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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, here with Jordan, and today we're digging into Robinhood's Q2 2026 numbers — and there's a lot to unpack. Before we get into it, quick disclaimer: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: And Alex, this was a genuinely eventful quarter. Record revenue of $1.3 billion, up 32% year-over-year. Adjusted EBITDA of $741 million, up 35%, with a 57% margin. EPS came in at $0.62, up 48%. This is a company firing on basically every cylinder.

ALEX: Let's start with net deposits, because that's the number CFO Shiv Verma keeps pointing back to. $22 billion in net deposits this quarter — a 28% annualized growth rate — and they added nearly 1 million new funded customers, the most since the IPO five years ago.

JORDAN: Right, and it wasn't one single driver. Verma broke it down: a strong market backdrop, new products like banking and the credit card, the SpaceX IPO exposure, an acquisition that brought in a couple hundred thousand accounts, plus continued overseas growth. Everything just kind of lined up at once.

ALEX: Speaking of new products — the Gold Card hit 1 million cardholders, now driving over $17 billion in annualized purchase volume. And Robinhood Banking crossed $3 billion in deposits since launching last November.

JORDAN: Gold subscribers also hit a record 4.8 million, a 17% attach rate. That matters because Gold is basically the on-ramp — CEO Vlad Tenev talked about this flywheel where customers come in for one product, discover Gold, and then adopt everything else.

ALEX: Now, the big strategic story this quarter is Robinhood Chain — their new blockchain built specifically for real-world assets. It launched and immediately did over $12 billion in decentralized exchange volume, and became the fastest chain ever to hit 100 million transactions.

JORDAN: That's a wild stat for a brand-new chain. And it ties into stock tokens, which let people outside the U.S. — over 120 countries now — trade tokenized U.S. stocks 24/7, including weekends. Tenev called it the thing he's most excited about, essentially extending "ownership" to anyone with a smartphone.

ALEX: They also crossed a milestone with Trump Accounts — the government-linked accounts for children. Seven million kids signed up already, nearly $1.5 billion in contributions, and that's before a lot of the philanthropic money even starts flowing in.

JORDAN: On the expense side, this is the part analysts really zeroed in on. Robinhood actually lowered and tightened its full-year adjusted OpEx guidance to $2.675 to $2.775 billion — even while absorbing two new acquisitions, Rothera and WonderFi, that weren't in the original plan. Management's pitch is they're lean enough to self-fund new bets without expanding the cost base.

ALEX: That prediction markets business, Rothera, is worth flagging too — a joint venture with SIG that's already a top-three designated contract market in the U.S. after just one month.

JORDAN: One thing worth noting from Q&A — an analyst asked about that $4 billion July net deposit number, which is actually the lowest monthly figure of the year. Verma pushed back a bit, saying not to over-read any single month, that there's seasonality in summer, and year-to-date they're still tracking well above their 20% growth target.

ALEX: There was also a fun exchange about the CFTC and perpetual futures in the U.S. — everyone wants to know when Robinhood will launch perps domestically, since competitors are moving that direction. Tenev was deliberately vague, saying he just doesn't like giving timelines on earnings calls, but made clear they're in active conversati

This episode includes AI-generated content.

**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into Robinhood's latest quarterly results. Jordan, this was quite the earnings call – they literally held it outdoors in Menlo Park, which CEO Vlad Tenev claimed might be the first outdoor earnings call in history.

**JORDAN:** That's so Robinhood, isn't it? Always trying to shake things up. But before we get into the fun stuff, Alex, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**ALEX:** Thanks Jordan. Now, let's talk numbers first. Robinhood reported Q1 2026 revenue of $1.07 billion, which is 15% growth year-over-year. That's solid, especially considering the macro headwinds they faced early in the year with market volatility.

**JORDAN:** Right, and what caught my eye was their net deposits – $18 billion in the quarter, which represents their third-highest ever and continues that 20% annualized growth trend. That's their North Star metric, so seeing customers continue to trust them with more money despite market turbulence is really encouraging.

**ALEX:** Absolutely. And their Gold subscriber base hit 4.3 million, up 36% year-over-year. What's really impressive is that 40% of new customers are signing up for Gold right away. That's a massive jump from the low single digits they used to see.

**JORDAN:** That Gold attachment rate tells a story about customer stickiness, doesn't it? When people are paying for premium features, they're more likely to stick around and use multiple products. Speaking of which, let's talk about the elephant in the room – this Trump Accounts partnership.

**ALEX:** Oh wow, yes. This was the big announcement. Robinhood is serving as the initial broker and sole trustee for something called "Trump Accounts" – a government program run through the U.S. Department of Treasury. Over 5.5 million American children are already signed up, with 60 million eligible total.

**JORDAN:** The scale is mind-boggling. Tenev called it "getting Robinhood technology in front of the next generation of investors." They're investing an incremental $100 million to build this out, with about half of that hitting Q2. But here's the key – it's structured as a cost-plus contract, so revenues should exceed costs.

**ALEX:** What struck me was Tenev saying their aspiration is for this to be "the best technology product that the government has ever built or been associated with." That's a bold claim, but if they pull it off, it positions them as a legitimate government contractor for future projects.

**JORDAN:** Exactly. And when an analyst asked about the "plural" in helping "governments," Tenev mentioned they've already heard from multiple states and even other countries wanting similar programs. This could be the start of a whole new business vertical for them.

**ALEX:** Let's shift to their trading business. They saw record levels across prediction markets, futures, index options, shorting, and margin. Their prediction market exchange "Rothera" – a joint venture with Susquehanna – is launching in Q2, which gives them end-to-end control instead of relying on third-party exchanges.

**JORDAN:** That vertical integration is huge for prediction markets. And speaking of records, April was shaping up to be their second-highest trading month in history for equities and options. Net deposits in April alone were already around $5 billion month-to-date when they reported.

**ALEX:** Their banking product really impressed me too. It grew 5x since last earnings, hit $2 billion in net deposits with 125,000 funded customers, and has a 40% direct deposit rate. That last stat is crucial – it means people are using this as their primary bank account, not

This episode includes AI-generated content.

**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is my co-host Jordan. Today we're diving into Robinhood's Q4 2025 earnings call - and folks, this was quite the presentation from CEO Vlad Tenev and new CFO Shiv Verma.

**JORDAN:** Before we jump in though, Alex, we need to be crystal clear with our listeners - this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**ALEX:** Absolutely right, Jordan. Now, let's talk numbers because Robinhood delivered some impressive results. Revenue hit $4.5 billion for the full year - that's 52% growth year-over-year. Jordan, what jumped out at you from these financials?

**JORDAN:** The scale of growth is remarkable, Alex. But what's even more impressive is the profitability story. Adjusted EBITDA reached $2.5 billion with a 56% margin - that's a new high for them. And they delivered incremental EBITDA margins above 70% for the third straight year. This isn't just a growth story anymore; it's a profitable growth story.

**ALEX:** And speaking of growth, their platform assets nearly hit $324 billion - up almost 70% year-over-year. Vlad mentioned they had positive net transfers from all major brokerage competitors for eight quarters straight. That's quite a streak.

**JORDAN:** That competitive positioning really shows in their market share gains. They're claiming to be number one in options industry-wide now, based on the latest reports. But Alex, what I found fascinating was how diversified this business has become. They now have 11 business lines generating over $100 million in annualized revenue each.

**ALEX:** Right, and prediction markets was the standout story. Vlad called it their "fastest growing business in history" with over $12 billion in contracts traded in 2025. But here's what's interesting - they're already seeing diversification beyond sports. NBA contracts actually surpassed NFL in January trading activity.

**JORDAN:** That diversification theme extends to their international expansion too. They're up to 750,000 customers outside the US, and Vlad made a bold prediction - he thinks they'll look back and realize they underestimated how big international could be. The Bitstamp acquisition seems to be paying off with volumes doubling since the June close.

**ALEX:** Now let's talk about their 2026 outlook because this is where things get really ambitious. Shiv laid out expense guidance of $2.6 to $2.725 billion - that's 18% growth at the midpoint, which is actually below their 2025 growth rate of 22%.

**JORDAN:** What I love about their expense breakdown, Alex, is the strategic focus. About half of that 18% growth - roughly 10 percentage points - is going into new and scaling businesses. We're talking about the Gold Card, banking, AI initiatives, tokenization, and continued international expansion. They're not just growing; they're diversifying their revenue streams.

**ALEX:** Speaking of new initiatives, Robinhood Banking caught my attention. They rolled out to 25,000+ customers who brought in over $400 million in balances, and get this - over 50% enrolled in direct deposit. For a new financial product, that's incredible engagement.

**JORDAN:** And the Gold Card business is scaling rapidly - up 5x in 2025 to 600,000 customers with over $10 billion in annualized spend. They're planning to more than double that to over a million customers this year. The 3% rewards seem to be resonating.

**ALEX:** But Jordan, what really stood out to me was their AI strategy. Vlad mentioned they're seeing nine-figure savings from AI implementation in 2025 alone. Over 75% of customer support cases are now handled by AI, including complex cases that previously required licensed professionals.

**JORDAN:** Th

This episode includes AI-generated content.