Robinhood Hits Record Quarter, But Its Crypto Engine Downshifts 38% 🪙

Robinhood (HOOD) posted record second-quarter results on Wednesday, with revenue climbing 32% year over year to $1.31 billion and diluted earnings per share rising 48% to $0.62, yet shares slid about 4% in extended trading after the report as crypto transaction revenue fell 38% to $100 million from $160 million a year earlier. Net income reached $573 million, topping analyst expectations of roughly $0.41–$0.43 per share and a consensus revenue forecast near $1.26–$1.29 billion. Quarterly net deposits grew to $21.7 billion from $17.7 billion, platform assets rose to $369 billion from $307 billion, and Robinhood Gold subscribers climbed to 4.8 million from 4.3 million, while funded customers increased 7% to 28.4 million.

Transaction-based revenue advanced 44% to $776 million, but the mix shifted away from digital assets. Event contracts generated $156 million, up more than 10x year over year, options contributed $342 million, up 29%, and equities added $129 million, up 95%, offsetting the decline in crypto. Total crypto notional trading volume fell to $40 billion from $66 billion in Q1, including $18 billion on the Robinhood app, down 35% year over year, and $22 billion from Bitstamp, the crypto exchange Robinhood acquired in June 2025. The quarter's results also included $129 million in gains, mainly tied to the deconsolidation of Robinhood Ventures Fund I, adding approximately $0.14 to diluted EPS.

The company is pushing deeper into blockchain infrastructure, with the July 1 launch of the Robinhood Chain public mainnet, an Ethereum layer-2 network built for tokenized real-world assets and now available to eligible users in more than 120 countries through Robinhood Wallet. "The Robinhood Chain, a few weeks ago, the first chain purpose-built for real-world assets, now with over 12 billion in index volume since launch," CEO Vlad Tenev said on X, adding that "the rapid growth and developer activity on the chain has been awesome to see, plenty more to come." The chain has already cleared more than $600 million in daily decentralized exchange volume, and tokenized stocks such as GameStop, Nvidia and SpaceX have emerged among its most actively traded real-world assets.

Robinhood also rolled out Agentic Trading, a set of AI tools that allow customers to connect third-party AI assistants to their brokerage accounts to monitor markets and execute trades while keeping user controls in place, and reported that nearly 100,000 customer accounts are enrolled, representing more than $100 million in assets under custody. The brokerage completed its acquisition of Canadian crypto platform WonderFi, introduced its first decentralized lending product, Robinhood Earn, and said it plans to expand its crypto offerings in the United Kingdom. "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, later adding on X that "we hit all-time highs in trading volumes across equities, options, and prediction markets."