Robinhood’s revenue hit a record even as crypto trading revenue fell 38%

Robinhood Markets reported record total net revenue of $1.31 billion for the second quarter of 2026, a 32% increase from a year earlier, alongside net income of $573 million, or $0.62 per diluted share. The company ended the quarter with 28.4 million funded customers and $369 billion in total platform assets — figures that show the retail brokerage continuing to grow well beyond the trading-app identity it launched with.

The headline tension in the quarter is that transaction-based revenue rose 44% overall even as cryptocurrency revenue fell 38% year over year to $100 million. Crypto notional trading volume was $40 billion for the quarter, split between $18 billion on the Robinhood app and $22 billion on Bitstamp, the exchange Robinhood acquired to build out its digital-asset infrastructure. Management noted on its early-August call that crypto engagement at the start of July had run somewhat slower than in the second quarter — a reminder that this line is the most volatile part of the business.

That crypto softness matters less than it once would have precisely because Robinhood has diversified its revenue. Net interest revenue from customer cash and margin lending, options trading, and a growing subscription business under Robinhood Gold now cushion the company against swings in any single trading category. The 44% rise in transaction revenue despite the crypto decline is the clearest evidence that equities, options and other activity picked up the slack this quarter.

Robinhood’s trajectory illustrates a broader maturation among the retail-trading platforms that surged during the pandemic era. The durable question is whether the company can keep growing funded customers and platform assets — and monetize them through interest, subscriptions and a widening product set — rather than depending on episodic bursts of trading volume. A record revenue quarter delivered while its most speculative line contracted is the kind of result that supports the diversification thesis, though crypto’s volatility cuts both ways in future periods.