Robinhood exceeded Wall Street expectations in the second quarter, becoming the top-performing large-cap U.S. tech stock this year. Revenue soared 45% to $989 million, with net income more than doubling to $386 million. Funded customers grew to 26.5 million, while platform assets nearly doubled to $279 billion.

The company is expanding into wealth management, competing with Coinbase. Operating expenses increased 12%, with transaction-based revenue at $539 million. Crypto trading was slightly below estimates at $160 million. Net interest revenue beat expectations at $357 million. Adjusted EBITDA surged 82% to $549 million.

Robinhood Gold subscribers grew by 1.5 million, while average revenue per user increased 34% to $151. CFO Jason Warnick highlighted progress in retirement accounts, with $20 billion in assets. Despite stock gains of over 180% this year, Robinhood was excluded from the S&P 500 last month, sparking investor surprise.

Investors are awaiting updates on Robinhood’s expansion into crypto infrastructure and tokenized finance, following backlash over synthetic stock tokens for OpenAI and SpaceX. The company defended the program as a way to broaden access to pre-IPO markets and withstand regulatory scrutiny. Robinhood will hold an earnings call at 5 P.M. ET.

Read more at CNBC: Robinhood (HOOD) Q2 2025 earnings