Tenev says Robinhood aims to use trading to attract customers, then expand into retirement, wealth management and banking. Q2 2026 net revenue rose 32% to $1.31 billion as crypto revenue fell 38%, while transaction-based revenue remained nearly 60% of the total.
Retirement assets under custody grew 82% year over year to $34.5 billion. Banking attracted more than $3 billion in deposits from roughly 240,000 funded customers; platform assets reached $369 billion, with a record $21.7 billion in quarterly net deposits. The Gold Card passed 1 million customers and generated more than $100 million in annualized revenue.
Operating expenses rose 33% year over year to $734 million amid marketing and growth spending. Quarterly net income of $573 million included a $129 million gain from deconsolidating Robinhood Ventures Fund I. The analysis also cites competition from Fidelity and Charles Schwab and the need to build trust and maintain compliance as Robinhood expands into wealth management.
