Robinhood Reports Record $1.31B Q2 Revenue as Trading Volume Surges 44%
Financial technology platform Robinhood Markets reported record second-quarter net revenue of $1.31 billion on July 29, up 32% from a year earlier, driven by robust trading activity and expansion in newer financial services. Net income rose 48% to $573 million, or 62 cents per diluted share. The results included a $129 million gain from deconsolidating Robinhood Ventures Fund I.
Transaction-based revenues jumped 44% year-over-year to $776 million. Options trading revenue rose 29% to $342 million, equity trading surged 95% to $129 million, and event contracts—the company’s prediction market—expanded more than tenfold to $156 million. Cryptocurrency trading revenue declined 38% to $100 million amid lower crypto valuations.
Net interest revenues grew 9% to $389 million, supported by interest-earning asset growth despite lower short-term rates. Other revenues rose 54% to $143 million from Robinhood Gold subscriptions and service fees from Trump Accounts.
Net deposits reached a record $21.7 billion, with total platform assets up 32% year-over-year to $369 billion. Average revenue per user increased 24% to $187. Total operating expenses grew 33% to $734 million, driven by marketing, new product lines, and restructuring costs from a June workforce reduction. Adjusted EBITDA rose 35% to $741 million.
CEO Vlad Tenev emphasized product velocity aimed at broadening ownership, while CFO Shiv Verma noted record revenues and market share gains across equity, option, and event contract volumes. Robinhood ended the quarter with $5.4 billion in cash and cash equivalents, up from $4.2 billion a year prior, supported by a $2.2 billion convertible notes offering.