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Jun 30, 2023
Robinhood Q2 2023 Earnings Report
Robinhood achieved GAAP profitability for the first time as a public company, driven by revenue growth and expense management.
Key Takeaways
Robinhood reported a profitable Q2 2023, with a net income of $25 million, or $0.03 EPS. Total net revenues increased 10% sequentially to $486 million, driven by higher net interest revenues and seasonally higher proxy revenue, partially offset by lower transaction-based revenues. The company also saw growth in assets under custody and net deposits.
Total net revenues increased 10% sequentially to $486 million.
Net income was $25 million, or earnings per share (EPS) of $0.03.
Assets Under Custody (AUC) increased 13% sequentially to $89 billion.
Net Deposits were $4.1 billion, translating to an annualized growth rate of 21%.
Revenue by Segment
Forward Guidance
Robinhood provided an improved expense outlook for 2023 based on Q2 2023 results.
Positive Outlook
- GAAP total operating expenses for full-year 2023 are expected to be in the range of $2.330 billion to $2.410 billion.
- SBC for full-year 2023, including the 2021 Founders Award Cancellation ($485 million in Q1 2023), is expected to be in the range of $900 million to $940 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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