Robinhood Markets, Inc.

HOOD · NASDAQ · USD

Analysis

Last 4 earnings calls · through Q2 FY2026

Robinhood is no longer just a trading app: record deposits, a million cardholders and the government's Trump Accounts drive growth, while trading still swings with crypto. The question is whether the new bets earn their keep before the old one cools. How much of revenue now comes from banking, card and interest?

  • Revenue is broadening, so one hot asset class no longer decides the year.

    Transaction revenue still swings with crypto, but interest income and Gold fees now climb steadily as customers leave more cash behind. That is why growth bounced back after Q1, when a quiet crypto market stalled it. How much did crypto revenue fall in the first half of 2026?

  • The government handed Robinhood a channel to the next generation.

    Trump Accounts launched with 7 million children signed up and Robinhood as broker and sole trustee. It puts the app in front of 60 million children and gives the company a government business that does not depend on trading.

  • The biggest new products earn money abroad, or not at all yet.

    Stock tokens in 120-plus countries, private-market funds and agentic trading all launched within a year. Perpetual futures and tokenised US stocks need US rule changes, so the spending lands now and the revenue waits on regulators. When will US customers get perpetual futures and tokenised stocks?

Bullish
  • Product launches into existing base
    The bull case is that Robinhood keeps launching products into an existing base of customers, so each new business adds revenue without a matching rise in cost.
  • Owning the exchange layer
    Management argues that running its own prediction-market exchange and its own blockchain gives it control over pricing that a pure distributor would not have.
  • Cost guidance trending lower
    Bulls point to a cost outlook that was cut after a mid-year increase, reading it as proof that new businesses can be funded from existing efficiency gains.
Bearish
  • Crypto revenue shrinking
    Crypto has gone from a headline growth driver to a line management now calls a small share of revenue, leaving newer products to carry the growth.
  • Unsettled event-contract rules
    Newer businesses such as prediction markets and perpetual futures depend on rule changes and face a crowded field of exchanges competing on price.
  • Fixed costs amplify slowdowns
    Most costs are fixed, and the last retail downturn cut revenue sharply and pushed margins deeply negative, so a weak trading stretch reaches profit quickly.
See the full bull & bear case
PoliticiansInstitutionsInsiders
PoliticianTransactionAmountTradedFiled
Donald Trump
Republican · Executive
Purchase≥$1KJun 3Aug 22
Donald Trump
Republican · Executive
Purchase≥$15KMay 22Jul 1
Donald Trump
Republican · Executive
Purchase≥$50KMay 11Jul 1
Donald Trump
Republican · Executive
Sale≥$1KMar 27May 13
Donald Trump
Republican · Executive
Purchase≥$1KMar 23May 13

Congressional trading data provided by QuiverQuant

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Product segmentsGeography
FY2025 · USD

How Robinhood Markets turned $4.5B of revenue into $2.1B of operating income.

Revenue
Transaction-Based Revenues$2.6B▲ 59.56% YoY
Gold Subscription Revenues$179.0M▲ 64.22% YoY
Other Revenue$89.0M▲ 242.31% YoY
Proxy Revenues$63.0M▲ 5.00% YoY
Total revenue$4.5B
Gross profit$3.7B83.3%
Operating income$2.1B46.8%
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