Robinhood Markets Inc. (HOOD): Preliminary Monthly: Record volumes underscore broad based retail trading strength

研报英文原文证据摘录

Robinhood Markets Inc. (HOOD): Preliminary Monthly: Record volumes underscore broad based retail trading strength

Equity Research

28 June 2026 | 8:06PM EDT

Robinhood Markets Inc. (HOOD): Preliminary Monthly: Record volumes

underscore broad based retail trading strength

HOOD reported meaningfully better June preliminary monthly metrics (see James Yaro

+1(212)902-1913 |

here), which imply record event contract/option/equity volumes, james.e.yaro@gs.com

Goldman Sachs & Co. LLC

+60%/38%/27% MoM, with crypto volumes rising 38% sequentially

Matthew Weng

(+52%/22% in Bitstamp/the Robinhood App). In our view, the robust monthly +1(212)902-8484 |

print evidences HOOD’s best in class platform growth and product velocity, as matthew.weng@gs.comGoldman Sachs & Co. LLC

well as reaccelerating retail trading momentum, likely driven by: 1) a strong Divyam Harlalka

market backdrop, with the S&P 500 up 16% since the March/April lows; and 2) +1(332)245-7818divyam.harlalka@gs.com|

elevated IPO volumes (up 93% YTD YoY as of end-May), which is driving retail Goldman Sachs India SPL

Kumar Sangewarengagement. We mark to market for the updated monthly, market forward Lokesh | +1(332)245-7846

interest rates curve (which includes ~2.5 more hikes through 2027E than in the lokesh.sangewar@gs.com Goldman Sachs India SPL

previous curve in our model), as well as estimated effects of the recently

announced 10% workforce reduction (press release here). All in, we increase our

2026E/27E/28E net revenue estimates by 4%, and reduce our 2027E/28E adj.

expenses (ex. SBC) by 1%/2%, with our adj. EPS estimates rising 6%/10%/8%.

June HOOD estimated volumes for event/option/equity/crypto were

+55%/+36%/+26%/-13% vs. GSe (we adjust volumes by the number of trading days