Robinhood Markets reported record second-quarter results on July 29, with total net revenue climbing 32% year over year to $1.31 billion. Net income rose 48% to $573 million, and diluted earnings per share reached $0.62, exceeding analyst expectations of roughly $0.43. Revenue also edged past the $1.29 billion consensus forecast. Shares still declined about 3.15% during regular trading to close at $89.84 and continued lower in after-hours action.

The results showed a clear shift in the company’s revenue mix. Transaction-based revenue increased 44% to $776 million, driven by rapid expansion in prediction markets, options and equities trading. Cryptocurrency transaction revenue, by contrast, fell 38% to $100 million from about $160 million a year earlier.

Prediction Markets Lead Growth

Event contract revenue reached $156 million, more than ten times the year-earlier figure, as users traded over 13.6 billion contracts. Options revenue advanced 29% to $342 million, while equities revenue nearly doubled, rising 95% to $129 million. Net interest revenue grew 9% to $389 million, and other revenue increased 54% to $143 million, supported by Trump Account service fees and higher Robinhood Gold subscription income.

Rothera, the company’s CFTC-licensed prediction markets exchange and clearinghouse joint venture, has processed more than 3.5 billion contracts since its June launch. Crypto now accounts for less than 8% of total net revenues, down sharply from earlier periods when digital-asset trading was a primary growth driver.

Crypto Volumes Soften Despite Broader Expansion

Total crypto notional trading volume stood at $40 billion for the quarter, including $18 billion on the Robinhood app and $22 billion through Bitstamp. App-based crypto volume declined 35% year over year. The $100 million crypto revenue figure still topped the $86.6 million analyst estimate, though sequential declines continued from the first quarter.

Robinhood maintained investment in its digital-asset platform. The company launched the public mainnet of Robinhood Chain, an Ethereum layer-2 network supporting tokenized U.S. stocks for eligible European customers. Tokenized shares of companies such as GameStop, Nvidia and SpaceX have become among the more actively traded real-world assets on the chain. Robinhood also introduced Stock Tokens available to eligible users in more than 120 countries and debuted Robinhood Earn, its first decentralized lending product.

Additional moves included completion of the WonderFi acquisition, establishing a regulated presence in Canada through platforms such as Bitbuy and Coinsquare. International funded customers surpassed one million. The firm said it plans to introduce crypto offerings in the United Kingdom and continues work toward regulatory approvals in Singapore. Nearly 100,000 customer accounts are enrolled in Agentic Trading, the company’s new AI-powered tools that allow third-party assistants to monitor markets and execute trades under user-defined limits and approvals.

Customer Metrics Reach New Highs

Platform assets rose 32% to $369 billion. Net deposits hit a record $21.7 billion. Funded customers increased to 28.4 million, and Robinhood Gold subscribers reached a new high of 4.8 million. Average revenue per user advanced 24% to $187. The company repurchased $414 million of Class A shares during the quarter at an average price near $94.

Operating expenses rose 33% to $734 million, reflecting marketing, growth initiatives, restructuring and costs tied to new businesses including Rothera. Adjusted EBITDA increased 35% to $741 million. Management lowered its 2026 adjusted operating expense and share-based compensation outlook to a range of $2.675 billion to $2.775 billion.

Net income included $129 million in gains primarily related to the deconsolidation of Robinhood Ventures Fund I, contributing approximately $0.14 to diluted earnings per share. Investors appeared to weigh this factor alongside softer crypto activity when assessing the quality of the beat.

Robinhood will discuss the results on its investor conference call. The quarter’s performance illustrates continued diversification beyond cryptocurrency trading into prediction markets, tokenized assets, AI tools and broader financial products, even as crypto volumes remain subdued relative to prior periods.