Robinhood 8-K

Summary

Q1 2026 results with higher FY2026 expense guidance. Revenue rose 15% Y/Y, while net income rose 3%; Robinhood raised its non-GAAP expense outlook to include an additional $100M for Trump Accounts work. The company said Q2 was off to a strong start in April, with equity and options volumes on track to be its highest month of the year and net deposits at ≈$5B month-to-date.

Key Figures

• Revenue growth included transaction-based revenue of $623M (+7%), net interest revenue of $359M (+24%) and other revenue of $85M (+57%). Other transaction revenue, primarily event contracts, was $147M (+320%); options revenue was $260M (+8%), equities revenue $82M (+46%), and cryptocurrency revenue $134M (-47%). Net income attributable to Robinhood was $350M (+4%).
• Higher operating expenses reflected marketing and growth investments and acquisition-related expenses. Adjusted operating expenses and SBC (non-GAAP) were $607M (+14%), including $14M of Rothera and Trump Accounts costs.
• Net deposits were $17.7B, a 22% annualized growth rate; trailing-12-month net deposits were $67.8B, or 31% growth. Cash and cash equivalents were $5.0B vs $4.4B a year earlier. Repurchases totaled $250M for 3.1M Class A shares at an average ≈$81 per share; Class A shares outstanding increased by 0.77M from 12/31/2025 to 3/31/2026. The refreshed $1.5B authorization is expected to be completed over ≈3 years.

Guidance

• FY2026 Adjusted Operating Expenses and SBC (non-GAAP): $2.7B-$2.825B, raised from $2.6B-$2.725B. The increase includes an additional $100M to build and support the Trump Accounts user interface; the company says the cost-plus contract should yield revenues exceeding costs. No FY2026 total operating expenses outlook was provided.

Investor Takeaways

• Q2 results will show whether April’s indicated trading-volume strength and ≈$5B in month-to-date net deposits carry through.
• Watch whether Trump Accounts revenues exceed the related costs as the program is built and supported.