HOOD – Q1 2026 missed expectations as crypto revenue fell sharply, putting pressure on the stock after hours

📉 Robinhood reported Q1 2026 net revenue of $1.07B, up 15% YoY, while diluted EPS came in at $0.38. The business still grew from a year earlier, but the results fell short of market expectations, pushing the price reaction into negative territory.
🪙 The biggest pressure point came from crypto, where revenue dropped 47% YoY to $134M. This shows HOOD remains sensitive to the digital-asset cycle, especially after crypto weakened from late 2025 into early 2026.
📊 Still, the broader picture was not entirely weak, as revenue from equities, options, event contracts, and net interest income all increased. Gold subscribers reached a record 4.3M, while net deposits were around $18B, showing the platform continued to attract user capital.
⚠️ HOOD dropped sharply in after-hours trading as the market focused on the earnings miss and weaker crypto activity. In the short term, volatility may remain elevated, but if crypto recovers and non-crypto segments keep expanding, some of the pressure could be offset.