Robinhood 8-K

Summary

Q3 2026 results with lower FY2026 expense guidance. Robinhood reported record quarterly revenue as growth in event contracts, options, equities and other revenue offset weaker cryptocurrency activity and net interest revenue. Net deposits were $15.7B, while the company said customers were entrusting it with more assets as it expanded its products and markets; it also lowered the high end of its 2026 adjusted expense outlook, citing efficiency gains.

Key Figures

• Revenue mix: transaction-based revenue was $867M (+19% Y/Y), led by event contracts at $173M (up more than 6x), options at $399M (+31%) and equities at $121M (+41%); cryptocurrency revenue was $120M (-55%). Net interest revenue fell 9% to $415M, while other revenue rose 61% to $142M, driven mainly by Trump Account services and Gold subscriptions.
• Total operating expenses rose 16% to $739M, with higher credit-loss provisions as the credit card loan book grew, plus Trump Accounts, Rothera, and marketing and growth investment. Adjusted operating expenses and share-based compensation (non-GAAP) increased 8% to $664M.
• Net deposits were $15.7B for the quarter; trailing-12-month deposits were $71.0B, or 21% growth relative to platform assets at the end of Q3 2025. Total Platform Assets rose 19% Y/Y to $396B, driven by deposits and higher equity valuations, partly offset by lower cryptocurrency valuations. Funded Customers reached 28.7M (+7%); Robinhood Gold subscribers reached a record 5.2M (+34%).
• Product and market traction included Rothera, Robinhood’s prediction-markets business, exceeding $100M in annualized revenue in its first full quarter, with more than 6.4B contracts traded since launch. About 200,000 customers opened Agentic Trading Accounts, generating over $1.6B in notional trading volume. The Gold Card had 1.3M customers and over $19B in annualized payment volume; Robinhood Strategies had 350,000 funded customers and over $2B in assets under management.
• October net deposits had topped $13B month-to-date as of the release, including $6B from the Dell family’s contribution to Trump Accounts. Robinhood repurchased $25M of Class A shares (0.2M shares at an average price of approximately $105); Class A shares outstanding were 793M at 9/30/2026 vs 790M at 12/31/2025. Cash and cash equivalents were $5.8B, vs $4.3B at the end of Q3 2025.

Guidance

The company cited ongoing efficiency gains. The outlook excludes, among other items, credit-loss provisions and certain acquisition, regulatory, restructuring and other significant expenses.

Investor Takeaways

• Q4 transaction-based revenue mix will test whether growth in event contracts, options and equities can continue to offset weaker crypto activity; crypto notional volume fell 38% Y/Y in Q3.
• Track net deposits and Total Platform Assets after October’s more than $13B month-to-date deposits, which included the $6B Dell family contribution to Trump Accounts.
• Robinhood plans to begin rolling out its product suite in the Dubai region in 2027 after receiving authorization; the launch and subsequent customer activity will test its global expansion strategy.