Robinhood Q3 revenue grew 12% YoY to $1.42B, but crypto revenue declined 55% to $120M as traditional trading (options, event contracts) drove growth.
Macro & Markets ·
Robinhood's third-quarter results revealed a divergence between its core and digital-asset businesses. Overall revenue reached $1.42 billion, representing 12% growth year-over-year, but cryptocurrency income contracted sharply, falling 55% to $120 million. The company added 28.7 million funded customers, a 7% increase, and expanded internationally with crypto trading launches in the UK and regulatory approval in Dubai ahead of a planned 2027 rollout. CryptoPotato reports that platform assets climbed to $396 billion.
Traditional trading segments offset the crypto decline. Transaction-based revenue grew 19% to $867 million, buoyed by event contracts which surged sixfold to generate $173 million. Options trading revenue jumped 31% to $399 million, while equities revenue climbed 41% to $121 million. However, crypto trading volume on Robinhood's main app tumbled 48% year-over-year to $21 billion, and affiliated Bitstamp volume fell 28% to $29 billion.
The platform's net income reached $476 million, though 14% below the prior-year quarter, pressured by elevated operating expenses that rose 16% to $739 million and a 9% decline in net interest revenue to $415 million. Management narrowed its 2026 operating expense guidance downward by $25 million. Key questions remain regarding the sustainability of non-crypto revenue growth and whether crypto income stabilization depends on market conditions or structural platform changes.