Adjusted operating expenses plus stock-based compensation increased only 6% year-over-year, leading to 56% adjusted EBITDA margins and 81% incremental adjusted EBITDA margins.
Assets under custody doubled year-over-year to more than $0.25 trillion, with average assets per funded customer surpassing $10,000 for the first time.
Bitstamp acquisition closed, adding a growing institutional business and over 600,000 international customers.
Earnings per share doubled from a year ago.
Interest-earning assets increased over 50%, driven by cash sweep, margin, and securities lending activities, with Gold cash sweep balances crossing $30 billion.
Net deposits remained strong with the third highest quarter ever, exceeding $10 billion for six consecutive quarters and continuing momentum into July with around $6 billion in net deposits.
Retirement assets exceeded $20 billion, more than doubling in the past year.
Revenue grew 45% year-over-year to nearly $1 billion in Q2 2025, driven by strong business growth and record trading volumes across equities, options, prediction markets, index options, and futures.
Robinhood Gold subscribers reached a record 3.5 million, representing 13% adoption overall and over 35% adoption among new customers in Q2.
Robinhood Strategies grew to over 100,000 funded customers and $0.5 billion in assets shortly after launch.
First Merchants delivered 9.1% annualized loan growth and $0.98 earnings per share in Q2 2025.
Net charge-offs were low at 0.07% of average loans annualized, with a provision reflecting improved asset quality and macroeconomic factors.
Net income was $56.4 million, up 43% year-over-year, supported by improved credit quality and a lower provision for credit losses of $5.6 million versus $24.5 million in Q2 2024.
Net interest income increased by $2.7 million and noninterest income by $1.3 million in Q2.
Noninterest expense was well controlled at $93.6 million, a modest increase primarily due to marketing and loan origination costs.
Noninterest income totaled $31.3 million, with customer-related fees up $1.6 million year-over-year, driven by mortgage sales and treasury management fees.
Return on assets was 1.23% and efficiency ratio was 54%, reflecting strong operational discipline.
Tangible common equity ratio improved to 8.92%, above target, supporting capital flexibility.
Year-to-date net income was $111.2 million, a 28% increase from 2024, with earnings per share up 30% to $1.92.
Dafinchi