Editing Robinhood Markets, Inc. (section)

=== Potential caution flags in the results: ===

* While net interest revenue grew 25%, that growth is more moderate than transaction‐based growth. If interest rates fall or margin balances shrink, this engine could weaken.
* The net deposit growth rate appears to be decelerating (from prior ~41% Y/Y to ~25% annualised in Q2) which could signal slower growth headwinds ahead.<ref name=":3" />
* Transaction‐based revenues remain sensitive to trading volumes and volatility across asset classes, which can be cyclical.
* The company mentions that its full‐year 2025 expense outlook is impacted by acquisition costs (e.g., Bitstamp) and unresolved factors like credit losses, regulatory costs etc.<ref name=":1" />