Third Quarter 2026
Filed Oct 27, 2026Robinhood Reports Third Quarter 2026 Results
Total net revenues reached a record $1.42 billion and rose 12% year-over-year, supported by transaction-based and other revenues, customer growth, and $15.7 billion of Net Deposits. However, net income declined 14%, diluted EPS declined 16%, net interest revenues declined 9%, and cryptocurrency revenue declined 55% year-over-year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net revenues, three months ended September 30, 2026GAAP | $1.42B | 9% | 12% |
| Transaction-based revenues, three months ended September 30, 2026GAAP | $867M | 12% | 19% |
| Net interest revenues, three months ended September 30, 2026GAAP | $415M | 7% | (9)% |
| Other revenues, three months ended September 30, 2026GAAP | $142M | (1)% | 61% |
| Brokerage and transaction expense, three months ended September 30, 2026GAAP | $68M | 10% | 21% |
| Technology and development expense, three months ended September 30, 2026GAAP | $254M | (1)% | 7% |
| Operations expense, three months ended September 30, 2026GAAP | $79M | 39% | 139% |
| Provision for credit losses, three months ended September 30, 2026GAAP | $71M | 27% | 173% |
| Marketing expense, three months ended September 30, 2026GAAP | $104M | —% | 2% |
| General and administrative expense, three months ended September 30, 2026GAAP | $163M | (18)% | (12)% |
| Total operating expenses, three months ended September 30, 2026GAAP | $739M | 1% | 16% |
| Other income (expense), net, three months ended September 30, 2026GAAP | −$60M | NM | NM |
| Income before income taxes, three months ended September 30, 2026GAAP | $625M | (12)% | (1)% |
| Provision for income taxes, three months ended September 30, 2026GAAP | $149M | 10% | 91% |
| Net income, three months ended September 30, 2026GAAP | $476M | (17)% | (14)% |
| Net income attributable to Robinhood, three months ended September 30, 2026GAAP | $468M | (17)% | (16)% |
| Basic EPS, three months ended September 30, 2026GAAP | $0.52 | – | – |
| Diluted EPS, three months ended September 30, 2026GAAP | $0.51 | – | (16)% |
| Net margin, three months ended September 30, 2026GAAP | 33% | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $808M | – | 9% |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 57% | – | – |
| Adjusted Operating Expenses, three months ended September 30, 2026non-GAAP | $586M | – | – |
| Adjusted Operating Expenses and SBC, three months ended September 30, 2026non-GAAP | $664M | – | 8% |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $550M | – | (3)% |
| Adjusted EPS, three months ended September 30, 2026non-GAAP | $0.60 | – | (3)% |
| Total net revenues, nine months ended September 30, 2026GAAP | $3.80B | – | 19% |
| Total operating expenses, nine months ended September 30, 2026GAAP | $2.13B | – | 22% |
| Net income, nine months ended September 30, 2026GAAP | $1.40B | – | 9% |
| Diluted EPS, nine months ended September 30, 2026GAAP | $1.51 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $2.08B | – | – |
| Adjusted Net Income, nine months ended September 30, 2026non-GAAP | $1.38B | – | – |
| Adjusted EPS, nine months ended September 30, 2026non-GAAP | $1.51 | – | – |
| Funded Customersother | 28.7M | – | 7% |
| Investment Accountsother | 30.4M | – | 9% |
| Total Platform Assetsother | $396B | – | 19% |
| Net Deposits, three months ended September 30, 2026other | $15.7B | – | – |
| Net Deposits, past twelve monthsother | $71B | – | – |
| Robinhood Gold Subscribersother | 5.2M | – | 34% |
| Average Revenue Per Userother | $200 | – | 5% |
| Robinhood Retirement AUCother | $36.6B | – | 51% |
| Margin Bookother | $22.1B | – | 59% |
| Cash and Depositsother | $20.4B | – | 43% |
| Cash Sweepother | $32.3B | – | (9)% |
| Equity Notional Trading Volumesother | $992B | – | 53% |
| Options Contracts Tradedother | 905M | – | 48% |
| Crypto Notional Trading Volumesother | $50B | – | (38)% |
| Event Contracts Tradedother | 16.4B | – | increased over 7x year-over-year |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Transaction-based revenuesPrimarily driven by event contracts revenue of $173 million, options revenue of $399 million, and equities revenue of $121 million, partially offset by cryptocurrencies revenue of $120 million. | $867M | 12% | 19% |
| Net interest revenuesPrimarily driven by lower securities lending activity and short-term interest rates, partially offset by growth in interest-earning assets. | $415M | 7% | (9)% |
| Other revenuesPrimarily driven by Trump Account service revenues and increased Robinhood Gold subscription revenues. | $142M | (1)% | 61% |
2026 outlook
- Operating expenses$2.675 to $2.75 billion for Adjusted Operating Expenses and SBC (non-GAAP)
- NoteThe company is not providing a 2026 outlook for total operating expenses.
- NoteThe outlook does not include provision for credit losses, costs related to pending acquisitions, costs from equity modifications of restructuring and executive awards in connection with the CFO transition, interest expenses classified as operating expenses, potential significant regulatory matters, or other significant expenses.
Capital returns
- Share repurchases were $25 million, representing 0.2 million shares of Class A common stock at an average price per share of approximately $105.
- Through Q3 2026, cumulative repurchases under the program since Q3 2024 total $1.3 billion, representing 27 million Class A shares at an average price per share of approximately $48.
What drove it
- Event contracts revenue was $173 million and increased over 6x year-over-year.
- Options revenue was $399 million, up 31% year-over-year, and equities revenue was $121 million, up 41% year-over-year.
- Net Deposits were $15.7 billion, an annualized growth rate of 17% relative to Total Platform Assets at the end of Q2 2026.
- Total Platform Assets increased 19% year-over-year to $396 billion, primarily driven by continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations.
- Rothera reached over $100 million in annualized revenues in its first full quarter of operation.
- Robinhood Gold subscribers reached 5.2 million, representing an 18 percent overall adoption rate and approximately 40 percent adoption rate among new customers.
Concerns
- Cryptocurrencies revenue was $120 million, down 55% year-over-year.
- Net interest revenues decreased 9% year-over-year to $415 million, primarily driven by lower securities lending activity and short-term interest rates.
- Provision for credit losses increased 173% year-over-year to $71 million as the company grows the credit card loan book.
- Net income included $67 million, or $0.07 of diluted EPS, of unrealized losses primarily related to the mark-to-market of Robinhood Ventures Fund I.
- Total operating expenses increased 16% year-over-year to $739 million, exceeding total net revenue growth of 12%.
What to watch
- October Net Deposits had topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts.
- The company lowered the top end of its 2026 Adjusted Operating Expenses and SBC outlook by $25 million.
- Customer adoption of Agentic Trading Accounts, which had approximately 200 thousand accounts and drove over $1.6 billion in notional trading volume to date.
- Credit losses and fraud management as the credit card loan book grows.
- The planned rollout of Robinhood's product suite in the Dubai International Financial Centre area in 2027.
Balance sheet and cash flow
- Cash and cash equivalents totaled $5.8 billion, compared with $4.3 billion at the end of Q3 2025.
- Cash and cash equivalents were $5,829 million as of September 30, 2026, compared with $4,261 million as of December 31, 2025.
- Long-term borrowings were $2,660 million as of September 30, 2026, compared with — as of December 31, 2025.
- Total assets were $58,271 million as of September 30, 2026, compared with $38,137 million as of December 31, 2025.
- Net cash provided by operating activities was $1,225 million for the three months ended September 30, 2026, compared with net cash used in operating activities of $(1,576) million for the three months ended September 30, 2025.
- Net cash provided by operating activities was $3,983 million for the nine months ended September 30, 2026, compared with $2,575 million for the nine months ended September 30, 2025.
- Net cash used in investing activities was $(479) million for the three months ended September 30, 2026.
- Net cash provided by financing activities was $353 million for the three months ended September 30, 2026.
Analysis
Robinhood reported record third-quarter total net revenues of $1.42 billion, up 12% year-over-year and 9% sequentially. Transaction-based revenues increased 19% year-over-year to $867 million, while other revenues increased 61% to $142 million. The principal growth contributors were event contracts revenue of $173 million, options revenue of $399 million, equities revenue of $121 million, Trump Account service revenues, and Robinhood Gold subscription revenues. Net interest revenues declined 9% year-over-year to $415 million, reflecting lower securities lending activity and short-term interest rates.
Profitability weakened on a GAAP basis despite revenue growth. Total operating expenses increased 16% year-over-year to $739 million, driven by higher provisions for credit losses, Trump Accounts and Rothera expenses, and marketing and growth investments. Net income declined 14% to $476 million and diluted EPS declined 16% to $0.51. The result included $67 million, or $0.07 of diluted EPS, of unrealized losses primarily related to Robinhood Ventures Fund I. Adjusted Net Income declined 3% to $550 million, while Adjusted EBITDA increased 9% to $808 million and Adjusted EBITDA Margin was 57%.
Customer and asset metrics continued to expand. Funded Customers increased 7% year-over-year to 28.7 million, Investment Accounts increased 9% to 30.4 million, and Total Platform Assets increased 19% to $396 billion. Net Deposits were $15.7 billion for the quarter, and the company reported $71.0 billion of Net Deposits over the past twelve months. Gold subscribers increased 34% to 5.2 million, while ARPU increased 5% to $200. Activity was particularly strong in equities, options, and event contracts, while Crypto Notional Trading Volumes declined 38% to $50 billion.
Capital allocation included $25 million of Class A share repurchases during the quarter. Cash and cash equivalents totaled $5.8 billion, while long-term borrowings were $2,660 million at September 30, 2026. Net cash provided by operating activities was $1,225 million in the quarter. The company reduced the top end of its 2026 Adjusted Operating Expenses and SBC outlook by $25 million to $2.675 to $2.75 billion, citing ongoing efficiency gains, but did not provide a 2026 outlook for total operating expenses or revenue.
The forward indicators presented in the release center on continued asset gathering and new business lines. October Net Deposits had topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts. Rothera exceeded $100 million in annualized revenues in its first full quarter of operation, and approximately 200 thousand customers had opened Agentic Trading Accounts. The key reported offsets are the decline in crypto revenue, reduced net interest revenue, and sharply higher credit-loss provisions as the company expands its credit card loan book.
Management, verbatim
Our vision is to make everyone an owner, because broad ownership is essential to a free, stable, and prosperous society.
Vlad Tenev, Chairman and CEO of Robinhood
Customers are trusting us with more of their assets as we deliver on our product roadmap, leading to our highest quarter ever for revenues.
Shiv Verma, Chief Financial Officer of Robinhood
We also added a new business cylinder with over $100 million in annualized revenues this quarter as Rothera scaled rapidly. 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.
Shiv Verma, Chief Financial Officer of Robinhood
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- GAAP operating income or loss
- Free cash flow
- Dividend declaration or dividend payment
- 2026 revenue guidance
- 2026 gross margin guidance
- 2026 tax rate guidance
- A directly comparable full-year 2026 actual result for the current Adjusted Operating Expenses and SBC outlook
- Prior-quarter comparisons for Funded Customers, Investment Accounts, Total Platform Assets, Robinhood Gold Subscribers, ARPU, and the additional operating metrics
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.