Robinhood Event Contracts Hit $156M, Beating Equities and Crypto in Q2

Robinhood's event contracts pulled in $156 million during the second quarter of 2026, a tenfold jump from a year earlier and enough to surpass both equities and crypto transaction revenue. Options remain the leader at $342 million, up 29% year-on-year. The reversal is sharp for a product line that launched in March 2025.

Total net revenue for the quarter ending June 30 hit $1.31 billion, up 32%. Transaction-based revenue climbed 44% to $776 million, with event contracts accounting for about a fifth of that. Equities brought in $129 million. Cryptocurrencies added $100 million.

The Prediction Markets Hub logged 13.6 billion contracts in the quarter. That figure was a record for the venue. Inside the $156 million event contract total sits $17 million from Rothera, a CFTC-licensed exchange and clearinghouse that launched in June. Rothera is a joint venture between Robinhood and Susquehanna International Group. It operates independently from the Prediction Markets Hub. Over 3.5 billion contracts have traded on Rothera since it opened.

Comparing the two volume figures is not straightforward. The Hub counts each individual contract bought or sold as a separate unit. Rothera counts each matched pair of Yes and No contracts as a single traded contract. The same underlying activity would produce a lower headline number on Rothera. It is a methodological difference, not a red flag, though one that can confuse side-by-side comparisons.

Rothera came out of a rebranding of MIAXdx. Robinhood and Susquehanna rerouted contract volumes through the renamed venue, giving Robinhood its own exchange and clearing infrastructure rather than relying entirely on third-party venues. Running a proprietary clearinghouse means more control over contract processing and settlement. It also positions the platform to handle larger volumes as the product scales.

Robinhood did not break out profitability by product. The public numbers do not show whether event contracts are profitable at the margin or whether the growth is being subsidized by lower fees or heavier marketing. The company also offered no forward guidance on how the revenue mix might look in coming quarters.

The growth rate is what stands out. Event contracts went from a fraction of equities revenue to beating it outright in roughly five quarters. The category wraps prediction markets: users bet on binary outcomes like election results, economic data releases, or sports outcomes. The segment has been growing across fintech broadly as retail traders seek shorter-duration, outcome-based trades that do not require owning an underlying asset.

Options revenue at $342 million is still more than double the event contract total. Options have deep roots in Robinhood's user base going back years. The gap is narrowing faster than many expected when the Prediction Markets Hub launched.

Rothera's contribution is still early. $17 million from a venue live for a few weeks of the quarter is not trivial. If that run rate holds or grows through a full quarter, the Q3 numbers could look meaningfully different.

Robinhood did not comment further on profitability or future projections after releasing the quarterly results. No details emerged on whether Rothera's fee structure differs from the Hub, or how the joint venture economics with Susquehanna International Group work in practice. It is unclear whether that information comes out in a later filing.

The Prediction Markets Hub traded 13.6 billion contracts in a single quarter. Rothera moved 3.5 billion contracts total since opening. Both numbers are big. Whether the revenue attached to those volumes holds up, and whether Robinhood can eventually show what it earns at the product level, is the open question heading into the second half of 2026.