Robinhood Earnings: Record $1.42 Billion Revenue as Prediction Markets Top Crypto
Robinhood's third quarter 2026 revenue hit a record $1.42 billion, up 12%, as event contracts, its prediction markets, brought in $173 million, more than crypto's $120 million, down 55%. Diluted earnings per share fell to $0.51 from $0.61 a year earlier, including $0.07 of paper losses, and October deposits so far top $13 billion.
The short answer. Robinhood set a revenue record as growth in prediction markets, options and stock trading revenue more than offset a 55% fall in crypto revenue. Robinhood, with 28.7 million funded customers, now earns more from event contracts, a business courts and states are still ruling on, than from crypto. Our count shows revenue without crypto grew about 30%. October net deposits so far top $13 billion, $6 billion of it one family's gift to Trump Accounts, the government-backed accounts for children.
Robinhood third quarter 2026 at a glance
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Robinhood earnings for the third quarter of 2026
Robinhood's sales hit a record, up 12% from a year ago. Profit per share fell from a year earlier.
Revenue was a record $1.42 billion in the quarter to September 30, the company said in its third quarter 2026 release on October 27. That is up 12% from $1.27 billion a year earlier, according to the third quarter 2025 release.
The year-ago quarter is a high bar. Robinhood took in $268 million from crypto then, and its total revenue had doubled in a year.
Diluted earnings per share were $0.51, including $0.07 of unrealized losses, paper losses on Robinhood Ventures Fund I investments it still holds. The company's new adjusted measure, which leaves out such items, was $0.60 a share.
Robinhood does not forecast revenue. Its one outlook covers costs, and it lowered the top of its 2026 range by $25 million, to $2.675 billion to $2.75 billion, citing "ongoing efficiency gains." That range counts operating costs and stock pay to employees, leaving out items such as bad loans and restructuring.
The measure came to $664 million in the third quarter. That leaves $763 million to $838 million for the fourth quarter under the new range, by our calculation, more than Robinhood spent in any quarter this year.
| Measure | Q3 2025 | Q2 2026 | Q3 2026 |
|---|---|---|---|
| Total net revenues | $1,274M | $1,308M | $1,424M |
| Net income | $556M | $573M | $476M |
| Diluted EPS | $0.61 | $0.62 | $0.51 |
| Adjusted EPS (company measure, new this quarter) | $0.62 | $0.50 | $0.60 |
| 2026 cost outlook (adjusted operating expenses and stock pay) | n/a | $2.675B to $2.775B | $2.675B to $2.75B |
Source: Robinhood results releases for Q3 2025, Q2 2026 and Q3 2026. Q2 2026 EPS included $0.14 of gains, mainly from deconsolidating its Robinhood Ventures fund; Q3 2026 EPS included $0.07 of unrealized losses on that fund. Adjusted EPS for all three quarters is from the Q3 2026 release.
How does Robinhood make money now?
Most of Robinhood's money comes from its customers' trades. Crypto was the biggest trading line at the end of 2024, and in the third quarter it was the smallest of the four main ones.
Trading brought in $867 million. Options were the largest line at $399 million, up 31%. Much of this money arrives as rebates from the market makers that handle customers' orders, the second quarter 10-Q filing shows.
Show the data
| Category | Options | Crypto | Equities | Event contracts and other |
|---|---|---|---|---|
| Q3 2024 | $202M | $61M | $37M | $19M |
| Q4 2024 | $222M | $358M | $61M | $31M |
| Q1 2025 | $240M | $252M | $56M | $35M |
| Q2 2025 | $265M | $160M | $66M | $48M |
| Q3 2025 | $304M | $268M | $86M | $72M |
| Q4 2025 | $314M | $221M | $94M | $147M |
| Q1 2026 | $260M | $134M | $82M | $147M |
| Q2 2026 | $342M | $100M | $129M | $205M |
| Q3 2026 | $399M | $120M | $121M | $227M |
Crypto was 37% of trading revenue a year earlier and 14% in the third quarter of 2026, by our calculation from the company's releases. At its late 2024 peak it was 53%.
Take crypto out of both years and Robinhood's revenue rose about 30%, against 12% with it.
Options revenue grew more slowly than the 48% rise in contracts traded. Robinhood earned about 44 cents on each contract, against about 50 cents a year earlier, by our calculation, so busier trading did more of the work than pricing.
Prediction markets grew into the gap. These are event contracts that pay $1 if an outcome happens. They brought in $173 million, up more than six times in a year, on a record 16.4 billion contracts traded.
Show the data
| Item | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Event contracts | $10M | $156M | +$146M |
| Crypto | $160M | $100M | -$60M |
The second quarter 10-Q credited "an acceleration in our prediction markets business" for the spring's rise, and puts the crypto drop down to lower rebate rates from crypto market makers, fewer customers trading crypto and smaller trades per customer. Rothera, the exchange Robinhood owns with Susquehanna in a joint venture, passed $100 million a year in revenue in its first full quarter, the release says. Robinhood now counts 14 business lines at that size or larger, up from 13 in July.
The crypto slowdown is not Robinhood's alone. Coinbase said in its April to June 10-Q filing that consumer crypto spot trading volume fell 38% from a year earlier.
The new line carries legal risk, and the 10-Q says so. Robinhood warns that court cases and changes in state or federal law "could immediately or subsequently prevent us from offering, or continuing to offer, event contracts." It has agreed to stop offering new sports-related contracts in Nevada while it appeals a ruling there.
Interest was the other big line, $415 million, down 9% on less securities lending, the fees for lending customers' shares to other traders, and lower short-term rates, the release says. It comes mostly from customer cash and margin loans, the money customers borrow against their stocks. Our Schwab earnings story looked at the same borrowing. The Federal Reserve raised short-term rates only on September 16, near the end of the quarter, and decides again on October 28.
Are Robinhood customers, Gold members and deposits still growing?
Yes, though customers grew more slowly than Gold members did. New money slowed from a record spring, and October started fast, helped by one large gift.
Gold, Robinhood's paid membership, reached a record 5.2 million subscribers at the end of September, up 34% in a year. That is 18% of its 28.7 million funded customers, the release says, those with money in an account or a recent trade.
Show the data
| Category | Value |
|---|---|
| Q3 2024 | 2.2M |
| Q4 2024 | 2.6M |
| Q1 2025 | 3.2M |
| Q2 2025 | 3.5M |
| Q3 2025 | 3.9M |
| Q4 2025 | 4.2M |
| Q1 2026 | 4.3M |
| Q2 2026 | 4.8M |
| Q3 2026 | 5.2M |
Funded customers rose 7% in the year to September, against 10% growth in the year to September 2025. The latest count includes customers of WonderFi, the Canadian crypto company Robinhood bought in June.
Net deposits, Robinhood's measure of money moved in minus money taken out, which also counts dividends, interest and promotional rewards, were $15.7 billion, against $20.4 billion a year earlier. The measure widened three times this year: it added TradePMR's adviser clients in March, WonderFi in June and contributions to Trump Accounts, the government-backed accounts for children, in July.
Show the data
| Category | Value |
|---|---|
| Jul 2025 | $6.4B |
| Aug 2025 | $4.8B |
| Sep 2025 | $9.2B |
| Oct 2025 | $5.6B |
| Nov 2025 | $7.1B |
| Dec 2025 | $3.2B |
| Jan 2026 | $4.5B |
| Feb 2026 | $5.6B |
| Mar 2026 | $7.6B |
| Apr 2026 | $6.0B |
| May 2026 | $5.6B |
| Jun 2026 | $10.1B |
| Jul 2026 | $5.6B |
| Aug 2026 | $4.0B |
| Sep 2026 | $6.1B |
September brought in about $6.1 billion, by our subtraction, above July and August 2026. Finance chief Shiv Verma said October net deposits "have already topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts." Without that one gift, October's deposits so far would be at least about $7 billion, by our subtraction, above July and August 2026.
Does Robinhood pay a dividend?
No. Robinhood has never paid a cash dividend and says it does not expect to. It buys back shares instead, though only a little in the third quarter.
The 2025 annual report states that the company has "never declared or paid cash dividends" and does not expect to "in the foreseeable future." In March 2026 the board approved buying back up to $1.5 billion of Class A shares, the class that trades on Nasdaq.
Robinhood bought back $25 million of stock in the third quarter, about 0.2 million shares, after $414 million in the spring. Shares outstanding were 901 million at September 30, the same as at the end of 2025.
Long-term borrowings were $2.66 billion at September 30, against none at the end of 2025. Most of that is the $2.2 billion of convertible notes sold in June, debt that pays no interest and can turn into shares.
What to watch
- How management explains prediction markets, crypto and the October deposits: the earnings call at 5:00 p.m. ET on October 27, with a transcript later at investors.robinhood.com.
- What changed in the court cases over sports event contracts: the legal proceedings note of the third quarter 10-Q filing.
- Whether October's deposits hold without the one-time Trump Account gift: Robinhood's October operating data, published monthly.
Our numbers
- Revenue without crypto up about 30%: Q3 2026 revenue minus crypto revenue ($1,304M) against the same for Q3 2025 ($1,006M).
- Crypto fell from 37% of trading revenue in Q3 2025 (53% in Q4 2024) to 14% in Q3 2026: crypto revenue divided by trading (transaction-based) revenue in each quarter's release.
- October deposits without the Dell gift, about $7 billion: the more than $13 billion the finance chief cited minus the $6 billion gift.
- Fourth quarter spending of $763 million to $838 million left by the 2026 cost range: the range minus the $1,912 million spent through September.
- Options revenue of about 44 cents per contract, against about 50 cents: options revenue divided by contracts traded, Q3 2026 ($399M, 905M) and Q3 2025 ($304M, 610M).
- Event contracts and other trading revenue in the chart: trading revenue minus options, crypto and equities in each release.
- Net deposits for December 2025, March 2026 and September 2026: the quarter's total minus its two months published separately.
Frequently asked questions
How does Robinhood make money from free trades?
Much of it comes from rebates paid by market makers that handle its customers' orders, plus interest on customer cash and margin loans and fees such as Gold subscriptions. In the third quarter of 2026, trading brought in $867 million of $1.42 billion.
Does Robinhood pay dividends to shareholders?
No. Its annual report says it has never paid a cash dividend and does not expect to in the foreseeable future, and it buys back shares instead.
When is the Robinhood earnings call?
Robinhood set its third quarter 2026 call for 5:00 p.m. ET on October 27, 2026. Chief executive Vlad Tenev and finance chief Shiv Verma host it, according to its October 1 announcement. A replay and transcript follow on its investor site.
What are Robinhood prediction markets?
They are event contracts that pay $1 if an outcome happens and nothing if it does not, traded in one-cent steps. Robinhood offers them through its derivatives arm and, since June, through Rothera, its joint venture exchange with Susquehanna.
Where can I read Robinhood's Q3 2026 earnings report?
The full release, with its tables, is on StockTitan's Robinhood third quarter 2026 results page, and the 10-Q filing follows on the SEC's site.
Sources
- Robinhood Markets (HOOD) overview, StockTitan
- Robinhood financial statements, StockTitan
- Robinhood Reports Third Quarter 2026 Results (October 27, 2026)
- Robinhood Reports Second Quarter 2026 Results (July 29, 2026)
- Robinhood Reports First Quarter 2026 Results (April 28, 2026)
- Robinhood Reports Third Quarter 2025 Results (November 5, 2025)
- Robinhood Reports Fourth Quarter and Full Year 2024 Results (February 12, 2025)
- Robinhood August 2026 Operating Data (September 10, 2026)
- Robinhood July 2026 Operating Data (August 12, 2026)
- Robinhood October 2025 Operating Data (November 13, 2025)
- Robinhood November 2025 Operating Data (December 10, 2025)
- Robinhood January 2026 Operating Data (February 19, 2026)
- Robinhood February 2026 Operating Data (March 12, 2026)
- Robinhood April 2026 Operating Data (May 13, 2026)
- Robinhood May 2026 Operating Data (June 9, 2026)
- Robinhood to Announce Third Quarter 2026 Results (October 1, 2026)
- Robinhood Form 10-Q for the quarter ended June 30, 2026
- Robinhood Form 10-K for 2025
- Coinbase Form 10-Q for the quarter ended June 30, 2026
- Federal Reserve statement, September 16, 2026
- Schwab earnings and record borrowing against stocks, StockTitan
- Fed rate decision, October 28, 2026, StockTitan
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.