Robinhood Markets Inc (NASDAQ:HOOD) stock is up 1.5% to trade at $107.68 at last glance, after the electronic trading platform beat top- and bottom-line expectations for the second quarter. The equity saw seven price-target hikes in response, including one from Citizens to $130 from $125.Shares are today pacing for their third gain in the last four sessions, extending an already impressive 189% lead for 2025. Longer term, the stock sports a jaw-dropping 421.8% year-over-year lead. While HOOD has pulled back ...

Financial Performance - Robinhood's net income more than doubled, and revenue jumped 45% year-over-year [1] - Customer satisfaction is high, with customers depositing more money and using more products on the platform [2] - Net promoter scores are at a four-year high, with strong net deposits [4] - Prediction markets have reached double-digit millions in run rate and are accelerating [12] - Prediction markets saw over 1 billion contracts in Q2 [12] Business Strategy & Focus - The company prioritizes improving its service and controlling costs [5] - Robinhood focuses on internal improvements rather than closely monitoring competitors [6] - The company aims to provide exposure to private companies, particularly in the AI sector [20] Market Trends & Opportunities - AI and electric car stocks are driving most of the trading volume, not meme stocks [14][16] - Crypto trading represents a double-digit percentage of the business [17] - Tokenization is expected to become the infrastructure layer behind real-world assets [19][21] - Prediction markets are growing rapidly, especially in sports and economic events [12][13]

Group 1 - Needham raised the target price for Robinhood, a stablecoin concept stock, from $71 to $120 [1]

Core Insights - Robinhood Markets, Inc. reported a revenue of $989 million for the quarter ended June 2025, reflecting a 45% increase year-over-year and surpassing the Zacks Consensus Estimate of $922.1 million by 7.26% [1] - The company's earnings per share (EPS) was $0.42, compared to $0.21 in the same quarter last year, resulting in an EPS surprise of 35.48% against the consensus estimate of $0.31 [1] Financial Performance Metrics - Total Assets Under Custody reached $278.60 billion, exceeding the average analyst estimate of $254.32 billion [4] - Funded Customers numbered 26.5 million, slightly above the average estimate of 26.33 million [4] - Net interest revenues from securities lending were reported at $54 million, significantly higher than the average estimate of $26.02 million, marking a year-over-year increase of 58.8% [4] - Transaction-based revenues from options amounted to $265 million, surpassing the estimated $246.28 million, with a year-over-year growth of 45.6% [4] - Margin interest net revenues were $114 million, close to the average estimate of $116.12 million, reflecting a 56.2% year-over-year increase [4] - Other transaction-based revenues reached $48 million, exceeding the average estimate of $42.53 million, with a 100% year-over-year change [4] - Equities transaction-based revenues were $66 million, slightly below the estimated $70.04 million, but still showing a 65% increase year-over-year [4] - Total transaction-based revenues were $539 million, above the average estimate of $514.69 million, representing a 64.8% year-over-year increase [4] - Overall net interest revenues were $357 million, exceeding the average estimate of $310.13 million, with a year-over-year change of 25.3% [4] - Other revenues were reported at $93 million, slightly below the average estimate of $96.04 million, but still showing a 32.9% year-over-year increase [4] - Cryptocurrency transaction-based revenues were $160 million, compared to the average estimate of $166.8 million, reflecting a 97.5% year-over-year increase [4] - Interest on segregated cash, securities, and deposits net revenues were $77 million, surpassing the average estimate of $57.52 million, with a year-over-year change of 13.2% [4] Stock Performance - Over the past month, shares of Robinhood Markets have returned +11.9%, outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Cryptocurrency Exchange Issues - Robinhood 以 16.8 美元的价格出售了所有用户的 Solana [1] - Coinbase 随机锁定用户账户且没有给出任何理由 [1] Social Media Engagement - Coinbase 在 Crypto Twitter 上发起互动活动，征集用户最喜欢的时刻 [1]

Financial Data and Key Metrics Changes - Revenues increased by 45% year over year to $989 million, driven by strong business growth and record trading volumes across all categories [18][19] - Adjusted EBITDA margins were 81%, and earnings per share (EPS) doubled from a year ago [18] - Interest-earning assets rose over 50%, with cash sweep balances exceeding $30 billion, up more than 10 times since the high-yield offer began [19][20] Business Line Data and Key Metrics Changes - Record trading volumes in Q2 across equities, options, prediction markets, index options, and futures, with index options volumes growing 60% from Q1 [8] - Robinhood Gold subscribers reached a record 3.5 million, representing a 75% year-over-year increase [20][16] - Retirement assets surpassed $20 billion, more than doubling in the past year [10] Market Data and Key Metrics Changes - The company now has over 600,000 international customers, including those acquired through Bitstamp [16] - Crypto volumes for both Robinhood and Bitstamp reached six-month highs, indicating strong market engagement [22] Company Strategy and Development Direction - The company aims to enhance its global financial ecosystem, focusing on product velocity and innovation, including the launch of Robinhood Banking [10][12] - Plans to expand into private markets and tokenization of real-world assets, with a focus on regulatory clarity and customer demand [12][44] - The company is exploring lending opportunities, including personal loans and mortgages, through partnerships [26][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of net deposits, driven by customer engagement and new product offerings [36] - The company is optimistic about the impact of recent product launches and market conditions on future performance [22][60] - Management highlighted the importance of maintaining a disciplined approach to expenses while pursuing growth opportunities [20][121] Other Important Information - The company closed the acquisition of Bitstamp, enhancing its institutional business capabilities [18][14] - The launch of staking in the U.S. saw over $750 million staked in the first month, indicating strong customer interest [14][113] Q&A Session Summary Question: When will Robinhood Banking be broadly available for customers? - Management confirmed that Robinhood Banking is on track for rollout later in the quarter, having made good progress in internal testing [25] Question: Does Robinhood have plans to step more heavily into lending? - Management indicated that they are already providing some forms of credit and are exploring further lending opportunities through partnerships [26][27] Question: Can you discuss net deposit momentum and promotional activity? - Management acknowledged the volatility in net deposits but emphasized a strong long-term trend and the effectiveness of promotional activities [31][36] Question: What are the long-term strategic opportunities with private tokenization of assets? - Management highlighted the positive reception of their recent tokenization event and the potential for expanding access to private markets [40][44] Question: How does the company view the regulatory landscape for tokenization in the U.S.? - Management is actively working with regulators to unlock opportunities for tokenizing previously inaccessible assets [68] Question: Can you elaborate on the growth of securities lending? - Management reported strong growth in securities lending, with record volumes and a growing customer base [71][72] Question: What is the outlook for crypto monetization and pricing? - Management noted that they are experimenting with pricing and have seen positive trends in revenue per trader [78][79] Question: What are the plans for the Robinhood chain and its advantages? - Management emphasized the unique opportunity to tokenize real-world assets and the competitive advantages of their platform [86][88] Question: How does the company plan to ensure low execution costs for tokenized equities? - Management stated that they aim to keep execution costs competitive and have received positive feedback on pricing from customers [102][103]

Financial Data and Key Metrics Changes - Revenues increased by 45% year over year to nearly $1 billion, marking the third highest quarter of net deposits ever [16][19] - Adjusted EBITDA margins were 81%, and EPS doubled from a year ago [19] - Interest earning assets rose over 50%, driven by cash sweep, margin, and strong securities lending activity [21] Business Line Data and Key Metrics Changes - Record trading volumes were reported across equities, options, prediction markets, index options, and futures, with index options volumes growing 60% from Q1 [8][20] - Average assets per funded customer exceeded $10,000 for the first time, nearly doubling from a year ago [10] - Robinhood Gold subscribers reached a record 3.5 million, representing a 75% year-over-year increase [22][17] Market Data and Key Metrics Changes - The company now has over 600,000 international customers, bolstered by the Bitstamp acquisition [18] - Net deposits in July were around $6 billion, indicating a strong start to Q3 [23] - Crypto trading volumes for both Robinhood and Bitstamp reached six-month highs [24] Company Strategy and Development Direction - The company aims to enhance its global financial ecosystem, focusing on innovations like stock tokens and perpetual futures [13][14] - Plans to launch Robinhood Banking in the fall, which is expected to integrate various financial services for customers [11][27] - The company is exploring lending opportunities, including partnerships for mortgage offerings [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trajectory of net deposits, driven by customer engagement and new product expansions [40] - The company is optimistic about the potential of tokenization and its ability to democratize access to private markets [46][47] - Management emphasized a disciplined approach to expenses, maintaining strong margins while pursuing growth [22][19] Other Important Information - The Bitstamp acquisition is expected to contribute significantly to the company's institutional business [15] - The company has seen a strong response to its staking offerings, with over $750 million staked in the first month [16][113] - The Robinhood chain is positioned as a unique opportunity for tokenizing real-world assets, leveraging the existing customer base [88][89] Q&A Session Summary Question: When will Robinhood Banking be broadly available for customers? - Management confirmed that Robinhood Banking is on track for rollout later in the quarter, following successful internal testing [27] Question: Does Robinhood plan to step more heavily into lending products? - Management indicated that they are already providing some forms of credit and are exploring further lending opportunities through partnerships [28][30] Question: How is the strategy evolving around net deposits and promotional activity? - Management stated that promotions are a key part of their strategy and have shown strong customer response, with plans to continue leveraging them [36][38] Question: Can you discuss the long-term strategic opportunities with private tokenization of assets? - Management highlighted the positive reception of their tokenization efforts in Europe and the potential for similar offerings in the U.S. [46][47] Question: What are the advantages of the Robinhood chain for real-world assets? - Management emphasized the unique position of Robinhood in the market, with a large customer base and a focus on tokenizing real-world assets [88][89] Question: How does the company view the competitive landscape for tokenized stocks? - Management noted that their model minimizes risks associated with price discrepancies, providing a competitive edge in the market [96] Question: What is the outlook for securities lending as the IPO market turns on? - Management reported strong performance in securities lending, with record numbers in June and July, indicating potential for continued growth [74][75]

PART I - FINANCIAL INFORMATION [Item 1. Unaudited Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) Robinhood's unaudited condensed consolidated financial statements for Q2 2025, covering balance sheets, operations, cash flows, and notes [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $35.3 billion and liabilities to $27.3 billion by June 30, 2025, with stable stockholders' equity Condensed Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$35,324** | **$26,187** | | Cash and cash equivalents | $4,162 | $4,332 | | Receivables from users, net | $9,685 | $8,239 | | Securities borrowed | $6,159 | $3,236 | | Goodwill | $383 | $179 | | **Total Liabilities** | **$27,252** | **$18,215** | | Payables to users | $10,511 | $7,448 | | Securities loaned | $12,640 | $7,463 | | **Total Stockholders' Equity** | **$8,072** | **$7,972** | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total net revenues rose 45% to $989 million, with net income up 105% to $386 million, driven by strong revenue growth Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total net revenues | $989 | $682 | +45% | $1,916 | $1,300 | +47% | | Transaction-based revenues | $539 | $327 | +65% | $1,122 | $656 | +71% | | Net interest revenues | $357 | $285 | +25% | $647 | $539 | +20% | | Total operating expenses | $550 | $493 | +12% | $1,107 | $953 | +16% | | Net income | $386 | $188 | +105% | $722 | $345 | +109% | | Diluted EPS | $0.42 | $0.21 | +100% | $0.79 | $0.38 | +108% | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly improved to $4.15 billion in H1 2025, with investing providing $841 million and financing using $703 million Six Months Ended June 30, Cash Flow Summary (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,151 | $(569) | | Net cash provided by (used in) investing activities | $841 | $(59) | | Net cash used in financing activities | $(703) | $(72) | - Key financing activities in H1 2025 included **$446 million** used for the repurchase of Class A common stock and **$372 million** for taxes paid on net share settlement of equity awards[24](index=24&type=chunk) - Key investing activities in H1 2025 included **$1.19 billion** in cash acquired from business acquisitions, offset by **$399 million** in consideration paid for those acquisitions and **$1.53 billion** for purchases of credit card receivables[24](index=24&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, business combinations, revenue sources, credit losses, financing, and legal contingencies [Note 3 - Business Combinations](index=16&type=section&id=Note%203%20-%20Business%20Combinations) Robinhood completed acquisitions of TradePMR for $175 million and Bitstamp for $224 million, with WonderFi acquisition pending - On February 26, 2025, the company acquired TradePMR for approximately **$175 million** in cash, adding **$112 million** in goodwill[45](index=45&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) - On June 2, 2025, the company acquired Bitstamp for approximately **$224 million** in cash to accelerate global expansion, adding **$91 million** in goodwill[52](index=52&type=chunk)[53](index=53&type=chunk) - On May 12, 2025, Robinhood entered an agreement to acquire WonderFi for a total equity value of approximately **$180 million**, with the deal expected to close in H2 2025[57](index=57&type=chunk) [Note 5 - Revenues](index=21&type=section&id=Note%205%20-%20Revenues) Q2 2025 total net revenues were $989 million, primarily from transaction-based ($539 million) and net interest ($357 million) revenues Disaggregation of Revenues - Three Months Ended June 30 (in millions) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | **Transaction-based revenues** | **$539** | **$327** | | Options | $265 | $182 | | Cryptocurrencies | $160 | $81 | | Equities | $66 | $40 | | **Net interest revenues** | **$357** | **$285** | | Margin interest | $114 | $73 | | **Other revenues** | **$93** | **$70** | | Robinhood Gold subscription | $44 | $26 | | **Total net revenues** | **$989** | **$682** | - Citadel Securities, LLC was a significant source of transaction-based revenue, accounting for **13%** of total revenues in Q2 2025 and **12%** in Q2 2024[38](index=38&type=chunk) [Note 11 - Common Stock and Stockholders' Equity](index=32&type=section&id=Note%2011%20-%20Common%20Stock%20and%20Stockholders%27%20Equity) The company repurchased 10 million shares for $446 million under its $1.5 billion program, with $426 million in unrecognized share-based compensation - The board authorized a share repurchase program of up to **$1.5 billion**. For the six months ended June 30, 2025, the company repurchased **10 million shares** for **$446 million**[110](index=110&type=chunk) - As of June 30, 2025, there was **$426 million** of unrecognized share-based compensation expense expected to be recognized over a weighted-average period of **1.21 years**[119](index=119&type=chunk) - As of June 30, 2025, outstanding warrants could be exercised to purchase **10.79 million shares** of Class A common stock at a strike price of **$26.60**[109](index=109&type=chunk) [Note 14 - Commitments & Contingencies](index=38&type=section&id=Note%2014%20-%20Commitments%20%26%20Contingencies) Accrued legal contingencies decreased to $45 million by June 30, 2025, with settlements in Best Execution and FINRA matters, and ongoing litigation - Accrued loss contingencies decreased to **$45 million** as of June 30, 2025, from **$128 million** as of December 31, 2024[122](index=122&type=chunk) - In June 2025, Robinhood agreed to a settlement in principle in the Best Execution and PFOF civil litigation[128](index=128&type=chunk) - On March 6, 2025, the company resolved multiple FINRA investigations by paying a **$26 million** penalty and approximately **$3.76 million** in restitution[131](index=131&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial performance, highlighting significant revenue and net income growth, strong customer metrics, and liquidity Q2 2025 vs Q2 2024 Performance Highlights | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total net revenues | $989 million | $682 million | +45% | | Net income | $386 million | $188 million | +105% | | Adjusted EBITDA (non-GAAP) | $549 million | $301 million | +82% | | Funded Customers | 26.5 million | 24.2 million | +10% | | Total Platform Assets | $278.6 billion | $139.7 billion | +99% | | ARPU | $151 | $113 | +34% | [Revenues](index=50&type=section&id=Revenues) Broad-based revenue growth in Q2 2025, with transaction-based up 65%, net interest up 25%, and other revenues up 33% Transaction-Based Revenues - Q2 2025 vs Q2 2024 (in millions) | Category | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Options | $265 | $182 | +46% | | Cryptocurrencies | $160 | $81 | +98% | | Equities | $66 | $40 | +65% | | **Total** | **$539** | **$327** | **+65%** | - Net interest revenues increased by **$72 million** YoY in Q2 2025, driven by growth in interest-earning assets like margin loans and securities lending activities[168](index=168&type=chunk) - Robinhood Gold subscription revenues grew **69%** YoY to **$44 million** in Q2 2025, driven by a **76%** increase in subscribers to **3.48 million**[171](index=171&type=chunk)[159](index=159&type=chunk) [Operating Expenses](index=53&type=section&id=Operating%20Expenses) Total operating expenses increased 12% to $550 million in Q2 2025, driven by higher marketing and brokerage costs Operating Expenses - Q2 2025 vs Q2 2024 (in millions) | Category | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Brokerage and transaction | $48 | $40 | +20% | | Technology and development | $214 | $209 | +2% | | Marketing | $99 | $64 | +55% | | General and administrative | $132 | $134 | -1% | | Provision for credit losses | $28 | $18 | +56% | | **Total Operating Expenses** | **$550** | **$493** | **+12%** | - Marketing costs increased by **$35 million** in Q2 2025 due to higher investments in digital and brand marketing to promote the brand and products[177](index=177&type=chunk) - General and administrative costs decreased slightly, partly due to a **$14 million** reduction in legal expenses associated with historical matters[179](index=179&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) Robinhood maintains strong liquidity with $4.16 billion in cash and $3.775 billion in credit facilities, exceeding regulatory capital requirements - As of June 30, 2025, the company had **$4.16 billion** in cash and cash equivalents and **$134 million** in held-to-maturity investments[184](index=184&type=chunk) - The company's broker-dealer subsidiary, RHS, had net capital of **$2.89 billion**, which is **$2.67 billion** in excess of its required net capital of **$215 million**[188](index=188&type=chunk) - Total material cash commitments for the remainder of 2025 are estimated at **$495 million**, primarily for purchase commitments and the Credit Card Funding Trust[186](index=186&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Robinhood's market risk is primarily interest rate sensitivity, with a 100 bps rate increase potentially boosting annual net revenues by $247 million Annualized Impact of Hypothetical Interest Rate Change (in millions) | Basis Point Change | Impact on Net Revenues (June 30, 2025) | Impact on Net Revenues (June 30, 2024) | | :--- | :--- | :--- | | +150 bps | $370 | $234 | | +100 bps | $247 | $156 | | +50 bps | $123 | $78 | - The company manages credit risk on margin lending by requiring customers to maintain collateral and monitoring accounts for excessive concentration or large positions[202](index=202&type=chunk) [Item 4. Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with Bitstamp integration ongoing and excluded from 2025 assessment - The CEO and CFO concluded that as of the end of the reporting period, the company's disclosure controls and procedures were effective[204](index=204&type=chunk) - Following its acquisition on June 2, 2025, Bitstamp is being integrated. Management expects to exclude Bitstamp from its assessment of internal control over financial reporting for 2025[206](index=206&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 for details on ongoing legal and regulatory matters, including settlements and investigations - For information regarding legal proceedings, the report directs readers to Note 14 - Commitments & Contingencies in the financial statements[208](index=208&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) Key risks include slower growth, expansion challenges, reliance on PFOF, interest rate sensitivity, regulatory scrutiny, and concentrated voting power - A large portion of revenue is transaction-based (PFOF), which is sensitive to trading volumes, regulatory changes, and relationships with liquidity providers[222](index=222&type=chunk) - The business is subject to extensive and complex regulations. Failure to comply could result in substantial costs, penalties, and changes to business practices. The company has been and expects to continue to be subject to regulatory investigations and actions[211](index=211&type=chunk)[273](index=273&type=chunk) - The legal status of any particular cryptocurrency as a 'security' in the U.S. is highly uncertain. An adverse determination for a supported coin could lead to regulatory penalties, customer lawsuits, and a requirement to cease trading that asset[211](index=211&type=chunk)[375](index=375&type=chunk) - The multi-class stock structure concentrates over **50%** of the voting power with the company's founders, limiting other stockholders' influence on corporate matters[215](index=215&type=chunk)[467](index=467&type=chunk)[468](index=468&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=129&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued 2,049,711 unvested shares for TradePMR acquisition and repurchased 3 million shares for $124 million in Q2 2025 - On February 26, 2025, the company issued **2,049,711 unvested shares** of Class A common stock as part of the TradePMR acquisition in a transaction exempt from registration[478](index=478&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Total Value (approx.) | | :--- | :--- | :--- | :--- | | April 2025 | 2,471,752 | $36.60 | $90.5M | | May 2025 | 307,171 | $56.99 | $17.5M | | June 2025 | 222,832 | $74.81 | $16.7M | | **Total** | **3,001,755** | **$41.52** | **$124.7M** | [Item 5. Other Information](index=130&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q2 2025 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2025[483](index=483&type=chunk)

Company Overview - Robinhood's results are being discussed on CNBC's 'Closing Bell Overtime' [1]

Q2 2025 Business Performance - Robinhood's Funded Customers reached 265 million, a 23 million increase year-over-year and a 750k increase sequentially[10] - Robinhood Gold Subscribers reached 348 million, a 15 million increase year-over-year and a 290k increase sequentially[10] - Total Platform Assets reached $279 billion, a 99% increase year-over-year and a 26% increase sequentially[10] - Net Deposits were $138 billion in Q2, translating to a 25% annualized growth rate, and were ~$58 billion over the last twelve months, translating to a 41% growth rate[10, 46] Q2 2025 Financial Performance - Total Net Revenues were $989 million, a 45% increase year-over-year and a 7% increase sequentially[14] - Adjusted Operating Expenses were $444 million, a 9% increase year-over-year and a (3%) decrease sequentially[14] - Adjusted EBITDA was $549 million, an 82% increase year-over-year and a 17% increase sequentially[14] - Net Income was $386 million, a +$198 million increase year-over-year and a +$50 million increase sequentially[14] Updated 2025 Outlook - Robinhood is updating its 2025 outlook for Adjusted Operating Expenses and SBC to $215 billion to $225 billion to include the acquisition of Bitstamp in Q2 2025[78, 83]