Robinhood Markets Inc. · Q2 2026 call

In that time period, since IPO, total platform assets have quadrupled and adjusted EBITDA has more than 8x. But 1 thing has not changed. Why we exist. Robinhood exists to make everyone an owner.

To achieve our aspirations of making everyone an owner, we are focused on 3 things. Number 1, being number 1 in active traders. Which will allow customers to own any tradable asset. Number 2 is being the leader in wallet for the next generation, bringing ownership to the entire family. […] And then number 3, building the leading global financial ecosystem.

We also crossed an exciting milestone for the Robinhood Gold Card. 1 million cardholders. […] And actually, the Gold Card is now driving over 17 billion in annualized purchase volume.

We saw over 12 billion in DEX volume. Over 12 billion in trading volume on decentralized exchanges after launch. Which made it 1 of the largest chains by transaction over the past week. It was also the fastest chain to get to 100 million transactions we are well north of 150 million transactions at this point.

So we are lowering and tightening our 2026 outlook for adjusted OpEx and SBC to a range of 2.675 billion to 2.775 billion

In June, we opportunistically raised $2.2 billion of capital to give us even more flexibility, to invest for future growth. […] And we raise this capital to attractive terms for shareholders. With both the 0% coupon and no net dilution until our share price exceeds $300

July average daily volumes compared to a record Q2 are in a similar area for equities, options and event contracts. And July net deposits are tracking towards the $4 billion area and this does not yet include deposits into the Trump accounts.

Second, rule of 40. We are driving double digit revenue growth with strong adjusted EBITDA margins. A combination that has made us more than a rule of 80 company.

And third, $100 million ARR businesses. We are excited to share we are now up to 13 businesses that have reached this level, as we rapidly ship for customers, including 2 new more that we added just this quarter. Robinhood Legend and the credit card.

So 7 million children have signed up. We have seen over 1.5 billion in or nearly 1.5 billion, I should say, is number of contributions into Trump accounts already. And, again, that is before a lot of the philanthropic contributions have started flowing in.

There was a variety of different things. So it was not any 1 thing. Really strong macro market backdrop that definitely helped. We had a lot of new products that came out, banking credit card, for example, those contributed strong organic growth. We also had the SpaceX IPO, which helped. We had an acquisition in the quarter, which provided a couple hundred thousand accounts.

the great thing about prediction markets is there is events all the time. I mean, you mentioned football season that is coming up. there is also the midterms, which I think are extremely important. […] Rothera has gone live and I think the World Cup was really a proof of concept there.

We have had over 100 thousand people actually integrate and open up AgenTic accounts, which has been very cool. […] And also, in many cases, the models themselves are not familiar with being used for trading. So sometimes they will fight you and they will say, well, I do not know. I do not really wanna trade, and you kind of have to work hard to get it to do what you wanna do.

the really exciting part is we are able to self fund a lot of the growth initiatives, so we are still growing. […] I think the takeaway is we are still growing, but we are just able to do it more efficiently. And so now is the right time to, to lower our outlook.