 billion, and Robinhood Gold subscribers increased to 4.8 million from 4.3 million. "Whether it's the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner," Tenev said in a statement.

Robinhood continued to expand its digital-asset business during the quarter, launching the public mainnet of Robinhood Chain on July 1, introducing tokenized U.S. stocks to eligible users in more than 120 countries via Robinhood Wallet, and debuting its first decentralized lending product, Robinhood Earn. Robinhood Chain, which Robinhood has described as an Ethereum layer-2 network purpose-built for real-world assets, has cleared more than $12 billion in indexed volume since launch and was processing over $600 million in daily decentralized exchange volume by late July, with tokenized stocks such as GameStop, Nvidia and SpaceX among the most actively traded assets. The company also completed its acquisition of Canadian crypto platform WonderFi, said it plans to expand its crypto offerings in the United Kingdom, and reported that nearly 100,000 customer accounts are now enrolled in Agentic Trading, representing more than $100 million in assets under custody.