Robinhood’s margin book hits record $21.6 billion, up 127% year over year

Robinhood customers are borrowing to trade at a pace the platform has never seen. The company’s margin book reached a record $21.6 billion at the end of the second quarter of 2026. That figure is up 127% from $9.5 billion a year earlier. The jump lands as total US margin debt sits at approximately $1.5 trillion, the highest level recorded by FINRA. The numbers behind the borrowing binge Robinhood’s margin book has grown at a startling clip. Back in the second quarter of 2024, outstanding customer margin balances stood at $5 billion. Two years later, the number is $21.6 billion. That works out to a 332% increase over the period. The momentum did not fully reverse after the quarter closed. By the end of August 2026, Robinhood’s margin balances had eased slightly to $21.5 billion. That small dip still left balances up 72% from $12.5 billion a year earlier. Access to these loans is not reserved for high rollers. Robinhood requires a minimum portfolio value of $2,000 to trade on margin, and its tiered interest rates start at 5.25%. Who is borrowing, and why Robinhood says that is fine Robinhood has described its margin users as some of the most active traders on its platform. The compan...