Robinhood 8-K

Summary

Q2 2026 results with lower FY2026 expense guidance. Revenue reached a record, up 32% Y/Y, with transaction-based revenue growth led by event contracts, options and equities. Robinhood lowered and tightened its expense outlook, citing captured efficiencies while funding Rothera and WonderFi.

Key Figures

• Transaction-based revenue rose 44% to $776M: event contracts generated $156M, up more than 10x; options $342M, up 29%; equities $129M, up 95%; cryptocurrency $100M, down 38%. Net interest revenue was $389M (+9%) and other revenue was $143M (+54%).
• Net income included $129M of gains primarily from deconsolidating Robinhood Ventures Fund I; diluted EPS included $0.14 of those gains. Lower operating cash flow reflected large operating-asset and liability movements, including higher receivables from users.
• Net Deposits were $21.7B in Q2 and $75.7B over the trailing 12 months; Gold subscribers reached 4.8M (+39% Y/Y). Cash and cash equivalents were $5.36B at quarter-end vs $4.16B a year earlier; long-term borrowings were $2.17B. Robinhood repurchased $414M of Class A shares (4.4M shares at ≈$94 each), including $290M outside its existing authorization in connection with the June notes offering; Class A shares outstanding were 790M at both 12/31/2025 and 6/30/2026.

Guidance

• FY2026 Adjusted Operating Expenses and SBC (non-GAAP): $2.675B-$2.775B, lowered and tightened from $2.7B-$2.825B. The outlook excludes, among other items, provision for credit losses, pending-acquisition costs, CFO-transition equity modifications and potential significant regulatory expenses; Robinhood is not providing FY2026 total operating expenses guidance.

Investor Takeaways

• Track FY2026 Adjusted Operating Expenses and SBC against the lowered range, alongside revenue growth as new businesses and products scale.
• Watch for the planned UK crypto launch and whether Robinhood’s Singapore license leads to brokerage services there.