Many readers asked Dolphin Research to update its take on the Q2 results of the US retail broker $Robinhood(HOOD.US). I went through the numbers and have a few key points. First, the $25k equity requirement for day trading was lifted on Jun 4.

Below is Dolphin Research's HOOD FY26Q2 earnings call Trans, followed by a recap of the core financials. Section I covers key takeaways.

Below is Dolphin Research's Trans of HOOD FY25 Q4 earnings call; for the earnings read, see 'Robinhood: After the frenzy, what's left for the U.S. retail king?'. Section I: Key metrics — Customers & assets.

Quadrupled in nine months, then halved in four. From 2025 into 2026, few U.S. 'meme-like' tickers swung as wildly as retail broker platform $Robinhood(HOOD.US).

After the U.S. close on Feb. 10, 2026, on Longbridge, the retail king posted its Q4 2025 results as scheduled. But the print dealt a fresh blow to hopes of a rebound.

Details: 1) Revenue was $1.28bn (+27% YoY, roughly flat QoQ). Street was at $1.35bn...

Stocks, virtual assets, tokens, private equity, social... all need to be done

On November 6th, the American influencer retail brokerage stock $Robinhood(HOOD.US) released its earnings report before the U.S. stock market opened. After a nearly 300% surge over three quarters, the market's expectations were high. Can the actual results meet the capital market's enthusiastic expectations? Let's take a closer look: 1. Total revenue was $1.27 billion, up 100% year-on-year and 29% quarter-on-quarter; it slightly exceeded Bloomberg's consensus estimate of $1.21 billion. However, since the company had already announced impressive operational data for September on September 29th, the real buy-side expectations have been elevated since then...

In more than ten years, nothing has shaken up the capital markets like tokenization—just as stable coins have for fiat money.

As long as the virtual asset bull market persists, HOOD is likely to continue being the Alpha stock in the broker Beta market trend.

Below is the $Robinhood(HOOD.US) Q1 2025 earnings call Minutes. For the Quick Interpretation of the earnings report, please refer to《Robinhood: Ups and Downs Rely on Trump, When Can It "Control Its Own Destiny"?》I. Key Earnings Information Review II. Management Statement: 1) Outlook: a. TradePMR will bring $85 million in costs, so we have updated the full-year adjusted operating expenses and SBC outlook, with the latest range being $2.085 billion to $2.185 billion. Note...

Thanks to Trump's reconstruction of the virtual currency market, the American retail brokerage Robinhood$Robinhood(HOOD.US) (hereinafter referred to as HOOD) is back on the table in 2025 and has gained popularity. From the perspective of Dolphin Research, what needs to be understood through the performance is how much of HOOD's performance improvement is sustainable and how much is due to the cyclical dividends brought by the bull market in asset markets. Let's take a closer look: 1) Crypto is a hot potato, options are the ballast; trading income is as follows: 1) Virtual assets: still a hot potato, but the momentum is weakening...