Earnings Recap — Q2 2026
CY Q2 2026 · Reported July 29, 2026 · Beat 7 of last 7 quarters
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Robinhood's record results and product launches underscore the expanding financial ecosystem, with a focus on making everyone an owner. The growth in net deposits, Gold subscribers, and new products like Trump Accounts and Robinhood Chain indicate a broadening of financial services and ownership opportunities. The company's global expansion and tokenization efforts are driving the buildout of a more inclusive financial infrastructure.
Robinhood delivered record revenue of $1.3 billion, up 32% year-over-year, with EPS of $0.62, up 48%. Record net deposits of $22 billion represented a 28% annualized growth rate. Gold subscribers reached an all-time high of 4.8 million, a 17% attach rate. Adjusted EBITDA was $741 million, a 57% margin. The company also highlighted record volumes across equities, options, prediction markets, and margin, and noted the launch of Trump Accounts, which have seen 7 million children sign up. They raised $2.2 billion in capital in June and repurchased 7.5 million shares year-to-date for $664 million.
Management lowered and tightened the 2026 outlook for adjusted OpEx and SBC to a range of $2.675 billion to $2.775 billion, even while adding costs related to new businesses Rothera and WonderFi. They expect to self-fund these new investments while maintaining strong growth and profitability. They highlighted three key areas for measuring progress: net deposits, Rule of 40, and $100 million ARR businesses. They also noted that Q3 is off to a good start with July average daily volumes similar to record Q2 levels and July net deposits tracking towards $4 billion, excluding Trump Accounts deposits.
“In Q2, our continued product velocity across these 3 arcs led to a bunch of records.”
on Q2 results
“So net deposits were a record $22 billion, a 28% growth rate, and we drove new records across equities, options, prediction markets and margin.”
on Net deposits
“We're lowering and tightening our 2026 outlook for adjusted OpEx and SBC to a range of $2.675 billion to $2.775 billion.”
on 2026 outlook
What is the goal of Robinhood Social? And when will it go live to the general public?
Vlad Tenev explained that Robinhood Social aims to help customers learn from one another and generate ideas, leveraging the large community and trading data to validate claims. He noted that it is currently in iteration and expected to roll out to everyone by the end of the quarter.
Could you give an idea of what would be the most impactful aspects of the Clarity Act to Robinhood?
Vlad Tenev emphasized the importance of regulatory stability for the crypto industry, and that the Clarity Act would help make the foundation durable. He highlighted tokenization as a key area of investment and noted that the company is pushing innovation overseas while continuing to develop on-chain products in the U.S.
Can you give us an update on early traction with Trump Accounts since the July launch?
Vlad Tenev reported that 7 million children have signed up for Trump Accounts, and expressed satisfaction with the progress. He noted that the accounts are expected to contribute to net deposits and assets under custody over the long term.