HOOD · Forward model · Options
What has to happen in Options
Model as of
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Options
Basis quarter$342M
Final quarter$1.02B
Implied CAGR+24%
Final revenue mix29%
Still the single largest product: 774 million contracts in 2026 Q2 at roughly 44 cents of revenue each. The most durable of the transaction lines because it is a habit rather than a trade - options volume held up through the crypto collapse of the last two quarters, and Robinhood keeps taking share.
Last four quarters
2025 Q3
$304M
Reported
2025 Q4
$314M
Reported
2026 Q1
$260M
Reported
2026 Q2
$342M
Reported
Single-leg and multi-leg options order flowOptions market-maker rebates
Units
774/qtr
growing +6.0% per quarter
774 million contracts in 2026 Q2, a record, as reported. The unit here is one million contracts.
Price per unit
$442000
drifting −0.5% per quarter
$442,000 per million contracts - $342M over 774M contracts, or about 44 cents each.
Options
Latest: $1.02B (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | $240M |
| 2025Q2 | $265M |
| 2025Q3 | $304M |
| 2025Q4 | $314M |
| 2026Q1 | $260M |
| 2026Q2 | $342M |
| 2026Q3E | $361M |
| 2026Q4E | $381M |
| 2027Q1E | $402M |
| 2027Q2E | $424M |
| 2027Q3E | $448M |
| 2027Q4E | $472M |
| 2028Q1E | $499M |
| 2028Q2E | $527M |
| 2028Q3E | $556M |
| 2028Q4E | $588M |
| 2029Q1E | $621M |
| 2029Q2E | $656M |
| 2029Q3E | $693M |
| 2029Q4E | $733M |
| 2030Q1E | $774M |
| 2030Q2E | $818M |
| 2030Q3E | $865M |
| 2030Q4E | $914M |
| 2031Q1E | $966M |
| 2031Q2E | $1.02B |
Assumptions & reasoning
- Modelled on contracts traded x revenue per contract because those are the two numbers Robinhood actually publishes monthly, which makes every quarter of this line checkable against a press release rather than against a forecast.
- The unit is a MILLION contracts, not a contract: 774 units at $442,000 each. Same arithmetic, but it keeps the number at a scale a reader can move.
- July 2026 alone was 324.2 million contracts, up 2% on June and 66% year over year - a 973 million pace for the September quarter. This line assumes 820 million, so it deliberately does not extrapolate a single strong month.
- Revenue per contract drifts down 0.5% a quarter. Rebates are negotiated, order flow is competitive, and the direction of regulatory pressure on payment for order flow has only ever been one way.
- The risk here is not volume, it is the rate: a ban or a cap on payment for order flow takes most of this line's revenue and leaves all of its volume.