Robinhood Markets Inc - Ordinary Shares - Class A

Record growth + profitability at scale (core business strong): - Q2 revenues: $1.3B, +32% YoY (record). - Net deposits: $22B, +28% annualized growth rate (record). - Gold subscribers: 4.8M, 17% attach rate vs. net funded accounts (record). - Adjusted EBITDA: $741M, +35% YoY, 57% adjusted EBITDA margin (another profitable quarter). - EPS: 62 cents, +48% YoY. - Top-of-funnel: added nearly 1M funded customers in the quarter; management highlighted “core business is going strong.”

Guidance/outlook tightened; disciplined spend despite new product launches (important for expectations): - Management is lowering and tightening 2026 outlook for Adjusted OpEx + SBC to $2.675B–$2.775B. - Rationale: expenses are being managed below prior outlook range, while still adding costs for Rothera and WonderFi (not previously in outlook). - They framed a “lean model” advantage: ability to self-fund meaningful portions of new investment costs while removing incremental costs from the system.

Capital actions: big raise + active buybacks (shareholder impact): - In June, opportunistically raised $2.2B capital with 0% coupon and no net dilution until the share price exceeds $300. - Share repurchases (YTD): 7.5M shares for $664M. - Management reiterated the long-term financial north star: maximize EPS and free cash flow per share over time.