Robinhood now has 13 lines doing $100M+ annualized. That’s impressive product velocity. But the market will only reward the multiple if those non-trading engines can carry earnings when volatility cools and rates stop helping net interest. Q3 is the first clean look at whether the diversification thesis is actually showing up in the P&L or still mostly narrative. Trading growth is the easy headline. The harder (and more valuable) question is how much of that growth is becoming structural.
