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#USEarningsSeason
Robinhood Q3 2026: revenue growth held, but profit and crypto weakened
Robinhood reported Q3 2026 results with revenue at $1.42 billion, up 12% year over year. Adjusted EPS was $0.60, down 3%. GAAP diluted EPS was $0.51, down 16%. Net income was $476 million, down 14%.
The revenue mix showed clear diversification. Event contracts generated $173 million, about six times the prior-year level. Options revenue rose 31% to $399 million. Equities revenue rose 41% to $121 million. Crypto remained the weakest line: crypto revenue fell 55% to $120 million, and crypto trading volume declined 38%. Net interest revenue fell 9% to $415 million.
The crypto decline matters because it reduces one of Robinhood’s historically more volatile revenue sources. The offset came from event contracts, options, and equities. That shift supports the argument that Robinhood is building a broader transaction platform. It does not remove crypto exposure, but it changes how much a weak crypto quarter can affect total revenue.
Costs were the main issue for profitability. Operating expenses rose 16% to $739 million. The quarter included a $67 million unrealized loss on Robinhood Ventures Fund I, higher credit loss reserves, costs related to Trump Accounts and Rothera, and marketing spend.
Market impact: shares fell about 5% after the release. Adjusted EPS missed consensus at $0.60 versus $0.64. Revenue was slightly below expectations at $1.42 billion versus $1.43 billion. The reaction reflected near-term earnings risk more than a rejection of the growth plan. Analyst consensus remains Buy, with 26 of 32 analysts positive and an average target near $134.9. Bernstein kept a $160 target and pointed to prediction markets as a future revenue driver.
The next quarter test is straightforward: can Robinhood sustain revenue growth while improving expense control? If event contracts and options keep scaling, the revenue base becomes less dependent on crypto. If costs and one-off items continue to reduce EPS, the market will focus more on earnings predictability than on product expansion. #GateSquareHalloween