More earnings analysis: https://betafinch.com
Groups: BANKS (https://betafinch.com/groups/BANKS)
──────────
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.