Robinhood Markets, Inc. Reports July 2024 Operating Data

Rhea-AI Summary

Robinhood Markets, Inc. (NASDAQ: HOOD) reported strong growth in its July 2024 operating data. Funded Customers increased to 24.2 million, up by 70,000 from June and over 1 million year-over-year. Assets Under Custody (AUC) reached $144.5 billion, a 3% increase from June and a 53% rise year-over-year. Net Deposits were $4.2 billion, with a 36% annualized growth rate. Trading volumes saw significant increases across equity, options, and crypto. Margin balances grew to $5.4 billion, up 8% from June and 59% year-over-year. Total Cash Sweep balances rose to $21.8 billion, a 4% increase from June and 72% year-over-year. Securities Lending Revenue remained flat at $21 million compared to June but increased 24% year-over-year.

Positive

• Funded Customers increased by 70,000 to 24.2 million, showing continued user growth
• Assets Under Custody (AUC) grew to $144.5 billion, up 3% from June and 53% year-over-year
• Net Deposits of $4.2 billion, indicating a 36% annualized growth rate
• Equity, Options, and Crypto trading volumes increased by 21%, 22%, and 23% respectively from June
• Margin balances grew to $5.4 billion, up 8% from June and 59% year-over-year
• Total Cash Sweep balances increased to $21.8 billion, up 4% from June and 72% year-over-year
• Securities Lending Revenue grew 24% year-over-year to $21 million

Negative

• None.

MENLO PARK, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for July 2024:

• Funded Customers at the end of July were 24.2 million (up approximately 70 thousand from June 2024, up over one million year-over-year).
  
  
• Assets Under Custody (AUC) at the end of July were $144.5 billion (up 3% from June 2024, up 53% year-over-year). Net Deposits were $4.2 billion in July, translating to a 36% annualized growth rate relative to June 2024 AUC. Over the last twelve months, Net Deposits were $35.8 billion, translating to an annual growth rate of 38% relative to July 2023 AUC.
  
  
• Equity Notional Trading Volumes were $104.4 billion (up 21% from June 2024, up 51% year-over-year). Options Contracts Traded were 160.5 million (up 22% from June 2024, up 51% year-over-year). Crypto Notional Trading Volumes were $5.3 billion (up 23% from June 2024, up 56% year-over-year).
  
  
• Margin balances at the end of July were $5.4 billion (up 8% from the end of June 2024, up 59% year-over-year).
  
  
• Total Cash Sweep balances at the end of July were $21.8 billion (up 4% from the end of June 2024, up 72% year-over-year).
  
  
• Total Securities Lending Revenue in July was $21 million (flat to June 2024, up 24% year-over-year).
  
  

	July 2024	June 2024	M/M Change	July 2023	Y/Y Change
(M - in millions, B - in billions)
Funded Customer Growth (M)
Funded Customers	24.2	24.2	-	23.2	4%
Assets Under Custody (AUC) ($B)
Total AUC	$144.5	$139.7	3%	$94.5	53%
Net Deposits	$4.2	$4.7	NM	$1.4	NM
Trading
Trading Days (Equities and Options)	22	19	16%	20	10%
Total Trading Volumes
Equity ($B)	$104.4	$86.1	21%	$69.2	51%
Options Contracts (M)	160.5	131.1	22%	106.1	51%
Crypto ($B)	$5.3	$4.3	23%	$3.4	56%
Daily Average Revenue Trades (DARTs) (M)
Equity	2.1	2.2	(5%)	1.7	24%
Options	0.9	0.9	-	0.7	29%
Crypto	0.3	0.3	-	0.2	50%
Customer Margin and Cash Sweep ($B)
Margin Book	$5.4	$5.0	8%	$3.4	59%
Total Cash Sweep	$21.8	$20.9	4%	$12.7	72%
Gold Cash Sweep	$21.2	$20.3	4%	$11.9	78%
Non-Gold Cash Sweep	$0.6	$0.6	-	$0.8	(25%)
Total Securities Lending Revenue ($M)	$21	$21	-	$17	24%

For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com.

The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

About Robinhood

Robinhood Markets, Inc. is on a mission to democratize finance for all. In the U.S., people can invest with no account minimums through Robinhood Financial LLC, a registered broker dealer (member SIPC), buy and sell crypto through Robinhood Crypto, LLC, and spend and earn rewards through debit cards with Robinhood Money, LLC and credit cards with Robinhood Credit, Inc. People can also trade U.S. stocks without commission or FX fees in the UK through Robinhood U.K. Ltd., trade crypto in select jurisdictions in the European Union through Robinhood Europe, UAB, and access easy-to-understand educational content through Robinhood Learn.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission's (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investor Relations

ir@robinhood.com

Media

press@robinhood.com

FAQ

What was Robinhood's (HOOD) user growth in July 2024?

Robinhood (HOOD) reported 24.2 million Funded Customers at the end of July 2024, an increase of approximately 70,000 from June 2024 and over one million year-over-year.

How much did Robinhood's (HOOD) Assets Under Custody (AUC) grow in July 2024?

Robinhood's (HOOD) Assets Under Custody (AUC) reached $144.5 billion at the end of July 2024, up 3% from June 2024 and 53% year-over-year.

What were Robinhood's (HOOD) Net Deposits in July 2024?

Robinhood (HOOD) reported Net Deposits of $4.2 billion in July 2024, translating to a 36% annualized growth rate relative to June 2024 AUC.

How did Robinhood's (HOOD) trading volumes perform in July 2024?

In July 2024, Robinhood (HOOD) saw increases in trading volumes across all categories: Equity Notional Trading Volumes were up 21%, Options Contracts Traded increased 22%, and Crypto Notional Trading Volumes rose 23% compared to June 2024.