Robinhood Q2 2025 Earnings Summary: Record Revenue, Crypto, and Options Drive Strong Growth

Gold Subscribers, Trading Volumes, and Strategic Acquisitions Propel Robinhood’s Momentum Across Retail and Crypto Markets

Robinhood delivered a strong Q2, with revenue reaching $989 million, up 45% year-over-year and surpassing expectations. Growth was broad-based, fueled by elevated trading volumes, interest-earning assets, and continued adoption of Robinhood Gold, which now boasts 3.5 million subscribers, up 75% YoY. Options and futures trading also contributed meaningfully, with futures contracts increasing by 11 million and prediction markets approaching $1 billion in volume.

The company’s crypto segment showed strong performance, with volumes hitting six-month highs, complemented by record equity and options trading. Interest-earning assets also grew over 50% YoY, driven by strong cash sweep balances now totaling $30 billion. Operationally the company also showed discipline as adjusted operational expense and stock-based compensation grew only 6% YoY, which in turn supported an adjusted EBITDA margin of 56% and adjusted EBITDA of $549 million. Net interest revenue was $357 million reflecting higher demand for margin balances, which is now at $11 billion.

Strategically, the company closed its acquisition of Bitstamp in Q2 and continues to integrate WonderFi, positioning it for growth in institutional crypto and new verticals. While these acquisitions add near-term expenses, they are expected to enhance long-term value and support international expansion. Deferred revenue and robust deposits - $6 billion in July alone - highlight strong ongoing engagement and platform adoption.

Looking forward, the company expects continued momentum into Q3, driven by record trading activity, increasing Gold subscription adoption, and expansion in crypto offerings. Product innovation, particularly in margin and options trading, along with strategic acquisitions, underpins a diversified revenue stream and long-term growth potential.

Here’s Our Take

Robinhood’s Q2 results underscore its leadership in democratizing access to financial markets. Strong performance across equities, options, and crypto, combined with disciplined cost management, demonstrates the company’s ability to scale profitably while expanding its market footprint. The surge in Gold subscribers and high engagement in futures, prediction markets, and crypto volumes highlight the stickiness of Robinhood’s ecosystem. Strategic acquisitions, including Bitstamp and WonderFi, enhance its growth trajectory, particularly in institutional crypto and emerging financial services. While near-term acquisition-related expenses will require monitoring, The company’s diversified revenue streams, robust balance sheet, and continued product innovation position it well for sustained growth in the second half of 2025 and beyond.

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