13 business lines achieve annualized revenue exceeding $100 million, Robinhood is moving towards a "Super Financial App"

Original by Odaily Planet Daily (@OdailyChina)

Author: Azuma (@azuma_eth)

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

The report shows that Robinhood achieved net revenue of $1.308 billion in Q2, a 32% year-over-year increase, reaching a historic high; net profit attributable to Robinhood common stockholders was $561 million, up 45% year-over-year; diluted earnings per share (EPS) was $0.62, surpassing the market's expectation 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. Within this, event contract revenue hit $156 million, surging over 10 times year-over-year; options revenue was $342 million, up 29%; and stocks revenue was $129 million, a 95% increase year-over-year.
• Net interest income was $389 million, up 9% year-over-year; other income reached $143 million, a 54% increase, reflecting Robinhood's efforts to expand revenue sources through new services like Trump accounts and Gold subscriptions, gradually reducing reliance on a single transaction business.
• User base and assets under custody continued to grow. The number of funded accounts reached 28.4 million, up 7% year-over-year; Robinhood Gold subscribers hit 4.8 million, a 39% increase and a new record; total platform assets reached $369 billion, up 32% year-over-year; net deposits for the quarter were $21.7 billion, a 28% increase year-over-year.

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

Transaction Business Explodes, Prediction Markets Emerge as Growth Catalyst

Robinhood's most outstanding performance this quarter came from the explosion of its transaction business. Data shows that Robinhood's transaction revenue in Q2 reached $776 million, a 44% year-over-year increase, becoming the primary driver of overall revenue growth.

Specifically, the revenue data and growth rates for each type of transaction service are as follows:

• Stock trading revenue reached $129 million, up 95% year-over-year; 
• Options trading revenue was $342 million, up 29% year-over-year; 
• Event contracts (prediction market) revenue hit $156 million, surging over 10 times year-over-year;
• Cryptocurrency trading revenue was approximately $100 million, down 38% year-over-year, the only decline among 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 trading volume for stocks in Q2 reached $956 billion, up 85% year-over-year; options contract volume was 774 million contracts, up 50% year-over-year.

The most noteworthy point in the financial report is that prediction markets have become a key new direction for Robinhood and the biggest catalyst for 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 continued to heat up, experiencing a major boom during the World Cup cycle, and Robinhood has accelerated its布局 during this period as well. In Q2, Robinhood launched its own prediction market platform, Rothera — a prediction market exchange and clearing house established jointly by Robinhood and Susquehanna International Group, holding a CFTC license.

During the World Cup cycle, Robinhood shifted some order flow originally directed to Kalshi to Rothera for execution. 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 are more aligned with young users' demand for instant information and interactive trading. For Robinhood, this not only represents a new source of revenue but also signifies the company's attempt to broaden user trading scenarios.

User Assets Grow, Robinhood Seeks Second Growth Curve

If the transaction business is the primary driver of Robinhood's current performance growth, then developing deeper financial services around user assets is the 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 trying to increase user asset retention and expand revenue sources through subscriptions, wealth management, credit cards, and other businesses.

• As of the end of Q2, Robinhood had 28.4 million funded accounts, up 7% year-over-year; total platform assets reached $369 billion, up 32% year-over-year; net deposits for the quarter were $21.7 billion, and net deposits over the past 12 months were $75.7 billion.
• Meanwhile, Robinhood Gold (paid subscription membership) continued to grow rapidly. Gold subscribers reached 4.8 million in Q2, a 39% year-over-year increase, setting a new record.
• Additionally, new products launched for high-value users are beginning to scale. The Robinhood Credit Card business has an annualized revenue exceeding $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 the earnings presentation, Robinhood revealed that 13 business lines now have annualized revenues exceeding $100 million, including stock trading, options trading, crypto trading, Gold subscriptions, prediction markets, and credit cards.

This indicates that Robinhood is evolving from a platform dependent on trading cycles into 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 businesses, Robinhood is also extending its reach into the fields of AI and blockchain, attempting to lay the groundwork for the next generation of financial infrastructure.

In May this year, Robinhood announced the launch of Agentic Trading, 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, increasing 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 a significant direction for Robinhood to expand its product boundaries.

Simultaneously, Robinhood is accelerating its blockchain布局. In Q2, Robinhood launched the Robinhood Chain public mainnet, positioning it as an Ethereum Layer 2 network for real-world assets (RWA). Driven by the recent Meme coin frenzy, Robinhood Chain has quickly become one of the most active underlying ecosystems in the current Web3 market.

Next Stop: The "Super Finance App"

Overall, the biggest 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 stocks, options, and crypto trading. Today, the company is continuously expanding the boundaries of user demand through Gold subscriptions, credit cards, prediction markets, AI trading, and blockchain businesses — from a long-term strategic perspective, Robinhood is attempting to evolve from a simple "trading platform" into a "super finance app" covering investment, wealth management, digital assets, and more financial service scenarios.

The core of this goal isn't just to add more products, but to build a more complete financial ecosystem around the user lifecycle: users can complete trading, asset management, cash management, and even participate in future on-chain finance all within the same platform.

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

But at least based on the Q2 report, Robinhood is no longer content with being just an internet brokerage serving retail traders; it is moving towards becoming the next-generation financial gateway.