13 business lines reach over $100 million in annualized revenue, Robinhood is transforming into a "Super Finance App"

Original Article: Odaily Planet Daily (@OdailyChina)

Author: Azuma (@azuma_eth)

On July 30, Beijing time, U.S. internet brokerage Robinhood (HOOD) officially released its Q2 2026 earnings report.

The report shows that Robinhood achieved net revenue of $1.308 billion in the second quarter, a 32% year-over-year increase, reaching a record high; net profit attributable to common shareholders was $561 million, up 45% year-over-year; diluted earnings per share (EPS) came in at $0.62, exceeding the market consensus of $0.42.

Robinhood's growth this quarter was primarily driven by its transaction business, user assets, and subscription services. Specifically:

• Transaction-based revenue reached $776 million, up 44% year-over-year. Among this, event contracts revenue hit $156 million, a more than tenfold increase year-over-year; options revenue reached $342 million, up 29%; and equities revenue hit $129 million, a 95% increase year-over-year.
• Net interest income reached $389 million, up 9% year-over-year. Other revenue totaled $143 million, a 54% increase, reflecting Robinhood's efforts to diversify revenue streams through new services like Trump accounts and Gold subscriptions, gradually reducing its reliance on the core transaction business.
• User growth and asset retention also continued. Funded customers reached 28.4 million, up 7% year-over-year; Robinhood Gold subscribers hit 4.8 million, a 39% increase year-over-year, marking a record high; total platform assets reached $369 billion, up 32%; and net deposits for the single quarter were $21.7 billion, up 28% year-over-year.

Compared to its past model of relying on commission-free trading and young retail investors for growth, Robinhood is now attempting to transform from a "retail trading platform" into a one-stop financial ecosystem covering trading, wealth management, digital assets, and on-chain finance.

Transaction Business Booms, Prediction Markets Become a Growth Hotspot

Robinhood's most standout performance this quarter came from the explosion of its transaction business. Data shows that in the second quarter, Robinhood's transaction revenue reached $776 million, a 44% year-over-year increase, becoming the main driver of overall revenue growth.

Specifically, the revenue and growth breakdown for each transaction type is as follows:

• Equities trading revenue hit $129 million, up 95% year-over-year;
• Options trading revenue reached $342 million, up 29% year-over-year;
• Event contracts (prediction markets) revenue hit $156 million, a more than tenfold increase year-over-year;
• Crypto trading revenue was approximately $100 million, down 38% year-over-year, making it the only decline among the major transaction services…

Benefiting from the favorable environment of the U.S. stock market in Q2, overall trading activity on Robinhood's platform also hit new highs. The notional value of equities traded in Q2 reached $956 billion, an 85% increase year-over-year, while options contract volume reached 774 million contracts, up 50%.

The most noteworthy point in the earnings report is that prediction markets have now become a key new focus for Robinhood and the biggest highlight of this quarter's performance growth — for more details, see The First Prediction Market Concept Stock Has Arrived!.

Since the beginning of this year, interest in prediction markets has been steadily rising, experiencing a major surge during the World Cup cycle, and Robinhood has accelerated its expansion in this area. In Q2, Robinhood launched its proprietary prediction market platform, Rothera — a prediction market exchange and clearing house co-founded with Susquehanna International Group and licensed by the CFTC.

During the World Cup cycle, Robinhood redirected some orders originally destined for Kalshi to be executed on Rothera. Data from Artemis indicates that this move helped Rothera capture nearly 15% of the market share for World Cup-related event contracts.

Compared to traditional stock trading, prediction markets have a stronger event-driven nature and better align with younger users' demands for instant information and interactive trading. For Robinhood, this not only means a new source of revenue but also represents the company's attempt to broaden user trading scenarios.

User Asset Growth Surges, Robinhood Seeks a Second Growth Curve

If the transaction business is the main driver of Robinhood's current performance growth, then offering deeper financial services centered around user assets is key for the company to capture long-term value.

In the past, Robinhood relied more on transaction fees and user activity for growth. However, as the platform scales, the company is focusing on increasing user asset retention and expanding revenue sources through subscriptions, wealth management, credit cards, and other businesses.

• As of the end of Q2, Robinhood's funded customers reached 28.4 million, up 7% year-over-year; total platform assets hit $369 billion, up 32%; net deposits for the quarter were $21.7 billion, and net deposits over the past 12 months reached $75.7 billion.
• Meanwhile, Robinhood Gold (paid subscription membership) continued its rapid growth. Gold subscribers reached 4.8 million in Q2, a 39% year-over-year increase, hitting a new record.
• Additionally, new products targeted at high-value users are starting to scale. The annualized revenue from the Robinhood Credit Card business has exceeded $100 million, and Gold Card users have surpassed 1 million. Robinhood Strategies has attracted over 300,000 users, with assets under management approaching $2 billion.

In its earnings presentation, Robinhood revealed that 13 business lines now generate annualized revenue exceeding $100 million, including equities trading, options trading, crypto trading, Gold subscriptions, prediction markets, and credit cards.

This indicates that Robinhood is transitioning from a platform dependent on trading cycles to a comprehensive ecosystem covering trading, asset management, payments, and financial services.

AI and Blockchain: Robinhood Bets on Next-Gen Financial Infrastructure

Beyond traditional trading and wealth management, Robinhood is also extending its reach into AI and blockchain, aiming to position itself early for the next generation of financial infrastructure.

In May of this year, Robinhood launched the Agentic Trading feature, allowing users to trade stocks, options, and crypto assets through AI agents. As of the end of Q2, nearly 100,000 users had opened Agentic Trading accounts, with related assets exceeding $100 million.

Rather than simply providing trading tools, Robinhood aims to embed AI capabilities directly into the investment process, enhancing user engagement through automated analysis and trading assistance. Currently, Agentic Trading is still in its early stages, but its growth rate suggests that AI is becoming an important direction for Robinhood to expand its product boundaries.

At the same time, Robinhood is accelerating its blockchain initiatives. In Q2, Robinhood launched its public mainnet, Robinhood Chain, positioning it as an Ethereum Layer 2 network designed for Real World Assets (RWA). Driven by the recent meme coin trend, Robinhood Chain has quickly become one of the most active underlying ecosystems in the current Web3 market.

Next Stop: The "Super Finance App"

Looking at the bigger picture, the most significant change revealed by Robinhood's Q2 earnings report isn't just that revenue and profit continue to hit new highs, but that the company's growth logic is shifting.

In the past, Robinhood attracted young investors with low-barrier trading and grew rapidly through stock, option, and crypto trading. Today, the company is continuously expanding the boundaries of user needs through services like Gold subscriptions, credit cards, prediction markets, AI trading, and blockchain — From a long-term strategic perspective, Robinhood is attempting to evolve from a pure "trading platform" into a "Super Finance App" covering investments, wealth management, digital assets, and a broader range of financial service scenarios.

The core of this goal isn't just about adding more products; it's about building a more complete financial ecosystem around the user lifecycle. Users could execute trades, manage assets, handle cash management, and even participate in future on-chain finance all within the same platform.

Of course, this path remains challenging. On one hand, new businesses are still in their early stages, and it will take time to verify whether they can consistently contribute significant revenue. On the other hand, the regulatory environment for prediction markets, crypto assets, and on-chain finance could also impact the pace of Robinhood's future expansion.

But at least judging from the Q2 earnings report, Robinhood is no longer content with being just an internet brokerage serving retail traders. It is marching towards becoming the gateway for the next generation of finance.