U.S. brokers took in $1.004 billion from options order-flow payments in Q2 2026
AI Market Summary
SEC Rule 606 data show U.S. brokers earned $1.004B in Q2'2026 options payment-for-order-flow, +23.6% q/q, highlighting how PFOF-linked routing economics are increasingly central to retail brokerage revenue. Robinhood's options revenue exceeded equities and crypto combined, while Schwab and Webull posted sharp options-related gains. The scale reinforces regulatory scrutiny around best execution and conflict management, influencing brokerage and market-maker profitability.
Impact level
● Medium
Affected assets
NCSKHOOD2USD/USDT-0.74%
AI Insight · NCSKHOOD2USD/USDTAI Insight
● Neutral
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In Q2 2026, U.S. retail brokers collected $1.004 billion in payment for order flow tied to options, up 23.6% from Q1, based on a Best Execution aggregation of public SEC Rule 606 filings published by Global Trading. At the same quarterly pace, that implies market makers would pay brokers just over $4 billion a year for options orders alone. Event contracts contributed another $156 million. Robinhood and other zero-commission brokers continue to benefit from the model, while Webull’s options revenue rose about 57% from a year earlier.
