Robinhood’s Q2 2026: a 44% EPS beat, a $106M gain that’s already gone & why HOOD stock fell anyway 🏹📉; Revolut opens private markets to 75M users as Apollo & Ares restrict redemptions 💸🔓

FinTech & AI is Eating the World, 31 July

Hey Everyone,

Good morning & happy Friday! Today, we're diving deep into Robinhood's latest financials to see why a monster quarter still couldn't stop the stock from falling (breaking down the most important facts & figures from Robinhood's Q2 2026, including the $106M gain that vanished before the earnings call even started, to see whether HOOD 0.00%↑ is still worth your time & money + bonus guide on how to Turn Claude Opus 5 Into a Financial Analyst That Never Sleeps inside), and fintech giant Revolut, which just opened private market access to 75 million users (the mechanics, why the timing is awkward, the OpenAI deal that dropped 3 days later & what it all means for Revolut's $150-200B IPO play + bonus deep dives into Revolut & the AI Monopoly Playbook inside). So let’s just jump straight into the intriguing stuff 🌶️

Robinhood’s Q2 2026: a 44% EPS beat, a $106M gain that’s already gone & why HOOD stock fell anyway 🏹📉

Earnings time 🤑 Stock trading giant Robinhood HOOD 0.00%↑ just delivered the blowout quarter everyone wanted, and the stock fell anyway.

Revenues rose 32% year-over-year to a record $1.31B, and diluted EPS of $0.62 crushed the $0.41-0.43 consensus by 44-51%. Net deposits hit a record $21.7B, platform assets a record $369B, Gold subscribers a record 4.8M, and management lowered the full-year expense guide while calling the business “firing on all cylinders.” Not too shabby!

And still the stock dropped 3.15% on the day and another 2.69% the next morning to $87.42 - 24% below its July 15 close & 43% below its 52-week high 🤷‍♂️

But the most important number of the quarter wasn’t the beat, and it wasn’t the selloff either. It was $4 billion - the pace of new customer deposits in July, disclosed on the earnings call. Some context here: net deposits are the metric management itself calls the engine of the business, because deposits become platform assets, and assets become trading, margin lending and Gold subscriptions. Robinhood targets roughly 20% annual growth on this line, and Q2 delivered 28%. Except that $10.1B of the quarter’s $21.7B arrived in June alone, and July’s ~$4B pace works out to just 13% annualised - the slowest month of the year, and slower than every single quarter of the past two years. Put simply, the record quarter ended the moment the quarter did.

And that’s before the strangest part… The $0.62 of EPS included a one-off $106M gain from Robinhood’s venture fund, RVI RVI 0.00%↑, booked in late June when the fund came off Robinhood’s balance sheet and the retained stake was marked at RVI’s share price that day. Since then, RVI’s shares have fallen so far that by the time management presented the gain on the July 29 call, all $106M of it had already reversed 🥲

That combination - a record built on one great month, plus a headline profit that evaporated before the call - is what makes Robinhood one of the most interesting stocks in fintech right now.

So let’s dive deeper into Robinhood’s Q2 2026, unpack the figures that actually matter, and see whether HOOD 0.00%↑ is worth your time & money in the years to come.