Robinhood said it generated $25 million in Q2 2026 revenue from Trump Accounts, the federally backed investment program for minors that launched in early July. The company said the program drew more than 7 million sign-ups and about $1.5 billion in deposited assets within weeks of going live.

Q2 results show record revenue

Robinhood’s Q2 2026 earnings, released July 29, showed record total net revenues of $1.31 billion, up 32% year over year. Net income was $573 million.

The Trump Accounts business was a major contributor to the company’s broader “other revenues” line, which reached $143 million for the quarter, an increase of 54% from the same period last year.

Under the program, eligible minors born between 2025 and 2028 receive a $1,000 government seed contribution for tax-deferred investing. Robinhood acts as the broker and initial trustee in collaboration with the US Treasury and BNY Mellon.

The accounts launched between July 4 and July 6, leaving Robinhood with only a limited amount of time to book revenue from the program in Q2. As a result, the $25 million figure reflects what was effectively a partial quarter of activity for a program still in its early stages.

Robinhood has said it invested $100 million in 2026 to build the operational infrastructure for the accounts and that the program runs on a cost-plus basis. Management has indicated it expects revenues to exceed those costs over time.

Why the program matters to Robinhood

Robinhood has long positioned itself as a platform focused on democratizing finance and making investing accessible to first-time participants. A program designed to provide children with their first investment account fits that positioning closely.

The partnership with BNY Mellon, one of the oldest and most established financial institutions in the US, adds institutional backing to the arrangement. Robinhood handles the customer-facing brokerage function, while BNY Mellon provides custodial and back-office infrastructure.

The pace of adoption was also notable. More than 7 million sign-ups in a matter of weeks points to broad early participation. The $1.5 billion in deposited assets suggests that parents and guardians are contributing beyond the initial $1,000 government seed, with deposits averaging about $214 per account above the seeded amount.

For Robinhood, the early numbers also show how quickly a new product can become visible in reported revenue, even before a full quarter of operating history is available. That makes the program a meaningful line item to watch in future earnings, alongside the cost structure that will determine how much of that revenue remains after expenses.

What the figures may signal

Robinhood booked $25 million from roughly three to four weeks of Trump Account activity in Q2. As more time passes after launch, the program will have a fuller period to contribute to results, while each new birth cohort between 2025 and 2028 adds another set of eligible accounts and $1,000 government-funded deposits.

At the same time, the business carries risks. Government contracts can be politically volatile, and the cost-plus model could pressure margins if operating expenses rise faster than expected as the program scales to millions more accounts. That makes the next earnings updates important for seeing how adoption, deposits, and operating costs develop together.