Robinhood Posts Record Revenue but Earnings Miss as Crypto Revenue Falls 55 Percent

Robinhood reported record third quarter revenue of $1.42 billion on Tuesday, up 12 percent from a year earlier, but earnings missed expectations as cryptocurrency revenue fell sharply. The results cover the quarter ended September 30, 2026.

Total net revenue was a record for the company, but it came in below consensus estimates of about $1.43 billion to $1.44 billion. Diluted earnings were $0.51 per share, down 16 percent and below consensus of about $0.55 to $0.56. Net income fell 14 percent to $476 million. Adjusted earnings were $0.60 per share, down 3 percent.

Net income included $67 million, or $0.07 of diluted earnings per share, of unrealized losses linked mainly to the mark to market value of Robinhood Ventures Fund I, the company said in its release.

Transaction revenue rises, crypto falls

Transaction based revenue rose 19 percent to $867 million. Event contracts revenue was $173 million, up more than six times. Options revenue was $399 million, up 31 percent, and equities revenue was $121 million, up 41 percent.

Cryptocurrency revenue fell 55 percent to $120 million, from about $267 million a year earlier, CoinDesk reported. The figure was ahead of Street forecasts of $114.1 million. Total crypto notional trading volume fell 38 percent to $50 billion, including $21 billion through the Robinhood app and $29 billion through Bitstamp.

Net interest revenue fell 9 percent to $415 million and other revenue rose 61 percent to $142 million. Total operating expenses rose 16 percent to $739 million and adjusted EBITDA rose 9 percent to $808 million.

Subscribers, assets and October deposits

Robinhood reported 5.2 million Gold subscribers, up 34 percent, and total platform assets of $396 billion, up 19 percent.

Chief financial officer Shiv Verma pointed to a strong start to the fourth quarter. "And we're entering Q4 with strong momentum, as October Net Deposits have already topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts," Verma said in the release. The October deposit total included that $6 billion contribution, according to the release summary.

Robinhood Chain, launched on mainnet on July 1, generated more than $80 billion in decentralised exchange trading volume and over $50 million in chain fees in its first quarter, the company said.

Shares fell about 4 to 5 percent in after hours trading after the report. The stock had closed regular trading at $94.56 to $94.61, CoinDesk and Crypto Briefing reported.

The quarter shows two sides of the business at once. Options, equities and event contracts grew fast enough to lift total revenue to a record, while a much smaller crypto business pulled earnings below what analysts expected.