Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q2 2026 Earnings Presentation
48 slides from Robinhood Markets's earnings presentation, Jul 29, 2026
Slide 1: Robinhood Markets, Inc. Earnings Presentation Second Quarter 2026
Robinhood Markets, Inc. Earnings Presentation Second Quarter 2026 July 29, 2026 investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q2 2026 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the second quarter 2026 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robin
Slide 3: Q2 2026 Business Results Highlights
Robinhood Earnings Presentation Q2 2026 Q2 2026 Business Results Highlights Funded Customers +1.9M +940k Robinhood Gold Subscribers +1.4M +500k in millions year-over-year sequential in millions year-over-year sequential 28.4 Robinhood Gold Subscribers Robinhood Gold Adoption Rate² 27.4 4.84 26.8 27.
Slide 4: Q2 2026 Financial Results Highlights
Robinhood Earnings Presentation Q2 2026 Q2 2026 Financial Results Highlights Total Net Revenues +32% +23% Adjusted Operating Expenses and SBC +23% +6% in millions year-over-year sequential in millions year-over-year sequential $1,274 $1,283 $1,308 $1,067 $613 $597 $607 $641 $989 $522 $4.9B over the
Slide 5: Product velocity remained robust through the first half of 2026
Robinhood Earnings Presentation Q2 2026 Product velocity remained robust through the first half of 2026 Q3 2025 7 US Crypto assets added in Q3 Level 2 market data on Robinhood Legend 4 EU Crypto assets added in Q3 Cortex Stock Digests in UK Pro and college football prediction markets Multiple indivi
Slide 6: Funded Customers increased by 1.9 million year-over-year to a record 28.4 million
Robinhood Earnings Presentation Q2 2026 Funded Customers increased by 1.9 million year-over-year to a record 28.4 million in Q2 In millions Year-over-year change +1.9M Sequential change +940k As of Q2 2026, we had 29.9M Investment Accounts, up 2.5M year-over-year. 29.9 29.1 28.4 Investment Accounts1
Slide 7: Total Platform Assets increased 32% year-over-year to $369 billion in Q2
Robinhood Earnings Presentation Q2 2026 Total Platform Assets increased 32% year-over-year to $369 billion in Q2 due to continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations Year-over- Sequential In billions year change change $369 +32% +20% $333 $3
Slide 8: Robinhood Retirement AUC grew to a record $35 billion in Q2
Robinhood Earnings Presentation Q2 2026 Robinhood Retirement AUC1 grew to a record $35 billion in Q2 Robinhood Retirement Accounts Robinhood Retirement AUC Robinhood Retirement AUC per Account2 End of period, in millions End of period, in $ billions End of period, in $ thousands Up 47% 2.15 Up 82% 3
Slide 9: Gold Subscribers grew to a record 4.8 million in Q2
Robinhood Earnings Presentation Q2 2026 Robinhood Gold Subscribers grew to a record 4.8 million in Q2, representing ~17% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In millions 3.35% APY on uninvested cash Robinhood Gold Subscr
Slide 10: Net Deposits were a record $22 billion in Q2
Robinhood Earnings Presentation Q2 2026 Net Deposits were a record $22 billion in Q2, translating to a 28% annualized growth rate, and were $76 billion over the last twelve months, translating to a 27% growth rate In billions Last twelve months Net Deposits $75.7 Last twelve months growth rate 27% $
Slide 11: Average cumulative Net Deposits have grown across Funded Customer Cohorts
Robinhood Earnings Presentation Q2 2026 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $— 0 4 8 12 16 20 Quarters Customer Cohort Key 2021 2022 2023 2024 2025
Slide 12: Q2 trading volumes increased significantly year-over-year
Robinhood Earnings Presentation Q2 2026 Q2 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records in Q2 Equity Notional Volumes Options Contracts Traded Crypto Notional Volumes In $ billions In millions o
Slide 13: Total net revenues were up 32% year-over-year to a record $1.3 billion
Robinhood Earnings Presentation Q2 2026 Total net revenues were up 32% year-over-year to a record $1.3 billion in Q2, and ARPU was $187 In millions, except for ARPU $191 $191 $187 $164 Year-over- Sequential $157 year change change $151 Average Revenue per User (ARPU) $145 $1,274 $1,283 $1,308 +32% +
Slide 14: Transaction-based revenues were up 44% year-over-year to $776 million
Robinhood Earnings Presentation Q2 2026 Transaction-based revenues were up 44% year-over-year to $776 million in Q2 In millions Year-over- Sequential year change change $776 $776 +44% +25% $730 $46 $49 29% 14% $672 $45 $26 $27 $101 $623 $156 $583 $43 NM 50% $32 $539 $38 $268 $221 $104 $100 (38%) (25
Slide 15: Net interest revenues were up 9% year-over-year to $389 million
Robinhood Earnings Presentation Q2 2026 Net interest revenues were up 9% year-over-year to $389 million in Q2 In millions Year-over-year change +9% Sequential change +8% $1 $2 $456 $2 $17 $1 $411 $1 $87 $24 $389 Other $6 $8 $10 $357 $26 $359 $40 Credit card, net $4 $13 $32 $10 Securities lending, ne
Slide 16: We continue to grow and diversify our business
Robinhood Earnings Presentation Q2 2026 We continue to grow and diversify our business Business lines that have reached $100M or more in annualized revenues1 + Credit Card + Fully Paid + Prediction Markets + Robinhood Legend Securities Lending + Gold Subscriptions + Bitstamp 13 + Instant Withdrawals
Slide 17: Adjusted Operating Expenses and SBC increased 23% year-over-year to $641 million
Robinhood Earnings Presentation Q2 2026 Adjusted Operating Expenses and SBC increased 23% year-over-year to $641 million in Q2 In millions Year-over-year change +23% Sequential change +6% $613 $641 $597 $607 $91 $508 $533 $522 $78 $76 $79 $493 $476 $73 $77 $78 $139 $86 $152 $145 $128 $79 $19 $18 $23
Slide 18: Lowering and tightening our 2026 Adjusted Operating Expenses and SBC outlook
Robinhood Earnings Presentation Q2 2026 We are lowering and tightening our 2026 Adjusted Operating Expenses and SBC outlook range as we self-funded new businesses with efficiency gains Adjusted Operating Expenses and SBC ~$20M • Our prior 2026 outlook for Adjusted Operating Expenses and SBC ~$50M wa
Slide 19: Diluted share count roughly flat in 2025 and expected flat in 2026
Robinhood Earnings Presentation Q2 2026 Diluted share count was roughly flat in 2025, and we anticipate diluted share count will be roughly flat in 2026 as well Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Q2 2026 Includes: Year-to-date • $7M of SBC related
Slide 20: GAAP net income was $573 million in Q2
Robinhood Earnings Presentation Q2 2026 GAAP net income was $573 million in Q2 and $2.1 billion over the last twelve months In millions, except for EPS Year-over-year change +48% Sequential change +66% $916 $424 Q4 2024 Tax Benefit and Regulatory Accrual Reversal $556 $605 $573 $492 $336 $386 $346 $
Slide 21: Adjusted EBITDA increased 35% year-over-year to $741 million
Robinhood Earnings Presentation Q2 2026 Adjusted EBITDA increased 35% year-over-year to $741 million in Q2 and grew to a record $2.8 billion over the last twelve months Year-over-year change +35% Sequential change +39% In millions $742 $761 $741 $613 $549 $534 $470 $301 $268 $2.8B (56% margin) over
Slide 22: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q2 2026 Rule of 401 results demonstrate the power of our business model 131% 112% 108% 98% 94% 56% 53% 56% 56% 56% 40% 75% 59% 52% 42% 38% Q2'25 LTM Q3'25 LTM Q4'25 LTM Q1'26 LTM Q2'26 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin Rule of 40¹ (1) Defined
Slide 23: With over $5B in corporate cash, investments, and stablecoin, we are well positioned
Robinhood Earnings Presentation Q2 2026 With over $5B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change +$1.3 Sequential change +$0.4 • Our balance sheet remains strong with $5.6 billion of corporate cash, investme
Slide 24: In Q2, we returned $414 million to shareholders by repurchasing 4.4 million shares
Robinhood Earnings Presentation Q2 2026 In Q2, we returned $414 million to shareholders by repurchasing 4.4 million of our shares1 Share Repurchases In millions As of 6/30/2026 Q2 2026 includes $290M (2.7M shares) of repurchases in connection with our June 2026 convertible notes offering and outside
Slide 25: Appendix
Appendix 25
Slide 26: June 2026 Monthly Metrics
Robinhood Earnings Presentation Q2 2026 June 2026 Monthly Metrics 2025 2026 Change May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun M/M Y/Y Funded Customer Growth (M) Funded Customers1 25.9 26.5 26.7 26.7 26.8 27.1 26.9 27.0 27.2 27.4 27.4 27.6 27.7 28.4 3% 7% Asset Growth ($B) Total Platform
Slide 27: June 2026 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q2 2026 June 2026 Monthly Metrics Dashboard Funded Customers1 Total Platform Assets2 In millions In $ billions Jun-26 Jun-26 28.4M $369B +720k M/M (2%) M/M +1.86M Y/Y +32% Y/Y Net Deposits3 Select Interest Earning Assets In $ billions In $ billions Jun-26 Jun-26 $10.1
Slide 28: June 2026 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q2 2026 June 2026 Monthly Metrics Dashboard (Continued) Equity Notional Volumes Options Contracts Traded In $ billions In millions Jun-26 Jun-26 $392B 318M +24% M/M +38% M/M +119% Y/Y +89% Y/Y $18.7B Avg. Daily Volumes1 15.1M Avg. Daily Volumes1 +18% M/M, +108% Y/Y +3
Slide 29: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q2 2026 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Beginning Funded Customers 23.9 24.2 24.3 25.2 25.8 26.5 26.8 27.0 27.4 New Customers 0.5 0.4 0.8 0.7 0.6 0.7 0.6 0.7 0.9 R
Slide 30: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q2 2026 Net Cash Held by Users Reconciliation In billions Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Total Cash Sweep (excluding TradePMR)1 20.9 24.5 26.1 27.0 31.5 34.3 31.6 24.7 28.3 Free Credit Balances and Other2 5.7 6.1 7.2 7.0 10.3 12.0 11.8 16.9 17.2
Slide 31: Trading Volumes for Q2 2026
Robinhood Earnings Presentation Q2 2026 Trading Volumes for Q2 2026 Equity Notional Volumes Options Contracts Traded Robinhood App Bitstamp Crypto Notional Volumes1 Crypto Notional Volumes1 Up 85% Y/Y and up 50% Q/Q Up 50% Y/Y and up 32% Q/Q Down 35% Y/Y and down 23% Q/Q Down 47% Q/Q Driven by: Driv
Slide 32: New trading products continue to scale
Robinhood Earnings Presentation Q2 2026 New trading products continue to scale, as Index Options and Event Contracts reached new quarterly records in Q2 Index Options Contracts Traded1 Futures Contracts Traded Event Contracts Traded In millions of contracts In millions of contracts In billions of co
Slide 33: Crypto Notional Trading Volumes
Robinhood Earnings Presentation Q2 2026 Crypto Notional Trading Volumes1 Sequential Q3'25 Q4'25 Q1'26 Q2'26 change Crypto Notional Trading Volumes ($B) Robinhood App 39.8 34.0 23.8 18.3 (23%) Bitstamp 40.5 48.4 41.9 22.1 (47%) Retail 4.9 4.6 2.7 1.4 (48%) Institutional 35.6 43.8 39.2 20.7 (47%) Cryp
Slide 34: Deepening relationships and growing share of wallet with customers
Robinhood Earnings Presentation Q2 2026 We are deepening relationships and growing our share of wallet with customers as we deliver innovative wealth management products Robinhood Gold Card Cardholders Robinhood Banking Balances Robinhood Strategies Assets Under Management In millions In $ billions
Slide 35: Monthly Active Users increased by 1.3 million year-over-year to 14.1 million
Robinhood Earnings Presentation Q2 2026 Monthly Active Users (MAU) increased by 1.3 million year-over-year to 14.1 million in Q2 In millions Year-over-year change +1.3 Sequential change +0.6 13.8 13.5 14.1 12.8 13.0 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 investors.robinhood.com 35
Slide 36: Annualized revenue per employee was $1.7 million in Q2
Robinhood Earnings Presentation Q2 2026 Annualized revenue per employee was $1.7 million in Q2, up 17% year-over-year Year-over-year Sequential Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 change change End of period Employee Count1 2,827 2,972 2,944 3,029 2,998 +6% (1%) Total Net Revenues (in millions) $989 $1,27
Slide 37: $63 million of contra revenues associated with customer matches
Robinhood Earnings Presentation Q2 2026 In Q2 2026, we recorded $63 million of contra revenues associated with matches on customer transfers and deposits and allocated them on a proportional basis Customer Match Contra Revenue Allocation in millions Customer Match Amortization Detail Q3'25 Q4'25 Q1'
Slide 38: Net interest revenues were $389 million in Q2
Robinhood Earnings Presentation Q2 2026 Net interest revenues were $389 million in Q2, up 9% year-over-year In millions Year-over- Sequential Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 year change change Interest on corporate cash and investments1 $66 $67 $53 $49 $46 $39 $33 $34 $31 (33%)
Slide 39: Total interest earning assets were ~$71B at the end of Q2
Robinhood Earnings Presentation Q2 2026 Total interest earning assets were ~$71B at the end of Q2, and average yield decreased by 3 bps sequentially In millions, except for annualized yields Cash Sweep Interest expenses Cash and Total interest- Securities Total net interest Margin Book (off-balance
Slide 40: Interest Earning Assets grew 26% year-over-year to a record $71 billion
Robinhood Earnings Presentation Q2 2026 In Q2, Interest Earning Assets grew 26% year-over-year to a record $71 billion In billions Year-over- Sequential $1.5 year change change $0.7 $1.0 $1.1 $71 +26% +18% $0.6 $64 $62 $61 +143% +33% $0.4 $0.3 $0.4 $57 $21.6 $13.9 +127% +27% $0.2 $44 $47 $9.5 $16.8
Slide 41: Total securities lending revenue decreased 3% year-over-year to $109 million
Robinhood Earnings Presentation Q2 2026 Total securities lending revenue decreased by 3% year-over-year to $109 million in Q2, while Funded Customers enrolled in fully-paid securities lending increased by 35% In millions, unless specified Year-over-year Sequential Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 chang
Slide 42: Diluted shares were roughly flat year-over-year
Robinhood Earnings Presentation Q2 2026 Diluted shares were roughly flat year-over-year as we continue to repurchase shares over time and closely manage share-based compensation Price per Class A Share (End of period) $93.63 $143.18 $113.20 $69.30 $100.28 June 30, 2026 In millions, except prices and
Slide 43: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q2 2026 Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation In millions Operating expenses (GAAP) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Brokerage and transaction $40 $39 $50 $50 $48 $56 $57 $60 $62 Technology and developm
Slide 44: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q2 2026 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Net income (loss) attributable to Robinhood $188 $150 $916 $336 $386 $556 $605 $350 $561 Net income (loss) attributable to non-controll
Slide 45: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q2 2026 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Year-over-year change in total net revenues +$307 +$637 +$269 +$140 +$319 Year-over-year change in net income +$198 +$406 ($311) +$10 +$187 Incremental net
Slide 46: Q4 2024 Net Income and EPS Prior to Tax Benefit Reconciliations
Robinhood Earnings Presentation Q2 2026 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal In millions Q4'24 Net income (G
Slide 47: Definitions
Robinhood Earnings Presentation Q2 2026 Definitions Key Performance Metrics Funded Customers Event Contracts Traded We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater th
Slide 48: Definitions (Continued)
Robinhood Earnings Presentation Q2 2026 Definitions (Continued) Net Cash Held by Users Adjusted Operating Expenses and SBC We Define Net Cash Held by Users as cash held by users in their accounts, net of receivables from users. Adjusted Operating Expenses and SBC is defined as GAAP total operating e