Robinhood Markets (HOOD) Q3 2026 earnings summary

Executive summary

• Q3 net revenue reached a record $1.424B, up 12% YoY; Adjusted EBITDA was a record $808M, while GAAP net income was $476M.

• Total Platform Assets rose 19% YoY to $395.9B; Funded Customers reached a record 28.7M.

• Q3 net deposits were $15.7B; October deposits exceeded $13B, and trailing-12-month deposits reached $71B.

• Growth in customer assets and trading revenue was partly offset by lower net interest revenue and lower crypto valuations.

Financial highlights

• Total net revenue was $1.424B, up 12% YoY and 9% QoQ; annualized ARPU was $200.

• GAAP net income was $476M, down 14% YoY; diluted EPS was $0.51 and Adjusted EPS was $0.60.

• Adjusted EBITDA was $808M, up 9% YoY, with a 57% margin; LTM Adjusted EBITDA was $2.8B at a 56% margin.

• Adjusted Operating Expenses and SBC were $664M, up 8% YoY; total operating expenses were $739M, up 16% YoY.

• Nine-month revenue rose 19% to $3.799B; net income attributable to Robinhood was $1.379B, versus $1.278B in 9M 2025.

Outlook and guidance

• FY 2026 Adjusted Operating Expenses and SBC outlook narrowed to $2.675B–$2.75B; the prior range’s top end fell $25M and midpoint $13M.

• October net deposits exceeded $13B month-to-date, including $6B for Trump Accounts.

• October equities, options and crypto average daily volumes were within 5% of Q3 records; event-contract ADV was up ~10% from Q3.

• Q4 growth spending includes Trump Accounts, credit cards and initiatives advanced from annual planning; FY Trump Accounts investment remains near $100M.