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HOOD · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A record, high-quality quarter — revenue up 32% to $1.31B on broad-based transaction strength (equities +95%, event contracts +10x) and net income up 45% to $561M, though roughly a quarter of the profit came from a one-time $129M RVI deconsolidation gain and rising provisions/restructuring costs partly offset the underlying operating leverage.
Net Income (Robinhood)
$561M
up 45% y/y
Total Net Revenue
$1,308M
up 32% y/y
Operating Income
$574M
up 30%≈ y/y
Total Operating Expenses
$734M
up 33% y/y
- Total Operating Expenses +33% — marketing and growth investments, one-time restructuring charges from workforce reductions, and expenses related to Trump Accounts and Rothera
Source
«Total operating expenses increased 33% year-over-year to $734 million. The year-over-year increase was primarily driven by marketing and growth investments, one-time restructuring charges from the reduction in force announced in June 2026, and expenses related to Trump Accounts and Rothera.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Transaction-based Revenue | $776 · +44% |
| Net Interest Revenue | $389 · +9% |
| Other Revenue | $143 · +54% |
| Total Net Revenue | $1,308 · +32% |
| Total Operating Expenses | $734 · +33% · 56% of revenue |
| Operating Income | $574 · +30%≈ |
| Other Income, net | $135 · NM* · incl. $106M RVI gain* |
| Income Before Taxes | $709 · +60% |
| Income Tax | $136 · +143% |
| Non-controlling Interests | $12 · NM |
| Net Income (Robinhood) | $561 · +45% · $0.62 diluted EPS |
Verdict: a record, high-quality quarter — revenue up 32% to $1.31B on broad-based transaction strength (equities +95%, event contracts +10x) and net income up 45% to $561M, though roughly a quarter of the profit came from a one-time $129M RVI deconsolidation gain and rising provisions/restructuring costs partly offset the underlying operating leverage.
Buyback: $414M repurchased in Q2 (incl. $290M tied to convert offering); OCF $720M; cash & equivalents $5.4B; no dividend; 2026 Adjusted OpEx+SBC outlook tightened to $2.675–2.775B.
Source and notation
* marks non-cash / ≈ estimated. Source: Robinhood Markets press release / 10-Q (SEC EDGAR).
Open as an image: HOOD, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “HOOD Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/hood/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/hood/q2-2026"><img src="https://whoreportstoday.com/t/hood/q2-2026/sankey.png" alt="HOOD Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/hood/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/hood/q2-2026">HOOD Q2 2026 earnings chart (Who Reports Today)</a>
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- Net income includes a $129M gain primarily from the deconsolidation of Robinhood Ventures Fund I (RVI), boosting diluted EPS by $0.14.
- GAAP total operating expenses (+33% y/y) grew faster than Adjusted Operating Expenses and SBC (non-GAAP, +23% y/y), reflecting one-time restructuring charges ($23M) and CFO-transition-related SBC.
- Transaction-based revenue (+44%) was driven by event contracts (+10x to $156M) and equities (+95%), partially offset by a 38% drop in crypto revenue.
- Provision for credit losses doubled y/y to $56M as the Credit Card and margin lending books scaled (Margin Book +127% y/y to $21.6B).
- Net interest revenue grew only 9% y/y despite larger interest-earning assets, as lower short-term rates and reduced securities lending activity offset balance growth.
- Other income, net jumped to $135M from $3M a year ago, mainly non-cash gains tied to the RVI deconsolidation and unrealized/realized equity security gains.
What distorts the picture in this report and what to watch beyond the headlines.
HOOD — Robinhood Markets operates a digital platform for retail investors to trade stocks, options, and cryptocurrencies with commission-free trading.
The company is based in California and focuses on democratizing financial access.
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