Jim Cramer makes bold call on controversial fintech stock

Robinhood is one of those stocks that inspires strong opinions in both directions. The retail trading crowd loves it. Institutional investors have historically been suspicious of it. Critics have called it a glorified gambling app.

Supporters also argue that it is democratizing finance in ways traditional brokerages never attempted.

Jim Cramer landed on the bulls’ side Aug. 4 on Mad Money’s Lightning Round.

I think Robinhood has a winning site, and I think it’s going to continue to do well.

That is a meaningful endorsement of a company that reported record second-quarter revenue of $1.31 billion on July 29 — up 32% year-over-year — while the stock is down 17.95% year-to-date, Yahoo Finance noted.

Robinhood (HOOD) is trading at levels that represent a significant disconnect from a business that generated $573 million in net income and $741 million in adjusted EBITDA in a single quarter, according to its Q2 earnings release.

Also Read: Robinhood Markets Inc. Latest News and Stories

What Robinhood just reported, and the results that back Cramer’s call

The Q2 2026 numbers tell a story of a giant that has quietly evolved from a meme-stock-era brokerage into a multi-product financial platform with 13 separate business lines, each generating more than $100 million in annualized revenues, according to the earnings release.

Transaction-based revenues grew 44% year-over-year (YOY) to $776 million.
Options revenue reached $342 million, up 29%.
Equities revenue jumped 95% to $129 million.
Event contracts — prediction markets — delivered $156 million, up more than 10 times YOY.
Net income of $573 million grew 48% YOY. EPS of $0.62 grew 48%.
Funded customers reached 28.4 million, up 7% YOY.
Total platform assets grew 32% to $369 billion.
Robinhood Gold subscribers hit a record 4.8 million, up 39% YOY .
Average revenue per user grew 24% to $187.
Net deposits for the quarter were $21.7 billion, and over the trailing 12 months, net deposits totaled $75.7 billion.
Source: Robinhood Second Quarter 2026 Results

Impressive, right? In fact, CFO Shiv Verma’s quote in the earnings release captured the positioning: “The business is firing on all cylinders.”

It honestly did.

The product lines that explain why the company is growing beyond trading

Actually, what I find interesting about the Robinhood story in 2026 isn’t even the trading volumes. It’s the product diversification that Cramer’s “winning site” comment is implicitly pointing to.

There are several.

The Robinhood Gold Card hit 1 million customers with $17 billion in annualized purchase volume, crossed $100 million in annualized revenue, and joined the roster of established business lines.

Q2 earnings report shows that Robinhood Banking has $3 billion in deposits from 240,000 funded customers. Robinhood Retirement assets under custody grew 82% year-over-year to $34.5 billion. The margin book grew 127% year-over-year to $21.6 billion.

Trump Accounts, launched July 4, reached 7 million account signups with nearly $1.5 billion deposited to date, a politically charged but commercially significant product launch.

Agentic Trading, launched in May, allows customers to trade equities, options, and crypto through AI-powered agents. Nearly 100,000 customers have opened Agentic Trading accounts with over $100 million in assets under custody, roughly two months after launch.

International funded customers surpassed 1 million. WonderFi, a Canadian digital asset company, was acquired. Singapore received its regulatory license.

Robinhood Chain launched its Public Mainnet, a permissionless Ethereum Layer 2 blockchain built for financial services. The global expansion is early but accelerating.

Robinhood repurchased $414 million in shares at an average price of approximately $94.

Michael M&period; Santiago/Getty Images

Why is the stock down 18%, and what could change that?

Honestly, the performance chart is the main complication in this story. HOOD is down 17.95% year-to-date and 12% over the past year despite what looks like genuine business momentum, according to Yahoo Finance.

My read of the disconnect is twofold. First, the crypto revenue line fell 38% year-over-year to $100 million, a meaningful decline in a segment that previously drove disproportionate enthusiasm.

Second, operating expenses grew 33% year-over-year, reflecting marketing spend, restructuring charges from a June workforce reduction, and Trump Account and Rothera launch costs. The business is investing heavily, and not all of that spending maps cleanly to near-term earnings.

More Robinhood:

The company repurchased $414 million in shares at an average price of approximately $94, according to the earnings release, suggesting management believes the stock is undervalued at current levels.

Here is what I think could move the stock: Sustained event contract volume beyond the Rothera launch novelty, and continued Gold subscriber growth crossing 5 million. It would also help if crypto revenue stabilized as the U.K. launch adds volume, and if we see any evidence that Agentic Trading converts trial users into engaged platform customers at scale.

Cramer’s “winning site” call is not about next quarter. It is about the trajectory of Robinhood, which has expanded from a zero-commission stock-trading app into a multi-product financial ecosystem.

The revenue growth says he has a point. But the stock price? It says the market still needs more convincing.