Robinhood (HOOD) Q2 FY26 earnings call: guidance and Q&A

What drove the significant increase in funded accounts, and what is the progress in Europe?

Shiv Verma attributed the growth to a strong market, new products (Banking, Credit Card), SpaceX IPO, WonderFi acquisition, and overseas expansion, highlighting the power of the ecosystem. Vlad Tenev added that there's "more to do."

“1 million funded customers, the most we've added in the quarter, nearly 5 years since the IPO. There was a variety of different vectors.”

asked by Dan Dolev · answered by Shiv Verma

How much of the prediction market engagement came from existing users vs. new customers, and how does it drive cross-product adoption?

Shiv Verma explained that customers coming to Robinhood for any product tend to adopt more, including Gold and retirement accounts. Prediction market users have grown from 1.5 million to nearly 2 million. Vlad Tenev noted strong, diversified ROIs on marketing across prediction markets, Gold, and active trader offerings.

“What we're seeing is regardless of what product you come in for, you tend to sign up for Gold and you tend to adopt others.”

asked by David Smith · answered by Shiv Verma

What are the learnings from Agentic Trading, how is investment performance, and what's the roadmap for version 2.0?

Vlad Tenev stated that over 100,000 Agentic accounts have been opened, with growing AUM and trading volumes. Customers use it for complex strategies. Friction points include the need for sophistication to stitch together code and models not being familiar with trading. The goal is to make it easier and expand the toolkit.

“We've had over 100,000 people actually integrate and open up Agentic accounts, which has been very cool.”

asked by Devin Ryan · answered by Vladimir Tenev

How does Robinhood plan to achieve a $1 trillion market cap, and how will AI supercharge global domination plans?

Vlad Tenev acknowledged the difficulty but highlighted agentic finance, global expansion via Robinhood Chain and tokenization, and private markets as key axes for 10x growth. Shiv Verma added that the company believes it can 10x the business in 10 years, leveraging its nearly $400 billion in assets and larger TAMs in adjacent businesses.

“I think getting to $1 trillion will be very, very difficult. I don't think a financial company has ever hit $1 trillion market cap. But I think it can be done.”

asked by Alexander Baton · answered by Vladimir Tenev

How have the expense buckets evolved under the new guidance, and does it still support nascent growth initiatives?

Shiv Verma explained that savings are coming from all buckets (M&A, core business, new seeds) and that the company is self-funding growth initiatives. He emphasized that Robinhood is still growing but doing so more efficiently, allowing for a lower expense outlook.

“The short answer is the savings are coming from all of them. So a little bit is coming from M&A. We're being a little bit more efficient. The new M&A actually wasn't even included in those. So we fully self-funded those.”

asked by Steven Chubak · answered by Shiv Verma

Why isn't Robinhood being more aggressive with launching perpetual futures in the U.S., given competitor activity and prior support for CFTC allowing them?

Vlad Tenev stated there is no hesitation, but rather a prioritization of many strong product opportunities. He noted that Robinhood has perps live overseas and intends to offer them to U.S. customers, but declined to give a specific timeline, emphasizing that the absence of a timeline doesn't mean a lack of aggression.

“I wouldn't take that to mean that we don't like perps. In fact, we like them quite a bit, and we intend to offer them to our customers. I didn't give you a time line, but I wouldn't take the absence of a time line at earnings to mean that we don't intend to be aggressive.”

asked by Patrick Moley · answered by Vladimir Tenev