Robinhood Markets, Inc. · HOOD · FY2026 Q2 · Calendar Q3 2026

Robinhood Q2: Record growth, tighter costs, broader product push

Robinhood's Q2 analysis supports a constructive growth case: strong volumes, net deposits, profitability, and product expansion were paired with tighter expense guidance. The case remains dependent on regulatory progress and execution across several new initiatives.

Reported After market closeNASDAQFinancial Services $111.71B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.62 Consensus $0.44
EPS surprise +40.9% Reported versus consensus
Reported revenue $1.31B Consensus $1.29B
Revenue surprise +1.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -3.6% Event window
SPY move +1.7% Same window
Abnormal move -5.3% Stock minus SPY
Volume 1.3× Versus trailing sessions
Subsequent drift +26.7% Up to 20 sessions
HOODSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, Robinhood reported faster growth, expanded adjusted EBITDA margin, lowered 2026 OpEx guidance, completed the WonderFi acquisition, and added a Singapore capital-markets licence. The focus broadened from planned launches to early traction in Robinhood Chain, Trump Accounts, and the wider product ecosystem.

Guidance delta

2026 operating-expense guidance was lowered, while the company continued to fund product and international expansion.

Key takeaways

  • Management described record Q2 performance, with revenue up 32% year over year and net deposits reaching $22 billion.
  • Adjusted EBITDA margin expanded to 57%, while lower 2026 OpEx guidance pointed to stronger cost discipline.
  • Growth initiatives span AI trading, Robinhood Chain, prediction markets, Trump Accounts, the Gold Card, and international expansion.

Management priorities

  • Build a broader product ecosystem across AI trading, tokenized assets, prediction markets, and consumer finance
  • Expand internationally, including through the Singapore capital-markets licence and WonderFi integration
  • Scale new products while maintaining expense discipline and capital flexibility

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Earnings History

Estimate Beat Miss Match
HOOD EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $0.06 Q1 '24 actual $0.18, beat Q2 '24 estimate $0.15 Q2 '24 actual $0.21, beat Q3 '24 estimate $0.18 Q3 '24 actual $0.17, match Q2 '25 estimate $0.31 Q2 '25 actual $0.42, beat Q3 '25 estimate $0.54 Q3 '25 actual $0.61, beat Q4 '25 estimate $0.63 Q4 '25 actual $0.66, beat Q1 '26 estimate $0.39 Q1 '26 actual $0.38, match Q2 '26 estimate $0.44 Q2 '26 actual $0.62, beat Q3 '26 estimate $0.52 Q4 '26 estimate $0.59 Q1 '27 estimate $0.61
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Analyst Consensus ?

ConsensusBuy26 ratings
Bullish2076.9%
Neutral415.4%
Bearish27.7%

Analyst 52W Price Targets

$124.25Previous close
$5Low
$100.94Average
$171High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Deutsche Bank Buy BuyMaintainSep 14, 2026
Citizens Market Outperform Market OutperformMaintainSep 11, 2026
Mizuho Outperform OutperformMaintainSep 9, 2026
Bernstein Outperform OutperformMaintainSep 9, 2026
Jefferies Buy BuyMaintainSep 8, 2026
Show 21 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $124.25. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Deutsche BankBrian Bedell$138$114.18 +11.1%Sep 14, 2026
Loop Capital MarketsDevin Ryan$165$113.33 +32.8%Sep 11, 2026
Mizuho SecuritiesDan Dolev$140$117.34 +12.7%Sep 9, 2026
Coker PalmerMark Palmer$170$117.34 +36.8%Sep 8, 2026
UBSAnalyst unavailable$140$122.28 +12.7%Sep 8, 2026
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Company context

Snapshot as of publication

Robinhood Markets, Inc. operates a financial services platform available to users throughout the United States. This platform empowers individuals to engage in a wide array of investments, encompassing common stocks, exchange-traded funds (ETFs), options contracts, gold, and various cryptocurrencies. Beyond its core trading functionalities, the company dedicates efforts to providing educational and informational resources.…

Historical context

All HOOD earnings

Financial Services peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-07-31T14:08:36.270442+00:00
  2. FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
  3. Polygon adjusted daily market bars · 2026-09-23T08:10:57.762743+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T08:10:57.759912+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-23. For educational purposes only; not investment advice.