Robinhood Beats Q2 Estimates as Crypto Revenues Soar, M&A Strategy Gains Traction
Robinhood (HOOD) delivered a strong second-quarter performance, exceeding analyst expectations on both revenue and earnings as crypto trading rebounded and recent acquisitions began to contribute.
The company reported $160 million in crypto trading revenue for Q2, a 98% increase from the same period last year. Total net revenue came in at $989 million, up 45% year-over-year and ahead of the $928.8 million estimate compiled by FactSet. Adjusted earnings per share rose to $0.42, beating expectations of $0.31.
Crypto trading volume totaled $28.3 billion for the quarter, highlighting increased retail engagement with digital assets amid broader market momentum.
“Our results reflect strong execution across the board,” said CEO Vlad Tenev. “We’re innovating at a rapid pace, and our rollout of tokenized assets could be one of the most transformative developments the industry has seen in a decade.”
Robinhood shares have surged 177% year-to-date, making it the best-performing U.S. tech stock in 2025. The rally has brought its market capitalization to $91 billion, placing it just behind Coinbase (COIN), which will report Q2 earnings on Thursday. Analysts expect Coinbase to post $1.59 billion in revenue and $1.25 in earnings per share.
The quarter also marked the early impact of Robinhood’s recent acquisitions. The company completed its $200 million purchase of Bitstamp in June, followed by a $179 million acquisition of WonderFi, a Canadian crypto platform. Both moves expand Robinhood’s regulated operations across North America.
International growth is also accelerating. The company recently began offering tokenized versions of stocks and ETFs in Europe, allowing investors to buy fractionalized traditional assets on the blockchain.
Robinhood shares traded flat in after-hours trading, while Coinbase saw a modest uptick.
