HOOD

A month has gone by since the last earnings report for Robinhood Markets, Inc. (HOOD). Shares have added about 26.7% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Robinhood Markets due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Robinhood Markets, Inc. before we dive into how investors and analysts have reacted as of late. Robinhood reported second-quarter 2026 earnings of 62 cents per share, beating the Zacks Consensus Estimate of 44 cents by 40.9%. The bottom line increased 48% year over year. The reported quarter included $129 million, or 14 cents per share, of gains primarily related to the deconsolidation of Robinhood Ventures Fund I. Excluding this, underlying earnings were 48 cents per share.Strong options, equities and event-contract activity amid heightened volatility led to an increase in transaction-based revenues. Higher net interest revenues (NIR), rising platform assets and a surge in Gold subscribers were tailwinds. However, continued weakness in crypto trading volume and higher operating expenses were the headwinds.Net income climbed 48% to $573 million. Total net revenues climbed 32% from a year ago to $1.31 billion. The top line surpassed the consensus mark of $1.26 billion.  NIR increased 9% year over year to $389 million. Growth in interest-earning assets helped offset the impact of lower short-term interest rates and weaker securities-lending activity.Other revenues climbed 54% to $143 million. The increase reflected Trump Account service revenues and higher Robinhood Gold subscription revenues. The quarter included $25 million of service revenues related to Trump Accounts.Average revenue per user rose 24% year over year to $187. Robinhood also expanded the number of business lines generating at least $100 million in annualized revenues to 13, with Robinhood Legend and the Credit Card business joining the group. Transaction-based revenues increased 44% year over year to $776 million. Options revenues rose 29% to $342 million, while equities revenues surged 95% to $129 million. Event-contract revenues jumped more than tenfold to $156 million.Cryptocurrency revenues remained a weak spot, declining 38% to $100 million. Crypto notional volume totaled $40.4 billion, including $18.3 billion from the Robinhood app and $22.1 billion from Bitstamp. Overall crypto volume fell 39% sequentially.Trading engagement remained strong elsewhere. Equity notional volume advanced 85% year over year to a record $956 billion, while options contracts traded grew 50% to a record 774 million. Event contracts traded reached a record 13.6 billion. Funded Customers increased 7% year over year to 28.4 million, including roughly 300,000 customers added through the WonderFi acquisition. Investment Accounts rose 9% to 29.9 million.Total Platform Assets advanced 32% to $369 billion, aided by continued net deposits and higher equity valuations. These benefits were partly offset by lower cryptocurrency valuations. Average platform assets per funded customer reached $13,000.Net deposits totaled a record $21.7 billion, representing a 28% annualized growth rate. Robinhood Retirement assets under custody surged 82% to a record $34.5 billion.Robinhood Gold subscribers increased 39% year over year and 11% sequentially to 4.84 million. Gold adoption reached 17% of funded customers, up from 13.1% a year earlier. The company noted that roughly 40% of new funded customers enrolled in Gold during the quarter. Annualized Gold subscription revenues reached $216 million. Other wealth products also gained traction. Robinhood Strategies grew to more than 300,000 funded customers and nearly $2 billion in assets under management. Robinhood Banking ended June with more than $3 billion in deposits from over 240,000 funded customers. Total operating expenses increased 33% year over year to $734 million. The increase reflected marketing and growth investments, restructuring charges and expenses related to Trump Accounts and Rothera. Adjusted operating expenses and share-based compensation rose 23% to $641 million. Robinhood’s profitability remained solid despite the higher expense base. Adjusted EBITDA increased 35% to $741 million, while the adjusted EBITDA margin improved to 57% from 56% a year earlier. Robinhood continued returning capital to shareholders. The company repurchased $414 million of Class A common stock during the quarter, representing 4.4 million shares at an average price of approximately $94 each. This included $290 million of repurchases tied to its June convertible-notes offering and conducted outside the existing authorization.Since launching its initial repurchase program in the third quarter of 2024, Robinhood has bought back $1.3 billion, or 27 million shares, at an average price of roughly $47. Robinhood lowered and tightened its 2026 adjusted operating expenses and share-based compensation outlook to $2.675-$2.775 billion from the prior range of $2.7-$2.825 billion. The revised forecast reflects efficiency gains that helped fund costs associated with Rothera and WonderFi. Since the earnings release, investors have witnessed a downward trend in fresh estimates. At this time, Robinhood Markets has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock has a score of F on the value side, putting it in the lowest quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Robinhood Markets has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Robinhood Markets is part of the Zacks Financial - Investment Bank industry. Over the past month, Interactive Brokers Group, Inc. (IBKR), a stock from the same industry, has gained 6.7%. The company reported its results for the quarter ended June 2026 more than a month ago. Interactive Brokers reported revenues of $1.88 billion in the last reported quarter, representing a year-over-year change of +27.2%. EPS of $0.69 for the same period compares with $0.51 a year ago. Interactive Brokers is expected to post earnings of $0.65 per share for the current quarter, representing a year-over-year change of +14%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Interactive Brokers. Also, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

BULL delivered a record $199M quarter after the PDT rule elimination but trades at 43x forward earnings, leaving just 1% upside to our $9.03 target. HOOD's $75B market cap and IBKR's 77% pretax margin expose how far BULL's $4B valuation and thinner profitability still trail its peers. PFOF rebates drove $113M of Q2 revenue, meaning any regulatory crackdown could reshape Webull's entire business model overnight. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. Webull just delivered its best quarter as a public company, and the debate now is whether the operating leverage on display justifies chasing the recent rally. My model says the market has already caught up. Our 24/7 Wall St. price target for Webull (NASDAQ: BULL) is $9.03 over the next 12 months, implying roughly 1% upside from $8.97. The recommendation is hold at a 90% confidence level. Webull is a fundamentally better business than it was a year ago, but the stock has already priced in most of the near-term good news. BULL is up 12.65% over the past week and 11.2% year to date, though shares are still down 42.13% over the past year and sit well below the $16.04 52-week high. Q2 revenue hit $198.83 million, up 51.21% year over year, with GAAP EPS of $0.04 versus a $0.025 estimate. CEO Anthony Denier called the June 4th elimination of the Pattern Day Trader Rule the "defining event for the quarter." DARTs hit a record 1.6 million, options volume reached 213 million contracts, and customer assets grew 79% to $28.5 billion. Adjusted operating margin reached 31.5%. New AI trading tools announced this week added fresh momentum to the shares. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. The bull case rests on durability. Management said August activity is "even stronger than July," suggesting PDT repeal is a durable, permanent step-change in engagement. Vega AI now has 480,000 active users, international funded accounts reached 810,000, and the pending Pi Securities acquisition in Thailand adds regional scale. Northland Securities reaffirmed a Buy rating in July, and the current analyst consensus target sits at $12.33 with 3 Buy ratings and zero Sells. Our own bull-case scenario projects $17.64 within 12 months if operating leverage continues to compound. Order flow rebates delivered $112.96 million in Q2, meaning any PFOF regulation reshapes the model overnight. Contra revenue also jumped to $12.4 million from $5.1 million, and government inquiries into China connections remain unresolved. Bulls will argue the higher promotional spend is deliberate investment in international growth that is already showing returns. Our bear scenario lands at $7.54. Robinhood (NASDAQ: HOOD) is the closest direct competitor for active US retail traders. HOOD posted Q2 EPS of $0.62 on $1.31 billion of revenue and carries a $75.3 billion market cap. Webull's $4.02 billion valuation looks modest by contrast, but HOOD is meaningfully more profitable per dollar of revenue, which makes BULL's forward P/E of 43x look full. Interactive Brokers (NASDAQ: IBKR) is the profitability benchmark. IBKR runs a 77% pretax margin with 5.19 million customer accounts and $930.3 billion in customer equity. Webull's $28.5 billion in customer assets is a fraction of that. On this peer set, our $9.03 target looks reasonable. Our 24/7 Wall St. price target is $9.03 with a hold rating and 90% confidence. The scale-tipper is valuation: forward P/E above 40 already reflects a lot of PDT-driven optimism. A pullback toward the $7.20 50-day moving average, or a Q3 print confirming sustained DART strength, would strengthen the bull case. Escalating PFOF regulation or continued climb in contra revenue would weaken it. These projections assume Webull executes on international expansion and defends US market share. A five-year bull case reaches $42.90 if operating leverage compounds; a bear case bottoms near $7.57 if PFOF economics erode. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

BULL surged 13% after Q2 revenue jumped 51% to $199M and adjusted operating profit soared 169%, driven by the June PDT rule elimination. HOOD ticked up just 2% on a peer read-through while flat IAI confirms today's move is entirely specific to Webull's earnings, not a sector rally. Webull's registered-user growth hit a three-year low of 13%, meaning the record quarter rested on existing customers trading more, not new account arrivals. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. Webull (NASDAQ:BULL) stock is up 13% to $9.76 in early Thursday trading after the online broker posted its strongest quarter as a public company. Meanwhile, Robinhood Markets (NASDAQ:HOOD) stock practically unchanged at $95.34. For the broader sector context, the iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSEARCA:IAI) shares are flat/unchanged at around $190. That flat sector print on the IAI ETF matters for framing. IAI is a narrow, unleveraged industry fund concentrated in brokerages and exchanges, so an unchanged tape alongside a 13% move in Webull stock frames today as a single-company earnings reaction rather than a group rally. The tension worth surfacing sits underneath the Webull print. Webull's revenue and customer assets surged, yet registered-user growth was the slowest in at least three years, meaning the quarter was carried by existing customers trading far more rather than by new customers arriving on the platform. That distinction matters for how durable today's rally proves to be. [stock_chart symbol="BULL"] Webull reported Q2 2026 revenue of $198.8 million, up 51% year over year and above the $165.71 million consensus. Adjusted operating profit at Webull set a company record at $62.6 million, up 169%. Also, Webull's adjusted EPS of $0.05 topped the $0.04 estimate. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. Customer assets at Webull climbed to $28.5 billion, up 79%, and daily average revenue trades hit a record 1.64 million. Equity notional volume reached $279 billion, taking the firm to a top-five position among all retail brokers in options for the first time in its history. Moreiver, options contract volume totaled 213 million contracts. The catalyst behind the volume was the June 4, 2026 elimination of the Pattern Day Trader rule, which removed the $25,000 minimum account balance requirement for frequent margin day trading. Webull's average account size sits just below $5,000, so a large share of the customer base had been directly constrained by the old rule. Webull CEO Anthony Denier called the change the "defining event for the quarter" and told listeners on the call that "removal of PDT is the standard going forward. It will not revert or volumes will not revert to pre PDT levels." Northland Securities analyst Michael Grondahl maintained a Buy rating on Webull stock and raised his price target to $15 from $14. Through Wednesday's close, Webull stock was up 11% year to date, while Robinhood stock was down 15%. The IAI ETF was up 7% over the same stretch, in line with a steady grind higher in brokerages and exchanges. The performance gap widens further today. Robinhood stock is barely moving because the company has no earnings catalyst of its own on the tape, and both platforms cater to active traders while both stand to benefit from the PDT change over time. Only Webull is delivering a printed quarter into this session, and that is what the tape is rewarding. A nearly unchanged $190 print on the IAI ETF reinforces the point about scope. A narrow, unleveraged sector fund concentrated in brokerages and exchanges would move if the tape were repricing the broader group, and it isn't. The move is entirely idiosyncratic to Webull's Q2 results. Registered users at Webull grew to 28.2 million, up 13%, the slowest pace in at least three years. Webull's funded accounts came in at 5.13 million, up 8% year over year, meaning the quarter rested on existing customers trading far more rather than a wave of new brokerage relationships arriving on the platform. Volume per existing customer is the most cyclical input a brokerage has, and position sizing in Webull stock should reflect that dependence. If PDT-driven activity normalizes as markets quiet down, the same operating leverage that produced Webull's record adjusted operating profit will work in reverse. Moderate sizing in Webull stock preserves room to add on any pullback if Q3 volumes confirm the trend Denier described. On the call, Denier stated August was trending along June levels and was "looking even stronger than July", which sets a high bar for the Q3 comparison at Webull. Traders can watch for whether the 13% gain in Webull stock holds through the afternoon and that additional sell-side notes follow Northland's target increase. Shareholders may want to keep an eye on whether that sustained August activity translates into a Q3 revenue print that clears the bar Q2 just set. The next scheduled catalyst at Webull will be that Q3 report. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Webull didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

Webull (NASDAQ:BULL), a digital brokerage and retail investing platform, closed at $8.85, up 2.43%. Thursday's gain followed stronger-than-expected Q2 results and fresh product news, while investors are watching trading activity and third-quarter trends. Trading volume reached 50.0M shares, coming in about 301% above its three-month average of 12.5M shares. Webull IPO'd in 2025 and has fallen 33% since going public. The S&P 500 (SNPINDEX:^GSPC) fell 0.85% to 7,642, and the Nasdaq Composite (NASDAQINDEX:^IXIC) declined 1.00% to 26,067. Among online brokerage and digital investment platform rivals, Robinhood Markets (NASDAQ:HOOD) closed at $95.10, down 0.70%, while Interactive Brokers Group (NASDAQ:IBKR) finished at $89.85, down 0.76%. Wall Street's muted response to Webull's Q2 results probably sells how excellent the quarter was a bit short. Webull: grew sales by 51% increased trading-related revenue by 67% saw adjusted operating expenses rise only 26% nearly tripled its adjusted operating profit soared past analysts' expectations grew customer AUM by 79% saw registered users rise 13% It was a record-setting event across most metrics for Webull as it carves out a niche in the digital brokerage market, offering institutional-grade capabilities at a cheap price -- often free. Trading at 37x forward earnings, the company's blistering growth isn't outrageously priced, but BULL stock is likely to remain volatile during this hypergrowth phase, as profitability continues to rise. I'll keep Webull on my radar as I try to determine whether it has any moat against its main competitors. Before you buy stock in Webull, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Webull wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 20, 2026. Josh Kohn-Lindquist has positions in Robinhood Markets. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group and short January 2027 $46.25 calls on Interactive Brokers Group. The Motley Fool has a disclosure policy. Stock Market Today, Aug. 20: Webull Initially Surges 14%, Ends 2% Higher After Record Q2 Revenue and Earnings Beat was originally published by The Motley Fool

The Dow Jones Industrial Average (DJINDICES:^DJI) fell 1.32% to 52,759, the S&P 500 (SNPINDEX:^GSPC) declined 0.85% to 7,642, and the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 1.00% to 26,067 as rising oil prices and retail earnings pressure snapped Wednesday's relief rally. Retail giant Walmart (NASDAQ: WMT) weighed on the market following a profit report that dampened consumer sentiment, while TJX Companies (NYSE:TJX) fell roughly 3% after reporting a rare miss in its largest business segment. Robinhood Markets (NASDAQ:HOOD) reversed its earlier gains to close lower despite positive sentiment from a White House crypto summit, while Lumentum Holdings (NASDAQ:LITE) shares rose as leadership highlighted surging demand for AI infrastructure components. Walmart shares helped lead the market lower after it reported earnings, with its stock sliding 9%. WMT stock is in the Dow, S&P 500, and Nasdaq-100, so its slide weighed heavily on the broader market today. That said, the company beat analysts' expectations, but same-store sales of 2.6% and its 2026 guidance were weaker than hoped. Furthermore, management noted that $4 gas prices seem to be having a psychological effect on consumers' spending habits. Meanwhile, apparel retailer TJX offered guidance that surpassed Wall Street's expectations -- and the company beat sales and earnings expectations for the quarter -- but the stock retreated 3% anyways. With the U.S. national debt passing $40 trillion yesterday, relations with Iran still tumultuous at best, and bond yields still rising despite the Treasury's plan for a bond buyback, the market has become a bit more iffy than it has been recently. That said, two-thirds of the stocks in the S&P 500 are positive so far in 2026, so it is important to zoom out a bit and realize we are not in a perilous situation just yet. Before you buy stock in Invesco QQQ Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Invesco QQQ Trust wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 20, 2026. Josh Kohn-Lindquist has positions in Robinhood Markets. The Motley Fool has positions in and recommends Lumentum and TJX Companies. The Motley Fool has a disclosure policy. Stock Market Today, Aug. 20: Stocks Slide on Weak Retail Earnings, Rising Bond Yields was originally published by The Motley Fool

Webull rallies 7% into Q2 earnings as analysts project 16% revenue growth, while Vlad Tenev drives Robinhood 7% higher lobbying for tokenized stock approval. Coinbase surges 11% on Bitcoin's rally but remains down 35% YTD, pulling ARKF up just 4% in a bounce rather than a trend reversal. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Robinhood didn't make the cut. Grab the names FREE today. Retail brokerage stocks are rallying midday Wednesday as Bitcoin (CRYPTO:BTC) surges and two separate company stories converge on the same crypto catalyst. Webull (NASDAQ:BULL) shares are up 7% to $8.49 ahead of the company's Q2 2026 earnings report after the close, while Robinhood Markets (NASDAQ:HOOD) shares are climbing 7% to $98.45 as CEO Vlad Tenev pushes U.S. regulators to approve tokenized stocks. Coinbase (NASDAQ:COIN) shares are up 11% to $163.32, extending a sharp bounce for the largest U.S. crypto exchange. Bitcoin is trading around $68,500, up 6% over the past 24 hours. The action reads as a bounce inside a down year rather than a trend change. Robinhood Markets stock was down 19% year to date (YTD) through Tuesday's close, and Coinbase stock is down 35% YTD. Webull will report Q2 2026 results on August 19 after the close. Three analysts project average revenue of $182.83 million for the quarter, up from $156.94 million a year earlier. The consensus EPS estimate sits at $0.03, below the $0.06 Webull posted a year earlier. The setup follows a strong Q1 2026 print. Webull reported Q1 revenue of $159.9 million, up 36% year over year (YoY), with customer assets of $24 billion (up 90%) and equity notional volume of $261 billion. Elimination of the Pattern Day Trader rule took effect June 4, and Webull's average account size sits just below $5,000, so a large share of its customers were directly affected by the old rule. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Robinhood didn't make the cut. Grab the names FREE today. U.S. CEO Anthony Denier told analysts in May he expected the change to lift transaction activity by at least 20% over time, saying, "This is not going to happen on day one on June 4, but I believe this will happen over time." Of the four analysts covering Webull, three rate the stock Strong Buy and one rates it Hold, with an average price target of $12.33. Robinhood Markets CEO Vlad Tenev argued in a post on X that the United States risks ceding next-generation financial market infrastructure to overseas competitors. Tenev called tokenization "the best path to modernizing the American financial system and expanding the dream of ownership to all." He added, "It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind." Robinhood Markets has made tokenized U.S. stocks available in more than 120 countries and has tokenized more than 190 U.S. stocks, backed 1:1 by underlying shares. Holders do not directly own those underlying shares, a distinction that has given U.S. regulators pause. Robinhood Chain, the permissionless Ethereum-compatible Layer 2 launched in July, became the fastest Ethereum Virtual Machine chain to reach 100 million transactions. The Kobeissi Letter said total trading volume in on-chain tokenized equities reached $9 billion in 2026, a record representing growth of more than 207% quarter over quarter and more than 800% YTD. Coinbase shares are up 11% to $163.32 as Bitcoin rallies, with no company-specific catalyst identified today beyond the broader crypto rally and a friendlier regulatory backdrop. Per Investor's Business Daily, the Senate has set a date for a vote on the CLARITY Act, the SEC has proposed new rules for crypto offerings, and the White House is preparing to host a crypto summit. Even with today's rip, Coinbase stock remains one of the weaker fintech names in 2026, reflecting soft spot volumes and a Q2 miss earlier this summer. The bounce narrative depends on Bitcoin holding its gains. The ARK Fintech Innovation ETF (NYSEARCA:ARKF) is up 4% to $44.2, tracking the fintech and crypto-linked names inside the portfolio. ARKF is an actively managed thematic fund with meaningful exposure to crypto and blockchain issuers alongside Robinhood Markets and Coinbase, which sit at 4.5% and 5.8% of net assets, respectively. ARKF shares were down 11% YTD through Tuesday's close. Actively managed thematic funds carry single-manager risk and holdings-concentration risk, so position sizing matters when the group swings hard in either direction. The Webull earnings report after the close is the next real data point, with the conference call likely to focus on PDT-driven volume, AI product traction, and international expansion. Investors can stay tuned for management's read on July and August activity, since Webull now publishes monthly operating metrics. The tokenization push from Robinhood Markets sets up the next regulatory beat, with the CLARITY Act vote as the near-term marker. Traders may want to keep an eye on whether Coinbase and Bitcoin hold their gains into Thursday, because a fade in crypto prices would pull the fintech complex back down quickly. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Robinhood didn't make the cut. Grab the names FREE today. Contact [email protected] for any questions or corrections.

Interested in Webull Corporation? Here are five stocks we like better. Record Q2 performance: Webull’s revenue rose 51% year over year to $198.8 million, while adjusted operating profit surged 169% to $62.6 million as expenses grew more slowly than revenue. PDT rule boosts trading: The June elimination of the Pattern Day Trader rule helped drive a 62% increase in DARTs, a 73% rise in equity trading volume and a 68% increase in options volume. Webull said elevated activity continued into July and August. Expansion beyond core brokerage: Customer assets climbed 79% to $28.5 billion, while Webull continued international expansion and development of AI, prediction-market and crypto offerings; prediction-markets revenue grew 71% sequentially to roughly $5 million-$6 million. Robinhood, SoFi, and Webull Are Telling Very Different Stories Webull (NASDAQ:BULL) reported record second-quarter results for 2026, with revenue rising 51% year over year to $198.8 million as higher trading activity and customer asset growth lifted both transaction- and interest-related income. Group President and U.S. CEO Anthony Denier said the elimination of the Pattern Day Trader, or PDT, rule on June 4 was the company’s defining event during the quarter. He said Webull’s technology allowed qualified customers to make unlimited day trades under its zero-commission model after the rule change took effect. → Looking Beyond CrowdStrike? 3 AI Security Stocks Stand Out The PDT Rule Is On Its Way Out: 5 Stocks That Stand to Benefit the Most “Executing on this rule change was our defining event for the quarter and contributed to a significant increase in trading volumes and record quarterly results,” Denier said. Webull reported trading-related revenue of $147.7 million, up 66% from a year earlier and 33% sequentially. Daily average revenue trades, or DARTs, increased 62% year over year to 1.64 million. → 3 Robotics Stocks Under $10: Value, Momentum, or Bet? Equity notional trading volume reached $279 billion, up 73% from the prior-year period, while options volume rose 68% to 213 million contracts. Options volume increased 34% sequentially. Denier said the activity helped Webull reach a top-five position among retail brokers in options trading for the first time. The company said the PDT rule’s removal has changed customer behavior, with traders making a greater number of smaller trades rather than conserving a limited number of day trades. Denier said the higher number of trades within overall volume has supported payment-for-order-flow economics. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Webull’s July operating figures showed options activity remained steady after the June change, according to Denier, while August trading activity was tracking above July levels. He said the company does not expect trading volumes to return to levels seen before the PDT rule was eliminated. Customer assets rose 79% year over year to $28.5 billion. Net customer deposits totaled $1.6 billion, up more than 7% year over year. Funded accounts reached 5.13 million, an 8% increase from a year earlier. Registered users increased 13% to 28.2 million. Quarterly retention was 97.3%. Group CFO H.C. Wang said adjusted operating expenses increased 26% year over year to $136.2 million, a slower rate than revenue growth. Expenses declined 6% from the first quarter, primarily because marketing costs normalized. Adjusted operating profit rose 169% year over year to $62.6 million, producing an adjusted operating margin of roughly 31%. Adjusted net income was $43.2 million, for a 21.7% net profit margin. Interest-related income increased 18% to $42.8 million, supported by higher assets under management, margin loan balances and client cash balances. Wang described interest income as a durable complement to the company’s trading revenue. Marketing expenses in the first half continued to include amortization related to asset-match promotions launched during 2025, Wang said. The company reduced the scale of those promotions beginning in the first quarter, including lowering a 3.5% IRA asset-match offer to 1% and ending some promotions in certain markets. For the remainder of 2026, Wang said Webull expects marketing spending to remain broadly between first-quarter and second-quarter levels, absent major market changes. Denier said current priorities include U.S. brand building, attracting higher-quality accounts and supporting international growth. Webull said it is licensed in 35 markets and has trading operations in 18 markets after launching in Spain, Argentina and Colombia during the second quarter. International funded accounts totaled about 810,000, while customer assets in Asia-Pacific exceeded $5 billion. The company recently announced an acquisition of Pi Securities in Thailand, expected to close at the end of August. Denier said the transaction is expected to expand Webull’s Asia-Pacific assets under management and provide access to active trading accounts in Thailand. Wang said Webull views its Asian operations collectively, citing cross-market opportunities including institutional clients and high-net-worth customers who may seek offshore accounts. Institutional assets under management exceeded $1.4 billion, or about 5% of total assets under management, with most institutional clients located outside the United States. In the U.S., Webull received a clearing license from FINRA in April but said it is not currently clearing trades and does not expect to begin doing so for some time. The company has expanded its institutional offering to include futures and prediction markets, and announced a partnership with Monark Markets to provide accredited investors access to late-stage private companies through special purpose vehicles. Webull continued to build AI-enabled products during the quarter. Its Vega AI intelligence system added about 160,000 users, bringing active Vega users to 480,000. Engagement among active traders rose about 23% sequentially, Denier said. The company also connected its MCP server with leading AI models, allowing users to use natural-language prompts for research, tool-building and trade execution through the Webull platform. Denier said the current focus is on portfolio construction, research and trade analysis, with additional execution-oriented AI features expected later in the year. Crypto revenue was about $2.25 million during the quarter, representing just over 1% of total revenue, according to Denier. He said Webull was in the process of gradually rolling out crypto deposit and withdrawal capabilities. Denier also said prediction-markets revenue was approximately $5 million to $6 million in the quarter and that the business grew 71% sequentially. Webull Financial LLC is a commission-free online brokerage platform that provides individual investors with access to U.S. equities, exchange-traded funds (ETFs), options, and cryptocurrencies. Through its mobile and desktop applications, the company offers real-time market data, advanced charting tools, customizable watchlists, and streamlined order execution. Webull’s platform is designed to support both self-directed traders and investors seeking an intuitive interface coupled with professional-grade analytics. In addition to its core trading services, Webull delivers educational resources and research tools to help users make informed decisions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Webull Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Interested in Mercury Systems Inc? Here are five stocks we like better. Record bookings and backlog drove Mercury Systems’ fiscal 2026 performance: fourth-quarter bookings surged 93.1% to $660 million, backlog rose 38.4% to more than $1.9 billion, and revenue reached nearly $290 million. Full-year revenue increased 7.9% to $984 million, while adjusted EBITDA climbed 25.7% to $150 million. However, fourth-quarter adjusted EPS and free cash flow declined, and the company still posted a $30 million GAAP loss for the year. Mercury expects fiscal 2027 revenue to approach $1.1 billion and adjusted EBITDA to near $200 million, supported by production growth and supply-chain improvements. Management also outlined potential additional defense demand, though much of it is not yet included in its outlook. Why Are Insiders Are Dumping Shares of Robinhood, Stryker, and Mercury Systems? Mercury Systems (NASDAQ:MRCY) reported record fourth-quarter bookings, backlog and revenue for fiscal 2026, as the defense technology company cited broad demand across its portfolio and raised its long-term organic-growth target. Chairman and Chief Executive Officer Bill Ballhaus said fourth-quarter bookings reached $660 million, up 93.1% from a year earlier, producing a book-to-bill ratio of 2.3. The quarter included the company’s largest-ever bookings for its Common Processing Architecture, or CPA, products, along with production awards in effectors, airborne applications, space and missile defense. → AMG’s Alternatives Boom Powers Record Growth Mercury Systems Up 27%: Financials Send Investors a Clear Signal Fiscal-year bookings totaled $1.5 billion, an increase of 49.8% year over year, while total backlog rose 38.4% to more than $1.9 billion. Mercury’s next-12-month backlog reached $1 billion, which Ballhaus said provides greater visibility entering fiscal 2027 and into fiscal 2028. Fourth-quarter revenue was a record nearly $290 million, representing organic growth of 6.1% from the prior-year quarter. Adjusted EBITDA was $49 million, or 16.7% of revenue, compared with $51 million, or 18.8% of revenue, a year earlier. Free cash flow was $29 million, down from $34 million in the prior-year period. → Microsoft's Maia 300 Chip Targets NVIDIA's AI Dominance Analysts Went All In On These Computer Stocks, Save Your Spot GAAP net income for the fourth quarter was about $1 million, or $0.01 per share, compared with $16 million, or $0.27 per share, in the same quarter last year. Adjusted earnings per share were $0.37, down from $0.47. For the full fiscal year, revenue increased 7.9% to $984 million. Gross margin improved 70 basis points to 28.6%, while adjusted EBITDA rose 25.7% to $150 million. Full-year adjusted EBITDA margin expanded 217 basis points to 15.3%. → The Metals Company’s Big Bet Now Comes Down to a License Mercury reported a GAAP net loss of about $30 million, or $0.50 per share, for fiscal 2026, improving from a loss of $38 million, or $0.65 per share, in fiscal 2025. Adjusted earnings per share rose to $1.06 from $0.64. Free cash flow was $68 million, compared with $119 million in the previous fiscal year. Executive Vice President and CFO David Farnsworth said full-year gross-margin improvement was driven primarily by lower manufacturing adjustments and reduced net estimate-at-completion, or EAC, change impacts. Operating expenses rose 2.5% during the year, though they declined by 150 basis points as a percentage of revenue. Ballhaus said Mercury is seeing increased volume on existing production programs and a transition of development programs into production. Domestic revenue, which accounted for about 85.8% of fiscal 2026 revenue, grew organically by 13% year over year. The company said its overtime revenue rose 23.6% in the fourth quarter, reaching its highest level in 15 quarters. Ballhaus attributed the improvement largely to material receipts and said the company has made progress aligning its supply chain with increased production demand. Mercury also recently announced a strategic agreement with Palantir to use AI software in material planning and factory operations. Ballhaus said the Department of Defense-sponsored initiative is intended to accelerate deliveries to warfighters and could potentially support revenue growth, margin expansion and cash-flow improvement. However, he said the company is still early in the initiative and has not incorporated benefits from the agreement into its outlook. International sales declined about 15% during the year, according to management. Ballhaus said Mercury had outsourced manufacturing in its international business to a contract manufacturer and experienced slower deliveries while that operation ramped. He characterized the slowdown as temporary and said the company expects the issues to be resolved over the next several quarters. For fiscal 2027, Mercury expects revenue growth approaching double digits, with total revenue approaching $1.1 billion. The company expects first-quarter revenue to be its lowest of the year but to rise by high single digits year over year, followed by revenue growth through the rest of the fiscal year. Mercury expects full-year adjusted EBITDA to approach $200 million, representing nearly 30% year-over-year growth, with adjusted EBITDA margin in the high teens. Management expects margin to increase through the year, as lower-margin legacy backlog is converted and newer bookings move through production. The company expects fiscal 2027 free-cash-flow conversion to approach 35%, below its 50% target, as it makes targeted investments in inventory, automation and factory optimization. Mercury expects first-quarter cash flow to be a larger outflow than normal because of material purchases intended to support anticipated growth. Free cash flow is expected to be higher in the second half than in the first half. Mercury ended the fourth quarter with $214 million in cash and cash equivalents and $227 million in net debt, down 19.5% from a year earlier. The company made a $150 million payment on its revolving credit facility during the fiscal year. Net working capital declined $18 million year over year to about $431 million. For fiscal 2028, Mercury provided reference points rather than formal guidance: low-double-digit organic revenue growth, adjusted EBITDA margin at the low end of its low-to-mid-20% target range, and free-cash-flow conversion returning toward its 50% target. Ballhaus said the company’s outlook includes only a limited amount of defense-market tailwinds that have become firm bookings. Potential increases in demand across CPA, effectors, airborne applications, space, missile defense and munitions have not been included in the outlook, he said. Mercury Systems, Inc (NASDAQ: MRCY) is a technology company that designs, manufactures and markets secure processing subsystems for aerospace and defense applications. The company's products are built to address the stringent security, safety and reliability requirements of mission-critical programs, with a focus on radar, electronic warfare, intelligence and other sensor and processing functions. Mercury's offerings encompass rugged embedded computing modules, high-performance radio frequency (RF) and microwave components, digital signal processing subsystems and secure networking solutions. Since its origins in advanced signal processing, Mercury Systems has expanded its capabilities through a combination of internal development and targeted acquisitions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Mercury Systems Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Robinhood Markets (NASDAQ: HOOD) stock has fallen about 12% over the past year, even as the company continues to grow revenue and earnings at high rates. The second-quarter earnings results revealed one important signal for investors: Robinhood is moving away from its dependency on crypto-based trading toward a more diversified financial services platform. The implications could be significant for patient shareholders. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Revenue grew 32% year over year in the quarter, reaching a record $1.3 billion. It also posted a 48% year-over-year increase in earnings, with a healthy adjusted operating profit margin of 57%. Management is investing efficiently in new products, as evidenced by robust earnings growth despite a 33% year-over-year increase in operating expenses. Robinhood has long been seen as a trading app, and volatility in financial markets can negatively impact transaction-based revenue. Crypto trading volume fell 38% year over year to $100 million in the quarter, reflecting the recent decline in top cryptocurrencies. Despite lower crypto volume, Robinhood's transaction-based revenue still rose 44%, driven by increases in equities, options, and event contracts. Notably, other revenues grew 54% year over year to $143 million, driven by Trump Account service revenue and a 17% increase in Robinhood Gold subscribers, which hit a record 4.84 million. Management disclosed there are now 13 separate business lines generating at least $100 million in annualized revenue. This is up from 11 in the fourth quarter of 2025, with recent additions including the Robinhood Legend trading application and the credit card business. Expanding beyond trading products has been Robinhood's goal all along. Roughly $84 trillion in wealth is expected to be transferred to heirs over the next 20 years, according to Cerruli Associates. Robinhood is expanding to new products to become a full-service money management business to capture its share of that opportunity. The business rationale is simple: The more assets on the platform, the more revenue it can earn over the long term. Net deposits grew 28% year over year to $22 billion, with total platform assets reaching $369 billion. Banking deposits have already exceeded $3 billion since the service's initial rollout in the second half of 2025. Retirement assets also grew 82% year over year to over $34 billion in the quarter. These are customers who are clearly not just interested in trading crypto but in making Robinhood the permanent base for their savings. Robinhood has been labeled a high-growth trading platform, and the success of its new event contracts business fuels that narrative. But the steady growth in deposits, banking, and retirement assets shows Robinhood is more than just a trading app. Much of the company's recent expansion is reflected in the stock price, which trades at an expensive 38 times forward earnings estimates, indicating high growth expectations. But the momentum it is seeing as it expands its revenue streams seems to at least justify that premium valuation. Before you buy stock in Robinhood Markets, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Robinhood Markets wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. John Ballard has positions in Robinhood Markets. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Robinhood Now Has 13 Separate Business Lines Above $100 Million in Annualized Revenue. Here's Why Crypto No Longer Decides the Quarter. was originally published by The Motley Fool

Image source: The Motley Fool. Wednesday, July 29, 2026 at 5:00 p.m. ET Chairman and Chief Executive Officer - Vladimir Tenev Chief Financial Officer - Shiv Kumar Verma Vice President of Corporate Finance and Investor Relations - Chris Koegel Need a quote from a Motley Fool analyst? Email [email protected] Chris Koegel: Thank you to everyone for joining Robinhood's Q2 26 earnings call. Whether you are tuning into the livestream or here with us in person. With us today are chairman and CEO, Vladimir Tenev. CFO, Shiv Kumar Verma and VP of Corporate Finance and Investor Relations, Chris Koegel. Vladimir and Shiv will offer opening remarks and then open the call to Q&A. During the q and a portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood, and both institutional and retail shareholders. As a reminder, today's call will contain forward looking statements. Actual results could differ materially from our current expectations and we may not provide updates unless legally required. Potential risk factors that could cause differences. Including regulatory developments that we continue to monitor, are described in the press release we issued today the earnings presentation, and our SEC filings. All of which can be found at investors.robinhood.com. Today's discussion will also include non GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vladimir and Shiv. Vladimir Tenev: Wow. Thank you, guys, for joining. Thanks for the warm welcome, and it is awesome to see a packed house in here. We are back again at NASDAQ Mhmm. In New York City. Taking a big bite out of the big apple with Shiv here and Chris. Largest audience yet for an earnings event. I remember Shiv last year, it was when we did the first event with analysts in person. And we were worried, would anyone come? And not too many people did, but the people that did had a lot of fun and now I am glad to see the word has spread. So it is really great to see shareholders, analysts, buy side and sell side, content creators in the audience here. it is been about 5 years actually, I think exactly 5 years since we rang the bell at the NASDAQ And in that time, we have really accomplished significant growth. And we have delivered for our customers. In that time period, since IPO, total platform assets have quadrupled and adjusted EBITDA has more than 8x. But 1 thing has not changed. Why we exist. Robinhood exists to make everyone an owner. And I think that is a unique vision. I do not think a lot of companies are going after us. it is a powerful vision. Not just for each individual customer, but I think also for society at large. I think that a society without ownership broadly distributed, is very fragile. And we think broad ownership is essential to free, stable and prosperous. Society. Because when more people have a stake in the outcome, more skin in the game, They are literally invested in the outcome, and we want more people to be invested in the companies of our great country. And I think we have just scratched the surface for what we can do there. To achieve our aspirations of making everyone an owner, we are focused on 3 things. Number 1, being number 1 in active traders. Which will allow customers to own any tradable asset. Number 2 is being the leader in wallet for the next generation, bringing ownership to the entire family. So the whole family and really lifelong ownership. And then number 3, building the leading global financial ecosystem. Which is really about expanding the ownership that we have been able to contribute to in The US worldwide. Billions of people around the world could benefit. So in Q2, our continued product velocity across these 3 arcs led to a bunch of records. On the active trader front, core business is humming. Which drove market share gains and record volumes across not just equities, but also options and prediction markets. In the quarter. Also, I have to highlight, Rothera started supporting Robinhood prediction markets and has rapidly become a top 3 DCM, so top 3 designated contract market in The US. We also launched the first version of AgenTic trading, which allows customers to build AI agents to trade equities options in crypto and to have access to Robinhood tools and features. We are very excited about that. So looking at wallet share, Trump accounts have officially launched. Which a historic step towards enabling broad financial ownership from birth. We are honored to serve as broker and sole initial trustee. Helping millions of American children become owners of our great economy from day 1. We also crossed an exciting milestone for the Robinhood Gold Card. 1 million cardholders. Yeah. that is a number we are very excited about. And actually, the Gold Card is now driving over 17 billion in annualized purchase volume. So it is being heavily used. I think a lot of people in this room maybe have them. Plus 3 billion. We broke 3 billion in banking deposits since we began rolling out just last November. And all this put together contributed to record net deposits Customers are continuing to trust us with more and more of their assets. Which in turn helped drive total platform assets to record levels in the quarter as well. Finally, global financial ecosystem, we closed our acquisition of WonderFi in Canada. We received our capital market services license in Singapore. And at our crypto and international event the world is flat. We introduced a suite of products including Robinhood Chain, which is the first chain purpose built for real world assets. And we have been seeing a lot of great initial traction on all these products, but in particular, the chain. We saw over 12 billion in DEX volume. Over 12 billion in trading volume on decentralized exchanges after launch. Which made it 1 of the largest chains by transaction over the past week. It was also the fastest chain to get to 100 million transactions we are well north of 150 million transactions at this point. Which is very, very cool. Also, customers of the deposited over $200 million into Robinhood Earn. So remember, Robinhood Earn is our stable coin lending product that is powered by Robinhood Chain and our stable coin USDG. So now it allows customers to earn 7% APY, which is a competitive rate. So $200 million so far and it is just been a few weeks. Stock tokens. Which I am perhaps the most excited about. We are very excited about bringing ownership of real world assets to everyone in the world. Stock tokens are available in more than 120 countries. Which allow many people around the globe to experience the idea of ownership. Tokenization makes it possible to expand exposure to high quality assets like U. S. Stocks to every single person with an Internet connection. So if you have a smartphone, you have an Internet connection, you can connect to our blockchain. You can get exposure to US stocks. And that is very exciting. Overall, we are now serving over 1 million accounts outside The U. S. And very much at the beginning there. So continue product velocity across these 3 arcs led to record results in Q2. Record revenues, of 1.3 billion that is up 32% from last year. Record net deposits of 22 billion, which is a 28% annualized growth rate and record gold subscribers of 4.8 million, which is now 17% attach rate relative to our net funded accounts. Now, I will hand it over to Shiv to discuss our results in more detail. Shiv? Shiv Kumar Verma: All right. Well, thanks Vladimir. Before getting to the results, I wanted to share 3 big takeaways from the quarter. To start, the core business is going strong. Net deposits were a record 22 billion, a 28% growth rate. And we drove new records across equities, options, prediction markets, and margin. it is also great to see top of funnel growth picked up as we added nearly 1 million funded customers in the quarter. Second, this led to both record revenues, up 32% year over year, but also another quarter of strong profitability with 57% adjusted EBITDA margins. So we are continuing to drive strong top line growth and profitability at scale. And lastly, we are dialed in on expenses. So we are lowering and tightening our outlook, even as our core businesses grew to new highs, and we layered on new products. So let's review our Q2 results compared to a year ago. As we said before, revenues grew 32% to a record 1.3 billion and this was driven by strong growth across the business. So transaction volumes increased to record level across the majority of our asset classes. And we drove market share to new highs. Interest earning assets also grew we had records across margin, our credit card book, also Robinhood Banking. And finally, other revenues were up as gold subscribers reached an all time high of 4.8 million and we started jeopardating revenues for our work on the Trump accounts. And while product velocity continues to increase, revenues continue to grow to new highs, we also stay disciplined on cost. So adjusted OpEx in SBC was $641 million as we managed expenses well below our prior outlook range all while including costs related to 2 new businesses, Rethera and Wonderfy, that were not included in our prior outlook. As we look to the rest of the year, while we are adding costs related to Rothera and Wonderfy, we also continue to get even more efficient in how we operate. And this is allowing us to both self fund Rothera and Wonderfy costs but also remove additional costs from the system. So we are lowering and tightening our 2026 outlook for adjusted OpEx and SBC to a range of 2.675 billion to 2.775 billion We believe it is a competitive advantage to not only be a growth company that can invest for the long term, but also leverage our lean and disciplined operating model to self fund a meaningful amount of these new investments. So you take it all together, the strong top line growth and expense discipline we drove in Q2, it flowed to the bottom line. So adjusted EBITDA was $741 million up 35% year over year. and a 57% margin. And earnings per share was 62 cents, up 48% year over year. So if we turn to capital allocation, there is a few top of mind. In June, we opportunistically raised $2.2 billion of capital to give us even more flexibility, to invest for future growth. We believe we have a massive opportunity ahead of us, and the capital gives us even more capacity to go after it. And we raise this capital to attractive terms for shareholders. With both the 0% coupon and no net dilution until our share price exceeds $300 And even while raising capital, we are prudently managing our share count. YTD, we have repurchased 7.5 million shares for $664 million And as we said before, denominator matters. So overall, we are really proud of the results we drove in Q2 and Q3 is also off to a good start. July average daily volumes compared to a record Q2 are in a similar area for equities, options and event contracts. And July net deposits are tracking towards the $4 billion area and this does not yet include deposits into the Trump accounts. So stepping back, we feel great about all the products we are shipping and the growth that we are driving. But we have also heard from some investors that it can be difficult to know which growth areas to focus on. So I wanted to share 3 areas that we think are important for measuring progress and success on our long term vision. First, net deposits. Customers continue to trust us with their hard earned deposits at over 20% growth rates. As we drive strong net deposit growth, assets compound, and this leads to strong business growth. Second, rule of 40. We are driving double digit revenue growth with strong adjusted EBITDA margins. A combination that has made us more than a rule of 80 company. The past few years. We think it is important to be both a growth company and a company that operates with strong margins. And all of this at our scale of over $5 billion of annual revenue which is quite rare. And third, $100 million ARR businesses. We are excited to share we are now up to 13 businesses that have reached this level, as we rapidly ship for customers, including 2 new more that we added just this quarter. Robinhood Legend and the credit card. As we build out a family of financial apps, we plan to add even more $100 million ARR businesses in the year to come. So if we keep making progress on these areas quarter after quarter, year after year, the financial results should follow, take care of themselves. And as we have shared before, our financial north star remains the same. Maximise earnings per share and free cash flow per share for shareholders over time. So before we move to Q&A, I am actually going to turn it back over to Vladimir to show us a few of these great products that we have recently built. Vladimir? Vladimir Tenev: Thanks, Shiv. I want to try something a little bit different, if I may. So a lot of a lot of you are probably familiar with our main app. But over the past few years, we have really expanded from a single trading app to a broader system. So what I wanted to do was just show you, give you a little tour of some of the other family of apps that we have built and we have really been improving upon. Very recently. So here they are. Our 4 our 4 apps. I will not show you the main 1, but why do not we start with this 1 here, Trump accounts? So again, this has been an incredible collaboration between Treasury and National Design Studio, Robinhood, teams and BNY. And I believe it is the best digital experience the government has ever delivered. Actually, Secretary Bazzano a couple of days ago said this was like the best launch product launch that the government has ever done. And I think that is high praise because I mean, NASA I think would be in that. Anyway, this is my kids' Trump account. So if you notice, can select your kid there. 1 of the things that I think we have done really well and maybe you will recognize some of the design language and inspiration from Robinhood, is showing the magic of compound interest that is front and center. So you not only see the account values today, but you can see what happens by age 18. And you can you can even simulate, okay, if I add, you know, $50 or you know, a $130 per month, what can we expect to happen with compounding to age 18? You can even see, you know, age 60 you extend it to retirement age. And what we really wanted to do was kinda illustrate how magical it is and get people thinking long term. You can scroll down here and you can actually get a feeling for the companies that are in the low cost ETFs. And then this is my favorite thing. Contribution flow. So we have this awesome illustration. And we make it super easy to contribute. So if you wanna do $5 my Robinhood checking account is linked, and you have the like, coin animation. That fills up your piggy bank. You can make it a recurring contribution. And actually, the level of the coins in the piggy bank is a nice little detail. Corresponds exactly to how close you are to your annual giving limit of $5 thousand. Can also share here. So this is a QR code. You can easily share with friends or put on a registry or have for birthdays. You can share this link at the bottom directly too. And folks can just contribute without even having an account through Apple Pay. I think is cool. Here's the educational content. And we try to make it easy to just go through and learn the basics about the stock market and investing. And that is the idea. there is there is plenty more coming. We think it can be the best charitable giving vehicle. So we are working hard on that. Michael Dell, as you guys know, gave a very large donation with his wife, Susan, and many others as well. Working to make it easy for employers to donate. So there is a $2.5 thousand tax free employer limit per year which Robinhood is participating in. And if you guys do not have it, I definitely recommend picking it up and getting it for your children or grandchildren. And you should expect that it just continues to get better and better. So that is the Trump accounts app. And, again, great collaboration between Treasury, National Design Studio, BNY and our team. Take a look at the banking app. that is the second 1 up here. We believe we are building the best digital banking experience the market. You can you can get a sense of, like, the premium art deco feel and we wanted to build a banking experience with no compromises. So usually, neo banks have sacrifices that you have to make from the experience being purely digital. But we want it to be a true private banking product. Of the things people love about it most is your APY. So we have now made it so that you can earn high APYs on both checking and savings. Just by setting up direct deposit and being a gold subscriber. So no minimums. And people really love not having to too hard and concentrate on moving their funds back and forth to make sure they are the bulk of their money is earning the highest yield. So we just we just give you 3.5% automatically on every account and customers love it. So far about 40% of customers are signed up for direct deposit. Which is a great attach rate. You can also see down here we have got the rewards menu. We have done a redesign to make it easier to get into. So 3% cash back. You can see You can upgrade to the gold card and we have all sorts of other reward redemptions. And then down here, that is the family tab. So you can add family members. This is really the first banking product where the family is the first class citizen. And then all of your transactions are down here. So really, think this is a key part of building a financial ecosystem for our customers. Customers direct deposit into banking, can spend with their credit card, cash back flows back into brokerage, which kick starts or turbocharges they are investing. We make it incredibly easy to do that. Also, just 1 note, not gonna show this but we just started rolling out the Platinum card and it is looking really good. I think we have gone through a lot of the feedback that we had on launch. And I encourage you guys maybe after earnings to check out the website because it is looking really good. All right. Let me show now the third 1, which is the Robinhood wallet. So as part of our announcements at The World is Flat, we launched Robinhood Chain Mainnet, And of course, a robust chain like Robinhood Chain Needs A Robust Wallet To Match. So Let Me Show You How Customers Are Using It. Now I will Do A Caveat. I will Show A Lot Of Features That Actually Are not Available In The US. So these are really just ex US products. So think of it that way. They are not available here, but people in over 120 countries outside can actually use them. So you will see right away similar design language to Robinhood. But everything is powered by crypto technology. 1 of the tabs we have on the bottom there is perpetual futures. And this chain the wallet itself is well integrated into Robinhood chain. So the chain is a first class citizen. Here through our partnership with Leiter, you can if you are an active trader outside The US, get leveraged exposure to not just crypto perps, but also commodity perps and single stock perps as well. And we make it easy to add funds, deposit, and withdraw, and place trades The other thing I am very excited about is stock tokens. So here, I will show you what they look like. This is NVIDIA. So if you are a customer outside The US, you can get exposure to NVIDIA through stock tokens. And they have certain advantages over traditional stocks even. They are tradable 24/7. Including Saturdays, and holidays. And you know, you can even send it on chain. You can see the address. You can receive just like you would any crypto. And this makes it really easy to expand ownership worldwide. All you need is an Internet connection and to be connected to the blockchain. And looking ahead, we are going to continue to push on this We are working on adding lots more stocks and really pushing on tokenization of other real world assets We have a lot of momentum here. So a lot to do. And there is plenty of other products in the pipeline. So we have our third annual Hood Summit in a couple months. The engines of creation live from Houston, Texas. So stay tuned for that. I think that will be very exciting. With that, Chris, unless you want me to show more apps, we can go to Q&A. Chris Koegel: Thank you very much, Vladimir and Shiv. For the Q and A session, we are gonna start by answering shareholder questions from Say Technologies. And after the Say questions, we will turn to live questions from our audience and then go to the dial in participants. So I am going kick it off with our first question from Say, who should be joining us live. Zach, are you joining us? Zach: Zach. I see him. But I do see a blinking cursor. Hello? Do you guys hear me? Oh, there you are. Hey, everyone. Happy to be here. Just wanted to know, what is the goal of Robinhood Social and when will it go live to the general public? Vladimir Tenev: Thanks for the question. I also noticed you are on Robinhood Social, if I am not mistaken. And there was some discussion on Robinhood Social about this question. So it is very full circle. Yeah, the goal with Robinhood Social is actually Robinhood up until now has largely been a tool to place the but the idea for the trade would typically come from outside. You would get the idea somewhere from, you know, the real world and then come and place trade. And so we asked ourselves, can we actually help customers learn from 1 another? Can we take advantage of the large community that we built? And can we make it so that we can help you with idea generation? And so far, we are seeing great early signs. And 1 of the advantages that we have compared to other social media platforms is since we have the trading data, we can make sure that everything is validated and when you say you have made a trade, it is actually real. And, you know, you can see that the customer actually has the portfolio that they claim they have. We are adding more and more features. The goal is to get it out to everyone by the end of the quarter. And what we are doing is we are just iterating and making sure everything like the feed ranking algorithm, all of the functionality in the posts are tuned before we make it available to everyone. But we like what we are seeing, so we feel pretty good about rolling it out before the end of the quarter. Thank you. Chris Koegel: All right. Thank you for your questions. Zach. Next question is coming from John. John: Hey, all. Hey, Shiv and Vladimir. Thanks for taking my question. Mine's on the Clarity Act, and I understand it is still moving through the Senate. So things could change. But could maybe if something similar were to pass, could you give an idea of what would be the most impactful aspects of that to Robinhood? And if there are delays, you know, any impacts as well? Vladimir Tenev: Yeah. Totally. I will field that 1. So I think the Clarity Act is very important because while the current administration has been great and really is the first crypto forward administration that is embracing the new technology. We want the foundation of the industry in The US to be durable. So we do not want the floor to be shifting out from under us every 4, 8 years and new rules to be put in place or so I think in order for the industry to really grow stability from regulatory stability is necessary. And that happens through legislation. We saw that with Genius, I think Clarity takes it 1 step further. And in particular, 1 of the things that we have been pushing hard on as you saw earlier, is tokenization. We have been investing in our tokenized offerings. We think that is gonna be a big industry. We are pushing that out of The US. You see some of the advantages already just in the past year from like v 1 of our tokenized products to v 2. it is now fully on chain. Now it is 24/7 trading. it is like you can send and receive fractionalization by default. So there is lots of advantages. And we think it would be a shame if The US did not get to benefit from all those advantages. So we are excited about that, all the aspects of it. And we think clarity helps take us 1 step further. But also, we are not standing still We are pushing hard on our on-chain and traditional centralized products. And we are making sure we continue to innovate overseas in some areas, but otherwise, you know, with Robinhood Earn and other on chain products in The US. So we think we will be good regardless, but of course, clarity is gonna be very, very important to making the most out of all of these products that we have been building. John: Cool. Thanks for taking my question. Chris Koegel: Alright. Thanks, John. And the last question from Say, comes from Joe. Joe: Can you give us an update on early traction with Trump accounts since the July launch? Specifically the number of accounts opened, assets flowing in, and how you are thinking about long term contributions to net deposits and assets under custody? Shiv Kumar Verma: Doctor. Yeah, great question. Yeah, we have been very pleased with the progress thus far. So 7 million children have signed up. We have seen over 1.5 billion in or nearly 1.5 billion, I should say, is number of contributions into Trump accounts already. And, again, that is before a lot of the philanthropic contributions have started flowing in. So yeah, yeah, we think that this is gonna get to tens of millions and we are working aggressively to do that. And obviously, we believe will continue to grow very rapidly from here. Vladimir Tenev: And it will take continued hard work. I think the great thing about you know, programs that have success is people want a lot more things. They want them quickly and I think with our partners, we are working hard to deliver. So on Dexsoon, making it so that employers can fund the Trump accounts of their employees. Making a great philanthropic experience I think for folks that want to donate and to be philanthropic, there is actually poor options available right now. there is not great options. it is kind of there is no default option at least. You know, you have to evaluate charities. You have to figure out are they being wasteful with their fees. Is the money actually getting to where you want it to get to? And I think this can provide a default, great, low cost mechanism. So we are excited about that. And it is just the beginning. Chris Koegel: Alright. Thank you, Vladimir. And that concludes the SAG portion of our Q&A. So we are now gonna go to Q&A from our live audience. We ask that each person limit their questions to 1. And please raise your hand if you would like to ask a question. All right. Can we get mic to Dan Dolev? Dan Dolev: Hi. Dan Dolev at Mizuho. Congrats, Vladimir. Congrats, Shiv. Amazing quarter. I think what surprised us the most on the positive side was the amazing growth in the funded accounts. Maybe you could shed some light on what part of that is structural, what are you doing and maybe a quick update on the progress in Europe and, you know, how that is going. So very impressive there. Thank you. Shiv Kumar Verma: Yeah. I am happy to start with that 1, I would give you a little Thank you. So we said on the last quarter, we were making a concerted effort to top of funnel, and as you mentioned, really great to see the progress. The million funded customers the most we have added in the quarter, nearly 5 years since the IPO. There was a variety of different things. So it was not any 1 thing. Really strong macro market backdrop that definitely helped. We had a lot of new products that came out, banking credit card, for example, those contributed strong organic growth. We also had the SpaceX IPO, which helped. We had an acquisition in the quarter, which provided a couple hundred thousand accounts. We continue to grow overseas. And so what it is showing is just the power of the ecosystem or the financial apps that Vladimir was saying. In any given time, there may be a couple different vectors that are growing. And this quarter, we saw a lot of them hit at the same time. And we are gonna keep focusing on this. So whether it is through new products or marketing, it is going to be 1 of our top KPIs going forward. Vladimir Tenev: More to do. Sorry, Glenn. Oh, I just said there is more to do. Chris Koegel: So Alright. I think moving from the front row to the second row, Daniel Fannon. Daniel Fannon: Yeah. Thanks. So wanted to talk on prediction markets and how you are thinking about sustainability as we exit the World Cup and bridge to football season, just how you think about the long term durability of this kind of asset class and what you are seeing outside of maybe some of the sports stuff related to macro or bigger events. Vladimir Tenev: Yeah. Absolutely. I mean, I think that the great thing about prediction markets is there is events all the time. I mean, you mentioned football season that is coming up. there is also the midterms, which I think are extremely important. I mean, they are gonna be a topic of discussion and of course, customers are gonna wanna trade them and hedge their portfolios. Again, there is events just on a consistent basis. So we are gearing up for that. We are making product improvements constantly. We are making pricing improvements. Rothera has gone live and I think the World Cup was really a proof of concept there. And we are looking to scale that rapidly and make it much bigger with the goal of providing great pricing to our customers. that is really how we think about it. Can we route to multiple venues with the goal of making sure as a customer, you get the best deal. Possible on Robinhood. Chris Koegel: Alright. Thanks, Daniel. Let's next to Daniel. And there are a lot of questions so we will keep the mic moving around. So David Smith, want to take the next question? David Smith: Hey. Thank you. In the past, you have spoken about how it is typical for new customers to come to Robinhood based on interest in 1 particular product, then engage with you for more products over time as we become more familiar with your offerings. With the really strong prediction market engagement we saw in June and seemingly continuing into July, Can you help us get a sense of how much came from existing prediction markets users? Existing Robinhood customers who maybe were new to prediction markets, and also from new customers who joined Robinhood in the past month or 2 to transact with you in this product. Shiv Kumar Verma: Shiv, how do you feel about that 1? Yeah. I am I am I am happy to take it. So we have said before, when you come to Robinhood to do 1 thing, you tend to do more. A couple things we will point you to. New customers still sign up for gold about 40-50%. So customers come in, their journey is they come for something. Equities, prediction markets, crypto banking. They discover gold, then they discover other products. What we are seeing is regardless of what product you come in for, you tend to sign up for gold and you tend to adopt others. So 1 thing we looked at if you are a prediction markets customer, for example, you are actually more likely to have a retirement account with Robinhood. And so any vector you come in, whether it is banking, prediction markets, credit card, tend to adopt others. And so I would say it is just 1 of them. That we saw were strong in the quarter. Banking was really strong. that is been a really nice new vector. that is been coming in. Credit card as well. We said we have over a million customers there. Q1 and Q2, you still have a little bit of retirement season, you saw some people come in from there. And then whether there is new events in the prediction market, such as the World Cup the midterms coming in, they come there. The last number we shared was we had about a million and a half people that have used the prediction markets. That number is now closer to 2 million. So continue to grow nicely there. But I think the main takeaway is, it is across all of the different products, and, people are coming in and adopting multiple products at the same time. Vladimir Tenev: Yeah. On marketing side, we continue to see strong ROIs and it is diversified. Strong ROIs on prediction markets, but also gold and some of the active trader offerings as well. And I think we are at the in the fortunate position of having it being working really, really well across multiple fronts. Chris Koegel: Alright. Thank you. Next question, maybe Devin Ryan back in the front row. Devin Ryan: Thanks so much, Devin Ryan with Citizens. everyone. Hey, Shiv. Question, Vladimir. You mentioned version 1 of AgenTic. And obviously, is still fairly new. But can you talk about like, what you are learning with customers that are using that? How is your investment performance there anything else interesting that you are seeing with their behaviors? And then how does that then map to version 2.0? I know you guys are very focused on bringing these capabilities to all of your customers, and that is probably where becomes a much bigger deal for Robinhood. So do we think about mapping that out and what that will look like and when? Thanks. Vladimir Tenev: Yeah. I mean, since we are the first major platform doing this, we wanted to start fairly conservatively, right? So we started with stocks and also started with the AgenTic account being separate from your main account. And so what you typically see there is customers funded with a relatively small amount of money and link their agent. Of course, we have expanded it since then, so now options are tradable with AgenTic as well. And we have seen customers do really interesting things like they can put together really complex and sophisticated strategies Crypto is coming soon as well. And, you know, we are going to expand the toolkit to cover as much as possible from the entire Robinhood ecosystem. We have had over 100 thousand people actually integrate and open up AgenTic accounts, which has been very cool. Yeah. The AUM in AgenTic or the trading volumes have also been growing. And that is been good to see. If in terms of friction, I think 1 piece of friction has been that not everyone loves surprisingly, going to a codex or a Claude code and kind of stitching together these 2 apps. You have to have quite a bit of sophistication in order to do that. So, you know, we are thinking about how can we make that even easier And also, in many cases, the models themselves are not familiar with being used for trading. So sometimes they will fight you and they will say, well, I do not know. I do not really wanna trade, and you kind of have to work hard to get it to do what you wanna do. And, yeah, we are hard at work addressing both of those things and other things. Chris Koegel: All right. Thank you, Vladimir. Next, let's go to Chris Blue sitting next to Devin Ryan. Christian Blue: Thanks for the question. Christian Blue with Autonomous. I think you called out Rothera as a top 3 DCM I am just trying to think through longer term how your vision around having a DCM, having retail distribution, Is there a possibility here that you could further build that out, whether it is perps or traditional futures to take on maybe the top 2 DCMs out there? Vladimir Tenev: Yeah. Yeah. I mean, obviously, we are top 3 after 1 month. But the goal would be to keep growing that. Right? We are not satisfied just with where we are after just a couple of months. And yeah, I mean, I think the road map on the Rothera side, not speaking for them because it is a joint venture, is to continue to grow and add more capabilities Of course, you know, they are definitely focused right now on the prediction markets, event contracts, but over time, you should see that expanding. And in terms of you mentioned perps. We also have perps not just on chain like I showed you, but through our bit stamp exchange overseas where we have been rapidly increasing the scope of the perps offerings, now offering, you know, commodity perps at you should see that inventory should expand and grow over time as well. So I think our customers through the Robinhood retail apps will have access to the best products from multiple exchange providers and you know, our job will be to stitch that together and make it really clear what the costs are and also make those costs as low as possible for the customers. But you should you should assume that it is multi homed and that you know, the customers can get the best of everything It can also be a b to b business over time. So we can onboard additional FCMs. So right now, we are laser focused on making sure that a Robinhood customer gets a great example, but when you think out longer term, there is no reason why this cannot be a large institutional business as well. Chris Koegel: Chris, if you will hand the mic right behind you to Ramsey, that would be great. Ramsey El-Assal: Hi. Ramsey El-Assal from Cantor. Thanks for taking my question. Now that building on some of your comments and some of the prior questions, now that Robinhood Chain is live and thriving, how should we think about the broader DeFi roadmap for you guys? You have got, obviously, tokenized assets, Robinhood Earn, perps in your wallet, I saw. What other on chain services could be the next sort of growth opportunities? I am thinking maybe lending and borrowing or other yield generating type products. Vladimir Tenev: Well, we already have that through partners. You can build lending and borrowing pools on chain. People have started building really interesting stuff. I think 1 of the really cool things about seeing so much volume again, fastest chain to 100 million transactions, is you know, a lot of other chains have to do a lot of work to get third parties to integrate. I mean, we were fortunate to get pretty much all the major wallets and protocols to integrate with us over the past couple of weeks. Because they saw the volume. And then that in turn when you are a developer thinking about what chain to build for first, you are seeing all this momentum, you are seeing all the wallets, and we have gotten a lot of developer activity too. We have been among the top chains in terms of developer activity. And yeah, some of the interesting things are custom or developers building things that compose with the real world assets. The RWAs. So all kinds of things that utilize the stock tokens in interesting ways in ways that we have not thought of. And our road map will be of course, making the infrastructure better and better, making the APIs cleaner, The block speed and block times are quite good. So it is a great chain for developers, but could continue to get better. And just adding in more RWAs, more stock tokens, expanding to all kinds of other asset classes as well, which we are already hard at work on. And, you know, we think that the unique thing is us supplying the RWAs as a key primitive of the chain. Making sure those work really well and then seeing what other developers can do to compose them. Chris Koegel: Alright. Thank you, Vladimir. Alright. So, Ramzi, right behind you, James Yaro has his hand up. James Yaro: James Yarrow, Goldman Sachs. Thanks for, taking the question. Wanted to touch a little bit more on PERPs in The U. S. The appetite to add them in The US brokerage? What are the hurdles to rolling them out? And I guess, are you looking to roll them out in the near term CFTC approval permitting? Vladimir Tenev: Yeah. Yeah. So as you can imagine, we have been in conversations with CFTC, and they have been constructive And yeah, we are making progress. So I do not I do not have specific things to share, but I think we feel really good about our customers having a great perps experience And we already have it in Europe. So the work is not a large amount of work. Chris Koegel: Alright. Thanks. James, can you pass the mic immediately to your left? Daniel: Hi. I am Daniel with Crossroads Are there plans to add support for foreign stocks? Right now investors have to buy ETFs to get exposure to certain foreign companies. Vladimir Tenev: Yes. In short, yes. Obviously, it is on our roadmap. And over time, you should expect that as a Robinhood customer, you have we not only wanna give US stocks to customers all over the world, but we want to give foreign stocks to customers all over the world including to The US. So we are going to build out a marketplace. And a real I think our common infrastructure could be a real asset there. Yeah. Unfortunately, it is not 1 of those things I can just snap my fingers and we are connected everywhere, even though I try. But, yeah, it is it is definitely top of mind for us. Yeah. And it is it is it is great to see. Customers always the active traders always want more things. So we are we are always busy, and we love that. Chris Koegel: Alright. Let's if you could pass the mic to your right and back 1 row. Alright. Thank you. John: Hey, Vladimir. Hey, Shiv. John from Artemis. Congrats on launching Robinhood chain 15 billion of monthly trading volume, 2 plus million of monthly transacting users. I think to 500 million of stablecoin supply. What could go right with Robinhood chain? Because you could offer the opportunity of having the Robinhood app to everyone globally. Like, what could go right? Vladimir Tenev: I think a lot could go right. And thank you, by the way, I have been enjoying your content and your analysis. Thank you. Yeah. On X. it is been really good. Yeah. I mean, I think that we built Robinhood chain to be purpose built for real world assets. I should clarify I like memes as well. I am like a yeah. You know, they always get a little upset at me. You know, Robin Hood was 1 of the original mean, we kind of created this market in so many ways. So whatever it is you want to build, a Robinhood chain can be the permissionless home for that. Our unique contribution is the real world assets. And I think we are doing really the difficult work on the liquidity side, on the regulatory side to make sure we safely bring all of these assets on chain and make them useful. So started with a first set of stock tokens. We are gonna grow that over time, make them fully DeFi enabled. And then we are already hard at work thinking about other types of real world assets. That we can add and I think you are already starting to see some of the activities developers are doing really interesting things that I had not thought of. And, yeah, I think our job is to give them better and better tools to do it And I think the enthusiasm has been great, but there is there is obviously much more to do. And we are we are never mistaking and confusing enthusiasm with complacency. So we know that we just gotta keep building and making sure that it is the most useful chain for developers and all of our traders. Chris Koegel: Alright. Thanks, John. Can you pass the mic a couple of roads up to Craig? Thank you. Craig Maurer: Hi, Craig Maurer with FT Partners. If I could just ask a question about the quarter. You had a disclosure in the deck showing that you are trending toward roughly $4 billion in net deposits. that is down quite a bit from June, and it is the lowest of the year. So I was wondering if there is any commentary around that. And does it have anything to do with well, I was also wanna ask about the health of investors considering the drawdown in semis and what is been happening in the market. Thanks. Shiv Kumar Verma: Yeah. I am happy to take that 1. So our goal, as we have said, is 20% on an annual basis. I do not look at any particular quarter and month. There will be things that change from time to time. If you look at, year to date, including July, we are still well north of that 20%. You mentioned, we had a really strong Q2. Brett to see the engagement, It will fluctuate from time to time, but I do not read anything into it. Net deposits have a variety of factors. it is what is going on the macro. When do we launch new products. Is some seasonality. Summer tends to be a little bit slower. What promotions were going on? And so what we are focused on is can we keep delivering for customers? Can we keep doing these new products? And then over the fullness of a year or even longer, we should be growing at about 20%. And everything we are seeing is that still happening. In terms of the health of the customer, very healthy engagement. And so our customers tend to be techno optimists. They tend to be younger. They tend to believe. And so they use some of these drawdowns as ways to buy. And so on down days or down months, tend to see really strong net buying. that is what we saw in Q2, and we are continuing to see that. As I shared July, the average daily volumes are very similar to the Q2 average. Continuing to see strong net deposits there. Everything else that we are seeing is the health of the customer is very strong. Vladimir Tenev: Yeah. I would say we have some good long term tailwinds to that growth So it is not just the short term things like promos and macro, but we are building more durable engines. Of net deposit growth. I think banking has been a great success thus far and it is still early. it is not yet fully integrated into the main app or the ecosystem. So I think we have more room there. Advisor network I think that is the beginning of what could be a really, really strong RIA integration and as you probably know, the RIA channel is a good, durable, consistent source of net deposits. We have been seeing good growth in from multiple brokerage accounts And then, of course, trusts is rolling out. So you know, there is a lot of people of higher net worth that use trusts and that have all their wealth there. So I think as we keep adding these things and keep supporting, that should just be long term durable tailwind for our business. And net deposit growth. Chris Koegel: Alright. Craig, would you mind passing up 1 row to Alexander? Analyst: Hi. Alexander with Button here. Thanks for taking my question. So Peter Thiel once said when asked if he regretted selling at a $100 billion valuation that each 10x up to $100 billion he saw as equal difficulty. But $100 billion to a trillion he imagined would be significantly harder. In hindsight, Facebook's move from $100 billion to a trillion may have been its easiest 10x because it had already reached scale. I like where this is going. As Robinhood as Robinhood approaches that $100 billion market cap, how do you think about the difficulty of the next 10x Could getting from $100 billion to a trillion actually be the easiest because the scale and operating leverage you have built? What will it take for Robinhood to surpass market caps of legacy financial institutions? And do you see AI supercharging your global domination plans? Vladimir Tenev: Nora. I have got some great some board members in the audience, too. Getting I think getting to a trillion will be very, very difficult. Difficult. I do not think a financial company has ever hit a trillion market cap. But I think it can be done. As you mentioned, there is a lot of new things that are changing rapidly. That I think we are we are on the forefront of. So it is not just you know, growing our brokerage business and expanding it internationally. But it is also agentic finance and can we build great tools for agents And can we see a world where you know, that just a lot of the activity, if not the majority, goes in that We are building for that. Can we use the early success of Robin Hood chain actually make all assets, make everything that you have in The US available to billions of people worldwide. Then we benefit from the tailwind of the rest of the world getting wealthier. And the rise of the global economy as well by giving them access to things. Private markets, I am very excited about. And we have seen Robinhood Ventures Fund 1 and now Robinhood Ventures Fund 2 which is beginning the road show. So we have the prospectus live That 1 focused on early stage. And the goal really with Robinhood Ventures is for us to be there for individual investors to have exposure to companies at the earliest possible stages, but really across the entire life including early stage. Yeah. And so I think put putting all these things together I see multiple axes that the company could 10x, and I think we are going to pursue all of them. Shiv Kumar Verma: Yeah. You know, we do not comment on the stock price specifically, but if what we have said before is we believe we can 10x the business over the next 10 years, and that is through a lot of the vectors Vladimir shared. When you look at assets, assets are the greatest predictor of what is gonna happen in financial performance. We are super excited. We are nearly 400 billion today. If you look at some of our competitors, they have got to tens of trillions of assets. So there is no reason you cannot do that. And that is just the core brokerage. Then you go to retirement, which is even a multiple of that. Then you go into banking and crypt crypto, which is even multiple of that. Then you go international. Then you go to b 2 b. And so everywhere you look at it, it is pretty unique. When most companies go to their adjacent businesses, they tend to be smaller TAMs. For us, it is actually the opposite. As we go to some of these adjacent businesses, they are larger, so it allows us to grow. We actually build a 10-year roadmap. And so we have, you know, we look at what we want to do not just over the next 1 year, the next 5 year, over the next 10 years, if we execute on that, we have a really cool opportunity in front of us. Vladimir Tenev: And I will just add that it was not long ago that Apple was the first company to hit a trillion. And we did not think it was, you know, that all these companies would be, and now there is $5 trillion companies. Soon we will $10 trillion companies. I have no doubt Robinhood will be. A trillion dollar company. Chris Koegel: Well, thank you. Alright. Let's see. Ahmed, do you want to take question? Ahmed: Sure. Vlad and Shiv, congrats on a on a great quarter. I do not know how I am gonna follow-up that question. Congrats on a great hoodie. it is a nice 1 here. Very, very nice. Yeah, I mean, look, I think what I am observing in the quarter especially as someone who is been kind of looking at the business and the trajectory over the past 5 years, is just really strong engagement. AUM at almost 400 billion You are seeing the gold attachment rate at 17% of subscribers that are there, all time high on gold subscribers. I guess my broader question is, why do you think the engagement is becoming so strong? Do you think customers are so willing to adopt the credit card agentic services, try out meme coins on the Robinhood chain? Like, what about the flywheel is working what do you think you can do to sustain that flywheel working for the next 10 years to hopefully get to that trillion dollar market cap? Vladimir Tenev: Yeah. I think that is a great question. I think that first off, the products have to be good. Right? I mean, we have we have rolled out a lot of good products. I think the credit card has been really great. The value prop's hard to argue with. 3% cash back on all categories, great UI, virtual cards the experience is really, really good. So and, you know, it has not always been not all of them we have not batted 1 thousand. Right? We have had many versions of the debit card and cash management. If you remember, McDuckling, we called it. It had very various iterations before we found success there. But I think what we found is there is a flywheel Right? We get a customer in. They become a gold subscriber. They after they become a gold subscriber, they look out at all the different products we offer. If those products are competitive, with what is on the market or better, they will adopt them. And then a decent chunk of their earnings, if we get the direct deposit, go into Robinhood. And you know, they spend time on the platform. They use us for a lot of our customers use us for everything. And so when we add something new, they are likely to see it and take advantage of it. So I think what we have to make sure that we do, and this is not an easy problem, is putting the right products in front of the right customers at the right times. Making sure the entire experience is coherent and that is actually becoming a hard problem because the app is constantly changing. And so the orchestration of all of these things into 1 story, into 1 financial tool is becoming an increasing source of focus because I still think we could do better there. And making sure that all the individual pieces, even if you are not using 10 Robinhood products, each individual 1 should be world class as well. And I think if we can deliver that all the individual pieces and then stitching them together nicely, there is there is plenty more room. Chris Koegel: Alright. You, Vladimir. Much as we have had a lot of great questions in the room, there are even more people on the phone. And so we are going to start now and shift over to the Zoom Q&A. So the first person asking a question on Zoom is Steven Chubak from Wolfe. Steven. Steven Chubak: Hi. Evening, Vladimir and Shiv, and thanks for taking my question. Sorry I could not be there in person. Missing out, man. They are look the I know. it is always a fun time, so sorry I could not be there. But I wanted to ask on the updated expense guidance. At the start of the year, you guided to 18% expense growth. of which 10% or a bit more than half of the growth was really earmarked to support new product launches, 5% to support the core business, 3% for acquisitions. There have been a lot of moving pieces underpinning the new expense guidance. Just wanted to better understand how the buckets have evolved under the new guidance. And whether it still contemplates a similar level of investment to support some of the more nascent growth initiatives. Shiv Kumar Verma: Yeah. Yeah, great question. I think the really exciting part is we are able to self fund a lot of the growth initiatives, so we are still growing. That is not changing Vladimir just shared a lot of the different products and apps we are working on. And so we are still a growth company, but the nice thing is because we run lean and disciplined, we can sell fund a lot of these. And so you mentioned the 3 different buckets. The short answer is the savings are from all of them. A little bit's coming from the M&A. We are a little we are being a little bit more efficient. The new M&A actually was not even included in those. We fully self funded those. On the core business, the teams are really, really working hard to make sure they are delivering fast, but also doing it efficiently. So we had some savings there. And then in the in the new seeds, not only are we making sure that we invested what we started the year, but we have actually added some even relative to where we started. But we put it all together. We are halfway through the year. We are trending well. Lean and discipline nature is showing through, so we thought it was the right time to do it. I think the takeaway is we are still growing, but we are just able to do it more efficiently. And so now is the right time to, to lower our outlook. Chris Koegel: All right. Thank you, Shiv. The next question is from Craig Siegenthaler of Bank of America. Craig Siegenthaler: Vlad, Shiv. Hope you guys are doing well, and Chris, nice job on emceeing this event. he is a star. Thank you, Craig. Robinhood just received the MAS license in Singapore, so congrats on that. I think you also have 2 small brokerages that are live in Indonesia. So, you know, the question is, where are you in the product rollout in Asia, what will the rollout look like relative to The US offering? And, also, what countries can you passport into from Singapore? Vladimir Tenev: Yeah. And, again, just to clarify, this is for our centralized offerings. Now that we have the chain and all the DeFi offerings, We are live in a lot of countries with that. But for the centralized brokerage offerings, we did get the approval in Singapore. We are working hard to bring everything that we possibly can within, obviously, what is permissible by our regulators over at MAS over there. And think what we have learned from The UK is it is better to get more at once rather than just, you know, launching equities following up with options, then launching margin. So I think what we are trying to do in subsequent launches is get more of the overall Robinhood ecosystem live at launch. So the team's been working hard on that. They are getting close. And, you know, I think that is that is generally the strategy you should expect us to take in other regions. And again, Singapore, we anticipate to be the Southeast Asia and the APAC hub, so we would be able to passport there for to from there to lots of other countries in the region. And some of them, like Indonesia, will get direct licensure depending on just where we see opportunity to go even deeper. Locally. Chris Koegel: Thank you, Vladimir. The next question is from Alexander Markgraff from KeyBanc. Alexander Markgraff: Hey, guys. Thanks for taking the question. Maybe 1 for both Vladimir and Shiv on Robinhood Chain and the DeFi product expansion. I am curious how you think Vladimir about how the effort to engage with customers and the touch points change in DeFi products. Does it sort of force you to reevaluate how you interact with and capture the minds and wallets of customers? And then Shiv, just on a related note, would be curious if there is anything you can share from a monetization standpoint on how we should be thinking about those relationships versus, the sort of c 5 relationships that exist today? Thanks. Vladimir Tenev: I guess I will start with the, yeah, how to engage with the customers. I mean, observation is a lot of those customers hang out on Twitter and listen to podcasts, which are 2 areas that I am somewhat active in already. Much to the chagrin of the great comms and legal and compliance teams that we have, But yeah, so I do not really see a problem. Yeah. But we are we are always looking out for more. I am not so active on TikTok. I do not really maybe I am too old. Maybe I am too boomer ish for that, but if I have to, I will do it, you know. Nora. it is it is it is been fun. I will do the little dances or what do they do? Yeah. Shiv Kumar Verma: Sure. The engagement, as Vladimir said, it is actually coming from developers themselves. So when you build a great product, people have to find it. that is 1 of the beauty of Robinhood. If we launch a great product, just given our scale and distribution, they tend to do well. Then has just been another example, whether it is DevinFi or permissionless or centralized. The monetization piece, per transaction, we make a few basis points, not per volume, it is per transaction. Now it varies depending on the size of the transaction, but just think about it as a few basis points on average. And then we do share, you know, approximately half of it with Arbitrum, who is the level 2 that we built on top of. And so when it starts to get larger and it goes through a couple quarters, we will we will break it down more specifically. But think of it as a few basis points on transactions and then a 50% rev share. Chris Koegel: Alright. Thank you, Vladimir and Shiv. And we will see some of those dances later, Vladimir. So the next question comes from Brian Bedell at Deutsche Bank. Brian Bedell: Brett. Thanks. Good evening, Vlad, Shiv. How are you? Doing well. Excellent. My question's on Rothera and specifically the company financial KPI with Cboe, you know, filing with the SEC to launch these. Potentially in the near term. what is the interest in Rothera launching these, you know, in the near term? And then also just in terms of migrating more of the event contracts at Robinhood to Rothera such as NFL. How are you thinking about that game plan for the rest of the year? Vladimir Tenev: Yeah. So on the on the Cboe financial KPI contract, So my understanding is those are under the securities based regime. So I do not know if Rothera would be launching those right now. But, obviously, you know, Robinhood is able to connect to a wide range of counterparties. We have a brokerage business. We also have our FCM business. And of course, Rothera is you know, a great joint venture that we have with SIG So that does not necessarily mean that we are not gonna make all these products available to customers. I think the products in general are useful. there is interest. And so we always evaluate opportunities for adding new things to the platform. And then in terms of the flow, what we have shared is, you know, you should expect in the near to medium term you know, more than the majority or a good portion will flow through Rothera. We are still making sure it can scale and after 1 month, it is already doing tremendous volume. But, yeah, you should expect that more and more of it will start to go through there. Chris Koegel: All right. Thank you. The next question is from Patrick Moley at Piper Sandler. Patrick Moley: Yes. Hi, guys. Thanks for taking the question. Vladimir, I just wanted to follow-up on your earlier answer to James' question on perps. I am just a little confused why you all are not being more aggressive with launching perps in The US. I think a little over a year ago, you submitted a comment letter supporting CFTC allowing perps in The US. They have opened the door now on a number of products. You have a few of your competitors who are either live or they are moving in that direction. And, you know, what they are really trying to do is become more of a multi asset class platform so that they can compete, you know, more closely with you. So could you just elaborate on what the source of hesitation is with perps in The US? Are you worried about leverage? Is this, you know, are you worried about cannibalization of other products, or is this a deliberate choice to let others take a regulatory first mover risk? Thanks. Vladimir Tenev: Well, no. I do not think it is any of those things. I think we are in some ways, in the fortunate position of having lots of great products that we see huge opportunity in. Right? And so the roadmap a couple weeks ago, we launched 13 new products that were in the process of rolling out. And, you know, as Shiv mentioned, we had 2 new businesses just in the past quarter get to 100 million ARR or more and we see a lot more a lot more coming. We have perps live in overseas as well, both through our DeFi offerings and through centralized. So I would not take that to mean that we do not like perps. In fact, we like them quite a bit and we intend to offer them to our customers. I did not give you a timeline, but I would not take the absence of a timeline at earnings to mean that we do not intend to be aggressive. I just do not like giving timelines and earnings that is what our events are for. Chris Koegel: Alright. Next question is from Benjamin Budish at Barclays. Benjamin Budish: Hey. Good evening, thanks for taking my question. Shiv, I was wondering if you could unpack the July commentary a little bit more. You said ADV was trending similar to Q2. I guess, on a product by product basis, equities, options, should we assume that is equities similar to Q2, options similar to Q2? And then any color you could share on the take rate? I know particularly for options that 1 bounces around a little bit. Crypto, you did not include in that commentary. Curious, you know, not to make this a multiparter, but what drove the fee rate improvement in Q2? And then similarly what you are seeing in Q3. So sorry for squeezing a bunch in there, but, yeah, any color there would be helpful. Shiv Kumar Verma: Yeah. Happy to, and I will I will try to make sure I hit all of them. First, the way you read it was correct. So for July, the ADVs for equities, options, and predictions markets are all in the similar area of Q2. So those are seeing pretty healthy engagement, all of those. In terms of crypto, it is probably a little bit slower than what we saw in Q2, and so it is early in the month, but, but that is we are seeing to start. And then for take rates, for July, they are in a similar area to what we saw for the q average. So I would I would use that as kinda your starting point. For what drove the improvement, you know, rates are an output metric. there is a lot of different things that go into them. And so know, for equities and options, it is mix shift. it is volatility. it is the type of contract. For crypto, it is institutional, and it is what tier. So lots of moving pieces, but big picture, July is off to a similar ZIP code for take rates. And then for most of the asset classes to the Q2 average. Chris Koegel: All right. Thank you, Shiv. The next question is from Edward Engel at Compass Point. Edward Engel: Hey, guys. Thanks for taking my question. We know that you are pretty focused on bringing more of the volumes on direct-to-Rothera prediction markets, but we did see some news reports that you are exploring some partnerships with some other exchanges as well. Just kind of high level here, I mean, do you see any opportunity to kind of improve your economics by partnering with different exchanges, or is the focus more to bring more activity just under Rothera? Vladimir Tenev: it is both. I think yeah, we are invested in Rothera, and we think that the economics there are great, and we intend to push more flow there. At the same time, we have always been connecting to additional counterparties. You know, we first connected to ForecastEx, which is IBKR's DCM. Then we went to Kalshi, then, of course, Rothera. And so we always are on the lookout for diversifying, making sure our customers have access to multiple options, and we are not reliant on any 1 individual counterparty. Chris Koegel: All right. Thank you. The next question is from Andrew Hardy at BTIG. Andrew Hardy: Hey, Vlad and Shiv. Thanks for, taking my question. Sorry. I cannot be there in person. My wife's due, next week, so probably congratulations. I am here, but we are looking forward to setting up the Trump account, very soon. You got to do it. Just wanted to follow-up on the top of funnel, question. Vladimir, you said earlier there is more to come. I would love to just kinda hear areas you are focusing on for customer acquisition strategy and focus areas. Just generally speaking, going forward there? And then just another part of that with the pattern day trading, elimination, or rule elimination, did you see any benefit in the quarter? And is there anything you are doing to try to draw back customers that you might have lost in the past? That would be great. Thanks. Vladimir Tenev: Yeah. Maybe I will hit top of funnel You can talk PDT. Mhmm. I think there is a lot of improvements to the product making sure onboarding is really clean. Particularly, you know, as we get more and more products and can sign up for multiple accounts, multiple assets, I think we have been spending a lot of time investing in that. Getting customers to share the product, with other customers, there is always opportunity there. And, of course, we are also looking into you know, as banking is scaling and we are seeing traction there as the card is getting north of a million cardholders, can we make it even easier for folks signing up for brokerage to get the card and turn that into an active driver of growth in the other direction, meaning customers that are getting the card and coming for banking. Can we get them into brokerage and yeah, a lot of those are opportunities that we have not really explored. Up until now. So we there is just a lot of a lot of things that we have conviction in that remain in front of us. Shiv Kumar Verma: In terms of the PDT, as reminder, we are very pleased that the SEC removed the antiquated rule where, small balance customers were penalized for the way they are trading. And so, really excited customers there. It was a nice tailwind in, in June when the rule went through. I think what we are seeing is it is broader across the whole industry, so for regardless of what brokerage. We probably had an outsized benefit relative to our peers given our customers have smaller balances. And what we are seeing from customers is they are still continuing to come back and adopt it. And so, I think it is gonna be something that we will continue to see a tailwind for, not just this quarter, but in coming quarters. And it is too early to tell, you know, what is exactly gonna be, but big picture customers are using it. They are coming back. And we are already seeing it in NPS surveys and other methods like that where customers who had left are really pleased that they are allowed to trade again. Chris Koegel: All right. Thank you. The next question I think, is from Michael Cyprys at Morgan Stanley. Mike? They were just you know, loading and connecting. Oh, sorry. Sorry. I was my mistake. Kyle Voigt at KBW. Or perhaps not Chris either. Alright. We will try 1-- we will try 1 more. See if we can get into the hall of fame. So going 1 for 3. Next we have Gav from Wolfe Research. Gav: Hey, Vladimir and Shiv. Great to see you guys. Hello. what is up, dude? what is going on? My favorites. Doing well. Doing well. Super excited to be on here. I wanted to talk for just a second about AI agents and agentic trading. This to me is 1 of the most fascinating things that you have rolled out in a long time. I have already hooked it up. I have got Claude in there trading. And I could really see this driving additional volumes as it goes on. Right? People set up strategies. Now it is with them and not even having to be there. And I am really curious, you know, what milestones that you are looking forward towards, in terms of agentic trading, and if you think that this could truly swell volumes really beyond the human side of trading, and then in a second part of that, I am curious if you are going to give the AI AgenTic trading access to prediction markets. Vladimir Tenev: Yeah. I mean, on the product side, the goal is to give it access to all of the tools that you would have as a human trader using Robinhood. So we it is interesting for us because Robinhood has been kind of traditionally pretty closed off. We have been constraining access through our interfaces. Now we are opening it up. So traders and developers will get access to all of the capabilities where it makes sense And, yeah, I will just say that the team has really been cooking on the AgenTex stuff. I mean, we are just yeah. We have we have got lots and lots of things. You know, we were early to market, but I think there is so much more that can be done. So we look forward to sharing more, including at the active trader event that we have got coming up. Gav: Looking forward to it. Chris Koegel: All right. I think we can finish strong here. So Vlad, would you like to offer any closing remarks? Vladimir Tenev: Well, first off, thank you for all the engagement, both from institutional sell side retail and our content creators. I am really proud of the community here that is coalesced around the company. And you should know, as always, the team's been working incredibly hard. The roadmap is, like, really full, and there is a lot to do. So hopefully, see some of you at the next hood summit in Houston, Texas. Thank you. Before you buy stock in Robinhood Markets, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Robinhood Markets wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Robinhood (HOOD) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool