Robinhood delivered its strongest quarter on record, posting net revenue of $1.31 billion, up 32% year-over-year, with diluted earnings per share of $0.62 against a Wall Street estimate of $0.41. Net income climbed 48% to $573 million, total platform assets reached $369 billion, and net deposits hit a record $21.7 billion for the quarter.
CEO Vlad Tenev said the company now runs “13 separate business lines each generating over $100 million annualized,” a sign of how far Robinhood has diversified beyond its original stock-trading app. Options revenue led the pack at $342 million, up 29%, while equities revenue rose 95% to $129 million and event contracts — Robinhood's prediction-market product — surged tenfold to $156 million.
Crypto Is the Outlier
Crypto trading was the one major segment moving in the wrong direction: revenue fell 38% year-over-year to $100 million, down from $160 million a year earlier. The decline stands out against the rest of Robinhood's business, most of which posted double-digit or triple-digit growth, and points to softer retail trading volumes across digital assets even as other parts of the platform accelerated.
Tenev pointed instead to Robinhood Chain as an early bright spot in crypto infrastructure, saying its decentralized exchanges have processed more than $12 billion in volume and 100 million transactions faster than any prior chain, with $325 million in total value locked. The chain's top memecoin reportedly jumped 40% following a recent demonstration.
Market and Policy Backdrop
The results landed against a mixed market backdrop. Bitcoin traded roughly flat near $64,800 and Ethereum held around $1,920, while Bitcoin ETFs logged $32 million in net inflows and Ethereum ETFs saw $33 million in outflows. The Federal Reserve held rates at 3.50%–3.75% in a 9-3 vote, with three dissents marking the most since 2016.
SEC Chair Paul Atkins said the agency is “ready, willing, and able” to set crypto market rules on its own if the CLARITY Act stalls in Congress. Separately, MoonPay unveiled PayBox, described as a non-custodial AI payment vault built into Claude and ChatGPT that lets an assistant prepare crypto and card payments for users to approve with a passkey, alongside an airdrop tied to subscription tiers.
Elsewhere in Crypto Earnings
Coinbase heads into its own earnings report with Wall Street trimming estimates after second-quarter spot trading volume came in at $152 billion, below the $178 billion expected. Aave is retiring deployments across six low-adoption chains and withdrawing roughly $98.1 million in deposits, while Binance.US said it plans to apply for CFTC designated contract market status to enter the prediction-market business.
