Robinhood Q3 2026: revenue up 12% to $1.42B as event-contract revenue passed crypto's, while EPS fell 16%

Robinhood runs a brokerage app for stocks, options and crypto, and earns money in three ways: transaction revenue from customer trading, net interest revenue (from interest-earning assets, margin lending and securities lending), and other revenue such as its Gold subscription. It has added prediction markets (event contracts), a credit card, banking and retirement accounts on top.

Event contracts, which brought in less than a sixth of their current revenue a year earlier (our arithmetic from the release’s “over 6x”), now bring in more than crypto trading does. Operating costs grew faster than revenue, but not fast enough to stop operating income rising; what took earnings per share down sat below that line. This piece follows the revenue mix, then the path from operating income to EPS, then the customer metrics and the expense outlook.

Robinhood Q3 2026 results at a glance

$ millions, except per share	Q3 2026	Q2 2026	Q3 2025
Transaction-based revenues	867	776	730
Net interest revenues	415	389	456
Other revenues	142	143	88
Total net revenues	1,424	1,308	1,274
Total operating expenses	739	734	639
Net income	476	573	556
Net income attributable to Robinhood	468	561	556
Diluted EPS	$0.51	$0.62	$0.61
Adjusted EBITDA	808	741	742

The release presents all three columns.

Event-contract revenue passed crypto’s

Transaction-based revenue, Q3 2026	$ millions	Change from a year earlier
Options	399	+31%
Event contracts	173	more than 6x
Equities	121	+41%
Cryptocurrencies	120	−55%
Other transaction-based	≈54	—
Total	867	+19%

≈ marks our arithmetic: total transaction-based revenue less the four lines the release names.

Event contracts traded rose more than sevenfold to a record 16.4 billion, per the release, and the release says Rothera reached more than $100 million of annualized revenue in its first full quarter of operation. Options contracts traded rose 48% to 905 million and equity notional volume 53% to $992 billion. Crypto went the other way: notional volume fell 38% to $50 billion, with volume in the Robinhood app down 48% and on Bitstamp down 28%.

Net interest revenue fell 9% to $415 million, which the release attributes to lower securities lending and lower short-term rates, partly offset by more interest-earning assets; the margin book rose 59% to a record $22.1 billion. Other revenues rose 61% to $142 million, on Trump Account service revenue and Gold subscriptions.

Operating income rose, but EPS fell 16%

Total operating expenses rose 16% to $739 million, faster than revenue. The provision for credit losses was $71 million, against $26 million, which the release ties to the growing credit card loan book; Robinhood Gold Card had 1.3 million customers. The release also cites Trump Account and Rothera costs and marketing. General and administrative expense fell 12% to $163 million. Operations expense also rose, to $79 million from $33 million. Operating income, revenue less operating expenses, was about $685 million against about $635 million a year earlier, up about 8%, though the margin slipped to about 48% from about 50% (our arithmetic).

Below operating income, other income (expense) widened to a loss of $60 million from $1 million, and income before income taxes was $625 million, against $634 million. The provision for income taxes rose 91% to $149 million from $78 million, about 24% of pre-tax income against about 12% (our arithmetic). Net income fell 14% to $476 million, of which $468 million was attributable to Robinhood, and diluted EPS fell 16% to $0.51. The release says net income included $67 million, or $0.07 a share, of unrealized losses, mainly from marking Robinhood Ventures Fund I (RVI) to market. Adjusted EPS, a new non-GAAP measure introduced this quarter that excludes such items, fell 3% to $0.60. Adjusted EBITDA rose 9% to $808 million.

Customers, assets and deposits

Customer metrics	Q3 2026	Change from a year earlier
Funded customers	28.7M	+7%
Gold subscribers	5.2M	+34%
Total platform assets	$396B	+19%
Net deposits	$15.7B	—
ARPU	$200	+5%

The release puts the quarter’s net deposits at an annualized growth rate of 17% relative to total platform assets at the end of Q2. The CFO’s quote says October net deposits had topped $13 billion month to date, including $6 billion from the Dell family’s contribution to Trump Accounts. Cash and cash equivalents were $5.8 billion. The balance sheet now carries $2,660 million of long-term borrowings, against none at December 31, 2025. Share repurchases were $25 million in the quarter.

What Robinhood guided

Robinhood gives no revenue or earnings guidance. It lowered the top of its 2026 outlook for adjusted operating expenses and share-based compensation by $25 million, to $2.675–2.75 billion, citing efficiency gains. That outlook excludes, among other items, the provision for credit losses, costs related to pending acquisitions, costs tied to the CFO transition, interest expense classified as operating expense and potential significant regulatory matters, and the release cautions that actual results might differ materially.

What to watch in Q4

• Event contracts vs crypto. $173 million against $120 million in Q3.
• Credit losses. The provision nearly tripled from a year earlier (our arithmetic) as the card book grew, and it sits outside the expense outlook.
• Net interest revenue. Down 9%, which the release attributes to lower securities lending and short-term rates, partly offset by more interest-earning assets.
• October deposits. More than $13 billion month to date, per the CFO, including $6 billion from the Dell family’s contribution to Trump Accounts.
• RVI marks. $67 million of unrealized losses in Q3 moved GAAP EPS by $0.07.

Quick answers

What was Robinhood’s revenue in Q3 2026?

Total net revenues were $1,424 million, up 12% from $1,274 million a year earlier and a record, per the release. Transaction-based revenue was $867 million, net interest revenue $415 million and other revenue $142 million.

Why did Robinhood’s EPS fall in Q3 2026?

Diluted EPS fell 16% to $0.51 even though operating income rose. Other income (expense) widened to a $60 million loss, the release says net income included $67 million of unrealized losses mainly on Robinhood Ventures Fund I, and the tax provision rose to $149 million from $78 million. Adjusted EPS was $0.60, down 3%.

How much did Robinhood make from prediction markets?

Event contracts revenue was $173 million in Q3 2026, more than six times the year-earlier level, on a record 16.4 billion contracts traded.

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Sources and method. Every company figure is Robinhood’s own disclosure, read directly from SEC EDGAR and linked above. Third-quarter, second-quarter and year-ago revenue by type, product revenue and growth rates, operating expenses, net income, EPS, the RVI effect, adjusted measures, customer, asset and trading metrics, the balance sheet, share repurchases, the CFO’s October deposit comment and the 2026 expense outlook come from Exhibit 99.1 to the Form 8-K filed 2026-10-27 (accession 0001783879-26-000164) for the quarter ended 2026-09-30. The results were filed with the SEC at 4:06 pm ET on 2026-10-27 (Form 8-K acceptance time on the EDGAR filing index), after the US market closed; the release scheduled its call for 5 p.m. ET the same day.

No consensus estimate is included, so this piece makes no claim that the quarter beat or missed expectations. The release gives no revenue or earnings guidance. This piece makes no claim about the share-price reaction.

Our arithmetic, labelled as such: other transaction-based revenue of about $54 million; operating income of about $685 million and $635 million, the 8% rise and operating margins of about 48% and 50%; effective tax rates of about 24% and 12%; event-contract revenue a year earlier at under a sixth of the current level; and the near-tripling of the credit-loss provision. These are approximations, not reported numbers. All growth rates shown in the tables and text are as printed in the release. The interpretation (that the revenue mix shifted toward event contracts and options, and that EPS fell for non-operating and tax reasons rather than operating ones) is our analysis, not a company statement or a forecast.

Related: Coinbase Q2 2026, Interactive Brokers Q3 2026 and Webull Q2 2026, the other brokerages and exchanges we cover.