Hello readers,

Robinhood continues to expand well beyond its retail brokerage roots, with strong growth in Q2 across prediction markets, retirement assets, gold subscriptions, Trump accounts, and its emerging tokenization strategy via Robinhood Chain.

Yet despite the improving fundamentals, HOOD currently trades 35% off its all-time high established last year.

In this week’s edition of The Watch List, we break down Q2 performance, where the next leg of growth could come from, and whether the valuation has created an attractive entry point.

Let’s go.

Revenues & Revenue Growth

The Big Picture

Robinhood generated $4.47b in revenue in 2025, up 52% y/y with a 5-year CAGR of 36%. As we can see, revenue growth has been quite strong during “risk-on” years for crypto — an indication of how critical the asset class is becoming to Robinhood’s future trajectory.

Through the first half of ‘26, the company has generated $2.38b in net revenue, on pace to surpass 2025 revenue, despite the crypto bear market.

Quarterly Revenue

• Robinhood generated $1.31b in revenue in Q2, up 22.6% q/q and 32.3% y/y.

Total Quarterly Revenue by Category

• Transaction-based revenues (options, crypto, prediction markets, equities) accounted for 59.33% of Robinhood’s revenue in Q2, up 24.6% q/q, and 44% y/y.

• Net Interest revenues accounted for 29.74% of Q2 revenue, up 8.4% q/q, and up 9% y/y. These revenues are essentially “brokerage/banking-like” revenues that come from interest-bearing customer and corporate balances, margin lending, and securities lending.

• Other revenues (Robinhood Gold subscriptions, Trump Account service revenues) accounted for 10.93% of Q2 performance, up 68.2% q/q, and 53.8% y/y. Gold subscriptions were up 22.7% y/y (now 4.8 million, generating $216m/year).

Breaking Down Transaction-Based Revenues

Chart Visualization

Key Takeaways

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