Robinhood’s Q2 results looked impressive on the surface. Revenue reached $989 million and earnings per share landed at $0.42. Still, crypto revenue fell shy of predictions. Trading activity surged, but equities and crypto both underperformed expectations in parts. At the same time margin balances hit record highs, and Gold subscriptions climbed.
“Trading volume rose sharply and revenue still beat consensus”
https://www.investors.com/news/robinhood-stock-earnings-q2-2025-hood-stock-cryptocurrency/
“Revenue grew 45 % year‑over‑year to $989 million while EPS doubled”
https://www.investing.com/news/earnings/robinhood-markets-earnings-beat-by-012-revenue-topped-estimates-4161112
Institutional traders have paused leverage. Retail is excited. HOOD stock gained barely 1 % in after‑hours trading. That tepid response after such a blowout suggests caution may be offsetting enthusiasm. High net deposits and rising assets under custody sound good. But rising operating costs and stretched future assumptions hold risk.
Focus is shifting to bank launch plans and margin balance sustainability. Behind the numbers lies a question: how long can growth momentum carry until profitability or dilution bites?
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