Robinhood Markets reported record second-quarter revenue and profit for Q2 2026, as robust performance in equities, options, and subscription products offset a significant decline in cryptocurrency trading activity — a result that underscores the company's continued diversification beyond digital assets.

Total revenue climbed 32% year-over-year to a record $1.31 billion, while diluted earnings per share rose 48% to $0.62. Net income surged to $539 million, up from $188 million in the same period a year earlier. Adjusted EBITDA increased 35% year-over-year to reach a record $741 million.

Assets under custody grew 99% to $366 billion, supported by record net deposits of $21.7 billion during the quarter — representing a 28% year-over-year growth rate. The deposit surge reflects a broader industry trend in which retail brokerages have competed aggressively for client assets through promotional rates and expanded product offerings, with incumbents such as Charles Schwab and Fidelity also reporting sustained inflows.

Crypto transaction revenue fell 38% from a year earlier to $100 million, driven by lower digital asset prices and softer retail trading activity. This decline was more than offset by a 95% surge in equities trading revenue to $129 million and a 29% increase in options revenue to $342 million. The crypto pullback mirrors a wider cooling of retail digital-asset trading volumes observed across platforms including Coinbase, which has also emphasized diversification into stablecoin revenue and subscription services.

Robinhood Gold also continued its upward trajectory, with the subscription service's subscriber base reaching a record 4.8 million, marking 39% year-over-year growth.

The results highlight Robinhood's reduced dependence on cryptocurrency trading. The company stated it now operates 13 business lines each generating more than $100 million in annualized revenue, compared with just two such lines three years ago. This expansion spans wealth management, banking, prediction markets, retirement products, and subscription services — moving Robinhood closer to the diversified revenue model of full-service brokerages.

The earnings report arrives shortly after Robinhood launched tokenized U.S. stocks and ETFs for European users and introduced its own Layer-2 blockchain, Robinhood Chain — initiatives designed to broaden its cryptocurrency business despite the recent downturn in trading volumes. The European launch follows the phased implementation of the EU's Markets in Crypto-Assets (MiCA) regulation, which established a unified framework for crypto-asset issuance and trading across member states.

Robinhood Chain's tokenized real-world assets (RWAs) have expanded nearly fivefold in less than two weeks, reaching approximately $70 million as trading in tokenized stocks gains momentum. Tokenization of traditional financial instruments has drawn growing interest from major asset managers, including BlackRock, which launched its BUIDL tokenized fund on Ethereum in 2024 — signaling broader institutional momentum behind the category.