The second quarter of 2026 was the quarter Robinhood stopped being valued like a young trading app and started being valued like a multi-product financial platform. The company closed the WonderFi acquisition on June 1, expanding into the Canadian crypto market. The company also completed the deconsolidation of Robinhood Ventures Investments on June 25, crystallizing a sizable gain. The company priced $2.2 billion of zero-coupon convertible senior notes on June 22, layering in growth capital alongside the existing balance sheet. The company also announced a reduction in force on June 16, cutting roughly 10% of full-time staff in an explicit move to harden the operating leverage of the platform. None of those moves show up cleanly in a single number, but together they describe a company that has decided to lean into scale rather than wait for it.
The reported numbers support that framing. Total net revenues rose to $1.31 billion in the quarter. Total Platform Assets rose to $368.7 billion. Funded Customers rose 7% to 28.4 million. Robinhood Gold Subscribers climbed to 4.84 million. Net Deposits of $21.7 billion did the work of moving Total Platform Assets higher in the quarter. Net income attributable to Robinhood rose 45% to $561 million. Adjusted EBITDA also rose meaningfully. The combined effect is what the platform thesis has always required: existing customers generating more revenue, more subscription attach, and more earnings power per share, all compounding at a rate that justifies the platform-economics framing rather than the brokerage-economics framing of the first decade. The platform is now compounding in a way that the early Robinhood story rarely could, with growth concentrated in the most durable parts of the revenue mix.
The stock trades near $103.5, within a fifty-two week range running from the mid-sixties to the high $150s, and a market capitalization near $93 billion. The strongest counterargument is that transaction-based revenue still depends on volatile categories. Cryptocurrencies revenue fell 38% year over year in the quarter despite the Bitstamp acquisition. Securities lending revenue fell 81% as the rate environment turned less favorable. Margin interest depends on short rates, which management has now explicitly warned could move against the franchise if the Federal Reserve cuts. The forward variables that settle the case are the ARPU walk in the second half of 2026, the trajectory of Net Deposits as Total Platform Assets scale, and the relative size of credit card balances and margin balances as the two interest-earning product lines expand together.