Robinhood Prints Record Quarter, But Its Crypto Line Item Just Got Rekt by 38% 📉

Robinhood (HOOD) reported its strongest quarter on record on Wednesday, with revenue climbing 32% year over year to $1.31 billion and diluted earnings per share rising 48% to $0.62, beating analyst estimates of $0.41. Net income reached $573 million, up from $386 million a year earlier. Despite the results, shares of the online brokerage slid about 4% in after-hours trading, extending a 3.1% decline during Wednesday's session, as investors focused on a sharp pullback in crypto trading revenue.

Cryptocurrency transaction revenue fell 38% year over year to $100 million from $160 million, the second consecutive quarter of significant cooling after a 34% drop in Q1. Total crypto notional trading volume was $40 billion in Q2, down from $66 billion in Q1, comprising $18 billion on the Robinhood app — a 35% year-over-year decline — and $22 billion through Bitstamp, the crypto exchange Robinhood acquired in June 2025. The weaker crypto figure was offset by gains across other segments: options revenue rose 29% to $342 million, equities revenue climbed 95% to $129 million, and event contracts on prediction markets generated $156 million, more than ten times the year-ago figure. Transaction-based revenue overall rose 44% to $776 million.

Platform assets grew to $369 billion from $307 billion, quarterly net deposits reached a record $21.7 billion from $17.7 billion, and Robinhood Gold subscribers increased to 4.8 million from 4.3 million. Funded customers rose 7% to 28.4 million. The quarter's results also included $129 million in gains tied largely to the deconsolidation of Robinhood Ventures Fund I, contributing about $0.14 to diluted EPS. "Whether it's the Robinhood Chain, Robinhood Ventures, or Trump Accounts, our product velocity is focused on one goal: making everyone an owner," Chairman and CEO Vlad Tenev said in a statement. Tenev separately noted on X: "We hit all-time highs in trading volumes across equities, options, and prediction markets."

Robinhood continued to expand its digital-asset infrastructure during the quarter, launching the public mainnet of Robinhood Chain on July 1, an Ethereum layer-2 network purpose-built for real-world assets. The company said the chain had cleared more than $12 billion in decentralized exchange volume since launch, with tokenized U.S. stocks including GameStop, Nvidia and SpaceX emerging among the most actively traded assets and daily DEX volume exceeding $600 million. Robinhood introduced tokenized U.S. stocks to eligible users in more than 120 countries through Robinhood Wallet, debuted its first decentralized lending product, Robinhood Earn, and completed the acquisition of Canadian crypto platform WonderFi. The company also said it plans to expand its crypto offerings in the United Kingdom and reported nearly 100,000 customer accounts enrolled in Agentic Trading, its set of AI tools allowing third-party assistants to monitor brokerage activity, representing more than $100 million in assets under custody.