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Robinhood vs. BGC Group: Which Trading Powerhouse Has the Edge?
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Key Takeaways
Robinhood's first-half 2026 revenues rose 24%, while adjusted EBITDA advanced 25%.
HOOD posted record customer assets and deposits as Gold subscribers surged 39% to 4.8 million.
BGC trades at a lower P/B than Robinhood and is gaining traction through Fenics and FMX.
Trading activity has been robust, but investors looking to capitalize on that trend have very different choices – Robinhood Markets (HOOD - Free Report) and BGC Group (BGC - Free Report) .
HOOD has transformed from a commission-free retail brokerage into an increasingly broad financial platform spanning stocks, options, cryptocurrencies, retirement accounts, advisory services, credit cards, banking and prediction markets. BGC, by contrast, primarily serves institutional market participants across rates, foreign exchange, credit, equities, energy and commodities while expanding its electronic-market infrastructure through Fenics and FMX.
So, which trading stock currently offers the stronger opportunity?
Robinhood's Growth Machine is Running at Full Speed
Robinhood entered the second half of 2026 with substantial momentum. For the first six months of 2026, net revenues increased 24% year over year to $2.38 billion. Earnings per share rose nearly 27% to $1.00, while adjusted EBITDA advanced 25% to $1.28 billion.
Quarterly Revenue Trend
Image Source: Zacks Investment Research
Trading remained a major growth engine. Transaction-based revenues rose 25% to $1.4 billion. Options revenues increased 19% year over year to $602 million, while equities revenues jumped 73% to $211 million. Prediction-market event contracts emerged as a key growth driver, generating $260 million in revenues compared with just $13 million in the prior-year period. The weak spot was cryptocurrencies, where revenues declined 43% to $234 million.
Importantly, Robinhood's expansion is no longer solely a trading-volume story. As of June 30, 2026, funded customers increased 7% year over year to 28.4 million, Gold subscribers surged 39% to a record 4.8 million and average revenue per user climbed 24% to $187. Total Platform Assets advanced 32% to $369 billion, while Robinhood recorded net deposits of approximately $39.7 billion in the first six months of 2026, including $21.7 billion in the second quarter alone, highlighting sustained customer asset inflows.
That combination of customer growth, asset gathering and increased monetization suggests Robinhood is succeeding in capturing a larger share of its customers' financial lives.
The company now says 13 business lines have reached at least $100 million in annualized revenues. Its Gold Card has crossed 1 million customers, Robinhood Banking held more than $3 billion in deposits at the end of the quarter and Robinhood Strategies had attracted more than 300,000 funded customers and nearly $2 billion in assets. TradePMR's platform had reached $50 billion in assets under management.
Internationally, Robinhood surpassed 1 million funded customers outside the United States and completed its WonderFi acquisition in Canada. The company is also expanding its blockchain and tokenization ambitions through Robinhood Chain and offering stock tokens and additional crypto-related products internationally.
BGC Group Offers a Different Kind of Trading Exposure
BGC's growth is less explosive, but its business is considerably more institutionally oriented and diversified across financial markets. Revenues increased 24% year over year to a record $1.80 billion in the first six months of 2026. Adjusted EBITDA jumped 17% to $481.9 million, while adjusted earnings increased 25% to $372.1 million.
Quarterly Revenue Trend
Image Source: Zacks Investment Research
Growth was broad-based across BGC’s major asset classes. Rates revenues increased 19% year over year to $478.1 million, while foreign-exchange revenues rose 14% to $249.7 million. Credit revenues advanced 7% to $173.4 million and equities revenues jumped 17% to $160.6 million. Energy, Commodities and Shipping was particularly strong, with revenues surging 47% to $605.4 million, aided by the OTC Global acquisition and organic growth across shipping, environmental and commodities businesses.
The more important long-term story, however, is Fenics and FMX. Fenics revenues increased 17% year over year to $393.1 million in the first half of 2026. Fenics Growth Platforms revenues rose about 20% to $63.6 million, driven primarily by FMX, PortfolioMatch and Lucera.
Likewise, FMX is particularly important because BGC is attempting to challenge established trading venues in some of the world's largest markets. FMX continued to gain traction, with U.S. Treasury market share rising to a record 42% in second-quarter 2026 from 35% a year earlier. FMX Futures also scaled rapidly, with second-quarter average daily volume reaching about 54,000 contracts, more than 16 times the prior-year level, while open interest topped 140,000 contracts at June-end.
BGC Group has also entered the rapidly expanding prediction-markets arena through a partnership with Fanatics. The companies plan to combine BGC's institutional market infrastructure with Fanatics' consumer reach and database of more than 100 million customers.
Growth Prospects for Robinhood and BGC Group
The Zacks Consensus Estimate for HOOD’s 2026 earnings indicates a fall of 1.5% on a year-over-year basis, while the estimate for 2027 suggests 30.3% growth. Earnings estimates for both years have been revised higher over the past 30 days.
HOOD Earnings Estimate Revision
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BGC Group’s 2026 and 2027 earnings indicates 19.5% and 12.1%, respectively. Over the past 30 days, the consensus estimates for 2026 have remained unchanged, while it has been revised lower for 2027.
BGC Earnings Estimate Revision
Image Source: Zacks Investment Research
HOOD and BGC: Valuation Analysis
Robinhood's biggest hurdle is its valuation. HOOD is trading at a trailing 12-month price-to-book (P/B) of 9.01X, which is significantly higher than the industry’s 2.64X. This suggests that investors are already paying for considerable future growth.
On the other hand, BGC is trading at a trailing 12-month P/B of 4.16X. This is also not exceptionally cheap in isolation, but represents a sizable discount to Robinhood.
P/B
Image Source: Zacks Investment Research
Robinhood can justify a premium if revenues, customers, assets and new businesses continue expanding at elevated rates. But a high multiple also means that slowing retail activity, weaker crypto markets, regulatory changes or disappointing adoption of newer products could produce sharper valuation compression.
BGC Group carries less growth excitement but requires fewer heroic assumptions. The company also pays a quarterly dividend of 2 cents per share, providing a modest shareholder return compared with HOOD, which doesn’t pay any dividend.
Final Verdict: Robinhood or BGC Group?
Robinhood shares have struggled this year and are down 15.5% amid the crypto-market downturn. Although robust equities, options and prediction-market activity have partly cushioned the impact, crypto weakness continues to weigh on investor sentiment. By comparison, BGC Group shares have risen 25.6%, aided by consistent earnings growth and increasing traction at Fenics and FMX, particularly in U.S. Treasury and futures trading.
YTD Price Performance
Image Source: Zacks Investment Research
BGC offers a diversified brokerage franchise, expanding Fenics revenues and growing FMX market share, which could drive further upside if its U.S. rates platform gains scale. Robinhood, however, has the stronger operating momentum, with faster revenue and EBITDA growth, record customer assets and deposits, rising Gold adoption, and multiple growth avenues across prediction markets, advisory, banking, retirement, international expansion and digital assets.
The trade-off is valuation. Robinhood’s premium multiple leaves less room for execution missteps, while BGC offers a more established institutional revenue base at a lower valuation.
For growth-oriented investors, HOOD has the edge given its stronger growth and broader long-term optionality. For value-focused investors, BGC may offer the better risk-reward, particularly if FMX continues gaining market share.
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Robinhood vs. BGC Group: Which Trading Powerhouse Has the Edge?
Key Takeaways
Trading activity has been robust, but investors looking to capitalize on that trend have very different choices – Robinhood Markets (HOOD - Free Report) and BGC Group (BGC - Free Report) .
HOOD has transformed from a commission-free retail brokerage into an increasingly broad financial platform spanning stocks, options, cryptocurrencies, retirement accounts, advisory services, credit cards, banking and prediction markets. BGC, by contrast, primarily serves institutional market participants across rates, foreign exchange, credit, equities, energy and commodities while expanding its electronic-market infrastructure through Fenics and FMX.
So, which trading stock currently offers the stronger opportunity?
Robinhood's Growth Machine is Running at Full Speed
Robinhood entered the second half of 2026 with substantial momentum. For the first six months of 2026, net revenues increased 24% year over year to $2.38 billion. Earnings per share rose nearly 27% to $1.00, while adjusted EBITDA advanced 25% to $1.28 billion.
Quarterly Revenue Trend
Image Source: Zacks Investment Research
Trading remained a major growth engine. Transaction-based revenues rose 25% to $1.4 billion. Options revenues increased 19% year over year to $602 million, while equities revenues jumped 73% to $211 million. Prediction-market event contracts emerged as a key growth driver, generating $260 million in revenues compared with just $13 million in the prior-year period. The weak spot was cryptocurrencies, where revenues declined 43% to $234 million.
Importantly, Robinhood's expansion is no longer solely a trading-volume story. As of June 30, 2026, funded customers increased 7% year over year to 28.4 million, Gold subscribers surged 39% to a record 4.8 million and average revenue per user climbed 24% to $187. Total Platform Assets advanced 32% to $369 billion, while Robinhood recorded net deposits of approximately $39.7 billion in the first six months of 2026, including $21.7 billion in the second quarter alone, highlighting sustained customer asset inflows.
That combination of customer growth, asset gathering and increased monetization suggests Robinhood is succeeding in capturing a larger share of its customers' financial lives.
The company now says 13 business lines have reached at least $100 million in annualized revenues. Its Gold Card has crossed 1 million customers, Robinhood Banking held more than $3 billion in deposits at the end of the quarter and Robinhood Strategies had attracted more than 300,000 funded customers and nearly $2 billion in assets. TradePMR's platform had reached $50 billion in assets under management.
Internationally, Robinhood surpassed 1 million funded customers outside the United States and completed its WonderFi acquisition in Canada. The company is also expanding its blockchain and tokenization ambitions through Robinhood Chain and offering stock tokens and additional crypto-related products internationally.
BGC Group Offers a Different Kind of Trading Exposure
BGC's growth is less explosive, but its business is considerably more institutionally oriented and diversified across financial markets. Revenues increased 24% year over year to a record $1.80 billion in the first six months of 2026. Adjusted EBITDA jumped 17% to $481.9 million, while adjusted earnings increased 25% to $372.1 million.
Quarterly Revenue Trend
Image Source: Zacks Investment Research
Growth was broad-based across BGC’s major asset classes. Rates revenues increased 19% year over year to $478.1 million, while foreign-exchange revenues rose 14% to $249.7 million. Credit revenues advanced 7% to $173.4 million and equities revenues jumped 17% to $160.6 million. Energy, Commodities and Shipping was particularly strong, with revenues surging 47% to $605.4 million, aided by the OTC Global acquisition and organic growth across shipping, environmental and commodities businesses.
The more important long-term story, however, is Fenics and FMX. Fenics revenues increased 17% year over year to $393.1 million in the first half of 2026. Fenics Growth Platforms revenues rose about 20% to $63.6 million, driven primarily by FMX, PortfolioMatch and Lucera.
Likewise, FMX is particularly important because BGC is attempting to challenge established trading venues in some of the world's largest markets. FMX continued to gain traction, with U.S. Treasury market share rising to a record 42% in second-quarter 2026 from 35% a year earlier. FMX Futures also scaled rapidly, with second-quarter average daily volume reaching about 54,000 contracts, more than 16 times the prior-year level, while open interest topped 140,000 contracts at June-end.
BGC Group has also entered the rapidly expanding prediction-markets arena through a partnership with Fanatics. The companies plan to combine BGC's institutional market infrastructure with Fanatics' consumer reach and database of more than 100 million customers.
Growth Prospects for Robinhood and BGC Group
The Zacks Consensus Estimate for HOOD’s 2026 earnings indicates a fall of 1.5% on a year-over-year basis, while the estimate for 2027 suggests 30.3% growth. Earnings estimates for both years have been revised higher over the past 30 days.
HOOD Earnings Estimate Revision
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BGC Group’s 2026 and 2027 earnings indicates 19.5% and 12.1%, respectively. Over the past 30 days, the consensus estimates for 2026 have remained unchanged, while it has been revised lower for 2027.
BGC Earnings Estimate Revision
Image Source: Zacks Investment Research
HOOD and BGC: Valuation Analysis
Robinhood's biggest hurdle is its valuation. HOOD is trading at a trailing 12-month price-to-book (P/B) of 9.01X, which is significantly higher than the industry’s 2.64X. This suggests that investors are already paying for considerable future growth.
On the other hand, BGC is trading at a trailing 12-month P/B of 4.16X. This is also not exceptionally cheap in isolation, but represents a sizable discount to Robinhood.
P/B
Image Source: Zacks Investment Research
Robinhood can justify a premium if revenues, customers, assets and new businesses continue expanding at elevated rates. But a high multiple also means that slowing retail activity, weaker crypto markets, regulatory changes or disappointing adoption of newer products could produce sharper valuation compression.
BGC Group carries less growth excitement but requires fewer heroic assumptions. The company also pays a quarterly dividend of 2 cents per share, providing a modest shareholder return compared with HOOD, which doesn’t pay any dividend.
Final Verdict: Robinhood or BGC Group?
Robinhood shares have struggled this year and are down 15.5% amid the crypto-market downturn. Although robust equities, options and prediction-market activity have partly cushioned the impact, crypto weakness continues to weigh on investor sentiment. By comparison, BGC Group shares have risen 25.6%, aided by consistent earnings growth and increasing traction at Fenics and FMX, particularly in U.S. Treasury and futures trading.
YTD Price Performance
Image Source: Zacks Investment Research
BGC offers a diversified brokerage franchise, expanding Fenics revenues and growing FMX market share, which could drive further upside if its U.S. rates platform gains scale. Robinhood, however, has the stronger operating momentum, with faster revenue and EBITDA growth, record customer assets and deposits, rising Gold adoption, and multiple growth avenues across prediction markets, advisory, banking, retirement, international expansion and digital assets.
The trade-off is valuation. Robinhood’s premium multiple leaves less room for execution missteps, while BGC offers a more established institutional revenue base at a lower valuation.
For growth-oriented investors, HOOD has the edge given its stronger growth and broader long-term optionality. For value-focused investors, BGC may offer the better risk-reward, particularly if FMX continues gaining market share.
Currently, Robinhood and BGC Group carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.