Robinhood Markets - Earnings Call - Q2 2025

Executive Summary

• Revenue of $989.0M, up 45% year-over-year and up 7% quarter-over-quarter; beat S&P Global Wall Street consensus of $913.3M by ~$75.7M. Strong growth was driven by options, crypto, and equities trading, plus higher interest-earning assets and securities lending. Revenue Consensus Mean: $913.3M*
• Diluted EPS of $0.42 (+100% YoY), with S&P Global Primary EPS actual at $0.4985*, beating the Street’s $0.30884*; margin strength reflected disciplined OpEx and mix shift toward transaction revenues. Adjusted EBITDA was $549M (+82% YoY), ~56% margin, above consensus EBITDA of $448.8M*.
• Guidance update: full-year 2025 Adjusted Operating Expenses + SBC raised to $2.15B–$2.25B to include ~$65M of costs from the Bitstamp acquisition; prior outlook was $2.085B–$2.185B (ex-TradePMR costs were added in Q1). Management reiterated exclusions for provision for credit losses and pending WonderFi costs.
• Near-term catalysts: tokenization launch in the EU (stock/ETF tokens), Bitstamp closing and integration, U.S. staking ramp, and robust July start in Q3 with ~$6B net deposits and record equity/options volumes noted by management.

What Went Well and What Went Wrong

What Went Well

• Record and broad-based trading momentum: equities notional volumes $517B (+112% YoY), options contracts 515M (+32% YoY), crypto volumes rising with Bitstamp adding $7B exchange volume post-close.
• Subscription and deposit traction: Robinhood Gold subscribers reached 3.5M (+76% YoY), ARPU rose to $151 (+34% YoY), and net deposits were $13.8B (annualized 25% of prior quarter TPA).
• Management emphasizing tokenization as a secular innovation; “the biggest innovation our industry has seen in the past decade,” underpinning global expansion and product velocity.

What Went Wrong

• Transaction-based revenue fell 8% Q/Q (despite being up 65% YoY), reflecting quarterly variability in trading mix and seasonality; crypto revenues in Q2 were $160M vs $252M in Q1.
• Operating expenses up 12% YoY; provision for credit losses rose 56% YoY, and FY25 Adjusted OpEx+SBC guide moved higher due to Bitstamp costs, adding to expense intensity.
• Management acknowledged promotions cadence and deposit volatility intra-quarter; Q&A reiterated promotions are part of the playbook, but deposit flows can fluctuate with trading conditions.

Transcript

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

Thank you to everyone for joining Robinhood's Q2 2025 Earnings Call. Whether you're tuning into the live stream at home or here with us in person, with us today are Chairman and CEO Vlad Tenev, CFO Jason Warnick, and VP of Corporate Finance and Investor Relations Chris Cagle. Vlad and Jason will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from institutional research analysts and we will also answer questions from finance content creators who may hold an ownership position in Robinhood. As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations and we may not provide updates unless legally required.

Potential risk factors that could cause differences, including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation and in our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Jason.

Vlad Tenev (CEO and Chairman)

Thank you. All right, greetings and salutations. Hey Jason.

Jason Warnick (CFO)

Hey, Vlad.

Vlad Tenev (CEO and Chairman)

It's great to see everyone today. We're actually back in New York City at the NASDAQ where we had Investor Day in December. I see some familiar faces, also great to have institutional analysts and some finance content creators. I see some finance content creators as well with us today. That's Robinhood with live audience for the first time. Always innovating across every aspect of the business and the earnings is no exception. Right, let's get right into it. Second quarter, I think we really kept raising the bar with industry-leading product velocity across our three focus areas. Number one in active traders, number one in wallet share for the next generation, and the number one global financial ecosystem. Why don't we dive in a little bit? Our active trader offering just keeps leveling up. Record trading volumes in Q2 across equities, options, prediction markets, index options, and futures.

By the way, pretty awesome that index options volumes grew 60% from Q1 and event contracts more than doubled from Q1 to nearly a billion in Q2. I think these results were driven by relentless innovation, including in Q2 new tooling capabilities for mobile Legend, the team's rapidly shipping updates, Cortex for Gold members, starting with Stock Digests which have been used by hundreds of thousands of our customers. The best is yet to come. After three great product events so far this year, we're hosting the second annual HOOD Summit for active traders. That's going to be an event in Las Vegas in just a few weeks, and it's going to be much bigger than last year. Last year's event was pretty big, but this one should be twice as big. That's very exciting. We're also working to serve far more of our customers.

Assets which have doubled year-over-year to more than a quarter trillion. How amazing is that? A few highlights there. Average assets per funded customer was over $10,000 for the first time, nearly doubling from a year ago. A lot of people thought, you know, Robinhood's always going to be in the low single-digit thousands per account. We just keep compounding and that assets per customer keeps marching upward. Robinhood Strategies, we've grown that by multiples, now over 100,000 funded customers and over $500 million in assets. Just a few months after launch there, we've tripled Robinhood Gold cardholders year to date. Over 300,000 cardholders. We continue to like what we're seeing and we're going to keep accelerating the rollout from here. Retirement assets are now over $20 billion. Over $20 billion in assets.

This is customers entrusting us with their most long-term serious money and that's more than doubled in the past year. We're excited to launch Robinhood Banking in the fall so customers can bring even more of their assets into Robinhood now. Actually with banking, we just rolled this out internally to the full employee base. It's really good. I think we're putting the finishing touches on it. I think you're really going to like it. Very, very innovative offering. Plenty more there. Global financial ecosystem, we've been pushing even harder there. I'm sure many of you saw our crypto event in France. To Catch a Token, we expanded our European offering to 30 countries serving over 400 million people. Including stock tokens, which I think tokenization is the biggest innovation in capital markets in over a decade. Stock tokens will do for stocks what stablecoin did for fiat currencies.

Benefits to users including 24/7 trading, instant settlement, the power of self-custody and also gives us the ability to expand to other assets. Make all sorts of assets that previously weren't accessible to retail. Tradable 24/7, just like any crypto asset. That includes of course private markets and lots of other real world assets. Perpetual futures coming soon in Europe and that's been very, very well received actually when we announced that, very excited to roll that out. The U.S. is not far behind. Ton of legislative progress. You guys know the GENIUS Act just passed. We've launched staking in the U.S. with over $750 million staked in just the first month. Pretty, pretty incredible progress for staking in the U.S. Bitstamp exchange by Robinhood. That acquisition closed, so we now have a growing institutional business and we think that's going to be a big one over time.

Of course the Robinhood Chain, to my knowledge, the first layer 2 blockchain that's optimized and built with real world assets in mind. Wrapping it up, as a result of this strong product velocity, great business results. Revenues up 45% year-over-year to nearly $1 billion. The third highest quarter of net deposits ever. Sixth straight quarter. Over $10 billion actually for net deposits. That's continued through July. The strong July for net deposits puts us on track to exceed last year's total, which was $50 billion in net deposits, which was again a record. Gold subscribers up to a record 3.5 million. The Gold team's been doing a very, very nice job. That's 13% adoption when you look at our overall customer base. If you look at new customers that joined in quarter, north of 35% adoption. That's been really good to see.

We now have over 600,000 international customers. When you fold in the customers we get via Bitstamp, that's becoming a bigger and bigger part of the business. We feel great about Q2 product velocity and results. I'll turn it over to you, Jason, to talk about financials before taking some Q&A.

Jason Warnick (CFO)

Sounds good. Thanks, Vlad. Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses. As a result, we grew revenues 45% year-over-year, drove 81% incremental Adjusted EBITDA margins and doubled EPS from a year ago. Let's take a closer look at Q2. Compared to last year, revenues were $989 million, driven by strong year-over-year business growth. Trading volumes were up double to triple digits across all categories. Looking at some of our newer products, Q2 contract volumes were 11 million for futures, 17 million for index options and nearly 1 billion for Prediction Markets. So a lot of good momentum there. On the new products, interest earning assets were up over 50% driven by cash sweep, margin and strong securities lending activity.

And it's great to see our Gold cash suite balances have crossed $30 billion, up more than 10 times since we started the high yield offer less than three years ago and for Robinhood Gold, we grew it to 3.5 million subscribers. That's up over 75% year-over-year as we continue to broaden the value proposition. We also stayed disciplined on expenses in Q2. Adjusted OpEx and SBC was up just 6% year-over-year, leading to 56% Adjusted EBITDA margins. Now for Bitstamp, as I've said previously, we expect about $65 million of costs in 2025, so we're layering that on to our full year outlook for adjusted OpEx and SBC, bringing it to $2.15 billion-$2.25 billion. As a reminder, this outlook does not include costs from our anticipated acquisition of WonderFi or provisions for credit losses.

As we enter Q3, we're off to a fast start in July. Net deposits are around $6 billion. It's a really nice pickup from May and June. Equity and options trading volumes are setting new monthly records and crypto volumes for both Robinhood and for Bitstamp are at six month highs. Really great start to Q3 and we continue to see customers responding to our great margin rates with margin balances now around $11 billion. Our momentum is strong entering the second half of the year and we remain focused on driving another year of profitable growth in 2025. With that, Chris, let's turn to Q and A.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

Thank you, Jason, for the Q&A session. We'll start by answering two top questions from shareholders on SEI Technologies, ranked by number of votes. We passed over questions that we already addressed on this call or in prior quarters and grouped together questions that shared a common theme. After the say questions, we'll turn to questions from our live audience. All right, so the first question is from Tarun K, who asks.

When will.

Robinhood Banking be broadly available to customers?

Vlad Tenev (CEO and Chairman)

Awesome. Yeah, I'll field that one. Thanks for the question, Tarun. As a reminder, we announced Robinhood Banking at our Lost City of Gold event in San Francisco a couple months ago. The idea behind Robinhood Banking, which is what inspired us to create this product, was that we wanted to deliver the private banking experience, which has typically been a high net worth experience in digital form to the mass market. You have the best of private banking, which is high yield things like estate planning, seamless integration between all of your other accounts, really nice net worth tracking, along with some innovative features like cash delivery, which actually we've started testing and piloting in the initial markets. As I mentioned earlier, we've rolled that out internally. Robinhood Banking, it's making good progress. It's looking really, really good.

It's still on track for rollout to customers later in the quarter.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you, Vlad. The next question is from Louis H. who asks, does Robinhood have plans to step more heavily into lending, such as personal loans, auto loans, mortgages and other products?

Jason Warnick (CFO)

I'll start and Vlad, feel free to jump in. You know, as we've said over time, we want to be the place to custody all of our customers' assets and process all of their financial transactions. I think lending plays right into this. You may have seen that through a partnership with Sage Home Loans, Gold members now have access to really great rates on mortgages. One of the reasons they're able to deliver such great rates and we're able to deliver such great rates to customers is we're passing all of our share of the economics on to customers. The early feedback has just been really tremendous. If you're looking to buy a home loan, please become a Gold member and check out the rates. We're also already providing some forms of credit. We've got the Gold Card Vlad mentioned, 300,000 cardholders.

We have margin and over time, we've got pretty big ambitions across all transaction types.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you, Jason. All right, so we're going to now go to questions from our live audience and we're going to start with Steven Chubak from Wolfe Securities. Let's get him a mic.

Steven Chubak (Managing Director)

Jason.

Vlad, thanks so much for hosting this event.

Vlad Tenev (CEO and Chairman)

Stephen, good to see you.

Steven Chubak (Managing Director)

Good to see you, too. Maybe just to start on net deposit momentum, because in the second quarter we did see a bit of a moderation. I know Steve Quirk spoke to some adjustments to promotional activity. You launched some promotions again alongside the crypto event. We are seeing a reacceleration in net deposits in July and wanted to get a better sense as to how the strategy is evolving around net deposits and promotional activity more specifically. Given the attractive payback economics, why not lean into promotional activity a bit more? Why retrench or pull back any of the promotions at all?

Jason Warnick (CFO)

Yeah, do you want me to? I'll go ahead and.

Vlad Tenev (CEO and Chairman)

Yeah, why don't you take it?

Jason Warnick (CFO)

Yeah, I'll go ahead and start. First of all, we love the promotions and what's great is customers love these promotions. As you mentioned, the economics are incredibly compelling. When we launch these promotions, we tend to see larger balances from customers come in and that's showing up in our overall averages. You know, promotions are part of our playbook. We intend to continue to do it. We measure the economics on all of these promotions and we watch the customer response. We had a really good promotion around crypto deposits where the community reached the goal and we doubled the match rate to 2%. You know, really, really good opportunity there. I wouldn't read too much into the activity of promotions in Q2. Like I said, it's part of our playbook and we really like that.

Vlad Tenev (CEO and Chairman)

Yeah, maybe I would just say two things. One is net deposits as a metric does have some volatility that's driven by traders. You know, if the market is moving in crypto or in other asset class in a particular direction, traders deposit money to take advantage of those opportunities, buy the dip, so forth. There is a component that's going to fluctuate up and down. If you look over the long run and you sort of like smooth out the inter quarter, the trajectory for net deposits in this business has been quite strong. I think if I look at the tailwinds coming up, continued customer engagement, growth in new products, expansion into banking and all these new asset classes that are just ramping, all of that we believe will make the long term trend of net deposits grow.

I think we're in a position where we've gotten more sophisticated about how we look at all marketing activities and we're increasingly looking at these promotions alongside performance marketing and our other tools in one bucket. I think we're fortunate to just see high ROI opportunities across the board. We've scaled marketing quite a bit already this year and it's been looking good. We have to balance scaling it with making sure that we keep costs in line and we deliver that profitable growth that the team's been doing such a good job in delivering.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you, Vlad. Thank you, Jason. All right, the next question is from Dan Dolev from Mizuho.

Dan Dolev (Managing Director, Senior Analyst, and Fintech Equity Research)

Thanks guys.

Dan,

amazing quarter as always.

My question is more broader.

You had this like really nice event in the south of France recently.

Can you maybe talk a little bit about the long term strategic opportunities with?

Private, you know, tokenization of private assets and some of the feedback you're getting.

From the market on all these great.

Announcements that you've had just like 20 days ago or so.

Vlad Tenev (CEO and Chairman)

Thank you. Yeah, I mean if you look at the To Catch a Token event, I'd say it exceeded our expectations. I think for an event in Europe to have it watched 25 million-plus times, I mean, we were just talking about, we were just talking a little bit earlier, that's more than many movies, right. I think the team did a very, very nice job. I think it did two things. One is it was sort of a blueprint to the rest of the world of what can happen when you have clear regulatory clarity around crypto assets. What's going to happen is a lot of the criticisms about crypto assets being sort of like not tied to anything of fundamental value or mostly, you know, meme based, goes away because you can actually tie the technology to things that have fundamental utility.

We've seen that a little bit with stablecoin in the U.S., and I think tokenization of real world assets just extends that concept. We delivered it for exposure to public equities in Europe, but we've also demonstrated it with private stocks in Europe in the form of the giveaway. I think the reception to that was very positive. I mean, it's clear customers want this. They not only want it in Europe, but they want it in the U.S. as well. I think it's currently a big problem, a big iniquity that more and more companies are staying private longer, and a lot of the big gains are reserved to private investors that are high net worth or institutional.

We are working to not just create a giveaway, but to turn this into a real product that's usable both in the EU and in the U.S., and we're excited to do that. I think we see a path to actually make that happen. I think two things demonstrate the power of crypto technology and show a roadmap to what Robinhood could be if it was rebuilt from the ground up on crypto rails. I think there's a ton of benefits there and also solve some pain points for European customers. I think since that event, we've seen an acceleration in our European business and we think we see a path to that being a bigger and bigger piece of Robinhood over time.

Jason Warnick (CFO)

I think the event also is a nice highlight to our product velocity. We've had a number of pretty successful customer events this year. In September, we have one for active traders at HOOD Summit, but really proud of the team for how quickly we're building.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you. The next question is from Ed Engel at Compass Point.

Ed Engel (Senior Research Analyst)

Hey, thanks for taking the question. We've seen a couple more fintech companies start to apply with the OCC for banking licenses. Curious whether your mindset has changed on that, especially just given some of the recent rollouts you've had on the banking side.

Vlad Tenev (CEO and Chairman)

Yeah, maybe I'll field that. Feel free to jump in. I would say first of all, we're always looking at the landscape and sort of like making decisions about where we see opportunities. You might remember 2019, we applied for a national bank charter with the OCC. And the impetus for that was we wanted to get into high yield products to allow customers to generate more yield on their cash. What we found was we were at this interesting inflection point where the partnership ecosystem around banking improved to the point where you could get, you could produce an even better savings product, the partnership route. You could see that not just with the yield, but also the multiplicative FDIC protection. By partnering with banks and creating this FDIC product, we could actually offer you a very high yield and multiples of the FDIC protection.

You know, Jason mentioned that's grown to over $30 billion in our cash sweep, so that's been very, very successful. Now with our partnership with Coastal through Robinhood Banking, we're going to be able to offer a very competitive rate on actual savings accounts as well as checking. Basically we found that thus far we've had all the capabilities available through the partnership model. The kind of cons have outweighed the pros of getting a charter. We're always open to reevaluating it if the balance shifts. There's something that's much easier to do with the banking charter, especially as we get into more of these lending products. We're nimble and, you know, we can reevaluate quickly.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, now let's take a question from one of our finance content creators, Amit from Amit is Investing.

Vlad Tenev (CEO and Chairman)

All right,

Vlad, Jason,

finance content creator, good to see you.

Congrats on a great quarter and congrats on innovating on the live event experience for earnings.

Currently, right now you guys have about.

3.5 million Gold subscribers, which seems to.

Be the least cyclical part of the.

Business because it's recurring SaaS revenues on that yearly subscription.

More broadly, how are you guys thinking?

Of protecting the business from cyclicality in.

The face of market volatility, rate cuts leading to a loss of net interest income and anything else that could keep.

That type of growth going as sustainable.

As possible, given one of the biggest.

Criticisms I've heard is that Robinhood is a very cyclical business.

Jason Warnick (CFO)

Yeah. I mean, first of all, compared to just a few years ago, Amit, we're far more diversified. If you take just even the crypto business, that's diversifying. We launched a number of products. Staking in the U.S. is now taking off, tokenization of U.S. equities in international locations. What we're seeing in crypto is happening across our business. You've heard me say that we have nine businesses with over $100 million of revenue, and we have a number of businesses that have a lot of momentum towards being the 10th and beyond. The other thing that I would say about, kind of in the topic of protecting your business against cyclical movements, really two things.

The first is that the way we manage our business, and we talk about being lean and disciplined, positions us in a place where when cyclicality hits, we aren't like some companies that really have to pull big on levers, because all along we've been disciplined. You saw that we grew revenues 45% year-over-year, and adjusted OpEx plus SBC was up 6%. It's really kind of shining through, and I think it positions us in a position of strength should those kinds of situations happen. The other thing that I would say is I would caution us from not overreacting to those situations. The market opportunity and the TAM that we talked about actually in this venue back in December is massive.

We have a massive TAM ahead of us, and I wouldn't want to over rotate in a moment of cyclicality when the market opportunity in front of us is so big.

Yeah, and I would just add that, you know, I think that was a legitimate criticism of the business in 2021 when we went public. I mean, it was just a retail boom driven by multiple things including zero interest rates. We've been able to diversify our business in a high rate environment. We've been talking about, you know, the natural hedge of like as rates go up, interest income goes up, but transaction revenue goes down. We've been able to drive these results in what's been historically still a pretty high rate environment. You know, nine business lines with $100 million or more in annual revenue and we've got some that are on deck in kind of like the $50 million range and there's a whole bunch more little seeds that we've either just launched or are going to launch in the future.

Vlad Tenev (CEO and Chairman)

In 2021 when we went public, it felt to me like we were much more fragile than today. I mean, product velocity was a little bit gummed up with all the work that we did to deliver for that scale that we saw during COVID. Now, you know, the roadmap, if you look at things that we expect to deliver in the short term, medium term and long term initiatives, is pretty packed. This is probably the least diversified you should ever see Robinhood.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, next question from Gautam Chhugani from Bernstein.

Gautam Chhugani (Managing Director)

Spoke about the tokenization opportunity in Europe. Obviously there's a regulatory path in the U.S. to make tokenization, particularly equity tokenization, relevant for us. How do you see that playing out when it comes to regulatory approval for equity tokenization? Particularly in view of the comments that came from the SEC post your event.

Vlad Tenev (CEO and Chairman)

Yeah, so I think that tokenization in the U.S. is interesting if you think about the relative delta between the tokenized equities experience and untokenized, which we've already built to scale here in this market. You get 24/7 versus 24/5. You get some access to self-custody and all the benefits of on-chain, which could mean things like collateralized lending and borrowing, which are a nice benefit. We already have industry-leading margin rates, and then you have sort of like the cost aspects.

Obviously, if more and more of the infrastructure goes from, you know, centralized legacy counterparties to blockchain where it's essentially public infrastructure, the cost of operating the business would go down, which would accrue eventually to customers in the form of more value. I think the opportunity, there are benefits, but we're already offering customers very, very close to sort of like what they would get in the U.S. Overseas, a lot of customers don't even have access to U.S. equities. We think that we're going from zero to a great experience that we can scale globally to not just hundreds of millions but potentially billions in addressable market over the coming years as it gets more widespread. I think it's different in the same way. Stablecoins among retailers have been largely an ex-U.S. phenomenon, and of course they're coming into the U.S., but the U.S.

already has the benefit of pretty robust payment and banking systems. I think the real opportunity in the U.S. would be tokenizing assets that were previously inaccessible, and I think we're working with regulators to make that possible. I think those are private markets and related real world assets are opportunities that don't exist up until now. Some things need to happen. We need to look at accreditation laws. We also are on a good path with securities tokenization, but that has to continue, and we think we can unlock that opportunity.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, the next question is from Devin Ryan from Citizens.

Devin Ryan (Head of Financial Technology Research)

Thanks so much.

Hi, Vlad. Hi, Jason. Excellent results.

Would love to ask one on tokenization.

I'll ask something different here. SEC lending really ramping nicely. $54 million in June alone, I think it was up 160% year-over-year, becoming actually a material revenue line item. Historically we've seen that kind of ramp as capital markets turn back on and IPOs and hard to borrows kind of accelerate. Can you maybe frame out how you're thinking about the opportunity there? Is the book today so much bigger? The IPO market is literally just turning on, it would seem like there's potential acceleration there. Is that June number a jumping off point if IPOs continue or how should we think about that?

Jason Warnick (CFO)

Yeah, great, great question. You know, June was a record and July is equally as strong, if not stronger. There are definitely strong market backdrops. First of all, great job by our securities lending desk. I thought the team did a really nice job. We've been onboarding a lot of customers. Customers have been adding a lot of assets into our fully paid program. At the same time, our margin book is growing and that creates inventory for the securities lending desk as well. You know, with the market backdrop, what I'd say is that there were a handful of hard to borrows that had attractive returns in the quarter as well. That continued into July as I mentioned. We'll have to see how that goes, you know, for the rest of the quarter and beyond. I really love the strong inputs of adding customers.

A growing book, adding assets into the fully paid program as well.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, our next question is from Alex Markgraff from KeyBank.

Alex Markgraff (VP)

Thanks for taking my question, Jason. Maybe on crypto monetization, thank you for the Bitstamp disclosure. But just on the core Robinhood monetization. Can you talk a little bit about what you saw in the quarter and any effects you're seeing from smart exchange routing so far?

Jason Warnick (CFO)

Yeah. So just as a reminder. So customers have two ways to engage with crypto trading at Robinhood. First is the method that we've had for a long time, which is a market maker method. That's where we get a rebate. We've been experimenting with pricing for some time and you've seen us taking that up. And we watch closely to make sure customers are continuing to get a great deal. Just last week we moved the rebate rate to 85 basis points. So that's in place.

The second way that customers can engage is direct with the exchange through the smart exchange router. And that's really opening a volume tier discount. And based on volume, traders can achieve a 10 basis point commission on direct to exchange trading. And so far it's early, but we like what we're seeing there. Customers are bringing, as they adopt direct to exchange, they're bringing more volume and they're achieving more competitive rates, which is great and we want Robinhood to be super attractive to high volume traders. But what's great to see also is that revenue per trader is going up for those that are choosing to engage with the exchange. So more revenue on the higher volume trading as well, even though it's a better rate. So that's what we're seeing so far.

In Q2 we saw the blended rate or the average rate at 58 basis points in the quarter in July through the month of July. It was kind of in the mid-60s, so it has moved up a little bit.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you, Jason. We are now going to branch out to the audio cue. The first question we have on the line is from Patrick Moley at Piper Sandler.

Patrick Moley (Director and Senior Research Analyst)

Yes, good evening. Thanks for taking the question. I just had one. On the credit card offering, you noted that you've tripled the number of cardholders year to date, but I think balances are only up about 45%. I was hoping you could just elaborate on what you're seeing from credit card holders. Are you seeing, you know, the economics that you'd like there and how should we think about you ramping that into the end of the year? I think you said that you plan to accelerate the rollout, so any additional color there would be greatly appreciated. Thanks.

Jason Warnick (CFO)

Yeah, we like what we're seeing on the economics. You know, we've been meeting with the team regularly and, you know, when we look at the revolve rate, that's in line with what we would hope for. The book is performing really well at this early stage. We're gaining confidence and looking forward to putting that in the hands of more and more of our customers. Yeah.

Vlad Tenev (CEO and Chairman)

I would just add that if your question about balances, it usually takes balances a little bit of time to increase on the revolve. It is not like if you increase cardholders by 3x, the balances do not immediately increase by 3x, there tends to be a little bit of a lag. That is why you are seeing that.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, the next question is from James Yaro at Goldman.

James Yaro (VP Equity Research)

Thanks for taking the question. Maybe could you just perhaps preview a bit more on the Robinhood Chain? Maybe you could just talk about the advantages of building this for real world assets and then maybe just competitive advantages here versus other layer 2 blockchain, and then finally just any update on timing?

Vlad Tenev (CEO and Chairman)

Yeah, absolutely. Actually, since our event, we've just gotten lots and lots of calls for developers that either want to tokenize shares of their own companies or otherwise jump on the tokenization of real world assets revolution and partner with us. I think the big advantage that we have with the Robinhood Chain is that we have a captive audience of over 25 million customers in the U.S. with now, you know, over $1 trillion in assets under custody. Obviously, we think that we can build a great developer ecosystem and we want to be great for developers. That level of end user adoption and the user base that trusts us with so many of their assets I think are going to be very, very difficult for others to replicate. We think that that gives us a big advantage.

Also, nobody's really going after this specific opportunity. There are a lot of chains out there that want to build the best chain for degen traders. I think the opportunity for real world assets and the unique characteristics that they have to be put on chain is a bit of a unique one that I don't think anyone else is tackling as directly.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you, Vlad. The next question is from Brian Bedell at Deutsche Bank.

Brian Bedell (Director)

Great, thanks. Good afternoon guys. Just a question on the $100 million businesses. You're expanding that. Nice to see the traction moving up from nine businesses I think you mentioned, Vlad. There are at least a couple businesses now in the $50 million range. If you could just elaborate on those. And then two ones that are nascent, still staking and the tokenized stocks in Europe. Any sense of when you think those businesses on our annualized revenue run rate could get to say that roughly $50 million marker? Is that a year or two or longer term?

Jason Warnick (CFO)

Yeah, I'll start, Vlad, and you can fill in. There are several that are moving really up on the revenue run rate. I mean you've got TradePMR and Bitstamp, you've got prediction markets scaling really well, and you've got a number of others that are coming up behind it, whether it's index options, you know, and.

Vlad Tenev (CEO and Chairman)

Like the Robinhood Gold Card.

Jason Warnick (CFO)

The Robinhood Gold Card. I was going to say Legend as well. So we've, you know, there's a number of vectors there that are just gaining a lot of steam.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, the next question is from Craig Siegenthaler at Bank of America.

Craig Siegenthaler (Managing Director)

Hey, good afternoon, Vlad and Jason. Hope everyone's doing well and I wish I'd be joining you there live. I wanted to start with tokenized stocks. One of your competitors also launched a tokenized stock product in Europe just this week, although their structure is different. Your launch is also structured under three phases. I know there'll be progress ahead too. If you take a step back, how do you think about the advantages with your SPV contract model and your end goal of running on Bitstamp rails versus the ERC-20 tokens which are backed by shares?

Vlad Tenev (CEO and Chairman)

Yeah, I think one of the advantages of our offering, and again, it is going to progress in three different stages. We're in kind of stage one right now. What the advantage is, every transaction, every mint and burn of a token has a corresponding transaction in the traditional market. What that means is you minimize the risk of depeggings where you're trading an asset that's at a wildly different price than the traditional asset. I think that's a big thing because in order for customers to gain confidence with the technology and the experience, they have to get a really good price. The system was designed for that. In phase one, as the supply of the tokens increases, we can build that up by creating a pretty close tie with the traditional markets.

Now, phase two, which we anticipate getting into in the coming months, would be getting the tokens to trade on Bitstamp, and that will unlock 24/7 trading. We're at 24/5 right now, which matches the U.S. market, but 24/7 would be unlocked when Bitstamp comes online with the stock tokens. Basically, there you'll have the best of both worlds. When we have access to the traditional markets, we'll be able to match or beat the price there. If the traditional markets are closed, like Saturdays and Sundays or holidays, you'll still be able to transact. Then there's phase three, which we unlock the full power of defi, and you'll be able to hold them non-custodially and transact on chain. You know, we have the technical capabilities to do all of this. It's just a question of going through the regulatory process.

We think that's basically the optimal path to getting customer adoption and counterparty adoption to these products in a way that's usable for the end users.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

Thank you, Vlad. Even without the chalkboard, I can follow that. All right, the next question is from Ben Budish at Barclays.

Ben Budish (Equity Research Analyst)

Hi, good evening and thank you for taking the question. I wanted to follow up on some of the earlier discussion and maybe something answered the last question on what you see as the benefits of tokenized equities. I'm curious, just given some of your disclosures around the fee model and the potential spreads that traders in Europe may incur for tokenized equities versus your model of offering a very low cost all-in service, how do you think about ensuring that execution costs stay low, spreads are tight? What are you guys doing to ensure that? How are you thinking about ensuring that sort of level of execution and keeping it consistent perhaps with what you see in your equities business elsewhere? Thank you.

Vlad Tenev (CEO and Chairman)

Yeah, I'll take that one again. Actually, if you look at the early feedback from our European offering, by and large, or I should say far and away, the number one piece of feedback is they love the prices and the value on stock tokens. The prices are very competitive. The only fee that customers incur when they trade stock tokens in Europe is the 10 basis point foreign transaction fee, which is very, very competitive. There's no other spread that Robinhood benefits from economically. The aim is to pass back the full value again outside of the foreign exchange transaction fee, which is very competitive to our peers. We think it's a great offering, great economics, we can scale it, and so far, customers seem to be loving it.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, the next question is from John Todaro at Needham.

John Todaro (Managing Director)

Hey, can you guys hear me okay?

Vlad Tenev (CEO and Chairman)

Yeah, we heard.

John Todaro (Managing Director)

Great. Congrats on the quarter. Phenomenal quarter. I guess just kind of coming back on some of the earlier questions. The tokenized stocks, did it eventually invite a world where we see fee compression in crypto? We historically have not really seen that, but I guess if we see tokenized stocks kind of have similar pricing to equity markets, does crypto kind of eventually follow in that? It is just obviously another asset that is tokenized?

Vlad Tenev (CEO and Chairman)

Interesting question. I don't think that we're likely to see any impact on spot crypto prices merely because of the presence of tokenized securities. I don't know if you have a different view, but I mean, Robinhood has been offering in the U.S. market spot crypto alongside traditional equities and options, and we just don't feel like there's much of a connection between how customers are even thinking about pricing in these various asset classes. I don't know if there's anything that would fundamentally change with tokenization. I don't expect it to. I think at the end of the day, the customer just thinks of it as getting exposure to the asset and the underlying mechanism or technology. They don't really want to know about that.

I mean, if you can make it feel as simple as possible and hide the blockchain process complexities so they don't have to be a computer scientist to have to understand how everything works. That's what the customer wants. They're generally agnostic about what's powering it behind the scenes as long as it works and it gives them the exposure that they're looking for.

Jason Warnick (CFO)

Yeah, I would agree with that. Just looking at some analogies, the pricing is different for index options versus futures versus equities versus options. I think that there's room for each asset class to kind of stand on its own from a pricing perspective.

Vlad Tenev (CEO and Chairman)

Our goal is to be competitive and give customers great value across the board so that we continue to grow our market share and not just among, you know, casual traders and investors, but also the advanced traders that tend to be a little bit more price sensitive.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right. The next question is from Brett Knoblauch at Cantor Fitzgerald.

Brett Knoblauch (Managing Director)

Hi, guys. Thanks for taking my question. Maybe just on staking, quite impressive, you guys have kind of reached $750 million within a month. Curious what percentage of kind of crypto assets are currently being staked and how are you thinking about kind of growing that over time?

Jason Warnick (CFO)

Yeah, we've got about $6 billion of stakeable assets. The majority of those are in states where it's allowed. So, you know, customers have, you know, really responded quickly to the opportunity. And I think the opportunity more broadly is to continue to win. Win market share in the crypto space.

Brett Knoblauch (Managing Director)

Just on crypto pricing, looks like another kind of quarter where take rate kind of ticked up a bit. Could you maybe just talk about the pace of those maybe pricing gains that you guys have been taking and how we should expect that over the next few quarters?

Jason Warnick (CFO)

Yeah, I think we're in a place where we like the pricing and we'll settle in for a little while. We're continuing to experiment, but we feel pretty good where we're at at the moment.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you. The next question is from Kyle Voigt at KBW.

Kyle Voigt (Managing Director)

Hey, good evening, everyone. Vlad, you've executed on a number of bolt-on deals over the past couple years, including Bitstamp, X1, TradePMR, which have all gotten you new product capabilities or helped to expand your geographic reach. I guess when you take a step back and think about the platform as it exists today, do you still think there are opportunities for bolt-ons to add on new product capability and accelerate geographic expansion, or have you filled most of those obvious product holes? In terms of the size of deals, you have a valuable currency now. Would you be comfortable executing on larger-scale M&A going forward versus the smaller bolt-ons we've seen over the past couple years?

Vlad Tenev (CEO and Chairman)

Yeah, yeah, I'm happy to take a stab at that. Jason, feel free to jump in. Our corp dev team has been actively looking at opportunities continuously and we have a very strong team, very disciplined team. You know, they take a look and they want to make sure that they're executing on our strategy where with every deal we not only get a team that we believe can help us and is aligned with us, but that we get significant acceleration, you know, 18 month acceleration at minimum over building ourselves. Even though we tend to bias towards building in house, we've certainly made a number of acquisitions, you know, the TradePMR, X1, Bitstamp you mentioned, but also WonderFi, which gets us access to a scaled user base in the Canadian market. We remain excited about that one.

Certainly with the change in market cap over the past year, I think that opens up more opportunities for us. I mean, the Bitstamp one was a significant deal back when we entered into it over a year ago, but we're still going to be disciplined and make sure that we follow the playbook and that every company that we would acquire gives us acceleration, a great team with great DNA, and really makes sense with the thesis of building the number one global financial ecosystem.

Jason Warnick (CFO)

Yeah, the only thing, you know, I would reiterate the disciplined approach. You know, we feel like we've done a really nice job of selecting companies that accelerate, you know, our roadmap, but also are a great deal for shareholders and we'll continue to be disciplined from that perspective. It's really just a broader question about capital allocation and we've been allocating capital to grow organically. You see that with a lot of the new product announcements that we've made, we've been doing that through M&A as well. Look, our roadmap is full and we're always looking for ways to accelerate. I do tend to like, you know, smaller, more efficient businesses that we can take and run with. We're always looking.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you. The next question is from Matt O'Neill at FT Partners.

Zach Gunn (Fintech and Payments Covering Analyst)

Hey there. This is Zach Gunn on format. I just wanted to ask on Gold subscribers. So continues to grow and it's at a 13% adoption rate. You know, my question is how should we think about the upper bound of that or kind of a target of what you're trying to get to for the medium term? And just what are the main gatekeeping factors that are limiting growth in that Gold subscriber number? And then just lastly, how should we think about the cadence of the growth there? You're doing $500 million, I think in ads the last two quarters. It stepped down a little bit this quarter. Just curious about how we should think about that. Thank you.

Jason Warnick (CFO)

Yeah, I mean, I'll start, Vlad, and please feel free to jump in. We want it to be obvious that if you're a Robinhood customer, you're a Gold customer. And so we continue to, you know, broaden the value proposition, you know, and we're seeing customers respond really nice growth rate. Vlad mentioned in his prepared remarks that new customers are joining at multiples. The rate I think it was, 35% of our Q2 new customers joined. Joined Gold. In terms of, you know, upper bounds, one of the things that we like to do is benchmark. And some of the best subscription products out there, whether it's Amazon or others, are substantially higher than where we're at today. And it inspires us as an opportunity to keep investing in the program and then continue to work on making sure customers are aware of the value proposition.

I'm personally really excited about the banking product that's about to come out. That'll be another great addition to the Gold proposition.

Vlad Tenev (CEO and Chairman)

Yeah, the only thing I'd add is you should think about Gold as if you're a Gold member, then you're a member of a really high quality, exclusive financial club. It is also available to everyone. We are trying to toe the line between it being premium but also accessible to the mass market. I do not think anyone, I do not think very many people can toe that line. I think it has been working very, very well. A couple of the products that are very, very nascent are ones that we are very excited about. Jason mentioned banking. We also have the Gold Card, Cortex. I mean, Cortex has gotten amazing reviews in its first iteration. That is a Gold only offering and we are just going to keep iterating on that and making that better and better.

I think we see tons of tailwinds to continuing to make Gold better and making the subscriber account increase as a result of that.

Jason Warnick (CFO)

Yeah. At $5 a month, Robinhood Gold is just the best deal in finance.

Vlad Tenev (CEO and Chairman)

If you're not a Gold member, jump on that.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, the next question is from Ken Worthington at JPMorgan.

Ken Worthington (Analyst)

Hi, good afternoon. Thanks for taking the question here. I wanted to talk about the build out of the active trader. Furthering your comments in the prepared remarks. How are the ranks of the active traders building, like the great market to make, you know, people are making money. It's a great market to build this sort of active trader base. How is that going? In terms of transfer of assets, you're positive or have been positive against all the major brokerage competition. Is Robinhood too a positive in the same way with the active trader client as well, or is there any sort of differences between sort of money coming in and money going out in that particular segment?

Vlad Tenev (CEO and Chairman)

Yeah, we don't have a breakdown available in that way, but we can share that we're positive again this quarter against all of the major competitors and we kind of track progress on the active trader arc of our business by looking at market share, market share across all traded assets, equities, options, futures, now prediction markets and of course crypto. It's growing really nicely across the board. We really like what we're seeing. Of course that's somewhat of a lagging indicator because new products lead to greater market share. The leading indicators are the product velocity and we've been doing really well with a number of things thus far this year and we haven't even had HOOD Summit, which is our active trader event that's in a few weeks and we're going to be unveiling even more that we're excited about.

I would say looking backward, market share, which is sort of like how we track progress, very strong medium term. We've had things with Legend that we're very, very positive on and the things that are about to come I think you'll see in a couple of weeks, but I think you guys are really going to like them.

Jason Warnick (CFO)

Another metric that we track internally is net promoter score and we've been seeing that move up overall but also with our active traders and you know we're reaching levels that's like a high water mark over the last four plus years. So feeling really good about that. And it's also tends to be a leading indicator for, you know, increased market share over time.

Vlad Tenev (CEO and Chairman)

Yeah, and it's great you mentioned that. I mean, that's a big part of why we're confident in the business. We're looking at how happy our customers are, and customers keep getting happier, and we've seen in the past that leads to them growing their wallet share with us, putting more assets into Robinhood, becoming Gold subscribers at an increasing rate, adopting our products. We think we still see significant tailwinds to that.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, thank you. The next question is from Mike Cyprys at Morgan Stanley.

Mike Cyprys (Managing Director and Equity Research)

Great, thanks for taking the question. Maybe just following up on the active trader commentary there. Just hoping you could elaborate a little bit on what sort of uptake you're seeing with Legend, how that's contributing on 24/5, I guess. How much of your volume are you seeing in the overnight session? On prediction markets, if maybe you could just elaborate on the success there and what sort of mix you're seeing between sports and other types of contracts.

Jason Warnick (CFO)

Maybe I'll start on prediction markets and then you can chat about Legend. Prediction markets is cumulative now at about 2 billion contracts. We were nearly 1 billion in the quarter in terms of the mix. Since we launched, customers have engaged in over 100 million economic contracts. Really nice. A large percentage of the transactions in prediction markets are with sports and we love to see our customers engage in that way as well. I think over time what you're going to see is we'll continue to add selection across, you know, all elements of, you know, culture, whether it's things that would be on the front page to the business section, to the sports page. I think we can tell by the engagement by customers that it's a product that is resonating.

Vlad Tenev (CEO and Chairman)

Yeah. I would tell you, yeah, I mean a good chunk of it is sports, but we've also been focused on that because that's an area where not a lot of our competitors are present. We see that as a big opportunity in. We've been investing, but we've also been building the capability to list lots of different types of contracts and we anticipate broadening the suite to multiple categories. On Robinhood, Legend volumes continue to grow nicely overnight as well. We don't have specific numbers to share there, but everything's looking very positive and we like what we're seeing and it's.

Jason Warnick (CFO)

Great, we keep getting feedback from customers. The team's hard at work and they're literally rolling out improvements week over week. A lot of momentum there and improving the product experience.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, since this is our last or, sorry, we've now gotten through the audio queue and since we are here in person, I think we have time for a couple more in person questions. If anybody has any other questions they'd like to ask. All right, Stephen Chubak, who started us off.

Steven Chubak (Managing Director)

Maybe going back to the pricing discussion. You guys have done a really nice job of demonstrating the value prop. You've been able to increase price or take rate on crypto without seeing any meaningful impact in terms of market share. In fact, it's been reflecting steady market share gains. We know that some of your larger competitors are going to be entering the crypto trading space, maybe not necessarily with as broad or robust of an offering, but wanted to get your perspective on how much you've, to what extent you can protect that pricing advantage as the Schwabs and Morgan Stanley with E*TRADE, via E*TRADE actually look to enter this space as well.

Vlad Tenev (CEO and Chairman)

Maybe I'll try the crypto pricing this time. A couple of things. One is you mentioned the market share gains in crypto. I think that maybe one thing that hasn't really been talked about very much is the rollout of smart exchange routing and what that does with tiered pricing for high volume traders. I mean, frankly, before we rolled that out, if you were a high volume trader trading tens of millions of dollars in notional a month, our offering wasn't very competitive for you because you were getting great advanced pricing elsewhere. Our offering was too expensive for these customers. I think we've done a good job in addressing that. Of course, smart exchange routing continues to be adopted, but we think that now we have a competitive offering for customers trading higher volume.

As you see more and more Bitstamp integration, as we continue to bring that onto the fold, the experience for a crypto high volume trader will become even better on Robinhood. You know, a lot of these gains that you've seen are without us actually fully serving the active traders on the crypto side. I think we feel good and I think the numbers will speak for themselves there. In terms of large, I think you're referring to incumbent brokerage competitors getting into crypto. I mean, I don't know, we've been hearing that question for quarters and they still haven't gotten into crypto. I don't know how long it's going to take. I tend to not really worry about competitors unless they have a product in market that's actually beating us. I just think we're going to continue to move ahead. We've added staking now.

We're sort of like continuing to add assets and different blockchains across the board. I know we added some new ones last week and I think the velocity of the crypto team has been really, really good. Again, tend not to worry about competitors until they actually have products in market that are beating our products. Yeah.

Jason Warnick (CFO)

I think the point that Vlad is making, that I'd reiterate, is that in crypto, pace of innovation is a competitive advantage. I see Johan here, he and his team, you know, I would bet on their, they're moving at an incredible pace, as we demonstrated at the To Catch a Token event.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, we got one last question, so Devin Ryan from Citizens,

thanks for. Let me wrap it up here. So, Jason, a lot of credit for the expense management here because 56% Adjusted EBITDA margins in the quarter is pretty amazing given the level of growth you guys are putting up. I know you've committed to this kind of theme of driving and revenues can bounce around, but this theme of driving kind of faster top line growth than expense growth. As we start to kind of look ahead, and maybe not to get too far ahead of ourselves for 2026, just talk about the relationship and the commitment to continuing to drive kind of top line faster than expenses, especially with all the initiatives you guys have underway. I'm sure there's no lack of areas to spend money on, so just the relationship and maybe also areas where you're finding to save some money to then reinvest back into growth. Thanks.

Jason Warnick (CFO)

Yeah, you bet. I'll just kind of tell you how we think about it more generally. You know, we have a large business and large businesses present opportunities to be more efficient, more productive. When we think about deploying capital for organic growth, what we do is we look at our existing businesses and ask them to improve, process, and use technology so that their cost growth stays in the low single digits. In some cases our GMs would assert that we've asked them to actually decrease costs. There's a lot of opportunity, I'm sure, talk a lot about AI and just process improvement more generally. We've done a really nice job of being able to grow those existing businesses, but do it in a way that's costs are growing at a very slow percentage. That's a big part of our business that's growing at a really small percentage.

What that does is it frees up the incremental dollars to put in areas that drive growth, whether that's new business initiatives or it's things like marketing. We love marketing. We're constantly debating about putting more marketing dollars to work because the ROIs are so good and the payback is so short. What I tell you is, even though we're delivering such incredible leverage on the business, the debates inside the company aren't, come on, Jason, like, loosen up on the purse strings. It's really been focused on finding ways to be more efficient, and it frees up a lot of capital and a lot of costs that we can then deploy into other areas. That's not to say that we don't have these debates and, and periodically add, you know, five headcount here or two headcount there. It is not a situation where we're choking the business.

I think you can see that with the growth that we're able to deliver. I'm not always the most popular person in the room, and Shiv, who's here with me, is probably even more so because I make him say no more than I do.

Vlad Tenev (CEO and Chairman)

Incredibly unpopular.

Jason Warnick (CFO)

Incredibly. I'll tell you, we have a DNA at the company, and it's in our culture to be lean and disciplined, and I think it's really showing up in our results.

Vlad Tenev (CEO and Chairman)

I would also just add that two of the areas that have just been critical to our business, sustaining the rate of innovation and kind of customer adoption of our products have been engineering and customer service. Both of those areas are probably like, very, very. I mean, we've invested early and aggressively in using AI for both of those, and it's having tremendous results. I mean, I would venture to say we're world class across both of those and of course, other areas as well. We're looking at everything, but those are the two that really move the needle for our business. I think that's why we've been able to demonstrate. I mean, that's a big part of why we've been able to demonstrate this growth while keeping, you know, OpEx relatively flat up a little bit.

Chris Cagle (VP of Corporate Finance and Head of Investor Relations)

All right, that concludes the Q&A of our call. Vlad, any, any closing remarks?

Vlad Tenev (CEO and Chairman)

Yeah, I mean, thank you guys for listening. And to not just our retail shareholders, but institutional analysts, the finance content creators in this room for the engagement. Really hope this was informative but also fun. And yeah, maybe, maybe we'll do it again. Thank you again. And watch out for HOOD Summit in Las Vegas in the next few weeks. We're not slowing down. The innovation will continue.

Jason Warnick (CFO)

Thanks so much.