altcoins / 5 min read
Robinhood reports $1.42B revenue in Q3 2026; crypto revenue falls 55% as volumes drop
Robinhood posted Q3 2026 results showing $1.42 billion in total net revenues, with crypto revenues at $120 million, down 55% year-over-year amid a 38% fall in crypto notional trading volumes. Net income was $476 million and adjusted EBITDA rose to $808 million; funded customers and platform assets increased.
Opening — the essential facts
Robinhood announced third-quarter 2026 results on October 27, 2026 (investors.robinhood.com / PDF).
Total net revenues were $1.42 billion, up 12% year-over-year.
Cryptocurrencies revenue was $120 million, a 55% decline year-over-year.
Crypto notional trading volumes decreased 38% year-over-year to $50 billion, with Robinhood App volume down 48% to $21 billion and Bitstamp down 28% to $29 billion (investors.robinhood.com / PDF).
Key financial and operating metrics
Net income for the quarter was $476 million, down 14% year-over-year; diluted EPS was $0.51, down 16%.
Adjusted Net Income (non-GAAP) was $550 million and Adjusted EPS (non-GAAP) was $0.60, both down 3% year-over-year.
Adjusted EBITDA (non-GAAP) increased 9% year-over-year to $808 million.
Total operating expenses rose 16% year-over-year to $739 million, largely from higher provisions for credit losses, expenses related to Trump Accounts and Rothera, and marketing/growth investments.
Net interest revenues decreased 9% year-over-year to $415 million, attributed by the company to lower securities lending and lower short-term interest rates.
Robinhood reported cash and cash equivalents of $5.8 billion and provided condensed financial statements in the filing.
| Metric | Q3 2026 | Year-over-year change (company disclosure) |
|---|---|---|
| Total net revenues | $1.42 billion | Up 12% |
| Crypto revenues | $120 million | Down 55% |
| Crypto notional trading volume | $50 billion | Down 38% |
| Net income | $476 million | Down 14% |
| Adjusted EBITDA (non-GAAP) | $808 million | Up 9% |
| Funded customers | 28.7 million | Up 7% |
| Total Platform Assets | $396 billion | Up 19% |
What drove revenue growth and declines
Transaction-based revenues increased 19% year-over-year to $867 million, driven by event contracts ($173 million), options ($399 million), and equities ($121 million).
The company attributed the decline in net interest revenues to lower securities lending and lower short-term interest rates.
Cryptocurrency revenues fell sharply to $120 million, reflecting the decline in crypto trading volumes across the Robinhood App and Bitstamp.
- Transaction-based revenue up, led by options and event contracts.
- Crypto revenue down 55% due to lower volumes.
- Net interest revenue down following lower securities lending and interest rates.
User metrics and product milestones
Funded customers rose 7% year-over-year to 28.7 million; Investment Accounts increased to 30.4 million.
Total Platform Assets increased 19% year-over-year to $396 billion.
Robinhood reported net deposits of $15.7 billion for the quarter.
The company highlighted product and geographic expansion, noting the launch of crypto trading in the UK and DFSA authorization for Dubai, with a planned rollout in 2027.
Specific product milestones disclosed included Rothera exceeding $100 million in annualized revenues and a record 5.2 million Gold subscribers (company filing).
Crypto infrastructure and investment items
Robinhood stated Robinhood Chain generated more than $80 billion in DEX volume and more than $50 million in revenue in its first quarter on mainnet, per the company filing.
The company disclosed $67 million of unrealized losses (or $0.07 diluted EPS) primarily related to the mark-to-market of Robinhood Ventures Fund I (RVI).
Independent reporting and additional context
CryptoPotato published a summary of Robinhood’s results and provided context on year-over-year drops in app and Bitstamp crypto volumes while quoting company financial details consistent with the press release (cryptopotato.com, 2026-11-01).
Analysis — what the verified facts imply
Robinhood’s overall revenue growth was supported by non-crypto trading activity: transaction-based revenues (notably options and event contracts) rose materially and offset declines in crypto revenue.
The steep drop in crypto revenue aligns with the reported fall in crypto trading volumes; both Robinhood App and Bitstamp volumes contributed to the decline in crypto notional volume.
Adjusted EBITDA rose, indicating operating profitability on a non-GAAP basis despite higher operating expenses and a decline in GAAP net income and EPS.
Operating expenses increased due to provisions for credit losses and strategic spending (including marketing and investments tied to Rothera and regulatory matters), which weighed on GAAP profitability.
Robinhood is expanding crypto access geographically and promoting on-chain infrastructure (Robinhood Chain), but the material near-term contribution from crypto trading has declined based on reported metrics.
Meaningful unknown
- The company disclosed Robinhood Chain early mainnet metrics and geographic expansion plans, but the filing does not quantify how these initiatives will offset near-term crypto trading revenue declines.
Reader questions answered
How much revenue did Robinhood generate in Q3 2026 and how did crypto contribute? Total net revenues were $1.42 billion; crypto revenues were $120 million, down 55% year-over-year.
Why did Robinhood's crypto revenue fall 55% year-over-year? The company reported a 38% decline in crypto notional trading volumes (to $50 billion), with app and Bitstamp volumes both down, which aligns with lower crypto revenues.
What were the company's other growth areas? Transaction-based revenues rose 19% to $867 million, driven by event contracts ($173M), options ($399M), and equities ($121M).
How did user metrics change? Funded customers rose to 28.7 million (up 7%), Investment Accounts to 30.4 million, and Total Platform Assets increased to $396 billion (up 19%).
Does the report indicate risks to Robinhood's crypto business or broader operations? The filing documents a sharp drop in crypto trading revenues and volumes and notes higher operating expenses; it also discloses unrealized investment losses tied to RVI and ongoing investments in product and geographic expansion.
Current status and next steps
The results were released October 27, 2026 in the company’s investor presentation and accompanying PDF (investors.robinhood.com / PDF).
Key near-term items to watch in company disclosures and investor commentary are the trend in crypto trading volumes and revenues, progress on Robinhood Chain commercialization and geographic rollouts (UK live; Dubai authorized with 2027 rollout planned), and the impact of increased operating expenses on GAAP profitability.
Sources
Robinhood Q3 2026 results (investors.robinhood.com / PDF), announced October 27, 2026.
CryptoPotato summary of Robinhood Q3 2026 results (cryptopotato.com, 2026-11-01).
Sources & further reading
For information only. Not financial advice.