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
Goldman Sachs Buy BuyMaintainSep 8, 2026
Cantor Fitzgerald Overweight OverweightMaintainSep 8, 2026
Piper Sandler Overweight OverweightMaintainSep 2, 2026
Morgan Stanley Overweight Equal WeightUpgradeSep 1, 2026
Needham Buy BuyMaintainJul 30, 2026
BTIG Buy BuyMaintainJul 30, 2026
Barclays Overweight OverweightMaintainJul 30, 2026
Keybanc Overweight OverweightMaintainJul 22, 2026
Argus Research Buy BuyMaintainJun 17, 2026
Keefe, Bruyette & Woods Market Perform Market PerformMaintainApr 29, 2026
JP Morgan Neutral NeutralMaintainApr 23, 2026
Truist Securities Buy BuyMaintainApr 13, 2026
B of A Securities Buy BuyMaintainDec 10, 2025
JMP Securities Market Outperform Market OutperformMaintainOct 9, 2025
Citigroup Neutral NeutralMaintainSep 23, 2025
Compass Point Buy BuyMaintainJun 27, 2025
Redburn Atlantic Sell NeutralDowngradeJun 9, 2025
Citizens Capital Markets Market Outperform Market OutperformMaintainMar 28, 2025
Wolfe Research Peer Perform OutperformDowngradeFeb 18, 2025
Atlantic Equities Underweight UnderweightMaintainAug 31, 2022
Rosenblatt Buy BuyMaintainJan 28, 2022
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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
Goldman SachsAnalyst unavailable$142$122.11 +14.3%Sep 8, 2026
Loop Capital MarketsJames Yaro$142$122.11 +14.3%Sep 8, 2026
Loop Capital MarketsDaniel Fannon$140$122.11 +12.7%Sep 8, 2026
Deutsche BankBrian Bedell$136$122.37 +9.5%Sep 4, 2026
ScotiabankAnalyst unavailable$136$103.51 +9.5%Sep 2, 2026
Piper SandlerPatrick Moley$145$103.51 +16.7%Sep 2, 2026
Morgan StanleyMichael Cyprys$150$104.81 +20.7%Sep 1, 2026
Cantor FitzgeraldRamsey El-Assal$115$90.19 -7.4%Aug 3, 2026
Deutsche BankBrian Bedell$114$87.78 -8.2%Jul 30, 2026
NeedhamJohn Todaro$120$89.84 -3.4%Jul 30, 2026
Loop Capital MarketsAnalyst unavailable$126$89.84 +1.4%Jul 30, 2026
Goldman SachsAnalyst unavailable$118$89.84 -5.0%Jul 30, 2026
BarclaysAnalyst unavailable$105$89.84 -15.5%Jul 30, 2026
Loop Capital MarketsBenjamin Budish$105$89.84 -15.5%Jul 30, 2026
KeyBancAlex Markgraff$125$106.36 +0.6%Jul 22, 2026
NeedhamAnalyst unavailable$123$99.28 -1.0%Jul 21, 2026
BernsteinGautam Chhugani$160$100.68 +28.8%Jul 20, 2026
Morgan StanleyAnalyst unavailable$124$111.47 -0.2%Jul 10, 2026
BarclaysAnalyst unavailable$122$116.78 -1.8%Jul 9, 2026
Mizuho SecuritiesDan Dolev$130$108.65 +4.6%Jul 2, 2026
Deutsche BankAnalyst unavailable$113$100.96 -9.1%Jun 30, 2026
Goldman SachsJames Yaro$121$98.69 -2.6%Jun 29, 2026
BTIGAnalyst unavailable$125$93.47 +0.6%Jun 26, 2026
Argus ResearchStephen Biggar$110$108.04 -11.5%Jun 17, 2026
Loop Capital MarketsStephen Biggar$110$96.71 -11.5%Jun 17, 2026
Deutsche BankAnalyst unavailable$105$96.71 -15.5%Jun 17, 2026
NeedhamAnalyst unavailable$97$86.36 -21.9%Jun 11, 2026
Goldman SachsJames Yaro$108$88.77 -13.1%Jun 10, 2026
Deutsche BankBrian Bedell$98$84.59 -21.1%Jun 5, 2026
Goldman SachsJames Yaro$105$82.85 -15.5%Jun 4, 2026
Loop Capital MarketsAlex Markgraff$100$87.23 -19.5%Jun 1, 2026
Loop Capital MarketsJames Yaro$94$76.23 -24.3%May 27, 2026
NeedhamAnalyst unavailable$85$70.87 -31.6%Apr 29, 2026
Mizuho SecuritiesAnalyst unavailable$105$71.4 -15.5%Apr 29, 2026
BarclaysAnalyst unavailable$82$82.07 -34.0%Apr 29, 2026
Cantor FitzgeraldAnalyst unavailable$110$90 -11.5%Apr 21, 2026
KeyBancAnalyst unavailable$110$91.28 -11.5%Apr 21, 2026
Mizuho SecuritiesDan Dolev$115$90.75 -7.4%Apr 20, 2026
Truist FinancialAnalyst unavailable$100$70.83 -19.5%Apr 13, 2026
Morgan StanleyAnalyst unavailable$95$69.52 -23.5%Apr 10, 2026
Mizuho SecuritiesDan Dolev$110$76.12 -11.5%Mar 13, 2026
New StreetCraig Siegenthaler$122$79.8 -1.8%Mar 5, 2026
Goldman SachsJames Yaro$111$75.65 -10.7%Feb 20, 2026
Cantor FitzgeraldAnalyst unavailable$100$73.12 -19.5%Feb 17, 2026
Mizuho SecuritiesAnalyst unavailable$135$75.97 +8.7%Feb 17, 2026
Truist FinancialAnalyst unavailable$120$78.07 -3.4%Feb 12, 2026
BarclaysAnalyst unavailable$124$75.49 -0.2%Feb 11, 2026
Loop Capital MarketsGautam Chhugani$160$75.92 +28.8%Feb 11, 2026
Loop Capital MarketsEd Engel$127$74.86 +2.2%Feb 11, 2026
Goldman SachsJames Yaro$130$85.6 +4.6%Feb 11, 2026
NeedhamJohn Todaro$100$74.96 -19.5%Feb 11, 2026
Piper SandlerAnalyst unavailable$135$85.6 +8.7%Feb 11, 2026
Loop Capital MarketsAlex Markgraff$130$87.64 +4.6%Feb 9, 2026
KeyBancAnalyst unavailable$130$82.82 +4.6%Feb 9, 2026
Wolfe ResearchAnalyst unavailable$125$82.82 +0.6%Feb 9, 2026
Truist FinancialAnalyst unavailable$130$72.7 +4.6%Feb 5, 2026
Argus ResearchAnalyst unavailable$145$115.39 +16.7%Jan 9, 2026
BarclaysAnalyst unavailable$159$116.97 +28.0%Jan 8, 2026
NeedhamAnalyst unavailable$135$116.85 +8.7%Dec 29, 2025
Morgan StanleyAnalyst unavailable$147$121.35 +18.3%Dec 22, 2025
Truist FinancialAnalyst unavailable$155$119.4 +24.7%Dec 16, 2025
BarclaysBenjamin Budish$171$123.39 +37.6%Dec 12, 2025
Cantor FitzgeraldAnalyst unavailable$152$127.03 +22.3%Dec 11, 2025
Loop Capital MarketsBrett Knboblauch$152$126.56 +22.3%Dec 11, 2025
SusquehannaAnalyst unavailable$155$115.57 +24.7%Nov 26, 2025
Cantor FitzgeraldAnalyst unavailable$155$131.35 +24.7%Nov 6, 2025
KeyBancAlex Markgraff$155$143.57 +24.7%Oct 31, 2025
Loop Capital MarketsAlex Markgraff$155$150.33 +24.7%Oct 31, 2025
Loop Capital MarketsEd Engel$161$147.44 +29.6%Oct 27, 2025
Piper SandlerAnalyst unavailable$155$140.68 +24.7%Oct 14, 2025
JMP SecuritiesDevin Ryan$170$150.87 +36.8%Oct 9, 2025
BarclaysAnalyst unavailable$162$145 +30.4%Oct 8, 2025
Morgan StanleyMichael Cyprys$146$138.73 +17.5%Oct 1, 2025
NeedhamJohn Todaro$145$136.72 +16.7%Sep 30, 2025
Summit Redstone PartnersAlex Markgraff$135$117.46 +8.7%Sep 10, 2025
Piper SandlerPatrick Moley$120$121.58 -3.4%Sep 10, 2025
Summit Redstone PartnersAnalyst unavailable$145$117.46 +16.7%Sep 10, 2025
Mizuho SecuritiesAnalyst unavailable$120$106.1 -3.4%Jul 31, 2025
BarclaysAnalyst unavailable$120$103.71 -3.4%Jul 31, 2025
Mizuho SecuritiesAnalyst unavailable$99$92.33 -20.3%Jul 1, 2025
Goldman SachsJames Yaro$82$74.88 -34.0%Jun 11, 2025
Deutsche BankBrian Bedell$61$36.36 -50.9%Mar 12, 2025
Cantor FitzgeraldAnalyst unavailable$69$44.84 -44.5%Mar 6, 2025
Loop Capital MarketsBenjamin Budish$49$41.67 -60.6%Dec 9, 2024
Mizuho SecuritiesDan Dolev$60$38.92 -51.7%Dec 5, 2024
Piper SandlerPatrick Moley$54$40.67 -56.5%Dec 5, 2024
Loop Capital MarketsAlex Markgraff$47$40.73 -62.2%Dec 5, 2024
Loop Capital MarketsBenjamin Budish$26$36.65 -79.1%Nov 25, 2024
Morgan StanleyMichael Cyprys$55$36.65 -55.7%Nov 25, 2024
Mizuho SecuritiesDan Dolev$35$17.92 -71.8%Nov 19, 2024
Piper SandlerPatrick Moley$36$34.08 -71.0%Nov 18, 2024
NeedhamJohn Todaro$40$34.17 -67.8%Nov 18, 2024
Loop Capital MarketsBrian Bedell$35$17.92 -71.8%Nov 13, 2024
Mizuho SecuritiesDan Dolev$29$27.88 -76.7%Oct 29, 2024
Loop Capital MarketsBenjamin Budish$23$27.88 -81.5%Oct 28, 2024
Piper SandlerPatrick Moley$30$26.5 -75.9%Oct 21, 2024
Piper SandlerPatrick Moley$27$23.74 -78.3%Sep 19, 2024
Deutsche BankBrian Bedell$24$18.65 -80.7%Aug 15, 2024
Piper SandlerPatrick Moley$23$17.92 -81.5%Aug 12, 2024
JMP SecuritiesDevin Ryan$30$17.21 -75.9%Aug 7, 2024
CitigroupChristopher Allen$18$15.94 -85.5%Aug 5, 2024
Wolfe ResearchSteven Chubak$29$22.77 -76.7%Jun 26, 2024
Loop Capital MarketsChristopher Allen$18$23.7 -85.5%Jun 13, 2024
Loop Capital MarketsKyle Voigt$21.5$20.62 -82.7%May 29, 2024
Loop Capital MarketsCraig Siegenthaler$24$17.9 -80.7%May 17, 2024
KeyBancAlex Markgrafff$23$17.4 -81.5%May 9, 2024
Piper SandlerPatrick Moley$18$17.85 -85.5%May 9, 2024
Mizuho SecuritiesDan Dolev$23$17.85 -81.5%May 9, 2024
Mizuho SecuritiesDan Dolev$21$17.99 -83.1%May 7, 2024
BarclaysBenjamin Budish$16$18.4 -87.1%Apr 8, 2024
Loop Capital MarketsBrian Bedell$19$18.45 -84.7%Apr 5, 2024
Loop Capital MarketsKyle Voigt$20$19.2 -83.9%Apr 3, 2024
Loop Capital MarketsAlex Markgraff$22$20.01 -82.3%Mar 28, 2024
BernsteinGautam Chhugani$30$18.12 -75.9%Mar 14, 2024
Loop Capital MarketsBrian Bedell$16$18.05 -87.1%Mar 14, 2024
Loop Capital MarketsGautam Chhugani$30$17.16 -75.9%Mar 13, 2024
Piper SandlerPatrick Moley$12.5$13.2 -89.9%Feb 14, 2024
Mizuho SecuritiesDan Dolev$15$10.91 -87.9%Jan 23, 2024
JMP SecuritiesDevin Ryan$23$9.24 -81.5%Dec 1, 2023
Loop Capital MarketsDevin Ryan$25$9.48 -79.9%May 11, 2023
BarclaysSam Boughedda$7$9.46 -94.4%Aug 31, 2022
BarclaysBenjamin Budish$10$9.47 -92.0%Aug 31, 2022
Piper SandlerRichard Repetto$10$10.93 -92.0%Aug 15, 2022
Mizuho SecuritiesAnalyst unavailable$13$10.31 -89.5%Aug 4, 2022
Morgan StanleyMichael Cyprys$14$8.18 -88.7%Jul 5, 2022
Loop Capital MarketsWill Nance$9.5$9.12 -92.4%Jun 27, 2022
Goldman SachsWill Nance$9.5$8 -92.4%Jun 27, 2022
Atlantic EquitiesJohn Heagerty$5$7.16 -96.0%Jun 15, 2022
Loop Capital MarketsJohn Heagerty$5$7.13 -96.0%Jun 15, 2022
Piper SandlerRichard Repetto$11$10.69 -91.1%May 16, 2022
Mizuho SecuritiesDan Dolev$14$10.48 -88.7%May 3, 2022
Wolfe ResearchAnalyst unavailable$10$9.87 -92.0%Apr 29, 2022
Deutsche BankBrian Bedell$10$10.09 -92.0%Apr 29, 2022
Mizuho SecuritiesDan Dolev$19$10 -84.7%Apr 27, 2022
Deutsche BankBrian Bedell$11$11.24 -91.1%Apr 9, 2022
Morgan StanleyMichael Cyprys$15$13.5 -87.9%Apr 3, 2022
Deutsche BankBrian Bedell$14$11.81 -88.7%Feb 21, 2022
Bank of America SecuritiesCraig Siegenthaler$13$14.15 -89.5%Jan 31, 2022
Piper SandlerRichard Repetto$13$12.73 -89.5%Jan 28, 2022
Rosenblatt SecuritiesSean Horgan$15$12.73 -87.9%Jan 28, 2022
Mizuho SecuritiesDan Dolev$20$13.05 -83.9%Jan 25, 2022
Piper SandlerRichard Repetto$17$15.17 -86.3%Jan 15, 2022
Wolfe ResearchSteven Chubak$20$17.4 -83.9%Jan 4, 2022
Atlantic EquitiesJohn Heagerty$35$33.87 -71.8%Nov 16, 2021
Autonomous ResearchChristian Bolu$55$40.52 -55.7%Oct 13, 2021
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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

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Financial Services peers this season

Latest reports in the same sector

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.