Robinhood beats on record revenue as crypto drops 38%

@RobinhoodApp delivered its best quarter on record in Q2 2026, with results that left Wall Street estimates well behind. Quarterly revenue clocked in at $1.31 billion, up from $989 million in the same period last year. EPS came in at $0.62 against analyst estimates of $0.43, a 43.7% beat, while adjusted EBITDA hit $741 million versus a consensus of $629.8 million.

Prediction Markets Fill the Gap Left by Crypto

The standout driver of the quarter was not crypto. Event contracts and prediction markets generated $156 million in revenue, a figure that skyrocketed over tenfold compared to the same period last year. Options revenue rose 29% to $342 million and equities jumped 95% to $129 million, together powering a 44% increase in transaction-based revenues to $776 million.

Crypto told a very different story. Digital asset trading brought in $100 million, representing a 38% decline year over year. Crypto accounted for roughly 21% of Robinhood's transaction revenue in Q1; by Q2 that share had fallen to around 13%, with prediction markets rapidly absorbing its weight in the revenue mix. Crypto notional trading volumes on the Robinhood app decreased 35% year over year to $18 billion.

Platform Growth Remains Broad

Total platform assets increased 32% year over year to $369 billion, driven by continued net deposits and higher equity valuations, partially offset by lower cryptocurrency valuations. Robinhood Gold subscribers hit a record 4.8 million, up 39% year over year. Funded customers increased by 1.9 million, or 7%, year over year to 28.4 million.

The company's newer product lines are also gaining traction. Nearly 100,000 customers have opened Agentic Trading accounts since the feature launched in May, with those accounts collectively holding over $100 million. Robinhood now counts 13 business lines generating at least $100 million in annualized revenue, including Robinhood Legend and the Credit Card business.

Despite the headline outperformance, the stock slipped roughly 3% in after-hours trading, with the post-results move reflecting some caution on revenue growth in the back half of the year given that the company provided no explicit revenue guidance.

Sources:
Benzinga: Robinhood Q2 2026 Earnings Report
Crypto Briefing: Robinhood Crushes Q2 Earnings While Crypto Revenue Takes a Hit
FX News Group: Prediction Markets Drive Robinhood to Record Q2 2026 Revenue