As Robinhood investors await second-quarter earnings, expectations are sky-high.
The online broker, known for popularizing stock and crypto trading with young investors, has seen its shares surge 177% this year, outpacing all other U.S. tech companies valued at $5 or more, excluding those that went public in 2025. The next best performer is Palantir , up 107%.
Robinhood's pop this year follows a 192% rally in 2024. The company's market cap now sits at $91 billion, putting it slightly behind Coinbase , one of its top rivals in the market for buying crypto.
Still, Robinhood was left out of the S&P 500 in the latest reshuffle, while Coinbase made the cut in May. Earlier this month, monitoring software company Datadog was added to the benchmark index as part of its quarterly change. Shortly thereafter, online ad company The Trade Desk and fintech firm Block joined the S&P 500, replacing companies that were getting acquired.
The index's three newest companies are each worth tens of billions of dollars less than Robinhood.
Robinhood has another shot to show that it's deserving when it reports quarterly earnings after the bell on Wednesday. Analysts expect the company to report revenue growth of 33% from a year earlier to $908 million, according to LSEG, with projected earnings per share of 31 cents.
Adjusted earnings are expected to come in at about $448 million, according to StreetAccount.
The rally reflects Robinhood's transformation from a U.S. retail broker into a global fintech and crypto infrastructure platform.
While U.S. fintech funding fell 42% in the first half of 2025, according to Tracxn's semiannual report, dealmaking accelerated, and Robinhood stands out as one of the most notable buyers.