Robinhood’s May Asset Jump Outran Its Customer Growth

Robinhood ended May 2026 with 27.7 million funded customers and $377 billion on the platform, up 48% from a year earlier. The customer count rose by about 110,000 in the month.

Assets rose much faster than headcount, then slipped in June and July even as cash kept arriving. The May print was a denser book, not a new wave of users, and the summer that followed made that split plain.

Robinhood Added 110,000 Funded Customers in May

On June 9, 2026, the company posted 27.7 million funded customers in May, up about 110,000 from 27.6 million at the end of April and up 1.76 million, or 7%, from 25.9 million in May 2025. Net deposits were $5.6 billion, a 19% annualized rate against April’s $345.4 billion of platform assets, and $69.1 billion over the prior twelve months, a 27% rate against May 2025 assets of $255.3 billion.

Q1 had closed at 27.4 million funded customers and $307 billion of assets. April and May together added about 300,000 funded accounts and about $70 billion of assets. Equity trading in May was $315 billion, up 27% from April’s $248.5 billion and up 75% from $180.5 billion a year earlier, with average daily volume of $15.8 billion across 20 trading days. Options volume was 231 million contracts, up 3% from April and 29% from a year earlier.

MAY 2026 VERSUS APRIL AND A YEAR EARLIER

Deposits in May actually cooled from April’s $6.0 billion. The asset line still jumped 9% in a month. That gap is the whole argument: money already on the platform, and marks on that money, moved the total much more than new accounts did.

$70 Billion Landed on Almost the Same Headcount

Divide the book by the roster and May stops looking like a user story. Assets per funded customer were about $13,610 at the end of May, up from about $12,514 at the end of April and about $9,857 in May 2025, a 38% rise in the load on each account. The customer base grew 7% in a year. The average account grew several times faster.

ASSETS ON EACH FUNDED ACCOUNT

• May 2025: About $9,857 of platform assets for each of 25.9 million funded customers.
• April 2026: About $12,514 for each of 27.6 million funded customers.
• May 2026: About $13,610 for each of 27.7 million funded customers, up 38% from a year earlier.

April and May deposits totaled $11.6 billion. Subtract that from the $70 billion two-month rise in assets and about $58.4 billion is left for market gains, acquired assets, and other marks. Robinhood’s own definition of platform assets says net deposits and net market gains or losses drive the change in any period. May was a mark-to-market month sitting on a slow account line.

A Summer Giveback Took Assets to $355 Billion

The $377 billion figure did not become the new floor. By June 30, at the end of the second quarter, platform assets were $369 billion even after a $10.1 billion deposit month and the June 1 close of WonderFi, which the company said added about 300,000 funded customers. Funded customers reached 28.4 million. The company said the quarter’s 32% year-over-year rise in assets came from deposits and higher equity values, partly offset by lower crypto values.

July then took the book to $355 billion, with 28.5 million funded customers and another $5.6 billion of net deposits. From May to July, assets fell $22 billion while June and July deposits added $15.7 billion, which implies about $37.7 billion of marks and other outflows against the May peak. The account line still crawled: about 100,000 funded customers in July after the WonderFi step-up in June.

THE PATH FROM MARCH TO AUGUST

1. March 31, 2026: Q1 closes at 27.4 million funded customers and $307 billion of platform assets.
2. April 30, 2026: Customers reach 27.6 million and assets $345.4 billion, with $6.0 billion of net deposits.
3. May 31, 2026: Customers reach 27.7 million and assets $377 billion, with $5.6 billion of net deposits.
4. June 30, 2026: Q2 closes at 28.4 million customers, including about 300,000 from WonderFi, and $369 billion of assets, with $10.1 billion of June deposits.
5. July 31, 2026: Customers reach 28.5 million and assets $355 billion, with $5.6 billion of net deposits.
6. August 31, 2026: Customers reach 28.6 million and assets $384 billion, with $4.0 billion of net deposits.

That sequence is why the 48% year-over-year asset gain in May cannot be read as the run-rate. By August the same comparison had slowed to 26%. Deposits never went away. The market wrote a large share of the May headline, then unwrote it.

The Margin Book’s $19.5 Billion

The balances that pay Robinhood interest did not give back with the asset peak. Margin sat at $19.5 billion at the end of May, up 8% from April and up 117% from $9.0 billion a year earlier. Cash and deposits were $18.6 billion, up 54% from $12.1 billion. Cash swept to partner banks was $28.8 billion, up 4% from April but down 6% from $30.8 billion a year earlier, after a February change that moved more than $6 billion of sweep balances into free credit to fund margin growth.

Those three piles were about $66.9 billion in May. By August they were $72.3 billion. Margin was $21.5 billion, up 72% from a year earlier. Cash and deposits were $19.6 billion, up 37%. Sweep was $31.2 billion, still down 9% from August 2025. The May loan book, with margin balances nearly doubling on the May print, is the part of the $377 billion that keeps earning when trading fees wobble.

INTEREST-EARNING BALANCES

Q2 net interest revenue was $389 million, up 9% from a year earlier, as the larger book offset lower short-term rates and softer securities lending. May securities lending revenue was $36 million, up 13% from April and 9% from a year earlier. The interest stack is slower than a crypto tape and much less likely to vanish in a quiet month.

Why App Crypto Volume Fell 50 Percent

Crypto is the line most readers still paste onto a Robinhood print, and May already showed why that habit misreads the firm. Total crypto notional volume was $12.2 billion, up 3% from April and 4% from a year earlier. Split it and the app is the problem: $5.9 billion of that total ran through the Robinhood app, up 9% from April and down 50% from $11.7 billion in May 2025. Bitstamp added $6.3 billion, down 3% from April, which is the only reason the combined figure still shows a small year-over-year gain.

August looked like a rebound if you stop at the month-on-month figure. Crypto volume rose 61% from July to $17.5 billion. From a year earlier it was still down 38%. App volume was $7.4 billion, down 46% from a year earlier. Bitstamp was $10.1 billion, down 30%. Recaps of the August release treated that 61% bounce as the crypto story and, in more than one case, flipped the year-over-year sign to a gain. The app tape had been shrinking since May. A one-month bounce did not restore it.

Event contracts filled part of the hole on the product side. May volume was 3.9 billion contracts, up 22% from April, against 0.3 billion in May 2025. That is the new wagering habit sitting next to a brokerage book that used to be defined by meme-stock and coin bursts.

Event Contracts Overtook Crypto Revenue in Q2

The June quarter made the mix shift dollar-for-dollar. Robinhood reported second-quarter revenue of $1.31 billion, up 32% from a year earlier. Transaction-based revenue was $776 million, up 44%. Inside that, event contracts contributed $156 million, up more than tenfold, options $342 million, up 29%, and equities $129 million, up 95%. Crypto transaction revenue was $100 million, down 38%. Other revenue was $143 million, up 54%, helped by Gold subscriptions and Trump Account service fees. Gold subscribers reached 4.8 million, up 39%, a 17% attach rate on 28.4 million funded customers. Average revenue per user was $187, up 24%.

Q2 2026 REVENUE MIX

• Event contracts: $156 million, more than ten times the year-earlier figure, on 13.6 billion contracts.
• Options: $342 million, up 29%, on 774 million contracts.
• Equities: $129 million, up 95%, on $956 billion of notional volume.
• Crypto: $100 million, down 38%, on $40 billion of volume, $18 billion of it in the app (down 35%) and $22 billion at Bitstamp.

Net income was $573 million, up 48%, and included $129 million of gains tied mostly to the deconsolidation of Robinhood Ventures Fund I. Diluted earnings per share were $0.62. Adjusted EBITDA was $741 million, up 35%. Q2 net deposits were a record $21.7 billion, a 28% annualized rate, and $75.7 billion over twelve months. Chief Financial Officer Shiv Verma put the quarter in product terms rather than user-count terms.

The business is firing on all cylinders. We delivered record revenues and drove new highs across equity, option, and event contract volumes, as we continue to win market share.

Shiv Verma, Chief Financial Officer, Robinhood Q2 2026 results

Chairman and CEO Vlad Tenev said product work on Robinhood Chain, Robinhood Ventures, and Trump Accounts was aimed at “making everyone an owner.” The funded-customer line is still growing at about 7% a year. The P&L is being rebuilt around people already in the app, plus event contracts, Gold, margin, and a Canadian roster bought on June 1.

August Closed With $384 Billion

On September 10, 2026, Robinhood reported August platform assets of $384 billion, up 8% from July’s $355 billion and up 26% from $303.9 billion a year earlier. Funded customers were 28.6 million, up about 120,000 from July and 1.90 million, or 7%, from 26.7 million in August 2025. Net deposits were $4.0 billion, a 14% annualized rate, and $74.1 billion over twelve months, a 24% rate. From July, the asset and deposit totals include Trump Account assets the firm custodians; funded customers still exclude those accounts.

Equity volume was $335 billion, up 68% from a year earlier. Options volume was 293 million contracts, up 50%. Event contracts were 4.7 billion, 15 times August 2025, though down 23% from July. The customer add is still a rounding error next to the book: 120,000 accounts on 28.5 million is the same slow crawl May showed, after a one-time WonderFi bump. What changed after May is the asset path, which had to climb back through a $355 billion July print before it could post a new high.

May’s 48% asset gain and 27.7 million funded customers were a real month. They were also a peak on the asset line and a quiet month on the account line. The summer showed which of those facts was the durable one.

Disclaimer: This article is news reporting and analysis of Robinhood Markets operating metrics and related financial results, and it is for information only. It is not investment advice, a solicitation to buy or sell HOOD shares, crypto, options, event contracts, or any other product, and it is not a recommendation of any brokerage. Readers should consult a licensed financial adviser or broker-dealer about their own accounts before acting on any figure here. Customer counts, platform assets, deposits, volumes, and revenue figures are taken from company releases as of the dates named in the piece and can change in later monthly metrics and SEC filings.