Robinhood: 2Q26 EPS Beat Driven by Disciplined Expenses, Record Txn Revenue, & Other Income; Lowered FY26 Opex Guide

Research evidence excerpt

Robinhood: 2Q26 EPS Beat Driven by Disciplined Expenses, Record Txn Revenue, & Other Income; Lowered FY26 Opex Guide

J P M O R G A N North America Equity Research

30 July 2026

Robinhood

2Q26 EPS Beat Driven by Disciplined Expenses, Neutral

Record Txn Revenue, & Other Income; Lowered FY26 HOOD, HOOD US

Opex Guide Price (29 Jul 26):$89.84

▲Price Target (Dec-26):$103.00

Prior (Dec-26):$99.00

Robinhood reported diluted EPS of $0.62 versus Bloomberg consensus $0.44

(JPMe $0.43), a commanding beat. Activity was strong during the quarter, but was Brokers, Asset Managers &

Exchangeslargely as expected and modeled. The better-than-expected EPS was driven by

lower operating expenses and $125mn of other income. 3Q26 results are off to a Kenneth B. Worthington, CFA AC

solid start, but at a pace well off from the very strong June results. Net new assets (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

of $4bn in July is a deceleration from the pace seen in recent months earlier this

year. Nonetheless, 2Q26 reflected a solid slate of results highlighted by record Madeline Daleiden

(1-212) 622-4911

trading volumes, accelerated net deposits ($21.7bn vs. $18.2bn), and a lowered madeline.daleiden@jpmchase.com

expense guide (down ~1% or ~$38mn at the midpoint despite a more expansive

Michael Cho

definition). We think this print was strong and indicative of multiple Robinhood (1-212) 622-3619

businesses contributing and maturing; however, few of our go-forward estimates michael.cho@jpmchase.com

change. Our rating remains unchanged and our price target rises to $103 after J.P. Morgan Securities LLC

adjusting net interest revenue higher assuming two rate hikes by mid-2027.

• Increased diversification of business evident in top-line contribution. The Key Changes (FYE Dec)