Robinhood posts record $1.42 billion in revenue as crypto trading volumes fall

Robinhood Markets reported record third-quarter revenue of $1.42 billion on October 27, up 12% from a year earlier, but net income fell 14% and its crypto business shrank sharply from 2025 levels, the company said in its results release.

The numbers

Measure	Q3 2026	Change
Total net revenue	$1.42 billion	+12% y/y, +9% q/q
Transaction-based revenue	$867 million	+19% y/y
Net income	$476 million	−14% y/y
Diluted EPS	$0.51	−16% y/y
Adjusted EBITDA	$808 million	+9% y/y
Crypto revenue	$120 million	−55% y/y (Q2: $100 million)
Event contracts revenue	$173 million	vs. $156 million in Q2

Net income included $67 million, or $0.07 a diluted share, of unrealized losses on the Robinhood Ventures Fund I, Robinhood said. Second-quarter comparisons are from its Q2 release.

Crypto activity

Notional crypto volume was about $50 billion, down 38% from a year earlier: about $21 billion in the Robinhood app, down 48%, and about $29 billion on the Bitstamp exchange, down 28%. Robinhood Chain, the company's blockchain network, recorded more than $80 billion in decentralized exchange volume and more than $50 million in chain fees in its first quarter on mainnet, the company said.

Prediction markets were a growing line: event contracts revenue rose to $173 million, and the number of contracts traded rose more than sevenfold to 16.4 billion.

The wider business

Funded customers rose 7% to 28.7 million, total platform assets rose 19% to $396 billion, and net deposits were $15.7 billion in the quarter. Shares fell about 6% in after-hours trading, according to FX News Group.

Why it matters

Robinhood's results suggest retail activity is moving away from crypto toward other products such as prediction markets, even as total revenue reached a record: crypto revenue fell 55% while event contracts revenue grew. Coinbase, which reported two days later, also showed weaker trading activity than a year ago.

What it could mean for traders

Retail crypto volume on large brokerages is one gauge of speculative demand. Volume in the Robinhood app, the closer measure of retail activity, fell 48% from a year earlier, which points to a quieter retail crypto market in the third quarter, before the volatility of late October.