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Contents
Event contract-driven growth | Cryptocurrency revenue continues to decline
Robinhood's second-quarter revenue rose 32% to a record $1.31 billion, and net income rose 48% to $573 million.
Event contract revenue jumped more than tenfold to US$156 million, surpassing cryptocurrency trading revenue for the first time.
Although total cryptocurrency trading volume reached US$40 billion, related transaction revenue fell 38% to US$100 million.
Robinhood completed the acquisition of WonderFi, entered the Canadian market, and launched the Robinhood Chain public main network and stock tokens.
Shares fell about 3.4% before the earnings release; although results exceeded expectations, shares fell further after hours.
Event contract-driven growth
Robinhood Markets announced record revenue for the second quarter of 2026. Total net revenue reached US$1.31 billion, a year-on-year increase of 32%. Net income rose 48% to $573 million. For the quarter ended June 30, diluted earnings per share were $0.62.
Part of the growth comes from one-time projects. The company said net income of $129 million was mainly related to the cancellation of the consolidated statement of Robinhood Ventures Fund I.
Transaction-based revenue increased 44% to US$776 million. This category covers trading in options, stocks, event contracts and cryptocurrencies.
Event contract revenue reached $156 million in the quarter, more than ten times the same period last year. More than 13.6 billion event contracts were traded during the quarter. Rothera, the forecasting market exchange established by Robinhood in partnership with Susquehanna International Group, has processed more than 3.5 billion contracts since its launch in June.
Options revenue increased 29% to US$342 million. Equity income rose 95% to $129 million.
Robinhood Chief Financial Officer Shiv Verma said the company's various businesses performed well. Currently, the company has 13 business lines, each with annual revenue exceeding US$100 million.
Cryptocurrency revenue continues to decline
Cryptocurrency trading revenue fell 38% to US$100 million, the second consecutive quarter of decline in the business segment.
Robinhood reported total cryptocurrency trading volume of US$40 billion, of which US$18 billion came from its own apps and US$22 billion came from Bitstamp, the exchange it acquired last year. Transaction volume for Robinhood's own apps fell 35% year-on-year. Bitstamp contributed more than half of all cryptocurrency trading volume reported this quarter.
Robinhood is expanding its cryptocurrency product line despite declining transaction revenue. It launched the Robinhood Chain public main network based on the Ethereum Layer 2 network and launched stock tokens to users in more than 120 countries. The company also launched Robinhood Earn, its first lending product based on decentralized finance. In addition, it completed the acquisition of WonderFi and included platforms Bitbuy and Coinsquare, marking its entry into the Canadian market.
International paying customers exceeded 1 million for the first time. Robinhood did not separately disclose the revenue generated by WonderFi.
Total net deposits for the quarter were US$21.7 billion. Total platform assets increased 32% to US$369 billion. Robinhood Gold subscribers grew 39% to 4.8 million. Average revenue per user increased 24% to $187.
Operating expenses increased 33% to US$734 million. Robinhood attributed the growth to marketing costs, restructuring expenses and investment in new projects such as Rothera.
The day before the earnings report, Robinhood's share price closed at US$89.84, down about 3.4%. Shares fell further after hours despite adjusted earnings exceeding analysts 'expectations.
Robinhood also lowered its spending forecast for 2026. Adjusted operating expenses and equity incentive expenses are currently expected to be between US$2.675 billion and US$2.775 billion, lower than the previous range.
The company lists regulatory risks as a potential threat to its fastest-growing products. It warned that new laws or enforcement actions could limit the types of event contracts available in the future.
