Robinhood set a quarterly revenue record in Q3 2026, even as crypto revenue fell sharply from a year earlier. Options, equities and event contracts lifted revenue, but net income declined. Crypto revenue rebounded from Q2, though it remained well below its year-earlier level.
- Net revenue reached $1.424 billion, up 12% year-on-year.
- Net income fell 14% to $476 million.
- Crypto revenue dropped 55% year-on-year to $120 million, but rose from Q2.
- Event contracts generated a reported $173 million, though their legal status and commercial durability remain open questions.
Record revenue, lower net income
Robinhood reported Q3 net revenue of $1.424 billion, up 12% from a year earlier and 9% from Q2, according to its results release. Transaction-based revenue, the portion tied to customer trading activity, rose 19% year-on-year to $867 million.
Net income went the other way, falling 14% to $476 million. Robinhood also reported $415 million in net interest revenue for the quarter, down 9% year-on-year. Net income attributable to Robinhood was $468 million, down 16%.
Several factors weighed on profit. Robinhood reported operating expenses of $739 million, up 16% year-on-year, and an income-tax provision of $149 million, up 91%. Other income and expense swung to a $60 million net expense from a $1 million expense a year earlier. Income before tax was $625 million, down 1%.
Yahoo reported a $67 million unrealized loss tied to the mark-to-market valuation of Robinhood Ventures Fund I. That figure does not fully explain the profit decline. Robinhood’s reported $60 million net other expense and the $67 million valuation loss are different measures, and the figures provided do not directly reconcile them.
Revenue is what a company brings in before costs and other items. Net income is what remains afterward. A record top line offers no protection from rising expenses, taxes or investment losses.
Crypto improved from Q2, but remained weak year-on-year
Robinhood’s crypto revenue was $120 million in Q3, down 55% year-on-year, according to Yahoo. The quarter-to-quarter comparison was better: revenue rose 20% from Q2’s $100 million. Both comparisons matter. The annual decline was steep, while the increase from Q2 points to a partial rebound after a weaker quarter.
Robinhood and Bitstamp together recorded about $50 billion in crypto notional trading volume, down 38% year-on-year, Yahoo reported. The total included roughly $21 billion on the Robinhood app and $29 billion at Bitstamp. Notional volume is the stated value of trades, not the revenue earned from them. The combined figure also does not represent Robinhood app activity alone.
Robinhood Chain, the company’s Ethereum-compatible layer-2 network, could become another source of crypto-related business. Yahoo reported that the network’s debut quarter produced more than $80 billion in decentralized-exchange (DEX) trading volume and more than $50 million in chain fees. CFO Shiv Verma put Robinhood’s net take at about $25 million.
These figures measure different things. DEX volume is the value traded, fees are charges generated by network activity, and net take is the portion Robinhood retains. The reported activity is substantial, but one quarter does not show whether demand or the resulting revenue will last. Robinhood’s results release, as supplied, does not independently detail the Chain metrics or explain their methodology.
Event contracts outpace crypto revenue
Event contracts, yes-or-no contracts tied to whether an event occurs, generated $173 million in Q3, according to Yahoo. That was more than Robinhood’s crypto revenue for the quarter. The figure shows how important prediction markets are becoming to the company’s trading business, but it does not tell us how profitable or durable that activity is.
Robinhood’s own announcement about its Crypto.com partnership said customers traded 13.6 billion event contracts in Q2 and more than 45 billion since the product launched roughly two years earlier. The company said more than 30 billion of those contracts had been traded during the year through the end of August. These are company-reported contract counts, not Q3 totals, revenue figures or counts of unique customers.
The announcement said Robinhood would keep routing contracts to Kalshi, ForecastEX and Rothera, while also routing selected football contracts to OG.com. Robinhood described the exchange and clearinghouse involved in the arrangement as CFTC-regulated. That distinction matters: a trading app or brand is not necessarily the same legal entity as the regulated exchange or clearinghouse. Robinhood’s announcement does not establish that OG.com itself holds a designated contract market permit.
Sports-related event contracts also raise questions about how federal commodities rules interact with state gambling laws. The available information does not show how those disputes will be resolved or when. Treating the legal status of every product or venue as settled would go beyond the evidence.
Contract counts show activity, but not necessarily sustained customer demand, healthy margins or lasting profitability. Prediction markets could become a meaningful business for Robinhood. Scale alone, though, does not prove the model will last.
Key questions and takeaways
-
How much revenue did Robinhood report in Q3 2026?
Net revenue was $1.424 billion, up 12% year-on-year and 9% from Q2.
-
Why did net income fall despite record revenue?
Net income declined 14% to $476 million amid higher operating expenses, a larger tax provision and a swing in other income and expense. Yahoo also reported an unrealized investment loss, but the available figures do not support attributing the decline to that item alone.
-
Is Robinhood’s crypto business recovering?
Crypto revenue rose 20% from Q2’s $100 million to $120 million, but remained 55% below its year-earlier level.
-
Does crypto trading volume equal Robinhood revenue?
No. Notional volume measures the stated value of trades. Revenue depends on what the company earns from that activity and which products customers use.
-
Are prediction markets a proven long-term growth engine?
Reported revenue and contract counts show meaningful activity, but leave open questions about profitability, sustained demand and regulation.
Robinhood’s results show a broader business bringing in record revenue while crypto remains far below its year-earlier level. Options, equities and event contracts are helping fill the gap, but the difference between fast-growing activity and durable earnings still matters.
