Robinhood delivered its strongest quarter yet, posting record Q2 revenue of $1.31 billion, up 32% year-over-year, while net income climbed 48% to $573 million and earnings per share reached $0.62 as per the report. But the biggest surprise wasn’t the record revenue, it was the company’s shifting business model.
Event Contracts Steal the Spotlight
Transaction-based revenue jumped 44% to $776 million, led by event contract revenue of $156 million, which surged more than 10x compared to last year. Robinhood also reported strong growth in options revenue, up 29% to $342 million, while equities revenue nearly doubled 95% to $129 million.
Meanwhile, crypto revenue fell 38% to $100 million, showing that digital asset trading is no longer the company’s fastest-growing business.
CEO Vlad Tenev said Robinhood reached record trading volumes across equities, options, and prediction markets, while CFO Shiv Verma said the company continues to diversify beyond crypto, with 13 business lines now generating over $100 million in annualized revenue.
Crypto Slows, But Robinhood Isn’t Giving Up
Although crypto revenue declined, Robinhood is continuing to expand its blockchain ambitions.
Crypto trading volume dropped from $66 billion in Q1 to $40 billion in Q2, including $18 billion on the Robinhood app and $22 billion through Bitstamp.
At the same time, Robinhood is pushing its Ethereum Layer-2 Robinhood Chain, which now supports tokenized stocks, ETFs, decentralized lending through Robinhood Earn, and stock tokens across more than 120 countries. According to the company, Robinhood Chain has already processed billions in trading volume since launch.
Customers Keep Pouring In
Beyond trading, the firm continued attracting new customers.
Platform assets climbed 32% to $369 billion, while net deposits hit a record $21.7 billion during the quarter. Robinhood Gold subscribers also reached a new high of 4.8 million, while funded customers increased to 28.4 million.
The company also noted rapid growth across its ecosystem. The Gold Card now serves over 1 million customers with $17 billion in annualized purchase volume. Trump Accounts have attracted more than 7 million sign-ups and nearly $1.5 billion in deposits, while Robinhood Banking surpassed $3 billion in deposits.
What’s Next?
Robinhood also introduced Rothera, its CFTC-regulated prediction markets exchange, which has already processed over 3.5 billion contracts, alongside Agentic Trading, allowing AI-powered trading across equities, options, and soon crypto.
Looking ahead, the company expects lower operating expenses than previously forecast while continuing to expand internationally through acquisitions like WonderFi and new regulatory approvals in Singapore.
The latest results show Robinhood is no longer relying solely on crypto trading, with prediction markets, tokenized assets, AI-driven products, and blockchain infrastructure becoming key drivers of its future growth.
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