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Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) has reported results for the third quarter of 2026, which ended 30 September 2026, with total net revenues up 12% year-on-year to $1.42 billion. The company said it was a record for quarterly revenues.
Net income fell 14% year-on-year to $476 million, while diluted earnings per share (EPS) declined 16% to $0.51. Net income included $67 million, or $0.07 of diluted EPS, of unrealised losses primarily related to the mark-to-market of Robinhood Ventures Fund I (RVI). Adjusted Net Income, a non-GAAP measure, decreased 3% to $542 million, and Adjusted EPS decreased 3% to $0.60. Both are new non-GAAP measures introduced this quarter to provide a view of profitability before certain non-operating items.
Robinhood said it now has 14 business lines that have reached $100 million or more in annualised revenues.
Vlad Tenev, Chairman and CEO, Robinhood said:
“Our vision is to make everyone an owner, because broad ownership is essential to a free, stable, and prosperous society,”
Transaction-based revenues rose 19% year-on-year to $867 million. Event contracts revenue was $173 million, up more than six times, options revenue was $399 million, up 31%, and equities revenue was $121 million, up 41%. Cryptocurrencies revenue was $120 million, down 55%.
Net interest revenues decreased 9% to $415 million, driven by lower securities lending activity and lower short-term interest rates, partly offset by growth in interest-earning assets. Other revenues increased 61% to $142 million, primarily on Trump Account service revenues and higher Robinhood Gold subscription revenues.
Total operating expenses increased 16% to $739 million. The company attributed the rise to higher provisions for credit losses as it grows the credit card loan book, expenses related to Trump Accounts and Rothera, and marketing and growth investments. Adjusted Operating Expenses and Share-Based Compensation (SBC), a non-GAAP measure, increased 8% to $664 million. Adjusted EBITDA, also non-GAAP, increased 9% to $808 million.
Funded Customers increased by 1.9 million, or 7%, to 28.7 million, and Investment Accounts rose by 2.5 million, or 9%, to 30.4 million. Total Platform Assets increased 19% to $396 billion, helped by continued Net Deposits and higher equity valuations, and partly offset by lower cryptocurrency valuations.
Net Deposits were $15.7 billion, an annualised growth rate of 17% relative to Total Platform Assets at the end of the second quarter of 2026. Over the past twelve months, Net Deposits were $71.0 billion, a growth rate of 21% relative to Total Platform Assets at the end of the third quarter of 2025.
Robinhood Gold Subscribers increased by 1.3 million, or 34%, to 5.2 million. Average Revenue Per User (ARPU) increased 5% to $200. Cash and cash equivalents totalled $5.8 billion, compared with $4.3 billion at the end of the third quarter of 2025.
Shiv Verma, Chief Financial Officer, Robinhood commented:
“Customers are trusting us with more of their assets as we deliver on our product roadmap, leading to our highest quarter ever for revenues. 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.”
Share repurchases in the quarter were $25 million, representing 0.2 million Class A shares at an average price of approximately $105 per share. Cumulative repurchases under the programme since the third quarter of 2024 total $1.3 billion, representing 27 million Class A shares at an average price of approximately $48.
Operating data showed records across several measures. Equity Notional Trading Volumes increased 53% to $992 billion, Options Contracts Traded increased 48% to 905 million, and Event Contracts Traded rose more than seven times to 16.4 billion. Margin Book increased 59% to $22.1 billion, Robinhood Retirement assets under custody (AUC) increased 51% to $36.6 billion, and Cash and Deposits increased 43% to $20.4 billion. Cash Sweep decreased 9% to $32.3 billion.
Crypto Notional Trading Volumes decreased 38% to $50 billion. Robinhood App Notional Volumes fell 48% to $21 billion, and Bitstamp Notional Volumes fell 28% to $29 billion.
In September, Robinhood hosted its third annual HOOD Summit in Houston, with about 1,500 in-person attendees and more than 50 million livestream viewers. The company announced 17 new products and features, including Robinhood Agents and Agent Apps, 24/7 trading of select U.S. equities, perpetual futures for eligible U.S. customers, and earnings contracts in the prediction markets hub. About 200 thousand customers have opened Agentic Trading Accounts, driving over $1.6 billion in notional trading volume.
Rothera reached over $100 million in annualised revenues in its first full quarter of operation, with over 6.4 billion contracts traded since launch.
On Trump Accounts, the U.S. Treasury launched automatic enrolment, establishing accounts for nearly 70 million children nationwide. Separately, 25 million children have $250 invested through Susan and Michael Dell’s $6.25 billion pledge.
Robinhood Gold reached an 18% overall adoption rate, and approximately 40% among new customers. Robinhood Gold Card grew to 1.3 million customers with over $19 billion in total annualised payment volume in the quarter. Robinhood Banking has nearly $5 billion in deposits from over 350 thousand Funded Customers, with approximately 40% of customers signed up for direct deposit. Robinhood Strategies grew to 350 thousand Funded Customers with over $2 billion in assets under management, and Trust Accounts hold over $300 million in assets with an average account size of over $400 thousand.
Internationally, Robinhood launched crypto trading in the UK and received authorisation from the Dubai Financial Services Authority (DFSA). The authorisation covers trading and custody across all ten DFSA-approved asset classes, including equities, crypto, ETFs and investment tokens, and Robinhood plans to begin rolling out its product suite in the region in 2027. In its first quarter on Mainnet, Robinhood Chain became a top-five chain by revenue and volume, generating over $80 billion in DEX volume and over $50 million of chain fees.
On outlook, Robinhood lowered the top end of its 2026 Adjusted Operating Expenses and SBC range by $25 million, to $2.675 billion to $2.75 billion, from $2.675 billion to $2.775 billion set at its second quarter results on 29 July 2026. The company said the change reflects ongoing efficiency gains across its business. The range excludes provision for credit losses, costs related to pending acquisitions, costs from equity modifications of restructuring and executive awards in connection with its CFO transition, interest expenses classified as operating expenses, and potential significant regulatory matters, among other items.
Robinhood hosted a video call on 27 October 2026 at 2 p.m. PT / 5 p.m. ET to discuss the results.
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