Robinhood

Commission-free trading → the bill is paid by market makers instead: in Q2 2026, 59% of Robinhood’s record $1.31B revenue came from trading, mostly payment for order flow on options plus a new prediction-markets boom ($156M, up 10×). The second engine is interest on customer money — margin loans alone earned $215M. Gold ($5/month, 4.8M members) ties it together, and Robinhood is now stretching into banking, credit cards, its own prediction-market exchange (Rothera) and running Trump Accounts for the U.S. Treasury.

Business Model Canvas
Robinhood
Research date: Oct 6, 2026
Evidence-backed · sources in companion brief

Key Partners

  • Citadel Securities — 16% of Q2 2026 revenue (FACT).
  • Kalshi + ForecastEx event exchanges (FACT).
  • Rothera JV with Susquehanna, Jan 2026 (FACT).
  • Coastal Bank behind the Gold Card (FACT).
  • U.S. Treasury + BNY for Trump Accounts (FACT).

Key Activities

  • 13 business lines at $100M+ annualized (FACT, company claim).
  • Agentic Trading, Platinum Card, Robinhood Chain (FACT).
  • Self-clearing + margin lending, $21.6B book (FACT).
  • Bitstamp, TradePMR, WonderFi acquisitions (FACT).
  • ~10% workforce cut, June 2026 (FACT).

Key Resources

  • 28.4M Funded Customers (FACT).
  • $369B Total Platform Assets (FACT).
  • $75.7B TTM Net Deposits (FACT).
  • Brokerage, crypto, FCM, exchange licenses (FACT).
  • $5.4B cash; $2.2B convertible notes (FACT).

Value Propositions

  • $0 commission stocks, ETFs, options (FACT).
  • Legend desktop for active traders (FACT).
  • Gold — 3.6% APY cash, 3% IRA match (FACT).
  • Prediction markets in one app (FACT).
  • Banking, cards, Strategies, Ventures (FACT).

Customer Relationships

  • Self-serve app; no advisors needed (FACT).
  • Gold — 4.84M subscribers, 17% adoption (FACT).
  • Gold fees $54M in Q2 2026, ~4% of revenue (FACT).
  • Retirement AUC $34.5B (+82%) (FACT).
  • ARPU $187, +24% Y/Y (FACT).

Channels

  • Robinhood app + Legend desktop (FACT).
  • Robinhood Wallet, Stock Tokens 120+ countries (FACT).
  • Trump Accounts — 7M+ sign-ups (FACT, company claim).
  • TradePMR advisors, $50B AUM (FACT).
  • Marketing $399M in 2025 (FACT).

Customer Segments

  • First-time and younger investors (FACT, company claim).
  • Active traders — $956B equity volume, Q2 (FACT).
  • Savers — Gold, IRA, Banking ($3B+) (FACT).
  • Advisors and international users (FACT).
  • Trump Account families (FACT).

Cost Structure

  • Total opex $2.38B in 2025 (FACT).
  • Tech & development $897M; G&A $628M (FACT).
  • Marketing $399M (FACT).
  • Q2 2026 opex 56% of revenue (FACT).
  • Credit losses $56M in Q2 2026, 2× (FACT).
  • 2026 Adj. Opex + SBC guide $2.675–2.775B (FACT).

Revenue Streams

  • Transaction-based $776M, 59% of Q2 2026 (FACT).
  • Options $342M; event contracts $156M (FACT).
  • Margin interest $215M in Q2 2026 (FACT).
  • Gold fees $54M; proxy $42M (FACT).
  • Net income $573M incl. $129M one-time gains (FACT).
Sources: sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar · robinhood.com/us/en
Not affiliated with Robinhood.
BMC · Osterwalder 9-block · Oct 6, 2026