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US retail trading and investing platform Robinhood Markets (NASDAQ: HOOD) reported third quarter 2026 results on 27 October showing record revenue of $1.42 billion, up 12% year-on-year, with event contracts earning more than crypto for the second quarter running.
Event contracts, which Robinhood offers through its prediction markets hub, generated $173 million in revenue in the three months to 30 September, more than six times the figure for the same quarter of 2025. Cryptocurrency revenue fell 55% year-on-year to $120 million.
Based on the year-on-year changes Robinhood reported, crypto revenue was around $267 million in Q3 2025, while event contracts revenue was below $30 million. Event contracts first moved ahead of crypto in Q2 2026, bringing in $156 million against $100 million from crypto.
How Robinhood's Trading Revenue Breaks Down
Transaction-based revenues rose 19% year-on-year to $867 million. Options remained the largest contributor at $399 million, up 31%, and equities revenue rose 41% to $121 million. Crypto is now the smallest of the four named trading revenue lines, $1 million behind equities.
Robinhood Transaction-Based Revenue By Product
| Product | Q3 2026 | Q2 2026 | Change vs Q3 2025 |
| Options | $399m | $342m | +31% |
| Event contracts | $173m | $156m | More than 6x |
| Equities | $121m | $129m | +41% |
| Crypto | $120m | $100m | -55% |
| Total transaction-based | $867m | $776m | +19% |
Source: Robinhood Q2 and Q3 2026 results.
Trading activity reached records across several products. Event contracts traded rose more than sevenfold year-on-year to 16.4 billion, up from 13.6 billion in Q2. Options contracts traded rose 48% to 905 million, equity notional volumes rose 53% to $992 billion, and the margin book reached $22.1 billion, up 59%.
Crypto notional volumes fell 38% to $50 billion. Volumes on the Robinhood app fell 48% to $21 billion, while volumes at crypto exchange Bitstamp, which Robinhood acquired in June 2025, fell 28% to $29 billion. Bitstamp now handles more of Robinhood's crypto volume than the Robinhood app.
Rothera Passes $100 Million In Annualised Revenue
Rothera, Robinhood's joint venture with market maker Susquehanna International Group, reached more than $100 million in annualised revenue in its first full quarter of operation. The CFTC-regulated exchange and clearing house has traded more than 6.4 billion contracts since launch.
Robinhood and Susquehanna acquired the venue, formerly MIAXdx, in January 2026 and began routing Robinhood customer orders to it from late May. Robinhood also routes event contract orders to prediction markets exchange Kalshi and to ForecastEx, the event contracts venue run by Interactive Brokers.
At its HOOD Summit in Houston in September, Robinhood added earnings contracts to its prediction markets hub. Other launches announced at the event included perpetual futures for eligible US customers, 24/7 trading of select US equities and Robinhood Agents. About 200,000 customers have opened Agentic Trading Accounts, generating more than $1.6 billion in notional trading volume.
Robinhood's risk disclosures in the release state that enforcement actions, litigation or changes to federal or state law could stop it offering event contracts. The company also states that it has previously withdrawn some new event contracts in response to actual or threatened state enforcement, and may do so again.
Profit, Deposits And Customers
Net income fell 14% to $476 million and diluted earnings per share fell 16% to $0.51. The figure includes $67 million of unrealised losses, mainly from marking Robinhood Ventures Fund I to market. Adjusted EPS, a non-GAAP measure Robinhood introduced this quarter, fell 3% to $0.60.
Net interest revenues fell 9% to $415 million, reflecting lower securities lending activity and lower short-term interest rates. Other revenues rose 61% to $142 million, driven by Trump Account service revenues and Robinhood Gold subscriptions. Total operating expenses rose 16% to $739 million, while adjusted EBITDA rose 9% to $808 million.
Funded customers rose 7% to 28.7 million, Robinhood Gold subscribers rose 34% to a record 5.2 million, and total platform assets rose 19% to $396 billion. Net deposits for the quarter were $15.7 billion, and average revenue per user rose 5% to $200.
Chief Financial Officer Shiv Verma said Q3 was the company's highest revenue quarter to date and that Rothera had added a new business line with more than $100 million in annualised revenue. He added that October net deposits had already passed $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts.
Robinhood lowered the top end of its 2026 outlook for adjusted operating expenses and share-based compensation by $25 million, to a range of $2.675 billion to $2.75 billion.
Dubai Authorisation And UK Crypto Launch
Robinhood launched crypto trading in the UK during the quarter. It also received authorisation from the Dubai Financial Services Authority (DFSA) covering trading and custody across all ten DFSA-approved asset classes, including equities, crypto, ETFs and investment tokens, and plans to begin rolling out its products in the region in 2027.
Robinhood Chain, the company's blockchain, became a top-five chain by revenue and volume in its first quarter on mainnet, according to Robinhood. It generated more than $80 billion in DEX volume and more than $50 million in chain fees.
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