🔹 Revenue: $989M (Est. $913M) 🟢; +45% YoY
🔹 EPS: $0.42 (Est. $0.31) 🟢; +100% YoY
🔹 Adj EBITDA: $549M (Est. $457.2M) 🟢; +82% YoY
🔹 Adj OpEx: $444M (Est. $464.2M) 🟢
Segment Revenue:
🔹 Transaction-Based: $539M (Est. $521.3M) 🟢; +65% YoY
• Options: $265M; UP +46% YoY
• Crypto: $160M; UP +98% YoY
• Equities: $66M (Est. $70.9M) 🔴; UP +65% YoY
🔹 Net Interest: $357M (Est. $310.2M) 🟢; UP +25% YoY
🔹 Other: $93M (Est. $92.2M) 🟢; UP +33% YoY
Key Operating Metrics:
🔹 Funded Customers: 26.5M; UP +10% YoY
🔹 Investment Accounts: 27.4M; UP +10% YoY
🔹 Net Deposits: $13.8B; +25% annualized growth rate
🔹 Platform Assets: $279B; UP +99% YoY
🔹 ARPU: $151; UP +34% YoY
🔹 Robinhood Gold Subscribers: 3.5M; UP +76% YoY
Additional KPIs:
🔹 Retirement AUC: $19.0B; UP +118% YoY
🔹 Cash Sweep Balances: $32.7B; UP +56% YoY
🔹 Margin Book: $9.5B; UP +90% YoY
🔹 Equity Notional Volumes: $517B; UP +112% YoY
🔹 Options Contracts Traded: 515M; UP +32% YoY
🔹 App Crypto Trading Volumes: $28B; UP +32% YoY
🔹 Bitstamp Crypto Trading Volumes: $7B (post-acquisition)
Capital & Expenses:
🔹 Cash & Equivalents: $4.2B
🔹 Share Repurchases: $124M in Q2
🔹 FY25 Adj. OpEx + SBC Guidance: $2.15B–$2.25B (Prior: $2.085B–$2.185B)
Commentary:
🔸 “Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses.” – CFO Jason Warnick
🔸 “We launched tokenization—biggest innovation our industry has seen in the past decade.” – CEO Vlad Tenev
🔸 “Q3 is off to a great start with $6B in net deposits and strong cross-category trading.”
🔸 Global crypto expansion: launched Stock Tokens in Europe, expanded to 30 EU countries, closed Bitstamp deal, entered agreement to acquire WonderFi
🔸 Gold Card adoption, Retirement AUC, and digital advisory showing strong traction
