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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%.
Robinhood
Robinhood
Robinhood Revenue by Segment
Revenue by Segment
Cryptocurrencies Revenue
CapyFin.comOptions Revenue
CapyFin.comEquities Revenue
CapyFin.comNet Interest Revenue
CapyFin.comOther Revenues Revenue
CapyFin.com 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