Robinhood Markets, Inc. (HOOD), the retail brokerage and crypto platform, posted record second-quarter net revenues of $1.31 billion, up 32% from a year earlier, reversing a slowdown in the first quarter when growth was 15%.

The inflection sat in transaction-based revenues, which rose 44% year over year to $776 million after only 7% growth in the prior quarter. Event contracts revenue reached $156 million, up more than 10 times from a year earlier. Options revenue was $342 million, up 29%, and equities revenue was $129 million, up 95%. Cryptocurrencies revenue fell 38% to $100 million.

Chief Financial Officer Shiv Verma said the company delivered record revenues and new highs across equity, option, and event contract volumes. Equity notional trading volumes increased 85% year over year to a record $956 billion. Options contracts traded rose 50% to a record 774 million. Event contracts traded increased more than 10 times to a record 13.6 billion. Crypto notional volumes were $40 billion, including $18 billion on the Robinhood app, down 35% year over year, and $22 billion at Bitstamp.

Net interest revenues increased 9% year over year to $389 million, slower than the 24% gain in the first quarter. The line was driven by growth in interest-earning assets, partially offset by lower short-term interest rates and securities lending activity. Other revenues increased 54% to $143 million, driven by Trump Account service revenues and higher Robinhood Gold subscriptions.

Net income rose 48% year over year to $573 million, including $129 million of gains primarily related to the deconsolidation of Robinhood Ventures Fund I. Diluted earnings per share increased 48% to $0.62, including $0.14 of those gains. Adjusted EBITDA increased 35% year over year to $741 million.

Total operating expenses increased 33% year over year to $734 million. The year-over-year increase was primarily driven by marketing and growth investments, one-time restructuring charges from a June 2026 reduction in force, and expenses related to Trump Accounts and Rothera. Adjusted operating expenses and share-based compensation increased 23% to $641 million.

Funded customers increased 7% year over year to 28.4 million. Total platform assets increased 32% to $369 billion. Net deposits were a record $21.7 billion, a 28% annualized growth rate relative to platform assets at the end of the first quarter, after $17.7 billion and a 22% annualized rate in that quarter. Robinhood Gold subscribers reached a record 4.8 million, up 500 thousand sequentially. Average revenue per user increased 24% year over year to $187.

The company now has 13 business lines that have reached $100 million or more in annualized revenues, with Robinhood Legend and the credit card business joining that roster. The Gold Card crossed 1 million customers with over $17 billion in annualized purchase volume. Trump Accounts launched on July 4 and had reached more than 7 million account sign-ups with nearly $1.5 billion deposited. International funded customers surpassed 1 million, and the company closed its acquisition of WonderFi.

Share repurchases were $414 million, representing 4.4 million shares at an average price of about $94, including $290 million tied to a June 2026 convertible notes offering. Cash and cash equivalents totaled $5.4 billion, including net proceeds from that offering.

The company lowered and tightened its 2026 outlook for adjusted operating expenses and share-based compensation to $2.675 billion to $2.775 billion from the $2.7 billion to $2.825 billion range given at first-quarter earnings, citing efficiencies used in part to fund Rothera and WonderFi. It is not providing a 2026 outlook for total operating expenses.