Robinhood's Q2 revenue hit a record $1.31B, but crypto revenue fell 38% to $100M as event contracts surged 10x and equities nearly doubled.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Robinhood delivered its strongest quarter yet. Revenue hit a record $1.31 billion in Q2, up 32% from a year earlier, the company reported. Net income rose 48% to $573 million, with earnings per share of $0.62.
The biggest surprise was not the record top line. It was the shifting mix underneath.
Transaction-based revenue jumped 44% to $776 million. Event contracts surged more than tenfold to $156 million. Options revenue rose 29% to $342 million. Equities revenue nearly doubled, climbing 95% to $129 million.
Crypto revenue fell 38% to $100 million. Digital asset trading is no longer Robinhood's fastest-growing business. Crypto trading volume dropped from $66 billion in Q1 to $40 billion in Q2, including $18 billion on the Robinhood app and $22 billion through Bitstamp.
CEO Vlad Tenev said Robinhood reached record trading volumes across equities, options, and prediction markets. CFO Shiv Verma said the company now has 13 business lines generating over $100 million in annualized revenue, reflecting a push beyond crypto.
Platform assets climbed 32% to $369 billion. Net deposits hit a record $21.7 billion during the quarter. Robinhood Gold subscribers reached 4.8 million, while funded customers grew to 28.4 million.
The Gold Card now serves over 1 million customers with $17 billion in annualized purchase volume. Trump Accounts have drawn more than 7 million sign-ups and nearly $1.5 billion in deposits. Robinhood Banking surpassed $3 billion in deposits.
Robinhood is still expanding its blockchain ambitions. Its Ethereum Layer-2 network, Robinhood Chain, now supports tokenized stocks, ETFs, decentralized lending, and stock tokens across more than 120 countries. The company said the chain has processed billions in trading volume since launch.
The firm also launched Rothera, a CFTC-regulated prediction markets exchange that has already handled over 3.5 billion contracts. It introduced Agentic Trading, allowing AI-powered trading across equities and options, with crypto coming soon.
On costs, Robinhood expects lower operating expenses than previously forecast. International expansion continues through the WonderFi acquisition and new regulatory approvals in Singapore.
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