Record revenue concealed a changing transaction mix

Robinhood reported $1.42 billion of third-quarter net revenue, 12% above the year-earlier period. Transaction-based revenue increased 19% to $867 million, but the components moved in different directions.

Event-contract revenue rose more than sixfold to $173 million, options revenue increased 31% to $399 million and equities revenue rose 41% to $121 million. Cryptocurrency revenue fell 55% to $120 million.

NetNapz assessment: the record consolidated total should not be described as broad-based crypto growth. The quarter shows Robinhood becoming more dependent on event contracts, options and equity activity while cryptocurrency trading contributed less revenue than a year earlier.

Crypto volumes fell across the app and Bitstamp

Robinhood reported $50 billion of cryptocurrency notional volume, down 38% year over year. Robinhood App crypto volume fell 48% to $21 billion, while Bitstamp volume declined 28% to $29 billion.

The company’s reported volume is not the same as revenue, customer profit or token ownership. Robinhood’s shares represent ownership in Robinhood Markets; cryptocurrency and tokenized products traded through its platforms do not grant ownership of the company.

Total platform assets increased 19% to $396 billion, helped by net deposits and higher equity valuations but partly offset by lower cryptocurrency valuations. The company reported $15.7 billion of quarterly net deposits and 28.7 million funded customers.

Event contracts became a material business line

Robinhood reported 16.4 billion event contracts traded during the quarter, more than seven times the year-earlier total. It said Rothera exceeded $100 million of annualized revenue in its first full quarter and recorded more than 6.4 billion contracts since launch.

Annualized revenue is a quarterly run-rate calculation, not revenue already earned over twelve months. Event-contract activity also carries regulatory, product-concentration and customer-behaviour risks that differ from securities brokerage and cryptocurrency trading.

Robinhood said its Chain generated more than $80 billion of decentralized-exchange volume and more than $50 million of chain fees in its first mainnet quarter. Those are company-reported network measures. They do not establish Robinhood’s net economic capture from the chain, independent user demand or a direct entitlement for holders of any separate token.

Profit fell while costs and credit exposure grew

Net income decreased 14% to $476 million, while diluted earnings per share fell 16% to $0.51. The company attributed $67 million of unrealized losses primarily to marking its Robinhood Ventures Fund I investment to market.

Operating expenses increased 16% to $739 million, driven in part by higher credit-loss provisions, Trump Account and Rothera expenses, and marketing and growth investment. Net interest revenue fell 9% to $415 million as lower securities-lending activity and short-term rates outweighed growth in interest-earning assets.

Robinhood lowered the top of its 2026 adjusted operating-expense and share-based-compensation outlook by $25 million, to a range of $2.675–2.75 billion. The company says this non-GAAP range excludes several items, including credit-loss provisions, pending-acquisition costs and potentially significant regulatory matters.

What to watch next

• whether event-contract revenue remains durable after the quarter’s rapid expansion;
• crypto volume and revenue across the Robinhood App, Bitstamp and WonderFi;
• the relationship between Robinhood Chain activity, chain fees and consolidated company revenue;
• credit-card loss provisions and the quality of customer-loan growth;
• net deposits after October contributions associated with Trump Accounts;
• regulatory treatment of prediction markets, perpetual futures and tokenized products;
• expense performance against the revised non-GAAP outlook.

Primary evidence: Robinhood Markets’ third-quarter 2026 results, published 27 October 2026, and its earnings materials page. Financial statements are unaudited. Operational and forward-looking claims are attributed to Robinhood.