Key Takeaways

• Q2 2025 revenue reached $989 million, beating expectations with 45% YoY growth.
  
• Crypto revenue nearly doubled to $160 million, aided by the Bitstamp acquisition.
  
• Platform assets rose to $279 billion; customer accounts hit 26.5 million.
  
• Robinhood Gold subscriptions increased 76% to 3.5 million users.
  
• The company is expanding into crypto staking, stablecoins, and tokenized assets.
  
• Adjusted EBITDA margin hit 56%, despite higher costs from global expansion.

Robinhood Beats Q2 Forecasts as Crypto and Expansion Power Growth

Robinhood has once again outpaced Wall Street expectations, delivering strong Q2 2025 results powered by rising crypto activity, international expansion, and a growing customer base. The company reported $989 million in revenue, marking a 45% year-over-year increase and beating analyst estimates of $908 million. Earnings per share reached $0.42, well ahead of the expected $0.31.

Transaction-based revenues rose 65%, with cryptocurrencies emerging as the primary growth driver. In fact, crypto revenue jumped 98% year-over-year to $160 million, reflecting both higher trading volumes and strategic positioning following Robinhood’s acquisition of Bitstamp earlier this year.

Bitstamp Integration and Global Crypto Reach

Bitstamp’s integration has significantly expanded Robinhood’s global crypto footprint. The deal added over 50 regulatory licenses and enabled the company to offer services in 30 European countries. Since the acquisition, Bitstamp has generated over $7 billion in trading volume, helping Robinhood compete more directly with firms like Coinbase.

Beyond trading, Robinhood has broadened its crypto product line. The launch of USDG, a euro-zone regulated stablecoin, marks a key step in its European expansion. At the same time, the company is preparing to roll out Bitcoin futures, while crypto staking is now available in both the U.S. and Europe. These additions not only diversify the product offering but also help increase user engagement and retention.

User Growth and Platform Assets See Major Gains

Robinhood’s user base continues to grow alongside its crypto offerings. Funded customer accounts rose by 2.3 million to 26.5 million, while average revenue per user climbed 34% to $151. This expansion contributed to a sharp rise in total platform assets, which nearly doubled to $279 billion from the previous year. A significant portion of this increase came from crypto valuation gains and strong net deposit inflows, which totaled $13.8 billion at a 25% annualized growth rate.

Tokenized Products, Retirement Accounts, and Subscriptions Fuel Diversification

Robinhood’s diversification strategy also extends into tokenized U.S. stocks and ETFs, which have gained traction in Europe. The company sees asset tokenization as a long-term entry point into emerging markets like real estate and fine art, catering to a new generation of investors interested in fractional ownership.

Its Robinhood Gold subscription service is proving to be another major growth engine. Subscribers grew 76% to 3.5 million, and cash sweep balances exceeded $30 billion. The platform’s retirement accounts also expanded, with assets under management reaching $20 billion.

Prediction markets are gaining momentum too, with nearly $1 billion in crypto-linked contracts traded last quarter—another example of how Robinhood blends traditional and digital financial products to serve a broad audience.

Balancing Growth and Costs

Despite rising costs—particularly the $65 million tied to Bitstamp integration—Robinhood maintained a healthy 56% adjusted EBITDA margin. Full-year operating expenses are projected between $2.15 billion and $2.25 billion, signaling continued investment in infrastructure and global compliance.

While regulatory risk remains a factor in the broader crypto space, Robinhood’s proactive approach and expanded licensing via Bitstamp provide a strategic advantage. Its performance over the past year—185% share price increase year-to-date, and 420% over 12 months—highlights strong investor confidence.

Robinhood’s second-quarter results confirm its evolution from a meme-stock trading app to a full-spectrum financial platform. With crypto, tokenized assets, and long-term wealth tools now in its arsenal, the company is positioned for continued relevance in both traditional and digital finance.