Robinhood’s second-quarter results point to a changing mix in retail trading: record revenue from equities, options and event contracts offset a sharp decline in cryptocurrency trading revenue, which fell 38% from a year earlier to about $100 million.
The company reported net revenue of $1.308 billion for the quarter, a 32% year-over-year increase and its highest quarterly total to date. Net income attributable to common shareholders rose 45% to $561 million, while diluted earnings per share reached $0.62, above the $0.42 expectation cited in the supplied materials.
Trading revenue accounted for $776 million of the total, up 44% from the same period a year earlier. The strongest growth came from event contracts, a relatively new product category for Robinhood that generated $156 million in revenue, more than 10 times the prior-year level. Options revenue climbed 29% to $342 million, while equities revenue nearly doubled, rising 95% to $129 million.
Crypto was the only major trading category to contract during the quarter. The decline came despite Robinhood’s expansion of its digital-asset business, including the acquisition of Bitstamp and the rollout of crypto trading through its Agentic Trading product.
Event contracts become a material revenue source
Event contracts have rapidly moved from an experimental offering to one of Robinhood’s larger revenue contributors. The products allow users to trade on the outcome of defined real-world events, such as economic releases, sports results or political developments, with contracts settling according to a predetermined outcome.
Robinhood said event-contract revenue reached $156 million in the quarter, putting the category ahead of equities trading revenue and close to half of the company’s options revenue. That scale shows how quickly prediction-style products have become part of the platform’s trading mix.
During the quarter, Robinhood launched Rothera, a prediction-market venue and clearing operation formed with Susquehanna International Group. Rothera holds licensing from the Commodity Futures Trading Commission, according to the company. Artemis data showed that the venue captured nearly 15% market share in World Cup-related event contracts after some orders previously routed to Kalshi were executed through Rothera.
The development gives Robinhood more control over the infrastructure behind a product line that has become increasingly lucrative. Running a venue and clearing operation can reduce reliance on external partners while allowing the company to compete more directly for order flow in regulated event markets.
Options remained Robinhood’s largest trading-revenue category at $342 million. Options contract volume increased 50% year over year to 774 million, while equities notional trading volume rose 85% to $956 billion. The combination suggests that trading activity expanded well beyond a single product line, even as event contracts delivered the quarter’s most dramatic growth rate.
Crypto revenue falls despite business expansion
Robinhood’s crypto trading revenue declined to roughly $100 million, down 38% from a year earlier. The result contrasts with the company’s broader push into digital assets and indicates that the extra activity generated by platform expansion did not translate into higher transaction revenue during the period.
The company completed its Bitstamp acquisition as part of its international expansion efforts. Robinhood said the deal contributed $22 billion in additional notional volume during the quarter. Notional volume measures the total value of assets traded, rather than the revenue earned from those transactions, so the figure does not necessarily indicate a comparable increase in trading fees.
The crypto result also arrived as Robinhood introduced products intended to connect digital assets with newer forms of automated and on-chain trading. In May, the company launched Agentic Trading, which uses AI agents for equities, options and crypto transactions. By the end of the quarter, nearly 100,000 users had opened Agentic Trading accounts, with more than $100 million in assets.
Robinhood also launched Robinhood Chain, a public mainnet structured as an Ethereum Layer 2 network for real-world assets. Layer 2 networks process transactions separately from Ethereum’s main blockchain before recording them back to the main chain, generally seeking lower costs and faster execution. Robinhood linked recent activity on the chain to a meme-driven market cycle.
Those launches give Robinhood additional ways to serve crypto users, but the quarterly revenue figures show that the company’s current earnings momentum came more directly from conventional securities trading and event contracts.
Deposits and subscriptions support the record quarter
Revenue growth was not limited to transaction-based businesses. Net interest revenue reached $389 million, up 9% year over year, while other revenue rose 54% to $143 million.
Funded customers increased 7% from a year earlier to 28.4 million at quarter end. Total platform assets rose 32% to $369 billion. Robinhood reported $21.7 billion in net deposits during the quarter, up 28%, and $75.7 billion over the previous 12 months.
The deposit figures provide a useful counterweight to the drop in crypto revenue. Customers continued bringing money onto the platform, but the quarter’s revenue pattern suggests that a larger share of trading and account activity was flowing into stocks, derivatives, subscriptions, credit products and event contracts rather than token transactions.
Robinhood Gold subscriptions also continued to grow. Gold customers reached a record 4.8 million, up 39% year over year. The company said annualized revenue from its credit-card business exceeded $100 million, while the number of Gold Card users passed 1 million.
Its Strategies product, which offers managed investment portfolios, attracted more than 300,000 users and had nearly $2 billion in managed assets. Robinhood said 13 business lines now generate more than $100 million each in annualized revenue, including equities, options, crypto, subscriptions, event contracts and credit cards.
That diversification reduces Robinhood’s dependence on any one market cycle. Crypto trading remains a meaningful business, but the second-quarter results place it behind the company’s faster-growing revenue engines, particularly event contracts, options activity and its expanding subscription ecosystem.
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