Organized & Compiled: Shenchao TechFlow

Guests: Vlad Tenev, Robinhood Chairman & CEO; Shiv Verma, Robinhood CFO

Host: Chris Krugel, Robinhood VP of Corporate Finance & IR

Podcast Source: Robinhood

Original Title: Robinhood Markets, Inc. Q2 2026 Earnings Call

Broadcast Date: July 29, 2026

Conflict of Interest Statement: Vlad Tenev and Shiv Verma are the Chairman and CEO and CFO of Robinhood respectively, and their statements during the earnings call represent the company's position, which carries inherent bias.

Summary of Highlights

Robinhood held the largest earnings call in its history in front of a record audience on Nasdaq. CEO Vlad Tenev returned to the spot where the company rang the bell for its IPO five years ago, proving with a series of record numbers that this once "retail trading app" has grown into a super financial ecosystem covering trading, banking, credit cards, prediction markets, on-chain finance, and children's investment accounts.

Q2 net revenue reached $1.31 billion, a year-on-year increase of 32%, diluted EPS increased to $0.62, a growth of 48%, all far exceeding expectations. The most impressive was the event contracts (prediction market) revenue of $156 million, which increased more than tenfold year-on-year. However, the other side of the financial report shows a decline in revenue from cryptocurrency services, with in-app cryptocurrency trading volume down 35% year-on-year. On the call, Vlad took a full 20 minutes to demonstrate the interfaces of eight products, from the children's investment accounts launched during the Trump administration to AI trading agents, from stock tokens to the L2 chain Robinhood Chain. This was not a traditional earnings call but rather a product launch conference.

Key Insights Summary

About Company Vision

• “The existence of Robinhood is to enable everyone to be an owner. A society without widely distributed ownership is very fragile.”
• “Since the IPO, the platform's total assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist.”

About Prediction Markets

• “The World Cup was really a proof of concept for us, and we are rapidly scaling up.”
• “The benefit of prediction markets is that events are always happening. The football season is coming, and the midterm elections are extremely important.”

About Regulation

• “We don’t want the foundation beneath us to be pulled away every four or eight years.”
• “It would be a shame if America cannot benefit from all the advantages of tokenization.”

About Capital Allocation

• “The denominator matters.”
• “We are not just a growth company capable of long-term investment but also able to self-finance with a streamlined and disciplined operational model.”

About User Growth

• “This quarter, nearly 1 million new funded customers were added, the highest record in nearly five years since the IPO.”
• “At any given time, there may be several different vectors for growth in the ecosystem.”

Opening: Returning to Nasdaq After Five Years

Chris Krugel: Welcome everyone to the Robinhood Q2 2026 earnings call. Present today are Chairman and CEO Vlad Tenev, CFO Shiv Verma, and myself, Chris Krugel, Vice President of Corporate Finance and Investor Relations. Vlad and Shiv will make opening statements, followed by a Q&A session.

After Vlad and Shiv took the stage, Vlad first surveyed the packed Nasdaq hall.

Vlad Tenev: Wow, thank you all for coming. It's great to see a full house. We are back at Nasdaq in New York, with Shiv and Chris here. This is the largest audience we have ever had for an earnings event. I remember when Shiv did this kind of offline analyst event for the first time last year; we were worried if anyone would show up, and those who came had a great time, so it seems the word has spread.

It's been exactly five years since we rang the bell for our listing. During that time, we have achieved substantial growth and delivered results for our customers. Since the IPO, the platform's total assets have quadrupled, and adjusted EBITDA has more than octupled. But one thing has never changed: why we exist.

The existence of Robinhood is to enable everyone to be an owner. I think this is a unique vision; not many companies pursue this direction. It is a powerful vision not just for each individual customer, but for society as a whole. A society without widely distributed ownership is very fragile. We believe that broad-based ownership is critical for a free, stable, and prosperous society because when more people have a vested interest in the outcomes, they truly invest in it. We want more people to invest in our nation's great companies, and we have only just scratched the surface.

Three Strategic Directions and Q2 Report Card

To achieve the vision of "enabling everyone to be an owner," Vlad stated the company focuses on three things.

Vlad Tenev: First, to be the number one in active traders, enabling customers to own any tradeable asset. Second, to become the leader in next-generation customer wallet share, bringing ownership to the whole family and achieving true lifetime ownership. Third, to build a leading global financial ecosystem, expanding the ownership we promote in the U.S. to the world, allowing billions of people to benefit.

In Q2, we maintained product momentum across all three fronts, setting a series of records.

At the level of active traders, core business operations were strong, market share increased, and trading volumes in equities, options, and prediction markets all reached new historical highs. After Rothera began to support Robinhood prediction markets, it rapidly grew to become one of the top three designated contract markets (DCM) in the U.S. We also launched the first version of agentic trading, allowing customers to trade stocks, options, and cryptocurrencies with AI agents and access Robinhood's tools and features.

In terms of wallet share, the Trump account (children's investment account) officially launched, a historic step toward "achieving widespread financial ownership from birth." We are honored to serve as the broker and only initial trustee, helping millions of American children become owners of the economy from day one. The Robinhood Gold credit card also crossed the milestone of 1 million cardholders, with annual spending exceeding $17 billion. Bank deposits have surpassed $3 billion since launching in November last year. All of this has collectively driven record net deposits, as customers increasingly trust us and entrust us with more assets, leading to a quarterly all-time high in total platform assets.

On the global financial ecosystem front, we completed the acquisition of Canadian WonderFi, obtained a capital markets services license in Singapore, and launched an entire suite of products at the "The World is Flat" international event, including Robinhood Chain. This is the first chain designed specifically for real-world assets, and it has performed excellently since its launch.

Robinhood Chain and Global Expansion

Vlad particularly emphasized the early data on Robinhood Chain during the call.

Vlad Tenev: Since the launch of Robinhood Chain, the decentralized exchange (DEX) trading volume exceeded $12 billion, making it one of the largest chains by trading volume in the past week. It is also the fastest chain to reach 100 million transactions, and I believe it has already far exceeded 150 million, which is really cool.

Customers have also deposited over $200 million in Robinhood Earn. Robinhood Earn is our stablecoin lending product based on Robinhood Chain and the stablecoin USDG, allowing customers to earn a competitive 7% annual yield. This has only been live for a few weeks.

Stock tokens might be the product I am most excited about. We have launched stock tokens in over 120 countries, allowing many global users to experience the concept of ownership. Tokenization allows high-quality assets (like U.S. stocks) to reach everyone with an internet connection. As long as you have a smartphone and connect to our blockchain, you can get exposure to U.S. stocks, which is very exciting.

Currently, we have served over 1 million accounts outside the U.S., and we're just getting started.

Financial Overview: Revenue, Profit, and User Records Achieved

Vlad handed the mic to Shiv for a detailed breakdown of the financial data.

Shiv Verma: Before diving into the specific numbers, I want to share three core points from this quarter.

First, the core business is very strong. Net deposits reached a record $22 billion, with an annual growth rate of 28%. We set new records in equity, options, prediction markets, and margin businesses. The top-of-the-funnel growth is also accelerating, with nearly 1 million new funded customers added this quarter.

Second, this brought in record revenues (a year-on-year increase of 32%) and another quarter of strong profitability, with adjusted EBITDA margin reaching 57%. We are continuously driving strong revenue growth and scalable profitability.

Third, we maintain discipline in expenses. Even with the core business reaching new highs and the addition of new products, we adjusted and narrowed the full-year expense guidance.

Looking specifically at Q2 data. Revenue grew 32% year-on-year to a record $1.31 billion, driven by robust growth across the business. Trading volumes reached record levels across most asset classes, and market share hit new highs. Earned assets are also growing, with records set in margin, credit card, and banking businesses. Other income is also on the rise, with Gold subscription users reaching a historic high of 4.8 million, and the Trump accounts also starting to generate income.

On the expense side, adjusted operating expenses plus equity compensation were $641 million, well-managed and below the previous guidance range, and this already includes the costs of the new businesses Rothera and WonderFi (which were not included in the previous guidance). Looking ahead, we continue to enhance efficiency, enabling us to self-finance the costs of WonderFi while reducing additional expenses from the system. Therefore, we have lowered and narrowed the guidance for adjusted operating expenses plus equity compensation for 2026 to between $2.675 billion and $2.775 billion.

We believe this is not only a growth company capable of long-term investment but also one that can self-finance meaningful new investments using a streamlined, disciplined operational model, which is our competitive advantage.

Strong revenue growth and expense discipline flow into profitability. Adjusted EBITDA was $741 million, up 35% year-on-year, with a margin of 57%. Earnings per share were $0.62, up 48% year-on-year.

Capital Allocation: Convertible Bonds, Buybacks, and “The Denominator Matters”

Shiv Verma: Speaking of capital allocation, there are a few key points. In June, we seized the opportunity to raise $2.2 billion in capital, providing greater flexibility for future growth investments. We believe there are tremendous opportunities ahead, and this capital gives us more capability to pursue them. Moreover, we completed the fundraising on terms that are very attractive to shareholders: 0% coupon, with no net dilution until the stock price exceeds $300.

Even while fundraising, we have been prudently managing our equity. Year-to-date, we have repurchased 7.5 million shares, costing $664 million. As we have said, the denominator matters.

We are very proud of our Q2 results, and Q3 has started off well. The average daily trading volume in July is on par with the record-setting Q2, with similar levels in equities, options, and event contracts. July net deposits are trending toward $4 billion, not including deposits from Trump accounts.

Three Metrics for Measuring Long-Term Vision

Shiv also shared three key metrics that management believes measure long-term progress.

Shiv Verma: Some investors say it’s hard to determine which growth areas to focus on. I want to share three metrics we deem important.

First, net deposits. Customers continue to entrust their hard-earned money to us at an over 20% growth rate. With strong net deposit growth, assets will compound, further driving business growth.

Second, Rule of 40 (growth + profitability). We have maintained strong adjusted EBITDA margins while achieving double-digit revenue growth. Over the past few years, we have consistently been a Rule of 80+ company. We believe it is important to be both a growth company and one that operates with high profitability, and all this occurs at our scale of over $5 billion in annual revenue, which is quite rare.

Third, business lines with annual revenues exceeding $100 million. We are excited to announce that we now have 13 business lines reaching this level. As we rapidly deliver products to customers, we added two more in this quarter: Robinhood Legend and the credit card.

As we build a family of financial applications, we plan to add more business lines exceeding $100 million in annual revenue in the coming year. If we can continue to make progress in these areas quarter by quarter, year by year, the financial results will naturally follow.

Our financial North Star remains unchanged: to maximize earnings per share and free cash flow for shareholders over the long term.

Product Demonstration: From Trump Accounts to Stock Tokens

Before the Q&A, Vlad did something quite rare in an earnings call: he spent nearly 20 minutes demonstrating the interfaces of multiple products under Robinhood.

Vlad Tenev: I want to try something different. Many of you may be familiar with our main app, but over the past few years, we have expanded from a single trading app into a broader system. I want to take you through some of the other applications we have built.

The first is the Trump account. This is an incredible collaboration between the Treasury, the National Design Studio, the Robinhood team, and BNY. I believe this is the best digital experience the government has ever delivered. In fact, Secretary Besson said a few days ago that this is the best product launch by the government ever. I think that’s a high honor considering NASA also competes for that title.

This is my child's Trump account. You can not only see the current account value but also visualize what it would look like at age 18. You can even simulate: what if I contribute $50 or $130 a month, how much would compounding yield by age 18? You can even see projections for age 60, which is retirement age. What we really want to do is show the magic of compounding, encouraging people to think long-term.

Here are educational contents—we make learning the fundamentals of the stock market and investing easy. And this is just the beginning. Michael Dell and his wife Susan have already made a significant donation, along with many others. We are making it easy for employers to donate as well, with a $2,500 tax-free employer allowance annually per person, and Robinhood is also participating. If you haven't done so, I strongly encourage you to open one for your child or grandchild. And it will only get better.

The second is the banking app. We believe we are building the best digital banking experience in the market. You can feel the Art Deco styling. We want to create a no-compromise banking experience. Typically, other neobanks make sacrifices on pure digital experiences, but we want to provide a truly private banking product.

What people love most is the deposit rates. Now, just by setting up direct deposit and becoming a Gold subscriber, both your checking and savings accounts can earn high annual yields with no minimums. People really enjoy that they can earn maximum yields on most of their money without having to transfer funds back and forth. We directly offer each account 3.5%. Currently, about 40% of customers have set up direct deposit, which is a good penetration rate.

Next, here is the family tag page. You can add family members. This is really the first banking product that treats family as a first-class citizen. Customers’ salaries are directly deposited into the bank, spending with credit cards, cashback flowing back into the brokerage account, powering their investments. We make all of this extremely simple.

The third is the Robinhood Wallet. As part of the "The World is Flat" launch, we have introduced the Robinhood Chain mainnet, a powerful chain that requires a matching wallet. I should clarify that many functionalities I demonstrate are not yet available in the U.S.; these are purely overseas products. People outside of over 120 countries can use them.

You will see a design language similar to Robinhood, but all features are driven by crypto technology. The bottom tab features perpetual contracts, and through collaboration with Lighter, overseas active traders can not only gain leveraged exposure to cryptocurrency perpetual contracts but also to commodities and individual stock perpetual contracts. We make it easy to deposit, withdraw, and place trades.

Another feature I’m excited about is stock tokens. This is NVIDIA. If you are an overseas customer, you can gain exposure to NVIDIA through stock tokens. They even have some advantages over traditional stocks: they can be traded 24/7, including on Saturdays and holidays. You can send and receive on-chain, just like any cryptocurrency. The address is right here. This makes global ownership expansion very easy; you just need an internet connection and a blockchain connection.

Looking ahead, we will continue to push in this direction. We are adding more stocks and truly driving the tokenization of other real-world assets. We have a lot of momentum here and many other things to do. There are still plenty of other products in the pipeline.

In a few months, we will hold the third Hood Summit, "The Engine of Creation," in Houston, Texas. Stay tuned; it should be very exciting.

Q&A: Can Prediction Markets Be Sustained? Where Does User Growth Come From?

The Q&A segment took an unusual format: first answering shareholder questions collected through Say Technologies, then addressing questions from the live audience, and finally taking phone calls.

On the Goals of Robinhood Social

Shareholder Zach: What is the goal of Robinhood Social? When will it be open to the public?

Vlad Tenev: Thank you for the question. I noticed you are also on Robinhood Social; this question has been discussed on the platform, so it is quite timely. Robinhood has largely been an order placement tool, but trading ideas often come from outside. You get ideas from somewhere in the real world and then come here to place orders. The goal of Robinhood Social is to integrate the sources of ideas as well, making the community a source of trading strategies and insights.

On the Impact of the CLARITY Act

Shareholder John: The CLARITY Act is still progressing in the Senate. If similar legislation passes, what aspects would have the largest impact on Robinhood? If there are delays, what impact might that have?

Vlad Tenev: I will answer that. The CLARITY Act is very important because while this administration is great and is indeed the first to embrace new technology in a crypto-friendly manner, we want the foundation of the American industry to be enduring. We do not want the ground beneath us pulled every four or eight years and replaced by new rules.

For the industry to truly grow, regulatory stability is necessary, and this needs to be achieved through legislation. We saw this in the GENIUS Act. I believe the CLARITY Act goes a step further, especially with one point we are strongly advocating: tokenization. We have been investing in tokenized products, and we believe this will be a huge industry. Currently, we are pushing this direction outside of the U.S., and the progress from V1 to V2 has already been very evident: completely on-chain, 24/7 trading, default partitionable. There are many advantages. It would be a pity if the U.S. cannot benefit from all those advantages.

We are excited about all aspects of the bill, believing it will help us get even further. But we will not be sitting idly by; we will continue to actively push on-chain products and traditional centralized products, ensuring we continue to innovate in certain areas overseas while driving forward Robinhood Earn and other on-chain products in the U.S. Either way, we will be fine, but the CLARITY Act is crucial for maximizing the value of all the products we have been building.

On the Early Data of Trump Accounts

Shareholder Joe: How has the Trump account progressed since its launch in July? How many accounts have been opened? How much assets have flowed in? What is the long-term contribution to net deposits and assets under custody?

Vlad Tenev: Progress has been very good. 7.7 million children have registered, and we see nearly $1.5 billion in funding flowing into Trump accounts, and this is before a significant amount of charitable donations started coming in. We believe this number will reach the tens of millions, and we are actively pushing forward. We believe donations will begin to grow rapidly from here, but it requires sustained effort.

Successful projects have a characteristic: people desire more and want it quickly. We are working with partners to deliver. Next, we will enable employers to fund employees’ Trump accounts; for those who want to do charitable giving, the market currently lacks good options, and there is no default option. You have to evaluate charities and figure out if they are wasting fees and whether the money is really going where it should. We want to provide a default, low-cost, high-quality mechanism. We are just getting started.

On the Drivers of Funded User Growth

Dan Dolev (Mizuho): Congratulations Vlad and Shiv, the quarterly performance is impressive. What surprised us is the incredible growth in funded accounts. Can you explain what the structural factors are and what you are doing? Also, please give a quick update on European progress.

Shiv Verma: Last quarter, we mentioned we would focus on reviving top-of-funnel growth, and I’m pleased to see the progress. This quarter, we added nearly 1 million funded customers, the highest record in nearly five years since the IPO. There are many driving factors, and it's not a single reason. A strong market environment has certainly helped. We’ve launched many new products, such as banking and credit cards, which have contributed to robust organic growth. The SpaceX IPO also helped. This quarter, we also made an acquisition that brought in hundreds of thousands of accounts. And we are continuously growing overseas.

This demonstrates the power of the ecosystem, or the power of the family of financial applications Vlad mentioned. At any given time, there may be several distinct growth vectors at play. This quarter, we saw many vectors active simultaneously, and we will continue to focus on this direction, whether through new products or marketing; this will become one of our most important KPIs moving forward.

Vlad Tenev: There is more work to be done.

On the Sustainability of Prediction Markets

Dan Fannon: I want to talk about prediction markets. How do you view sustainability after the World Cup? How does the transition from the World Cup to the football season affect the long-term durability of this asset class? Beyond sports-related content, what do you see on macro or larger events?

Vlad Tenev: The benefit of prediction markets is that events are always happening. You mentioned the upcoming football season, and midterm elections are also extremely important and will certainly become topics of discussion; customers will naturally want to trade them, hedging their portfolios as events continue to unfold. So we are preparing for this, continuously making product improvements and pricing improvements. Rothera has gone live, and I believe the World Cup was truly a proof of concept for us; we are rapidly scaling up and aiming to make it bigger, with the goal of offering customers the best prices. This is our mindset: can we tap multiple trading venues to ensure customers are getting the best trades on Robinhood?