Robinhood Posts Record $1.42B Q3 Revenue as Crypto Revenue Falls 55% and EPS Misses at $0.51
Robinhood Markets reported record third-quarter revenue of $1.42B on Oct. 27, up 12% from a year earlier, with earnings per share of $0.51 falling short of Wall Street estimates.
Net income dropped to $476M, down 14% year over year, as total operating expenses climbed 16% to $739M on higher marketing spending and the launch of Trump Accounts.
Analysts surveyed by LSEG had looked for earnings per share of 56 cents, with revenue landing in line at $1.42B. Transaction-based revenue of $867M came in under the $879M StreetAccount consensus.
Robinhood Q3 2026 results vs. analyst estimates and year-ago quarter (as of Oct. 27, 2026)
| Metric | Q3 2026 | Analyst estimate | Year-ago (Q3 2025) |
|---|---|---|---|
| Total net revenue | $1.42B | $1.42B | $1.27B |
| Transaction-based revenue | $867M | $879M | – |
| Cryptocurrency revenue | $120M | – | – |
| Event contracts revenue | $173M | – | – |
| Diluted earnings per share | $0.51 | $0.56 | $0.61 |
| Total platform assets | $396B | – | – |
Crypto cooled while prediction markets ran hot
Cryptocurrency revenue fell 55% to $120M as digital-asset trading dried up. Bitcoin has fallen nearly 28% over the past three months, pressured by exchange-traded fund outflows and shifting US rate expectations.
The rest of the trading business picked up the slack. Event contracts revenue hit $173M, more than 6x the year-ago figure, while options revenue grew 31% to $399M and equities revenue rose 41% to $121M.
Chief Financial Officer Shiv Verma said event contracts tied to crypto moves gave customers a way to trade the asset class even as spot volumes shrank.
Total platform assets grew 19% year over year to $396B, and Gold subscribers reached a record 5.2M. Net deposits totaled $16B for the quarter.
Analysts split on how durable the new revenue is
KeyBanc analyst Alex Markgraff kept a Buy rating, pointing to market share gains and new products heading into 2027. He flagged that Robinhood's take rate, the share of customer trading volume it keeps as revenue, came in light.
Wells Fargo's Daniel Welden moved to the sidelines, questioning whether customers drawn in by prediction markets stick around. He described Robinhood's prediction markets as still running hot, while arguing take rates deserve closer scrutiny.
Mizuho noted prediction market transaction volume dropped 38% in September and that trading trends eased in October, though it reiterated an Outperform rating.
Robinhood is leaning further into crypto infrastructure. The company formed a partnership with Ripple that puts the RLUSD stablecoin on Robinhood Chain and Bitstamp, the exchange it bought last year, with the main app to follow later this year.
Verma said October net deposits already topped $13B month to date, including $6B from the Dell family's contribution to Trump Accounts. Nearly half of the month's inflows came from that single source.
