“A society without broadly distributed ownership is very fragile.” That was the line Robinhood Chairman and CEO Vlad Tenev used to frame the company’s Q2 2026 earnings call, where management paired record financial results with an extended product showcase that stretched well beyond brokerage.
The July 29, 2026 event was hosted by Chris Krugel, Robinhood’s VP of Corporate Finance and Investor Relations, and featured Tenev and CFO Shiv Verma. According to the TechFlowPost-compiled transcript, the company held the call live at Nasdaq and described it as the most attended quarterly earnings event in Robinhood’s history.
Robinhood reported Q2 net revenue of $1.31 billion, up 32% year over year. Diluted EPS rose 48% to $0.62. Adjusted EBITDA reached $741 million, up 35%, with a 57% margin. Verma also said the company added nearly 1 million funded customers during the quarter, the highest figure since the IPO stretch almost five years ago.
Back at Nasdaq five years after the IPO
Krugel opened the call by introducing Tenev and Verma before turning to prepared remarks and then Q&A. Once on stage, Tenev looked around the packed Nasdaq hall and said the turnout was the largest the company had seen for an earnings event. He noted that it had been exactly five years since Robinhood rang the opening bell for its IPO.
Tenev said Robinhood had delivered major growth since then. Platform assets have increased 4x since the IPO, and adjusted EBITDA has grown more than 8x. But in his telling, one thing has not changed: why the company exists.
Robinhood, he said, exists to make everyone an owner. He called that a rare corporate mission and argued it matters not only for individual customers but for society more broadly. In his words, broad ownership is essential to a free, stable and prosperous society because people become deeply invested in outcomes when they have a stake in them.
Three strategic priorities and a record quarter
Tenev said Robinhood is focused on three priorities.
- Becoming the No. 1 platform for active traders and letting customers own any tradable asset.
- Leading wallet share for the next generation and extending ownership across the family for what he described as true lifetime ownership.
- Building a global financial ecosystem that takes the ownership model Robinhood has pushed in the US and expands it worldwide.
He said the company moved quickly on all three fronts in Q2 and set a range of records in the process.
On the active trader side, Robinhood said core operations were strong, market share improved, and trading volumes in equities, options and prediction markets all hit records. After Rothera began supporting Robinhood prediction markets, it quickly became one of the top three designated contract markets, or DCMs, in the US. Robinhood also introduced the first version of agentic trading, allowing customers to use AI agents to trade stocks, options and crypto with access to Robinhood tools and features.
On wallet share, the company formally launched Trump accounts, described as investment accounts for children. Tenev called the product a step toward broad financial ownership from birth. Robinhood is serving as broker and sole initial custodian. Robinhood Gold credit cards passed 1 million cardholders, with annualized spend above $17 billion. Bank deposits have topped $3 billion since the product launched last November. Management said those products helped drive record net deposits and a new quarterly high in platform assets.
On the global ecosystem front, Robinhood completed its acquisition of Canada-based WonderFi, obtained a capital markets services license in Singapore, and unveiled a broad product set during its “The World Is Flat” international event, including Robinhood Chain.
Financial detail: revenue, profitability and cost discipline
Verma broke the quarter into three themes: core business strength, strong profitability, and discipline on expenses.
Net deposits reached a record $22 billion, equal to a 28% annualized growth rate. Robinhood set records in equities, options, prediction markets and margin. The top of funnel also accelerated, with nearly 1 million funded customers added in the quarter.
Revenue climbed 32% year over year to a record $1.31 billion, driven by broad-based business growth. Trading levels across most asset classes reached record levels, and market share hit a high as well. Interest-earning assets kept growing, while margin, credit card and banking each posted records. Other revenue grew too, with Gold subscribers reaching a record 4.8 million. Trump accounts also began generating revenue.
On costs, adjusted operating expenses plus share-based compensation came in at $641 million, below the prior guidance range. Verma said that number already included costs from Rothera and WonderFi, even though earlier guidance had excluded them. Robinhood lowered and narrowed its full-year 2026 guidance for adjusted operating expenses plus share-based compensation to $2.675 billion to $2.775 billion.
Verma said the company sees this as a competitive advantage: Robinhood can invest for growth over the long term while also funding meaningful new investments through a lean and disciplined operating model.
That combination flowed through to earnings. Adjusted EBITDA was $741 million, up 35% year over year, with a 57% margin. Diluted EPS was $0.62, up 48%.
Prediction markets surged, but crypto revenue declined
One of the clearest standouts in the quarter was event contracts, which Robinhood uses for prediction markets. That business generated $156 million in revenue, up more than 10x from a year earlier, according to the TechFlowPost summary.
Tenev said the World Cup served as a proof of concept for Robinhood and that the company is scaling quickly. Asked whether the business can hold up after the tournament, he said the attraction of prediction markets is simple: events keep happening. The football season is coming, the midterm elections matter a great deal, and customers will want to trade and hedge around those developments.
He said Robinhood is preparing for that with product and pricing improvements. Rothera is already live, and the goal is to expand the business and get customers the best available prices, including by connecting to multiple venues.
Not every business line moved in the same direction. The earnings discussion also highlighted pressure in crypto. In-app crypto trading volume fell 35% year over year, and crypto revenue declined as well.
Robinhood Chain, Earn and stock tokens move to the center of its on-chain push
Tenev devoted substantial time to Robinhood Chain and related products. He said decentralized exchange volume on Robinhood Chain has exceeded $12 billion since launch, making it one of the largest chains by volume over the past week.
He also said it was the fastest chain to reach 100 million transactions and has already moved well beyond 150 million transactions.
Robinhood has also launched Robinhood Earn, a stablecoin lending product built on Robinhood Chain and the USDG stablecoin. Tenev said customers have already deposited more than $200 million into Robinhood Earn and can now earn a 7% annual yield. He stressed that the product has only been live for a few weeks.
Stock tokens were another major focus. Tenev said the product is now available in more than 120 countries, giving international users exposure to ownership through tokenized equities. Using NVIDIA as an example during the product demo, he said international customers can get exposure through stock tokens that trade 24/7, including on Saturdays and holidays, and can be sent and received on-chain like crypto.
Tenev said Robinhood now serves more than 1 million accounts outside the US and described tokenization as one of the products he is most excited about. He said Robinhood’s tokenized offering outside the US has already progressed from V1 to V2 and is now fully on-chain, trades 24/7 and is natively fractional.
Wallet share: children’s accounts, credit cards and banking
Robinhood is also pushing hard into household finance and wallet share.
Tenev said Trump accounts, the company’s investment accounts for children, are now live. Robinhood is acting as broker and sole initial custodian. He described the launch as a step toward broad financial ownership from birth.
During the product demo, Tenev showed what he said was his child’s Trump account. He said users can see the account’s value today and model what the balance could look like at age 18 if they contribute $50 or $130 a month. The interface can also project out to age 60. He said the idea is to show the power of compounding and get people thinking long term. The account includes educational content meant to make learning about markets and investing easier.
He also said Michael Dell and his wife Susan have already made a large donation and that Robinhood is making it easier for employers to contribute, with a $2,500 tax-free employer allowance per person each year. Robinhood itself is participating as well.
Asked later about early Trump account traction, Tenev said the product has gotten off to a very good start since launching in July. He said 7.7 million children have registered and nearly $1.5 billion has already flowed into Trump accounts, even before major charitable contributions have begun to scale. He said Robinhood believes the figure can reach the tens of millions over time.
Elsewhere in consumer finance, Robinhood Gold credit cards passed 1 million cardholders, with annualized spend above $17 billion. Bank deposits have topped $3 billion since launch last November.
In his live demo of Robinhood’s banking app, Tenev said the company is trying to build the best digital banking experience in the market. He said Gold members who set up direct deposit can earn a high annual yield on both checking and savings accounts with no minimum balance. Robinhood is paying 3.5% on every account, he said, and roughly 40% of customers have already set up direct deposit.
He also showed a family tab and said Robinhood is building what he described as the first banking product to treat the family as a first-class unit. In that setup, wages land in the bank account, spending happens on the credit card, cashback flows back into the brokerage account, and the whole loop becomes a simplified way to fund investing.
Global expansion: WonderFi, Singapore and products outside the US
Tenev said Robinhood has completed the acquisition of WonderFi in Canada and secured a capital markets services license in Singapore. He tied those moves to the company’s ambition to build a global financial ecosystem.
During the product demo, he noted that many features shown in Robinhood Wallet are not yet available in the US and are currently overseas-only products. The wallet uses Robinhood’s visual design language but is powered by crypto rails. One of the bottom-tab features is perpetuals. Through a partnership with Lighter, Robinhood said active traders outside the US can access leveraged exposure to crypto perpetuals as well as commodity and single-stock perpetuals.
Tenev said the company plans to add more stocks and push tokenization of other real-world assets as well.
Capital allocation: $2.2 billion raised, 7.5 million shares repurchased
Verma said Robinhood raised $2.2 billion in June to gain more flexibility for future growth investments. He described the financing terms as highly attractive to shareholders: a 0% coupon and no net dilution unless the stock rises above $300.
At the same time, the company continued to manage the share count carefully. Year to date, Robinhood has repurchased 7.5 million shares for $664 million. Verma repeated a line he emphasized on the call: “The denominator matters.”
He also said Q3 has started well. Average daily trading volumes in July have remained at levels similar to the record Q2 across equities, options and event contracts. July net deposits are trending toward $4 billion, excluding deposits into Trump accounts.
Three metrics management wants investors to watch
Verma said some investors have asked which growth areas matter most and answered by outlining three measures the company uses to track long-term progress.
The first is net deposits. Customers, he said, continue to entrust Robinhood with money they have earned at a growth rate above 20%. As net deposits stay strong, assets compound, and that in turn supports business growth.
The second is the Rule of 40, the balance between growth and profitability. Verma said Robinhood has actually been operating as a Rule of 80+ company over the last few years, combining double-digit revenue growth with strong adjusted EBITDA margins at a scale above $5 billion in annual revenue.
The third is the number of business lines generating more than $100 million in annualized revenue. Robinhood now has 13 businesses at that level. Two were added this quarter alone: Robinhood Legend and credit card. As the company builds out what Verma called a family of financial applications, he said management expects to add more nine-figure annualized revenue lines over the next year.
He said Robinhood’s financial north star remains the same: maximizing long-term EPS and free cash flow per share for shareholders.
Q&A: social features, regulation, growth drivers and prediction markets
Robinhood Social
In the shareholder question segment collected through Say Technologies, a shareholder named Zach asked about the goal of Robinhood Social and when it will open to the public. Tenev said Robinhood has largely functioned as an execution tool so far, while trade ideas often come from elsewhere. Robinhood Social is meant to bring the idea layer into the platform as well, turning the community into a source of trading strategies and insights.
CLARITY Act
Asked by a shareholder named John how the CLARITY Act could affect Robinhood if passed, and what a delay would mean, Tenev said the bill is very important. He said the current administration has been the first crypto-friendly government to embrace new technology, but Robinhood wants the industry’s foundations to be durable rather than vulnerable to being rewritten every four or eight years.
He said true industry growth requires regulatory stability and that stability has to come through legislation. Robinhood, he said, saw that with the GENIUS Act, and the CLARITY Act would go further, especially on tokenization. Robinhood has been investing in tokenized products and sees tokenization as a major industry opportunity.
“If the US cannot benefit from all the advantages of tokenization, that would be a shame,” Tenev said. Even so, he added that Robinhood will not sit still waiting. The company plans to keep pushing both on-chain and traditional centralized products overseas while also advancing on-chain offerings in the US, including Robinhood Earn.
Funded customer growth
Mizuho’s Dan Dolev asked what drove the sharp rise in funded accounts and requested a quick update on Europe. Verma said Robinhood had said last quarter that it would refocus on top-of-funnel growth, and the results were now visible. Nearly 1 million funded customers were added in Q2, the highest level since the IPO period nearly five years ago.
He said the drivers were varied rather than singular. A strong market environment helped. New products such as banking and credit card drove strong organic growth. SpaceX IPO helped. One acquisition in the quarter brought in hundreds of thousands of accounts. International growth also continued.
Verma said that mix shows the strength of Robinhood’s ecosystem, or what Tenev had described as a family of financial apps. At any given time, several growth vectors can be working at once. This quarter, he said, many of them were. Tenev added: “There’s more work to do.”
Can prediction markets last beyond the World Cup?
Dan Fannon asked whether prediction markets would remain durable after the World Cup and how Robinhood sees the transition into football season and larger macro events. Tenev said the category’s strength is that events are always happening. Football season is on the way, the midterm elections are highly important, and customers will want to trade and hedge around those events.
He said Robinhood is preparing for that by continuing to improve the product and pricing. With Rothera already live, the company is moving quickly to scale and wants to make sure customers get the best execution available on Robinhood.
An earnings call that doubled as a product launch
One of the least typical parts of the event came before Q&A, when Tenev spent nearly 20 minutes walking through product interfaces. He showed Trump accounts, the banking app, the family tab, Robinhood Wallet, perpetuals, stock tokens and other products.
The quarter’s strongest signals came from prediction markets, net deposits, credit card and banking. The weak spot in the discussion was crypto trading volume and crypto revenue. But the broader point management wanted to make was clear. Robinhood is trying to move investor perception away from a single trading app and toward a wider financial platform spanning trading, banking, cards, children’s investing, prediction markets and on-chain finance.
Tenev said Robinhood will host its third Hood Summit in Houston in a few months under the theme “The Engine of Creation.” Judging from this Q2 call, the company wants to be understood less as a conventional broker and more as a product-expanding financial technology platform.