Robinhood Now Runs 13 Revenue Lines Above $100 Million a Year. A 2-Month-Old Network Could Be Next.

Robinhood reported record Q2 revenue of $1.31 billion, up 32% year-over-year, now operating 13 business lines each generating more than $100 million in annualized revenue. The diversification spans options trading, cryptocurrency, event contracts, and margin lending. The company's newly launched blockchain network, Robinhood Chain, could become the 14th line to cross the $100 million threshold.

Despite the strong growth, valuation concerns persist. HOOD shares trade at 43x forward earnings, a significant premium to SCHW at 14x forward earnings. The analyst recommends a hold rating on Robinhood, citing the valuation gap even as the company demonstrates momentum across its product suite.

The revenue expansion marks a shift from Robinhood's early reliance on payment for order flow, with the company now generating meaningful income from multiple sources. The Q2 results highlight execution on the diversification strategy management has emphasized over the past two years.