Robinhood Q3 2026: $1.42B Revenue, EPS Misses at $0.51

Robinhood reported record third-quarter 2026 revenue of $1.424 billion on October 27, up 12% from a year earlier, but diluted earnings per share of $0.51 missed the $0.55 analysts had estimated, according to FinanceFeeds. The gap between a record top line and a bottom-line miss was driven by a 55% year-over-year drop in cryptocurrency trading revenue that outweighed a more-than-sixfold jump in revenue from the company's prediction-market event contracts.

What Robinhood reported

Robinhood Markets (NASDAQ: HOOD) said total net revenue for the three months ended September 30, 2026 reached $1.424 billion, up 12% from $1.274 billion in the same quarter of 2025 and up 9% from the prior quarter, according to FinanceFeeds. Net income fell 14% year-over-year to $476 million, and diluted EPS dropped 16% to $0.51 from $0.61 a year earlier, FinanceFeeds and CCN both reported. The revenue figure was "slightly below the approximately $1.43 billion consensus cited by market analysts," FinanceFeeds reported, while a separate report citing MarketBeat estimates put the consensus at $1.44 billion in revenue and roughly 56 cents a share, according to a KuCoin News report on the results.

Transaction-based revenue, which covers trading commissions-equivalent income across stocks, options, crypto and event contracts, rose 19% year-over-year to $867 million, CCN reported. Options remained the single largest category within that total, generating $399 million, up 31% year-over-year on record trading volume of 905 million contracts, according to CCN. Equities revenue climbed 41% to $121 million as trading volume grew 53% to a record $992 billion, per the same report.

Crypto revenue fell — prediction markets are what grew

The RSS summary describing this quarter as one where "crypto revenue rises" conflates two different numbers. Cryptocurrency transaction revenue actually declined 55% year-over-year, to $120 million from $268 million in the third quarter of 2025, according to FinanceFeeds and a KuCoin News report. What did rise was crypto revenue compared with the immediately preceding quarter: the $120 million figure was up 20% from roughly $100 million in the second quarter of 2026, KuCoin News reported. Combined crypto trading volume across the Robinhood app and the Bitstamp exchange, which Robinhood acquired in June 2025, totaled $49.8 billion, up 23% sequentially but down 38% from a year earlier, according to KuCoin News.

Robinhood's own blockchain network, Robinhood Chain, contributed $26 million of that crypto revenue in its first full quarter on its mainnet, while crypto revenue outside the chain fell 6% year-over-year to $94 million, KuCoin News reported, citing the company's earnings presentation. The $120 million total also came in below the $135.64 million average analyst projection published by Zacks Investment Research ahead of the release, according to the same report.

What actually grew sharply was revenue from Robinhood's event-contract, or "prediction market," business, where customers bet on the outcome of sports, economic and other scheduled events. That business generated $173 million in the quarter, more than six times the year-earlier figure and up 11% from roughly $156 million in the second quarter, according to FinanceFeeds. Customers traded a record 16.4 billion event contracts, more than seven times the year-earlier volume, making prediction markets Robinhood's second-largest transaction-revenue category behind options and ahead of crypto, FinanceFeeds reported.

Why the EPS miss comes with a reconciliation question

Robinhood's earnings also included $67 million in unrealized losses, equal to about 7 cents of diluted EPS, tied primarily to markdowns on its Robinhood Ventures Fund I holdings, according to a KuCoin News report citing the company's own disclosures. The company reported a separate, non-GAAP "adjusted" EPS of 60 cents that excluded certain non-operating items, the same report said. Adding back only the 7-cent Ventures Fund charge to the $0.51 GAAP figure produces 58 cents, not 60 cents, meaning other undisclosed adjustments were also involved; the sources reviewed for this article did not provide a full line-item reconciliation. That distinction matters for readers trying to judge whether Robinhood "missed" on earnings: the $0.55 analyst estimate was compared against the $0.51 GAAP figure in FinanceFeeds' reporting, but if consensus estimates were built on an adjusted basis, as is common practice among analysts, a 60-cent adjusted result would have beaten rather than missed that number. Available reporting does not specify which basis the $0.55 consensus figure used, so readers should treat the "miss" framing as tied specifically to GAAP EPS unless a fuller reconciliation is published.

FinanceFeeds reported that shares declined in after-hours trading following the release "as investors assessed weaker cryptocurrency activity and higher operating expenses."

Q3 2026 by the numbers

What the comparisons do and don't establish

The year-over-year comparisons here are measured against Robinhood's third-quarter 2025 results, when the company reported $1.274 billion in total net revenue, net income of $556 million and diluted EPS of $0.61, according to Robinhood's November 5, 2025 earnings release. That baseline is useful for judging the direction of each business line, but it does not by itself explain why crypto trading slowed. Available reporting attributes the crypto revenue decline to reduced trading activity "compared with the stronger market conditions of 2025," per FinanceFeeds, without detailing which specific market conditions changed. Similarly, the sixfold rise in prediction-market revenue reflects a new product line scaling from a small base, which produces large percentage gains that are not directly comparable in dollar terms to the declines in a mature, larger crypto business. Record revenue and a falling EPS can occur together when operating expenses, trading-related costs, or non-operating items like venture-investment markdowns grow faster than the top line; the reporting reviewed here attributes part of the gap to the Ventures Fund I markdown but does not fully itemize the rest of the expense growth.