Robinhood Markets Inc.

07/29/2026 | Press release | Distributed by Public on 07/29/2026 14:12

Q2'26 Earnings Supplement

Quarterly GAAP P&L (in millions

Robinhood Markets, Inc. Condensed Consolidated Statements of Operations (Unaudited, in millions)
2023 2024 2025 2026
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Revenues:
Options $ 127 $ 124 $ 121 $ 154 $ 182 $ 202 $ 222 $ 240 $ 265 $ 304 $ 314 $ 260 $ 342
Cryptocurrencies 31 23 43 126 81 61 358 252 160 268 221 134 100
Equities 25 27 25 39 40 37 61 56 66 86 94 82 129
Event Contracts - - - - - - 5 3 10 27 101 104 156
Other 10 11 11 10 24 19 26 32 38 45 46 43 49
Transaction-based revenues 193 185 200 329 327 319 672 583 539 730 776 623 776
Net interest revenues 234 251 236 254 285 274 296 290 357 456 411 359 389
Other revenues 59 31 35 35 70 44 46 54 93 88 96 85 143
Total net revenues 486 467 471 618 682 637 1,014 927 989 1,274 1,283 1,067 1,308
Operating expenses:
Brokerage and transaction 39 39 32 35 40 39 50 50 48 56 57 60 62
Technology and development 207 202 197 196 209 205 208 214 214 237 232 241 256
Operations 30 27 26 28 28 27 29 31 29 33 37 38 57
Provision for credit losses 6 14 14 16 18 23 19 24 28 26 36 36 56
Marketing 25 28 43 67 64 59 82 105 99 102 93 107 104
General and administrative 159 230 133 118 134 133 70 133 132 185 178 174 199
Total operating expenses 466 540 445 460 493 486 458 557 550 639 633 656 734
Other income (expense), net 2 (2) 3 4 2 2 2 1 3 (1) 11 - 135
Income (loss) before income taxes 22 (75) 29 162 191 153 558 371 442 634 661 411 709
Provision for (benefit from) income taxes (3) 10 (1) 5 3 3 (358) 35 56 78 56 65 136
Net income (loss) $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605 $ 346 $ 573
Net income (loss) attributable to non-controlling interests - - - - - - - - - - - (4) 12
Net income (loss) attributable to Robinhood $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605 $ 350 $ 561
Net income (loss) attributable to Robinhood common stockholders
Basic $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605 $ 350 $ 561
Diluted $ 25 $ (85) $ 30 $ 157 $ 188 $ 150 $ 916 $ 336 $ 386 $ 556 $ 605 $ 350 $ 561
Net income (loss) per share attributable to common stockholders:
Basic $ 0.03 $ (0.09) $ 0.03 $ 0.18 $ 0.21 $ 0.17 $ 1.04 $ 0.38 $ 0.44 $ 0.63 $ 0.67 $ 0.39 $ 0.62
Diluted $ 0.03 $ (0.09) $ 0.03 $ 0.18 $ 0.21 $ 0.17 $ 1.01 $ 0.37 $ 0.42 $ 0.61 $ 0.66 $ 0.38 $ 0.62
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic 905 895 867 875 881 884 884 885 882 889 898 899 899
Diluted 921 895 883 896 904 906 908 909 909 918 918 915 912

Quarterly Balance Sheet (in mil

Robinhood Markets, Inc. Condensed Consolidated Balance Sheets (Unaudited, in millions)
2023 2024 2025 2026
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Assets
Current assets:
Cash and cash equivalents $ 5,829 $ 4,889 $ 4,835 $ 4,717 $ 4,524 $ 4,611 $ 4,332 $ 4,416 $ 4,162 $ 4,331 $ 4,261 $ 5,012 $ 5,362
Cash, cash equivalents, and securities segregated under federal and other regulations 4,220 3,448 4,448 4,521 4,584 5,547 4,724 4,442 8,939 8,443 5,749 10,874 12,023
Receivables from brokers, dealers, and clearing organizations 117 63 89 207 149 139 471 267 374 482 426 484 672
Receivables from users, net 3,313 3,704 3,495 4,303 5,040 5,546 8,239 9,167 9,685 14,390 17,994 18,115 22,799
Securities borrowed 960 1,204 1,602 2,107 2,217 3,704 3,236 4,114 6,159 6,607 2,408 3,355 6,036
Deposits with clearing organizations 223 275 338 585 551 464 489 641 720 1,440 702 694 1,240
User-held fractional shares 1,409 1,396 1,592 1,975 2,011 2,201 2,530 2,531 3,083 3,618 3,782 3,819 4,764
Held-to-maturity investments 321 372 413 495 503 527 398 192 134 53 - - -
Prepaid expenses 88 75 63 64 65 86 75 89 108 128 127 182 196
Deferred customer match incentives 1 2 11 32 67 73 100 113 124 161 185 207 220
Other current assets 122 128 196 316 352 251 509 243 345 326 671 671 1,220
Total current assets 16,603 15,556 17,082 19,322 20,063 23,149 25,103 26,215 33,833 39,979 36,305 43,413 54,532
Property, software, and equipment, net 131 123 120 122 123 133 139 140 149 150 154 162 177
Goodwill 100 164 175 175 179 179 179 292 383 386 385 401 516
Intangible assets, net 21 53 48 46 45 39 38 109 191 172 168 203 246
Non-current held-to-maturity investments 165 118 73 10 2 - - - - - - - -
Non-current deferred customer match incentives 5 8 19 71 159 159 195 238 267 360 428 522 579
Non-current prepaid expenses 6 3 4 3 22 22 17 17 15 13 11 11 21
Other non-current assets 126 110 103 116 110 108 516 506 486 392 686 762 479
Total assets $ 17,157 $ 16,135 $ 17,624 $ 19,865 $ 20,703 $ 23,789 $ 26,187 $ 27,517 $ 35,324 $ 41,452 $ 38,137 $ 45,474 $ 56,550
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $ 236 $ 373 $ 384 $ 351 $ 386 $ 443 $ 397 $ 319 $ 369 $ 399 $ 463 $ 522 $ 646
Payables to users 5,111 4,325 5,097 6,074 5,789 6,264 7,448 7,116 10,511 12,317 11,986 16,780 17,243
Securities loaned 2,982 3,245 3,547 4,215 5,091 7,306 7,463 9,098 12,640 15,666 11,626 13,387 20,536
Fractional shares repurchase obligation 1,409 1,396 1,592 1,975 2,011 2,201 2,530 2,531 3,083 3,618 3,782 3,819 4,764
Convertible senior notes, net , current portion
Other current liabilities 115 126 217 275 220 288 266 367 519 762 914 1,046 1,387
Total current liabilities 9,853 9,465 10,837 12,890 13,497 16,502 18,104 19,431 27,122 32,762 28,771 35,554 44,576
Long-term borrowings 2,170
Other non-current liabilities 117 96 91 90 84 79 111 133 130 123 215 232 263
Total liabilities 9,970 9,561 10,928 12,980 13,581 16,581 18,215 19,564 27,252 32,885 28,986 35,786 47,009
Stockholders' equity:
Common stock - - - - - - - - - -
Additional paid-in capital 12,581 12,054 12,145 12,176 12,223 12,158 12,008 11,652 11,378 11,317 11,284 11,119 10,731
Accumulated other comprehensive income (loss) (3) (4) (3) (2) - 1 (1) - 7 7 8 2 (10)
Accumulated deficit (5,391) (5,476) (5,446) (5,289) (5,101) (4,951) (4,035) (3,699) (3,313) (2,757) (2,152) (1,802) (1,241)
Non-controlling interests - - - - - - - - - - 11 369 61
Total stockholders' equity 7,187 6,574 6,696 6,885 7,122 7,208 7,972 7,953 8,072 8,567 9,151 9,688 9,541
Total liabilities and stockholders' equity $ 17,157 $ 16,135 $ 17,624 $ 19,865 $ 20,703 $ 23,789 $ 26,187 $ 27,517 $ 35,324 $ 41,452 $ 38,137 $ 45,474 $ 56,550

Quarterly KPIs

Robinhood Markets, Inc. and Consolidated Subsidiaries Quarterly Metrics Report for Q2 2026 (Unaudited)
2023 2024 2025 2026 Change
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q/Q Y/Y
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers1, 2 23.2 23.3 23.4 23.9 24.2 24.3 25.2 25.8 26.5 26.8 27.0 27.4 28.4 4% 7%
Engagement (M)
Monthly Active Users (MAU)1 10.8 10.3 10.9 13.7 11.8 11.0 14.9 14.4 12.8 13.8 13.0 13.5 14.1 4% 10%
Asset Growth ($B)
Total Platform Assets1, 3 $88.8 $86.5 $102.6 $129.6 $139.7 $152.2 $192.9 $220.6 $278.6 $332.7 $322.1 $307.3 $368.7 20% 32%
Net Deposits4 $4.1 $4.0 $4.6 $11.2 $13.2 $10.0 $16.1 $18.0 $13.8 $20.4 $15.9 $17.7 $21.7 23% 57%
Trading
Equities and Options Trading Days 62.0 62.5 62.5 61.0 63.0 63.5 63.0 60.0 62.0 63.5 63.0 61.0 62.0 2% -%
Crypto and Prediction Markets Trading Days 91 92 92 91 91 92 92 90 91 92 92 90 91 1% -%
Total Trading Volumes1, 3, 5
Equity ($B) $155.2 $173.3 $166.8 $225.0 $243.6 $286.2 $423.3 $413.2 $517.3 $647.2 $710.3 $637.8 $955.8 50% 85%
Options Contracts (M) 283.3 300.8 296.4 343.6 389.7 443.4 477.2 500.1 515.4 610.1 659.2 586.3 773.8 32% 50%
Crypto ($B) $9.1 $6.8 $12.8 $36.0 $21.5 $14.4 $71.0 $46.1 $35.0 $80.2 $82.4 $65.7 $40.4 (39%) 15%
Robinhood App $9.1 $6.8 $12.8 $36.0 $21.5 $14.4 $71.0 $46.1 $28.3 $39.8 $34.0 $23.8 $18.3 (23%) (35%)
Bitstamp - - - - - - - - $6.7 $40.5 $48.4 $41.9 $22.1 (47%) 230%
Event Contracts (B) - - - - - - - 0.3 1.0 2.3 8.5 8.8 13.6 55% NM
Average Daily Trading Volumes6
Equity ($B) $2.5 $2.8 $2.7 $3.7 $3.9 $4.5 $6.7 $6.9 $8.3 $10.2 $11.3 $10.5 $15.4 47% 86%
Options Contracts (M) 4.6 4.8 4.7 5.6 6.2 7.0 7.6 8.3 8.3 9.6 10.5 9.6 12.5 30% 51%
Crypto ($M) $100 $74 $139 $396 $236 $157 $772 $512 $385 $873 $896 $730 $444 (39%) 15%
Robinhood App $100 $74 $139 $396 $236 $157 $772 $512 $311 $433 $370 $264 $201 (24%) (35%)
Bitstamp - - $0 - - - - - $74 $440 $526 $466 $243 (48%) 228%
Event Contracts (M) - - - - - - - 3 11 25 92 98 149 52% NM
Daily Average Trades (DATs) (M)3
Equity 1.5 1.6 1.5 1.9 2.0 2.0 2.4 3.2 3.3 3.8 4.0 4.1 4.8 17% 45%
Options 0.6 0.6 0.6 0.8 0.8 0.9 1.0 1.1 1.2 1.2 1.2 1.2 1.6 33% 33%
Crypto7 0.2 0.2 0.2 0.4 0.3 0.2 0.8 0.7 0.5 1.0 1.0 0.9 0.7 (22%) 40%
Interest Earning Assets ($B)
Margin Book1 $3.3 $3.6 $3.5 $4.1 $5.0 $5.5 $7.9 $8.8 $9.5 $13.9 $16.8 $17.0 $21.6 27% 127%
Cash and Deposits1, 8 $10.8 $9.2 $10.2 $10.4 $10.3 $11.2 $10.0 $9.8 $14.0 $14.4 $11.0 $16.7 $18.7 12% 34%
Cash Sweep1, 8, 9 $11.9 $13.6 $16.4 $19.0 $20.9 $24.5 $26.1 $28.2 $32.7 $35.4 $32.8 $26.0 $29.7 14% (9%)
Securities Lending ($M)
Total Securities Lending Revenue $48 $44 $34 $42 $65 $59 $70 $71 $112 $173 $132 $92 $109 18% (3%)
Securities Lending, Net $27 $17 $9 $15 $34 $19 $26 $23 $54 $87 $26 $4 $10 150% (81%)
See the "Definitions" page for definitions and additional information.
(1) Values shown represent the last month of the quarter indicated. Please refer to the "Definitions" page for full definition. (2) Q2 2026 includes ~300K Funded Customers from WonderFi, which we acquired on 6/1/2026. (3) Starting in Q2 2026, Total Platform Assets and Robinhood App Crypto Notional Volume include results from WonderFi. (4) Starting in June 2025, Net Deposits include results from Bitstamp. Starting in March 2026, Net Deposits include results from TradePMR. Starting in June 2026, Net Deposits include results from WonderFi (5) Values shown are actual results, and may differ from the sum of monthly metrics due to rounding. (6) Average daily volumes ("ADVs") defined as Total Trading Volume in a given period divided by the applicable number of trading days in said period. (7) Crypto DATs do not include Bitstamp Institutional activity. (8) In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026. (9) Starting in December 2025, includes Robinhood Banking balances.

Monthly KPIs

Robinhood Markets, Inc. and Consolidated Subsidiaries Monthly Metrics Report for June 2026 (Unaudited)
2023 2024 2025 2026 Change
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun M/M Y/Y
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers1 23.1 23.1 23.2 23.2 23.2 23.3 23.3 23.3 23.4 23.5 23.6 23.9 24.0 24.1 24.2 24.2 24.3 24.3 24.4 24.8 25.2 25.5 25.6 25.8 25.9 25.9 26.5 26.7 26.7 26.8 27.1 26.9 27.0 27.2 27.4 27.4 27.6 27.7 28.4 3% 7%
Asset Growth ($B)
Total Platform Assets2 $77.4 $81.8 $88.8 $94.5 $89.7 $86.5 $84.6 $94.4 $102.6 $102.4 $118.7 $129.6 $123.3 $135.0 $139.7 $144.5 $143.6 $152.2 $159.7 $194.6 $192.9 $203.7 $187.4 $220.6 $232.3 $255.3 $278.6 $298.0 $303.9 $332.7 $342.6 $324.5 $322.1 $324.4 $314.2 $307.3 $345.4 $377.0 $368.7 (2%) 32%
Net Deposits3 $1.4 $1.6 $1.1 $1.4 $1.6 $1.0 $1.0 $1.4 $2.2 $3.8 $3.6 $3.8 $4.9 $3.6 $4.7 $4.2 $3.3 $2.5 $5.2 $5.6 $5.3 $5.6 $4.8 $7.6 $6.8 $3.5 $3.5 $6.4 $4.8 $9.2 $5.6 $7.1 $3.2 $4.5 $5.6 $7.6 $6.0 $5.6 $10.1 NM NM
Trading
Equities and Options Trading Days 19.0 22.0 21.0 19.5 23.0 20.0 22.0 20.5 20.0 21.0 20.0 20.0 22.0 22.0 19.0 21.5 22.0 20.0 23.0 19.5 20.5 20.0 19.0 21.0 21.0 21.0 20.0 21.5 21.0 21.0 23.0 18.5 21.5 20.0 19.0 22.0 21.0 20.0 21.0 5% 5%
Crypto and Prediction Markets Trading Days 30 31 30 31 31 30 31 30 31 31 29 31 30 31 30 31 31 30 31 30 31 31 28 31 30 31 30 31 31 30 31 30 31 31 28 31 30 31 30 (3%) -%
Total Trading Volumes
Equity ($B) $38.9 $49.4 $66.9 $69.2 $59.8 $44.2 $50.8 $52.9 $63.2 $59.3 $80.9 $84.7 $70.7 $86.8 $86.1 $104.4 $96.2 $85.5 $126.4 $147.1 $149.8 $144.7 $142.9 $125.6 $157.8 $180.5 $179.1 $209.1 $199.2 $238.8 $320.1 $201.5 $188.6 $227.3 $194.4 $216.1 $248.5 $315.3 $392.0 24% 119%
Options Contracts (M) 75.3 97.5 110.5 106.1 107.3 87.3 96.6 95.3 104.5 106.2 119.1 118.2 126.6 131.9 131.1 160.5 146.9 136.1 158.0 155.5 163.7 166.6 165.6 167.9 167.5 179.8 168.1 195.8 195.5 218.8 266.7 193.2 199.4 200.0 180.3 205.9 224.8 231.1 318.0 38% 89%
Crypto ($B)2 $3.7 $2.1 $3.3 $3.4 $2.2 $1.2 $2.3 $4.0 $6.5 $5.9 $6.5 $23.6 $10.1 $7.1 $4.3 $5.3 $5.4 $3.7 $5.6 $35.2 $30.2 $20.4 $14.4 $11.3 $8.6 $11.7 $14.7 $28.7 $28.1 $23.5 $32.5 $28.6 $21.2 $22.9 $25.0 $17.8 $11.9 $12.2 $16.3 34% 11%
Robinhood App $3.7 $2.1 $3.3 $3.4 $2.2 $1.2 $2.3 $4.0 $6.5 $5.9 $6.5 $23.6 $10.1 $7.1 $4.3 $5.3 $5.4 $3.7 $5.6 $35.2 $30.2 $20.4 $14.4 $11.3 $8.6 $11.7 $8.0 $16.8 $13.7 $9.3 $13.9 $12.0 $8.1 $8.7 $9.4 $5.7 $5.4 $5.9 $6.9 17% (14%)
Bitstamp - - - - - - - - - - - - - - - - - - - - - - - - - - $6.7 $11.9 $14.4 $14.2 $18.6 $16.6 $13.1 $14.2 $15.6 $12.1 $6.5 $6.3 $9.4 49% 40%
Event Contracts (B) - - - - - - - - - - - - - - - - - - 0.1 0.5 - - - 0.3 0.2 0.3 0.4 0.3 0.3 1.7 2.5 3.0 2.9 3.4 2.4 3.0 3.2 3.9 6.4 64% NM
Average Daily Trading Volumes4
Equity ($B) $2.0 $2.2 $3.2 $3.5 $2.6 $2.2 $2.3 $2.6 $3.2 $2.8 $4.0 $4.2 $3.2 $3.9 $4.5 $4.9 $4.4 $4.3 $5.5 $7.5 $7.3 $7.2 $7.5 $6.0 $7.5 $8.6 $9.0 $9.7 $9.5 $11.4 $13.9 $10.9 $8.8 $11.4 $10.2 $9.8 $11.8 $15.8 $18.7 18% 108%
Options Contracts (M) 4.0 4.4 5.3 5.4 4.7 4.4 4.4 4.6 5.2 5.1 6.0 5.9 5.8 6.0 6.9 7.5 6.7 6.8 6.9 8.0 8.0 8.3 8.7 8.0 8.0 8.6 8.4 9.1 9.3 10.4 11.6 10.4 9.3 10.0 9.5 9.4 10.7 11.6 15.1 30% 80%
Crypto ($M) $123 $68 $110 $110 $71 $40 $74 $133 $210 $190 $224 $761 $337 $229 $143 $171 $174 $123 $181 $1,173 $974 $658 $514 $365 $287 $377 $490 $926 $906 $783 $1,048 $953 $684 $739 $893 $574 $397 $393 $543 38% 11%
Robinhood App $123 $68 $110 $110 $71 $40 $74 $133 $210 $190 $224 $761 $337 $229 $143 $171 $174 $123 $181 $1,173 $974 $658 $514 $365 $287 $377 $267 $542 $442 $310 $448 $400 $261 $281 $336 $184 $180 $190 $230 21% (14%)
Bitstamp - - - - - - - - - - - - - - - - - - - - - - - - - - $223 $384 $465 $473 $600 $553 $423 $458 $557 $390 $217 $203 $313 54% 40%
Event Contracts (M) - - - - - - - - - - - - - - - - - - 3 17 - - - 10 7 10 13 10 10 57 81 100 94 110 86 97 107 126 213 69% NM
Daily Average Trades (DATs) (M)
Equity 1.4 1.5 1.7 1.7 1.5 1.5 1.4 1.4 1.8 1.7 1.9 2.2 1.8 2.0 2.2 2.1 1.9 2.0 2.0 2.5 2.8 3.3 3.2 3.0 3.3 3.1 3.5 3.7 3.6 4.1 4.4 3.9 3.6 4.2 4.0 4.0 4.0 4.8 5.7 19% 63%
Options 0.5 0.6 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.7 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.1 1.2 1.1 1.2 1.2 1.1 1.1 1.2 1.3 1.4 1.3 1.1 1.3 1.3 1.2 1.3 1.5 2.1 40% 91%
Crypto5 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.7 0.4 0.3 0.3 0.3 0.3 0.2 0.2 1.0 1.0 0.9 0.7 0.6 0.5 0.5 0.7 1.1 1.0 0.9 1.1 1.1 0.9 1.0 1.1 0.7 0.6 0.7 0.8 14% 14%
Interest Earning Assets ($B)
Margin Book $3.1 $3.1 $3.3 $3.4 $3.5 $3.6 $3.5 $3.4 $3.5 $3.6 $3.8 $4.1 $4.1 $4.5 $5.0 $5.4 $5.5 $5.5 $6.2 $6.8 $7.9 $8.3 $8.7 $8.8 $8.4 $9.0 $9.5 $11.4 $12.5 $13.9 $16.5 $16.8 $16.8 $18.4 $17.2 $17.0 $18.0 $19.5 $21.6 11% 127%
Cash and Deposits6 $9.9 $10.5 $10.8 $10.7 $9.8 $9.2 $9.0 $9.5 $10.2 $9.6 $10.1 $10.4 $10.4 $10.3 $10.3 $9.4 $9.7 $11.2 $11.3 $11.3 $10.0 $10.7 $9.9 $9.8 $11.4 $12.1 $14.0 $14.6 $14.3 $14.4 $14.7 $12.1 $11.0 $11.7 $16.5 $16.7 $18.1 $18.6 $18.7 1% 34%
Cash Sweep6, 7 $9.6 $11.2 $11.9 $12.7 $13.3 $13.6 $13.9 $15.2 $16.4 $16.8 $18.1 $19.0 $19.1 $20.3 $20.9 $21.8 $22.8 $24.5 $25.5 $26.5 $26.1 $26.3 $26.2 $28.2 $28.9 $30.8 $32.7 $33.6 $34.1 $35.4 $34.2 $32.5 $32.8 $31.5 $25.8 $26.0 $27.6 $28.8 $29.7 3% (9%)
Securities Lending ($M)
Total Securities Lending Revenue $18 $15 $15 $17 $17 $10 $11 $11 $12 $12 $13 $17 $21 $23 $21 $21 $20 $18 $19 $23 $28 $25 $22 $24 $25 $33 $54 $61 $53 $59 $60 $34 $38 $34 $25 $33 $32 $36 $41 14% (24%)
Securities Lending, Net $11 $9 $7 $8 $7 $1 $2 $3 $3 $3 $5 $7 $11 $13 $10 $9 $6 $4 $6 $8 $12 $10 $6 $7 $9 $13 $32 $37 $24 $26 $24 $- $2 $4 ($1) $1 $3 $5 $2 (60%) (94%)
See the "Definitions" page for definitions and additional information.
(1) June 2026 includes ~300K Funded Customers from WonderFi, which we acquired on 6/1/2026.
(2) Starting in June 2026, Total Platform Assets and Robinhood App Crypto Notional Volume include results from WonderFi.
(3) Starting in June 2025, Net Deposits include results from Bitstamp. Starting in March 2026, Net Deposits include results from TradePMR. Starting in June 2026, Net Deposits include results from WonderFi.
(4) Average daily volumes ("ADVs") defined as Total Trading Volume in a given period divided by the applicable number of trading days in said period.
(5) Crypto DATs do not include Bitstamp Institutional activity.
(6) In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026.
(7) Starting in December 2025, includes Robinhood Banking balances.

Definitions

Key Performance Metrics
Funded Customers:
We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors ("RIAs") that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp are also considered Funded Customers. Starting in June 2026, customers of WonderFi are also considered Funded Customers.
Total Platform Assets:
We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures and swaps, including event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR's platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp. Starting in June 2026, the fair value of all cryptocurrency also includes cryptocurrency on WonderFi. Total Platform Assets also include cryptocurrency lent through platform-enabled lending programs, where customers may recall such assets at any time through the platform.
Net Deposits:
We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, staking rewards, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin and lending interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash or assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial. Starting in June 2025, Net Deposits include results from Bitstamp. As previously disclosed, due to data limitations we did not include TradePMR client figures in our Net Deposits key performance metric prior to March 2026. Starting in March 2026, Net Deposits include results from TradePMR. Starting in June 2026, Net Deposits also include results from WonderFi.
Additional Operating Metrics
Margin Book:
We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR's platform.
Cash Sweep:
We define Cash Sweep as the period-end total amount of participating users' uninvested brokerage and banking cash that has been automatically "swept" or moved from their accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR's platform. In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending, resulting in over $6 billion of Cash Sweep balances moving to Cash and Deposits in the form of customer free credit balances.
Notional Trading Volume:
We define Notional Trading Volume, or Notional Volume, for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Crypto Notional Volume includes both Robinhood App Notional Volume and Bitstamp Notional Volume. Robinhood App Notional Volume represents the dollar value of executed crypto trades on the Robinhood platform over a specified period of time, and, starting in June 2026, includes the dollar value of executed crypto trades from WonderFi customers. Bitstamp Notional Volume represents the dollar value of executed crypto trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.
Options Contracts Traded:
We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.
Event Contracts Traded:
We define Event Contracts Traded as the total number of event contracts bought or sold over a specified period of time through our Prediction Markets Hub. Each contract can be traded at $0.01 increments up to $1 and is worth $1 upon settlement.
Total Trading Volumes:
Total Trading Volumes represent Notional Trading Volumes for Equity and Crypto, and Options Contracts Traded for Options, and Event Contracts Traded for Event Contracts.
Total Securities Lending Revenue:
Total Securities Lending Revenue includes net rebates and interest on cash collateral for both margin based and fully paid securities lending.
Monthly Active Users ("MAU"):
We define MAUs as the number of unique persons who, using one or more accounts with a Robinhood entity, meet one of the following criteria at any point during a specified calendar month: a) executes a debit card or credit card transaction, b) transitions between two different screens on a mobile device while logged into their account or c) loads a page in a web browser while logged into their account. A person need not satisfy these conditions on a recurring monthly basis or be a Funded Customer to be included in MAU. MAU figures in this supplement reflect MAU for the last month of the relevant period presented. We utilize MAU to measure how many customers interact with our products and services during a given month. MAU does not measure the frequency or duration of the interaction, but we consider it a useful indicator for engagement. Additionally, MAUs are positively correlated with, but are not indicative of, the performance of revenue and other key performance indicators.
Cash and Deposits:
We define Cash and Deposits as the period-end sum of cash and cash equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments.
Securities Lending, Net:
Securities Lending, Net includes net rebates for both margin based and fully paid securities lending, as well as interest on cash collateral for fully paid securities lending. It does not include interest on cash collateral for margin based securities lending.
Glossary Terms
Daily Average Trades ("DATs")
We define DATs for any asset class as the total number of trades for a given asset class executed during a given period divided by the number of trading days for a given asset class in that period.
The Quarterly KPIs and Monthly KPIs tabs disclose each quarter's or each month's, as applicable, number of trading days for equities and options. For crypto, the number of trading days is equal to the number of calendar days in the quarter or month.
Free Credit Balances and Other:
We define Free Credit Balances and Other as the period-end total amount of users' uninvested cash in their accounts that is not participating in the "Cash Sweep" program.
Robinhood Markets Inc. published this content on July 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 29, 2026 at 20:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]