Robinhood Smashes Q2 Earnings—So Why Are Wall Street Analysts Still Skeptical?

Robinhood just flexed its strongest quarterly performance yet—revenue surging, user growth exploding, and crypto trading volumes hitting new highs. But Wall Street’s reaction? A collective shrug.

The Bull Case:
The platform’s crypto division is stealing market share, with Bitcoin and Dogecoin traders flocking to its zero-fee model. Traditional brokerages are sweating.

The Bear Whisperers:
Analysts mutter about 'regulatory headwinds' and 'overreliance on meme-stock volatility.' One even called it 'a casino masquerading as a fintech.' Ouch.

Bottom line? Main Street’s buying. Wall Street’s doubting. And Robinhood? Still laughing all the way to the bank—while the suits count their missed opportunities.

What does this mean for Coinbase’s earnings later today?

Robinhood’s crypto revenue was bolstered by the addition of Bitstamp’s institutional flow, but it also benefited from retail traders returning to the market. If Coinbase reports similar activity — especially from retail — it could signal a broader resurgence in crypto engagement. Coinbase’s business is more heavily reliant on crypto and institutional activity, so Robinhood’s strong results may foreshadow a beat if those same trends played out on Coinbase’s platform.

However, Coinbase lacks Robinhood’s diversification into interest income and securities lending, which insulated Robinhood from volatility in crypto markets last year. That puts more pressure on Coinbase to show that crypto trading volumes alone can drive earnings growth. Investors will be watching closely.

FactSet projects COIN will report $1.59 billion in revenue and $1.25 in earnings per share for the second quarter, both up from the same period last year. Shares are up 1.6% today, trading at $383.56 a piece.