Robinhood's event-contract revenue went from $10m to $156m — now bigger than crypto, second only to options
Q2 10-Q: prediction-style event contracts are 20% of transaction revenue. Crypto revenue fell 37%, margin balances rose 2.3×. Of the $573m net income, $129m is one-off gains including a subsidiary deconsolidation
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aiSwingX™ Editorial · Reviewed
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Robinhood Markets Form 10-Q for Q2 2026 (filed 2026-07-30): statement of operations, Revenues note (disaggregation, market-maker concentration), Commitments and Contingencies note (event-contract litigation), MD&A 'Key Performance Metrics'
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Robinhood Markets (HOOD) reported net revenue of $1,308m for the second quarter of 2026, up 32% from a year earlier. In the revenue breakdown of the 10-Q filed July 30, the fastest-growing line is not equities, options or crypto: 'event contracts', $10m a year ago, reached $156m.
What happened
Robinhood Markets (HOOD) is the U.S. online broker that began as a commission-free app for stocks, options and crypto, and is watched by Korean retail investors as a barometer of American retail trading.
Its 10-Q for the second quarter of 2026, filed July 30, shows net revenue of $1,308m, up 32% from $989m a year earlier, and net income of $573m ($561m after $12m attributable to non-controlling interests). Transaction-based revenue — 59% of the total at $776m — is broken down by product, and the line that stands out is 'event contracts': $10m in the second quarter of 2025, $156m this quarter. For the first half, $13m became $260m.
In the same table, options revenue rose 29% to $342m and equities 95% to $129m, while crypto revenue fell 37% to $100m. Event contracts have overtaken crypto to become the second-largest source of transaction revenue after options.
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In the revenue note's disaggregation table, as 'Event contracts' within transaction-based revenues: $156m in Q2 and $260m in the first half, against $10m and $13m a year earlier.
What is the litigation about?
The contingencies note says that since June 2025 plaintiffs in six states and several tribal nations have sued, alleging certain event contracts are unlawful gambling; some claims were dismissed, others continue. The company also lists as a risk factor that regulatory changes could prevent it from offering event contracts. This article reports only what is disclosed.
Is there anything one-off in the $573m net income?
Other income of $135m includes a $106m gain on deconsolidating the subsidiary RVI and $23m of gains on equity securities, per the MD&A. How to read that is covered in the subscriber section.
Where can I verify these numbers?
On SEC EDGAR: Robinhood Markets' Q2 2026 Form 10-Q (accession 0001783879-26-000114), statement of operations, revenue note, contingencies note and the MD&A key metrics table.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
Robinhood Markets Form 10-Q for Q2 2026 (filed 2026-07-30): statement of operations, Revenues note (disaggregation, market-maker concentration), Commitments and Contingencies note (event-contract litigation), MD&A 'Key Performance Metrics' · SEC EDGAR · This article is not investment advice. Disclaimer
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