Robinhood Markets reported record second-quarter 2026 revenue on July 29, but its cryptocurrency business was the weakest part of the result: crypto transaction revenue fell 38% year-over-year even as the company’s overall top line grew. The retail brokerage posted total net revenues of $1.31 billion for the quarter ended June 30, up 32% from a year earlier, while crypto transaction revenue slid to $100 million.
The figures come from Robinhood’s unaudited Q2 2026 earnings release and accompanying investor presentation. Both are the company’s own disclosures.
A record quarter, with one-time help
Robinhood reported net income of $573 million, up 48% year-over-year, and diluted earnings per share (EPS) of $0.62, also up 48%. According to the release, that EPS figure included $0.14, roughly $129 million, of gains primarily tied to the deconsolidation of Robinhood Ventures Fund I (RVI), a one-time item that followed the sale of part of Robinhood’s stake in the fund. Stripping that out leaves underlying EPS near $0.48. Adjusted EBITDA, a non-GAAP profit measure that excludes items such as taxes, interest, depreciation and stock-based compensation, rose 35% year-over-year to $741 million.
Transaction-based revenues, the fees Robinhood earns when customers trade, rose 44% to $776 million. Chief Financial Officer Shiv Verma said the business was “firing on all cylinders,” citing new highs in equity, options and event-contract volumes. Total operating expenses rose 33% to $734 million, which the company attributed partly to marketing, one-time restructuring charges from a reduction in force announced in June, and costs tied to new businesses.
Crypto was the one line that fell
Within that record quarter, crypto ran the other way. Crypto transaction revenue of $100 million was down 38% from $160 million a year earlier, the only major transaction category to decline, against equities revenue up 95% to $129 million, options up 29% to $342 million, and event-contracts revenue up more than tenfold to $156 million.
Trading activity explains most of the drop. Total crypto notional trading volume, the aggregate dollar value of executed trades, was $40 billion for the quarter, split between $18.3 billion on the Robinhood app, down 35% year-over-year, and $22.1 billion on Bitstamp, the exchange Robinhood acquired in 2025.
Bitstamp’s crypto volume fell 47% from the prior quarter. Robinhood’s presentation attributes the app-side decline to both fewer customers trading crypto, down 16% year-over-year, and smaller average trade sizes, down 20%. Crypto also weighed on balances: the value of cryptocurrency held across Robinhood’s platform fell to about $26 billion from roughly $41 billion a year earlier, which the company said reflected lower crypto valuations.
Crypto infrastructure expanded even as trading cooled
While crypto trading revenue shrank, Robinhood used the quarter to widen its crypto product surface. At a London event, the company unveiled the public mainnet of Robinhood Chain, which it describes as a permissionless, AI-native Ethereum Layer 2, a blockchain built on top of Ethereum, aimed at financial services and real-world assets. It also said its Stock Tokens are now available to eligible users in more than 120 countries through the Robinhood Wallet, and it debuted Robinhood Earn, which it calls its first in-app decentralized lending product.
Elsewhere, Robinhood introduced perpetual futures, derivatives with no expiry date, in the European Union, said it plans to launch crypto offerings in the UK, and closed its acquisition of WonderFi, marking its entry into Canada. The company added 18 crypto assets in the US, bringing its US total to 84, and 13 in the EU, for a total of 92. It also reported that Agentic Trading, which lets customers trade equities, options and crypto through AI agents, had drawn nearly 100,000 accounts holding over $100 million since launching in May.
The rest of the business
Beyond crypto, Robinhood’s prediction-markets unit was a standout. Event contracts, which are tradable contracts that settle based on the outcome of a real-world event, generated $156 million in revenue on 13.6 billion contracts traded, both records. That figure includes $17 million from Rothera, a CFTC-licensed exchange and clearinghouse launched in June through Robinhood’s joint venture with Susquehanna International Group.
Other reported records included Robinhood Gold subscribers at 4.8 million, up 39%; net deposits of $21.7 billion; and Total Platform Assets of $369 billion, up 32%. Funded Customers reached 28.4 million, up 1.9 million year-over-year, a figure that includes roughly 300,000 customers from WonderFi. In June, Robinhood raised $2.2 billion through a 0%-coupon convertible note offering, and it lowered and tightened its 2026 adjusted operating expense and stock-based-compensation outlook to a range of $2.675 billion to $2.775 billion.
Looking ahead, the company said in forward-looking guidance that July net deposits were tracking toward roughly $4 billion, excluding deposits into the newly launched Trump Accounts program, and that early-July average daily volumes for equities, options and event contracts were in a similar range to the record second quarter. These are management projections, not results, and the company cautions that actual figures may differ.
Also Read: The Robinhood Chain Paradox: Built for Tokenized Stocks, Dominated by Memecoins
