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.
Earnings scorecard
Reported versus consensusMarket reaction
event-close to next-session closeAsk FN2 about HOOD FY2026 Q2
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
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
Follow HOOD with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Analyst 52W Price Targets
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Deutsche Bank | Buy | Buy | Maintain | Sep 14, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | Sep 11, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 9, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Sep 9, 2026 |
| Jefferies | Buy | Buy | Maintain | Sep 8, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 8, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Sep 8, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Sep 1, 2026 |
| Needham | Buy | Buy | Maintain | Jul 30, 2026 |
| BTIG | Buy | Buy | Maintain | Jul 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Argus Research | Buy | Buy | Maintain | Jun 17, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Apr 29, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 23, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Dec 10, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Oct 9, 2025 |
| Citigroup | Neutral | Neutral | Maintain | Sep 23, 2025 |
| Compass Point | Buy | Buy | Maintain | Jun 27, 2025 |
| Redburn Atlantic | Sell | Neutral | Downgrade | Jun 9, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 28, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Feb 18, 2025 |
| Atlantic Equities | Underweight | Underweight | Maintain | Aug 31, 2022 |
| Rosenblatt | Buy | Buy | Maintain | Jan 28, 2022 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Brian Bedell | $138 | $114.18 | +11.1% | Sep 14, 2026 |
| Loop Capital Markets | Devin Ryan | $165 | $113.33 | +32.8% | Sep 11, 2026 |
| Mizuho Securities | Dan Dolev | $140 | $117.34 | +12.7% | Sep 9, 2026 |
| Coker Palmer | Mark Palmer | $170 | $117.34 | +36.8% | Sep 8, 2026 |
| UBS | Analyst unavailable | $140 | $122.28 | +12.7% | Sep 8, 2026 |
| Goldman Sachs | Analyst unavailable | $142 | $122.11 | +14.3% | Sep 8, 2026 |
| Loop Capital Markets | James Yaro | $142 | $122.11 | +14.3% | Sep 8, 2026 |
| Loop Capital Markets | Daniel Fannon | $140 | $122.11 | +12.7% | Sep 8, 2026 |
| Deutsche Bank | Brian Bedell | $136 | $122.37 | +9.5% | Sep 4, 2026 |
| Scotiabank | Analyst unavailable | $136 | $103.51 | +9.5% | Sep 2, 2026 |
| Piper Sandler | Patrick Moley | $145 | $103.51 | +16.7% | Sep 2, 2026 |
| Morgan Stanley | Michael Cyprys | $150 | $104.81 | +20.7% | Sep 1, 2026 |
| Cantor Fitzgerald | Ramsey El-Assal | $115 | $90.19 | -7.4% | Aug 3, 2026 |
| Deutsche Bank | Brian Bedell | $114 | $87.78 | -8.2% | Jul 30, 2026 |
| Needham | John Todaro | $120 | $89.84 | -3.4% | Jul 30, 2026 |
| Loop Capital Markets | Analyst unavailable | $126 | $89.84 | +1.4% | Jul 30, 2026 |
| Goldman Sachs | Analyst unavailable | $118 | $89.84 | -5.0% | Jul 30, 2026 |
| Barclays | Analyst unavailable | $105 | $89.84 | -15.5% | Jul 30, 2026 |
| Loop Capital Markets | Benjamin Budish | $105 | $89.84 | -15.5% | Jul 30, 2026 |
| KeyBanc | Alex Markgraff | $125 | $106.36 | +0.6% | Jul 22, 2026 |
| Needham | Analyst unavailable | $123 | $99.28 | -1.0% | Jul 21, 2026 |
| Bernstein | Gautam Chhugani | $160 | $100.68 | +28.8% | Jul 20, 2026 |
| Morgan Stanley | Analyst unavailable | $124 | $111.47 | -0.2% | Jul 10, 2026 |
| Barclays | Analyst unavailable | $122 | $116.78 | -1.8% | Jul 9, 2026 |
| Mizuho Securities | Dan Dolev | $130 | $108.65 | +4.6% | Jul 2, 2026 |
| Deutsche Bank | Analyst unavailable | $113 | $100.96 | -9.1% | Jun 30, 2026 |
| Goldman Sachs | James Yaro | $121 | $98.69 | -2.6% | Jun 29, 2026 |
| BTIG | Analyst unavailable | $125 | $93.47 | +0.6% | Jun 26, 2026 |
| Argus Research | Stephen Biggar | $110 | $108.04 | -11.5% | Jun 17, 2026 |
| Loop Capital Markets | Stephen Biggar | $110 | $96.71 | -11.5% | Jun 17, 2026 |
| Deutsche Bank | Analyst unavailable | $105 | $96.71 | -15.5% | Jun 17, 2026 |
| Needham | Analyst unavailable | $97 | $86.36 | -21.9% | Jun 11, 2026 |
| Goldman Sachs | James Yaro | $108 | $88.77 | -13.1% | Jun 10, 2026 |
| Deutsche Bank | Brian Bedell | $98 | $84.59 | -21.1% | Jun 5, 2026 |
| Goldman Sachs | James Yaro | $105 | $82.85 | -15.5% | Jun 4, 2026 |
| Loop Capital Markets | Alex Markgraff | $100 | $87.23 | -19.5% | Jun 1, 2026 |
| Loop Capital Markets | James Yaro | $94 | $76.23 | -24.3% | May 27, 2026 |
| Needham | Analyst unavailable | $85 | $70.87 | -31.6% | Apr 29, 2026 |
| Mizuho Securities | Analyst unavailable | $105 | $71.4 | -15.5% | Apr 29, 2026 |
| Barclays | Analyst unavailable | $82 | $82.07 | -34.0% | Apr 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $110 | $90 | -11.5% | Apr 21, 2026 |
| KeyBanc | Analyst unavailable | $110 | $91.28 | -11.5% | Apr 21, 2026 |
| Mizuho Securities | Dan Dolev | $115 | $90.75 | -7.4% | Apr 20, 2026 |
| Truist Financial | Analyst unavailable | $100 | $70.83 | -19.5% | Apr 13, 2026 |
| Morgan Stanley | Analyst unavailable | $95 | $69.52 | -23.5% | Apr 10, 2026 |
| Mizuho Securities | Dan Dolev | $110 | $76.12 | -11.5% | Mar 13, 2026 |
| New Street | Craig Siegenthaler | $122 | $79.8 | -1.8% | Mar 5, 2026 |
| Goldman Sachs | James Yaro | $111 | $75.65 | -10.7% | Feb 20, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $100 | $73.12 | -19.5% | Feb 17, 2026 |
| Mizuho Securities | Analyst unavailable | $135 | $75.97 | +8.7% | Feb 17, 2026 |
| Truist Financial | Analyst unavailable | $120 | $78.07 | -3.4% | Feb 12, 2026 |
| Barclays | Analyst unavailable | $124 | $75.49 | -0.2% | Feb 11, 2026 |
| Loop Capital Markets | Gautam Chhugani | $160 | $75.92 | +28.8% | Feb 11, 2026 |
| Loop Capital Markets | Ed Engel | $127 | $74.86 | +2.2% | Feb 11, 2026 |
| Goldman Sachs | James Yaro | $130 | $85.6 | +4.6% | Feb 11, 2026 |
| Needham | John Todaro | $100 | $74.96 | -19.5% | Feb 11, 2026 |
| Piper Sandler | Analyst unavailable | $135 | $85.6 | +8.7% | Feb 11, 2026 |
| Loop Capital Markets | Alex Markgraff | $130 | $87.64 | +4.6% | Feb 9, 2026 |
| KeyBanc | Analyst unavailable | $130 | $82.82 | +4.6% | Feb 9, 2026 |
| Wolfe Research | Analyst unavailable | $125 | $82.82 | +0.6% | Feb 9, 2026 |
| Truist Financial | Analyst unavailable | $130 | $72.7 | +4.6% | Feb 5, 2026 |
| Argus Research | Analyst unavailable | $145 | $115.39 | +16.7% | Jan 9, 2026 |
| Barclays | Analyst unavailable | $159 | $116.97 | +28.0% | Jan 8, 2026 |
| Needham | Analyst unavailable | $135 | $116.85 | +8.7% | Dec 29, 2025 |
| Morgan Stanley | Analyst unavailable | $147 | $121.35 | +18.3% | Dec 22, 2025 |
| Truist Financial | Analyst unavailable | $155 | $119.4 | +24.7% | Dec 16, 2025 |
| Barclays | Benjamin Budish | $171 | $123.39 | +37.6% | Dec 12, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $152 | $127.03 | +22.3% | Dec 11, 2025 |
| Loop Capital Markets | Brett Knboblauch | $152 | $126.56 | +22.3% | Dec 11, 2025 |
| Susquehanna | Analyst unavailable | $155 | $115.57 | +24.7% | Nov 26, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $155 | $131.35 | +24.7% | Nov 6, 2025 |
| KeyBanc | Alex Markgraff | $155 | $143.57 | +24.7% | Oct 31, 2025 |
| Loop Capital Markets | Alex Markgraff | $155 | $150.33 | +24.7% | Oct 31, 2025 |
| Loop Capital Markets | Ed Engel | $161 | $147.44 | +29.6% | Oct 27, 2025 |
| Piper Sandler | Analyst unavailable | $155 | $140.68 | +24.7% | Oct 14, 2025 |
| JMP Securities | Devin Ryan | $170 | $150.87 | +36.8% | Oct 9, 2025 |
| Barclays | Analyst unavailable | $162 | $145 | +30.4% | Oct 8, 2025 |
| Morgan Stanley | Michael Cyprys | $146 | $138.73 | +17.5% | Oct 1, 2025 |
| Needham | John Todaro | $145 | $136.72 | +16.7% | Sep 30, 2025 |
| Summit Redstone Partners | Alex Markgraff | $135 | $117.46 | +8.7% | Sep 10, 2025 |
| Piper Sandler | Patrick Moley | $120 | $121.58 | -3.4% | Sep 10, 2025 |
| Summit Redstone Partners | Analyst unavailable | $145 | $117.46 | +16.7% | Sep 10, 2025 |
| Mizuho Securities | Analyst unavailable | $120 | $106.1 | -3.4% | Jul 31, 2025 |
| Barclays | Analyst unavailable | $120 | $103.71 | -3.4% | Jul 31, 2025 |
| Mizuho Securities | Analyst unavailable | $99 | $92.33 | -20.3% | Jul 1, 2025 |
| Goldman Sachs | James Yaro | $82 | $74.88 | -34.0% | Jun 11, 2025 |
| Deutsche Bank | Brian Bedell | $61 | $36.36 | -50.9% | Mar 12, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $69 | $44.84 | -44.5% | Mar 6, 2025 |
| Loop Capital Markets | Benjamin Budish | $49 | $41.67 | -60.6% | Dec 9, 2024 |
| Mizuho Securities | Dan Dolev | $60 | $38.92 | -51.7% | Dec 5, 2024 |
| Piper Sandler | Patrick Moley | $54 | $40.67 | -56.5% | Dec 5, 2024 |
| Loop Capital Markets | Alex Markgraff | $47 | $40.73 | -62.2% | Dec 5, 2024 |
| Loop Capital Markets | Benjamin Budish | $26 | $36.65 | -79.1% | Nov 25, 2024 |
| Morgan Stanley | Michael Cyprys | $55 | $36.65 | -55.7% | Nov 25, 2024 |
| Mizuho Securities | Dan Dolev | $35 | $17.92 | -71.8% | Nov 19, 2024 |
| Piper Sandler | Patrick Moley | $36 | $34.08 | -71.0% | Nov 18, 2024 |
| Needham | John Todaro | $40 | $34.17 | -67.8% | Nov 18, 2024 |
| Loop Capital Markets | Brian Bedell | $35 | $17.92 | -71.8% | Nov 13, 2024 |
| Mizuho Securities | Dan Dolev | $29 | $27.88 | -76.7% | Oct 29, 2024 |
| Loop Capital Markets | Benjamin Budish | $23 | $27.88 | -81.5% | Oct 28, 2024 |
| Piper Sandler | Patrick Moley | $30 | $26.5 | -75.9% | Oct 21, 2024 |
| Piper Sandler | Patrick Moley | $27 | $23.74 | -78.3% | Sep 19, 2024 |
| Deutsche Bank | Brian Bedell | $24 | $18.65 | -80.7% | Aug 15, 2024 |
| Piper Sandler | Patrick Moley | $23 | $17.92 | -81.5% | Aug 12, 2024 |
| JMP Securities | Devin Ryan | $30 | $17.21 | -75.9% | Aug 7, 2024 |
| Citigroup | Christopher Allen | $18 | $15.94 | -85.5% | Aug 5, 2024 |
| Wolfe Research | Steven Chubak | $29 | $22.77 | -76.7% | Jun 26, 2024 |
| Loop Capital Markets | Christopher Allen | $18 | $23.7 | -85.5% | Jun 13, 2024 |
| Loop Capital Markets | Kyle Voigt | $21.5 | $20.62 | -82.7% | May 29, 2024 |
| Loop Capital Markets | Craig Siegenthaler | $24 | $17.9 | -80.7% | May 17, 2024 |
| KeyBanc | Alex Markgrafff | $23 | $17.4 | -81.5% | May 9, 2024 |
| Piper Sandler | Patrick Moley | $18 | $17.85 | -85.5% | May 9, 2024 |
| Mizuho Securities | Dan Dolev | $23 | $17.85 | -81.5% | May 9, 2024 |
| Mizuho Securities | Dan Dolev | $21 | $17.99 | -83.1% | May 7, 2024 |
| Barclays | Benjamin Budish | $16 | $18.4 | -87.1% | Apr 8, 2024 |
| Loop Capital Markets | Brian Bedell | $19 | $18.45 | -84.7% | Apr 5, 2024 |
| Loop Capital Markets | Kyle Voigt | $20 | $19.2 | -83.9% | Apr 3, 2024 |
| Loop Capital Markets | Alex Markgraff | $22 | $20.01 | -82.3% | Mar 28, 2024 |
| Bernstein | Gautam Chhugani | $30 | $18.12 | -75.9% | Mar 14, 2024 |
| Loop Capital Markets | Brian Bedell | $16 | $18.05 | -87.1% | Mar 14, 2024 |
| Loop Capital Markets | Gautam Chhugani | $30 | $17.16 | -75.9% | Mar 13, 2024 |
| Piper Sandler | Patrick Moley | $12.5 | $13.2 | -89.9% | Feb 14, 2024 |
| Mizuho Securities | Dan Dolev | $15 | $10.91 | -87.9% | Jan 23, 2024 |
| JMP Securities | Devin Ryan | $23 | $9.24 | -81.5% | Dec 1, 2023 |
| Loop Capital Markets | Devin Ryan | $25 | $9.48 | -79.9% | May 11, 2023 |
| Barclays | Sam Boughedda | $7 | $9.46 | -94.4% | Aug 31, 2022 |
| Barclays | Benjamin Budish | $10 | $9.47 | -92.0% | Aug 31, 2022 |
| Piper Sandler | Richard Repetto | $10 | $10.93 | -92.0% | Aug 15, 2022 |
| Mizuho Securities | Analyst unavailable | $13 | $10.31 | -89.5% | Aug 4, 2022 |
| Morgan Stanley | Michael Cyprys | $14 | $8.18 | -88.7% | Jul 5, 2022 |
| Loop Capital Markets | Will Nance | $9.5 | $9.12 | -92.4% | Jun 27, 2022 |
| Goldman Sachs | Will Nance | $9.5 | $8 | -92.4% | Jun 27, 2022 |
| Atlantic Equities | John Heagerty | $5 | $7.16 | -96.0% | Jun 15, 2022 |
| Loop Capital Markets | John Heagerty | $5 | $7.13 | -96.0% | Jun 15, 2022 |
| Piper Sandler | Richard Repetto | $11 | $10.69 | -91.1% | May 16, 2022 |
| Mizuho Securities | Dan Dolev | $14 | $10.48 | -88.7% | May 3, 2022 |
| Wolfe Research | Analyst unavailable | $10 | $9.87 | -92.0% | Apr 29, 2022 |
| Deutsche Bank | Brian Bedell | $10 | $10.09 | -92.0% | Apr 29, 2022 |
| Mizuho Securities | Dan Dolev | $19 | $10 | -84.7% | Apr 27, 2022 |
| Deutsche Bank | Brian Bedell | $11 | $11.24 | -91.1% | Apr 9, 2022 |
| Morgan Stanley | Michael Cyprys | $15 | $13.5 | -87.9% | Apr 3, 2022 |
| Deutsche Bank | Brian Bedell | $14 | $11.81 | -88.7% | Feb 21, 2022 |
| Bank of America Securities | Craig Siegenthaler | $13 | $14.15 | -89.5% | Jan 31, 2022 |
| Piper Sandler | Richard Repetto | $13 | $12.73 | -89.5% | Jan 28, 2022 |
| Rosenblatt Securities | Sean Horgan | $15 | $12.73 | -87.9% | Jan 28, 2022 |
| Mizuho Securities | Dan Dolev | $20 | $13.05 | -83.9% | Jan 25, 2022 |
| Piper Sandler | Richard Repetto | $17 | $15.17 | -86.3% | Jan 15, 2022 |
| Wolfe Research | Steven Chubak | $20 | $17.4 | -83.9% | Jan 4, 2022 |
| Atlantic Equities | John Heagerty | $35 | $33.87 | -71.8% | Nov 16, 2021 |
| Autonomous Research | Christian Bolu | $55 | $40.52 | -55.7% | Oct 13, 2021 |
Track every rating change on HOOD the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationRobinhood 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 earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the HOOD recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-07-31T14:08:36.270442+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
- Polygon adjusted daily market bars · 2026-09-23T08:10:57.762743+00:00
- 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.