Robinhood Reports Record Quarter as Crypto Revenue Drops 38%

Robinhood reported record second-quarter results, highlighting strong growth in transaction-based revenue overall while acknowledging a meaningful pullback in cryptocurrency-specific earnings. In its latest earnings report, the online brokerage said crypto transaction revenue fell to $100 million, down from roughly $160 million a year earlier.

Despite the decline in crypto-related income, the company delivered an overall quarter marked by rising profitability and expanding platform activity. Total revenue climbed 32% year-over-year to $1.31 billion, and net income increased 48% to $573 million, according to the earnings release.

Key takeaways

• Crypto transaction revenue fell 38% to $100 million, even as Robinhood’s broader transaction-based revenue rose.
• Quarterly revenue and earnings reached records: revenue rose to $1.31 billion and net income grew to $573 million.
• Crypto notional trading volume totaled $40 billion: $18 billion on the Robinhood app and $22 billion via Bitstamp.
• Robinhood is scaling beyond trading: it launched parts of Robinhood Chain and introduced tokenized U.S. stocks and a decentralized lending product.
• Management reiterated a tighter cost outlook for 2026: it narrowed adjusted operating expenses and share-based compensation guidance.

Crypto revenue dips as overall transaction business grows

Robinhood’s results show a split between the performance of its crypto segment and the rest of its transaction engine. While cryptocurrency was the only major transaction category to decline during the quarter, the company pointed to strength in other areas that more than offset the weakness.

Crypto transaction revenue decreased to $100 million from about $160 million a year earlier, the company said. At the same time, transaction-based revenue rose 44% to $776 million, supported by higher contributions from categories outside digital assets.

The company also reported $40 billion in crypto notional trading volume for the quarter. Of this total, $18 billion came from the Robinhood app, down 35% year-over-year, while $22 billion came from Bitstamp. Robinhood acquired Bitstamp in June 2025, as referenced in earlier coverage here.

Market pricing reflected the mixed nature of the quarter ahead of the report: shares were down about 3.15% on Wednesday before the earnings release, based on Yahoo Finance data.

Robinhood’s crypto playbook shifts toward infrastructure and new products

Even with lower crypto transaction revenue, Robinhood used the quarter to push forward with its wider digital asset strategy. The company said it completed its acquisition of WonderFi, a Canadian crypto platform, continuing its efforts to broaden what it offers beyond pure trading.

After the quarter ended, Robinhood also rolled out additional ecosystem components. It unveiled the public mainnet of Robinhood Chain after previously reporting activity around bridged assets. The company further introduced tokenized U.S. stocks to eligible users in more than 120 countries and debuted its first decentralized lending product, Robinhood Earn.

On the Ethereum layer-2 side, DefiLlama data shows Robinhood’s new network posted $348 million in total value locked as of Thursday. The same dataset referenced stablecoins exceeding $500 million and more than $1 billion in bridged assets, illustrating that the platform’s activity is not limited to trading fees.

For investors, this matters because it reframes what “crypto performance” can mean for a brokerage. Transaction revenue can soften when market activity slows or user behavior shifts, but an expanding chain ecosystem—particularly one involving bridges and lending—can create alternative revenue pathways over time.

Non-crypto categories and platform metrics keep momentum

Robinhood’s earnings report emphasized that its broader product suite absorbed the crypto slowdown. The company said growth in event contracts, options, and equities more than offset the weakness in digital assets.

It reported that event contract revenue surged more than tenfold to $156 million, options revenue rose 29% to $342 million, and equities revenue jumped 95% to $129 million.

At the platform level, Robinhood posted record net deposits of $21.7 billion during the quarter. Total platform assets rose 32% year-over-year to $369 billion, and funded customers grew 7% to 28.4 million.

These metrics suggest that the company’s customer and balance-sheet expansion continued regardless of the crypto segment’s year-over-year revenue decline. For traders and users, that combination indicates a continued push to keep engagement broad—spreading attention across multiple asset classes and contract types rather than relying primarily on crypto transaction activity.

Guidance narrows as adjusted EBITDA grows

Robinhood also addressed expenses and profitability guidance. The company lowered and narrowed its 2026 outlook for adjusted operating expenses and share-based compensation to between $2.675 billion and $2.775 billion, down from a previously provided range of $2.7 billion to $2.825 billion.

On profitability, adjusted EBITDA rose 35% to $741 million. Total operating expenses increased 33% to $734 million, reflecting continued investment while still targeting more controlled growth at the operating level.

When viewed alongside the company’s digital asset expansion, the tighter expense guidance suggests management is trying to balance growth in new areas—like tokenization and decentralized lending—while keeping cost discipline in focus.

Going forward, investors will likely watch whether Robinhood Chain’s early traction translates into sustained engagement and monetization, and whether crypto transaction revenue stabilizes as broader platform growth continues to diversify away from purely crypto-dependent earnings.