Key Takeaways
- • Robinhood (NASDAQ: HOOD) reported Q3 2026 diluted EPS of $0.51, down 16% year over year and below the $0.55 consensus cited by Reuters based on LSEG estimates.
- • Cryptocurrency revenue fell 55% to $120 million, the primary driver of the miss, while total net revenue rose 12% to $1.42 billion.
- • Crypto notional volume fell 38% to $50 billion, with the Robinhood App down 48% to $21 billion and Bitstamp down 28% to $29 billion.
- • Operating expenses rose 16% to $739 million, outpacing revenue growth and compressing margins; net income fell 14% to $476 million.
- • Net deposits reached $16 billion and Robinhood Gold subscribers hit a record 5.2 million, cushioning the quarter's weaker trading activity.
Summary
Robinhood Markets reported third-quarter 2026 results on October 27, 2026, missing expectations on earnings per share. Diluted EPS came in at $0.51, down 16% year over year. Reuters, citing LSEG estimates, said analysts had expected $0.55. Net income was $476 million, a 14% decline year over year, according to the company's reported figures.
The quarter's revenue picture was mixed. Total net revenue reached $1.42 billion, up 12%, and transaction-based revenue rose 19% to $867 million. Cryptocurrency revenue, however, fell 55% to $120 million. Crypto notional volume dropped 38% to $50 billion. The Robinhood App recorded $21 billion, down 48%, while Bitstamp recorded $29 billion, down 28%. Revenue fell faster than volume, and the sources reviewed do not explain the gap.
Operating expenses, which Reuters pegged at $739 million, rose 16%, outpacing revenue growth. Combined with the loss of high-margin crypto revenue, this squeezed profitability even as sales grew. The expense breakdown was not included in the verified figures, so the drivers of the increase cannot be confirmed.
Offsetting signals included net deposits of $16 billion and a record 5.2 million Robinhood Gold subscribers, suggesting the broader platform retains customer engagement despite weaker crypto activity. CNBC reported net income of $468 million, which differs from the company's $476 million figure; the official release is treated as the primary reference.
The results were published alongside a heavy earnings week for large technology companies, including Alphabet, Microsoft and Amazon.
The quarter's revenue picture was mixed. Total net revenue reached $1.42 billion, up 12%, and transaction-based revenue rose 19% to $867 million. Cryptocurrency revenue, however, fell 55% to $120 million. Crypto notional volume dropped 38% to $50 billion. The Robinhood App recorded $21 billion, down 48%, while Bitstamp recorded $29 billion, down 28%. Revenue fell faster than volume, and the sources reviewed do not explain the gap.
Operating expenses, which Reuters pegged at $739 million, rose 16%, outpacing revenue growth. Combined with the loss of high-margin crypto revenue, this squeezed profitability even as sales grew. The expense breakdown was not included in the verified figures, so the drivers of the increase cannot be confirmed.
Offsetting signals included net deposits of $16 billion and a record 5.2 million Robinhood Gold subscribers, suggesting the broader platform retains customer engagement despite weaker crypto activity. CNBC reported net income of $468 million, which differs from the company's $476 million figure; the official release is treated as the primary reference.
The results were published alongside a heavy earnings week for large technology companies, including Alphabet, Microsoft and Amazon.
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