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Robinhood Posts Record Revenue, Stock Falls After Hours

Robinhood reported record quarterly revenue of $1.42bn, but earnings per share fell from a year ago, crypto and net interest revenue declined, and the shares dropped in after-hours trading.

Robinhood (NASDAQ: HOOD) reported record third-quarter revenue of $1.42bn, up 12% on a year earlier, but diluted earnings per share fell 16% to $0.51. The retail brokerage’s shares closed up 1.85% at $94.56 today before the results.

In after-hours trading shortly after the close, the stock was down about 4%.

HOOD.US

Revenue of $1.424bn was in line with the $1.43bn average estimate of 21 analysts, according to Yahoo Finance. The average EPS estimate was $0.55 from 22 analysts, against diluted EPS of $0.51, though the estimate’s accounting basis is not specified. Robinhood’s adjusted EPS, a new measure this quarter, was $0.60, down 3% from $0.62.

Trading activity carried the quarter. Transaction revenue rose 19% to $867m, with event contracts up more than sixfold to $173m, options up 31% to $399m and equities up 41% to $121m. Cryptocurrency revenue fell 55% to $120m.

Net interest revenue fell 9% to $415m, on lower securities lending and lower short-term interest rates. Other revenue rose 61% to $142m, driven by Trump Account service revenues and higher Gold subscription revenues.

Grouped bar chart comparing Robinhood's transaction, net interest and other revenue in the third quarters of 2025 and 2026.
Robinhood revenue by type, Q3 2025 vs Q3 2026, US$ millions. Source: company results.

Costs grew faster than revenue. Operating expenses rose 16% to $739m, with provisions for credit losses at $71m against $26m a year earlier as the credit card loan book grows. Net income fell 14% to $476m, including $67m of unrealised losses, mostly on Robinhood Ventures Fund I.

The customer base kept growing. Funded customers rose 7% to 28.7m, Gold subscribers rose 34% to a record 5.2m, and platform assets rose 19% to $396bn on net deposits of $15.7bn. Robinhood also launched crypto trading in the UK during the quarter.

Chief financial officer Shiv Verma said:

“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, Robinhood

Robinhood lowered the top end of its 2026 adjusted operating expenses and share-based compensation outlook by $25m, to a range of $2.675bn to $2.75bn, “to reflect ongoing efficiency gains”. The outlook excludes credit-loss provisions.

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