Robinhood Markets posted a 48% year-over-year jump in earnings on a 57% adjusted operating margin in the second quarter, but the number that matters is the one that didn't show up: crypto trading volume dropped 38% to $100 million and the quarter barely flinched. Revenue still climbed 32% to a record $1.3 billion as equities, options and event contracts carried transaction revenue up 44%.
Thirteen lines and counting
Management disclosed 13 distinct business lines now generating at least $100 million in annualized revenue, up from 11 at the end of 2025. The newest entrants are the Legend trading application and the credit-card business. Other revenue surged 54% to $143 million, fueled by the Trump Account service and a 17% rise in Gold subscribers to 4.84 million.
Deposits do the heavy lifting
Net deposits grew 28% to $22 billion, pushing total platform assets to $369 billion. Banking deposits have topped $3 billion since the H2 2025 launch. Retirement assets jumped 82% to more than $34 billion. The mix shift is visible: customers are parking savings, not just speculating on tokens.
The multiple prices in the transfer
The stock trades at 38 times forward earnings, a premium that assumes the diversification keeps compounding. Robinhood is betting on an $84 trillion generational wealth transfer over the next two decades, per Cerulli Associates. For now, the math works, operating expenses rose 33% yet the margin held. Whether the 13th, 14th or 15th $100 million line arrives on schedule is the only guidance that matters.