Third-quarter revenue rose 12% to a record $1.42 billion, but crypto revenue fell 55% from a year earlier to $120 million while event contracts brought in $173 million. Adjusted earnings of 60 cents a share, a new measure, missed S&P Global's 64-cent consensus but topped other forecasts.
Crypto | FinancialMarkets.com | October 28, 2026
Tickers: HOOD, COIN, IBIT
Robinhood's revenue mix has turned over. The business that defined its last boom is now smaller than the one it added most recently.
The brokerage reported record third-quarter net revenue of $1.42 billion, up 12% from a year earlier and roughly in line with forecasts. Transaction-based revenue rose 19% to $867 million. Within that, revenue from event contracts, Robinhood's prediction-market product, rose more than sixfold to $173 million. Options revenue rose 31% to $399 million and equities revenue 41% to $121 million. Cryptocurrency revenue fell 55% to $120 million.
Crypto: down for the year, up for the quarter
The crypto decline has two sides. Against a year ago, it is steep: crypto was about 8% of total revenue, down from roughly a fifth. Against the second quarter, crypto revenue rose about 20%, and it came in slightly above what analysts had forecast for the line. Crypto trading volume was $49.8 billion, up 23% from the prior quarter, including $29.2 billion at Bitstamp. The company said Robinhood Chain, its own blockchain network, brought in $26 million in its first quarter.
So the year-on-year comparison describes a slump from last year's peak, while the sequential numbers suggest the decline may have bottomed.
The profit side
Net income fell 14% to $476 million, or 51 cents a diluted share. Adjusted earnings, a measure Robinhood introduced this quarter, were 60 cents a share, below the 64 cents analysts polled by S&P Global expected. Other consensus figures were about 55 to 56 cents, and it is not clear that every provider used the new definition. Net interest revenue fell 9% to $415 million. Operating expenses rose 16% to $739 million, and the provision for credit losses nearly tripled to $71 million.
Robinhood lowered the top end of its 2026 outlook for adjusted operating expenses and stock-based compensation by $25 million, to a range of $2.675 billion to $2.75 billion, citing efficiency gains.
Customer measures were strong. Net deposits were $15.7 billion, platform assets rose 19% to $396 billion, Gold subscribers rose 34% to a record 5.2 million, and funded customers reached 28.7 million.
The reaction
Robinhood closed up 1.9% at $94.56 on Tuesday before the results. It was quoted around $86.90 early Wednesday, about 8% lower, on relatively active extended-hours volume. Coinbase was quoted about 1% lower.
The drop cannot be pinned on crypto alone. The miss against S&P Global's consensus, falling interest income and a sharp rise in credit provisions all landed in the same report.
What it means for Coinbase
Robinhood's numbers suggest retail crypto trading was far weaker than a year ago but improved from the spring. That is a read-through for Coinbase, which reports on Thursday, though Coinbase's revenue mix and customer base differ.
Weighing the mix shift
One reading is that Robinhood is diversifying successfully. Event contracts, options and equities more than offset the crypto slump, and record subscribers and assets point to an engaged customer base.
The other is that the quality of earnings slipped. Profit fell, interest income declined, credit costs jumped, and a growing share of revenue now depends on prediction markets, a young product.
What to watch
Commentary from the earnings call on October activity, Wednesday's opening price, Coinbase's results on Thursday, and how much of next quarter's revenue comes from event contracts.