Robinhood posts record quarter as crypto revenue slides 38%

[Update 08:55 UTC, July 30: Updates with additional reporting and context.]

Online brokerage Robinhood posted record second-quarter revenue and earnings, though cryptocurrency transaction revenue fell 38% from a year earlier.

The company said Wednesday in its earnings report that crypto transaction revenue fell to $100 million from about $160 million a year earlier. Overall revenue rose 32% year-over-year to $1.31 billion, while net income increased 48% to $573 million. Transaction-based revenue climbed 44% to $776 million.

Robinhood reported $40 billion in crypto notional trading volume during the quarter. Of that total, $18 billion came from the Robinhood app, down 35% from a year earlier, while $22 billion came from Bitstamp, the crypto exchange it acquired in June 2025.

The price of Robinhood shares was down 3.15% on Wednesday ahead of the company’s earnings release, according to Yahoo Finance data.

Robinhood expands crypto ecosystem

Despite the decline in crypto trading revenue, Robinhood continued expanding its digital asset business during the quarter, completing its acquisition of Canadian crypto platform WonderFi as it broadened its crypto offerings beyond trading.

After the quarter ended, the company unveiled the public mainnet of Robinhood Chain, introduced tokenized US stocks to eligible users in more than 120 countries and debuted its first decentralized lending product, Robinhood Earn.

Related: Bernstein raises Robinhood price target, cites tokenization and prediction markets

Data from DefiLlama shows Robinhood’s new Ethereum layer-2 network had $348 million in total value locked on Thursday, more than $500 million in stablecoins and over $1 billion in bridged assets.

Platform growth offsets crypto slowdown

Cryptocurrency was the only major transaction category to decline during the quarter. 

Robinhood said growth in event contracts, options and equities more than offset the weakness, with event contract revenue surging more than tenfold to $156 million, options revenue rising 29% to $342 million and equities revenue jumping 95% to $129 million.

The company also reported record net deposits of $21.7 billion during the quarter, while total platform assets increased 32% year over year to $369 billion and funded customers grew 7% to 28.4 million.

Robinhood lowered and narrowed its 2026 outlook for adjusted operating expenses and share-based compensation to between $2.675 billion and $2.775 billion, from $2.7 billion to $2.825 billion previously. Adjusted EBITDA rose 35% to $741 million, while total operating expenses increased 33% to $734 million.

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