Robinhood Posts Record $573M Net Income as Derivatives Surge Offsets Crypto Drop

Robinhood delivered record financial results for the second quarter, buoyed by surging equities and options trading that more than counterbalanced a sharp pull-back in cryptocurrency transaction revenues. Total revenue at the online brokerage expanded 32% year-over-year to hit $1.31 billion, while net income climbed 48% to reach a record $573 million.

The performance underscores a shifting revenue mix for the platform, which saw robust activity across derivative and traditional asset products. Revenue from event contracts surged more than tenfold to $156 million. Equity transaction revenue jumped 95% year-over-year to $129 million, and options transaction revenue rose 29% to $342 million. In total, transaction-based revenue rose 44% to $776 million.

Broad retail participation drove total net deposits to a record $21.7 billion during the three-month period. Total platform assets expanded 32% year-over-year to $369 billion, while its funded customer base grew by 7% to 28.4 million accounts.

In contrast to the broader trading momentum, cryptocurrency was the sole major transaction category to register a year-over-year decline. Crypto transaction revenue dropped 38% to $100 million, down from about $160 million in the corresponding period last year. Overall crypto notional trading volume came in at $40 billion, though only $18 billion originated directly from the Robinhood mobile application—a 35% drop year-over-year. The remaining $22 billion was processed through Bitstamp, the crypto exchange platform Robinhood acquired in June 2025 to scale its international footprint.

Despite softer retail trading volume, Robinhood continued expanding its digital asset infrastructure. During the quarter, the company finalized its acquisition of Canadian crypto platform WonderFi. Following the end of the quarter, it launched the public mainnet for Robinhood Chain, an Ethereum layer-2 scaling network. It also introduced tokenized U.S. stocks to eligible users in more than 120 countries and launched its first decentralized lending product, Robinhood Earn.

Data from DefiLlama showed that Robinhood Chain held $348 million in total value locked as of Thursday, along with over $500 million in stablecoins and more than $1 billion in bridged assets. Ahead of the earnings release on Wednesday, Robinhood shares had dipped 3.15%, according to tracking data from Yahoo Finance.

Adjusted EBITDA for the quarter increased 35% to $741 million against total operating expenses of $734 million, which rose 33%. Looking ahead, Robinhood lowered and narrowed its 2026 guidance for adjusted operating expenses and share-based compensation to between $2.675 billion and $2.775 billion, down from its previous range of $2.7 billion to $2.825 billion.