Robinhood Set Records on Revenue, Net Deposits, and Gold Subscribers. The Stock Is Still 44% Below Its High.

Robinhood reported record Q2 revenue of $1.31 billion, up 32% year-over-year, alongside 4.8 million Gold subscribers—a 39% increase—and record trading volumes. Despite the beat, shares fell 3.6% post-earnings and trade 44% below their October high.

The market's concern centers on revenue durability. Crypto trading revenue dropped 38% in the quarter, while the company's newer prediction markets business remains unproven at scale. At 38x earnings, the current valuation already embeds expectations for substantial growth, leaving little room for execution missteps.

Gold subscriber growth continues to drive recurring revenue momentum, but the platform's reliance on volatile trading activity—particularly in crypto—creates earnings uncertainty. The post-earnings selloff suggests investors are pricing in normalization risk as retail trading activity moderates from elevated levels.