𝐑𝐨𝐛𝐢𝐧𝐡𝐨𝐨𝐝: 𝐑𝐞𝐜𝐨𝐫𝐝 𝐐𝟑 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐢𝐬𝐬𝐞𝐬 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞𝐬, 𝐂𝐫𝐲𝐩𝐭𝐨 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐏𝐥𝐮𝐧𝐠𝐞𝐬 𝟓𝟓% 𝐚𝐬

$HOOD (-1%)

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📊 𝐑𝐞𝐬𝐮𝐥𝐭𝐬

• Adj. EPS: $0.60 (Est. $0.64) ❌, -3% YoY.

• Revenue: $1.42B (Est. $1.43B) ❌, +12% YoY.

• GAAP EPS: $0.51, -16% YoY.

• Net Income: $476M, -14% YoY.

• Adj. EBITDA: $808M, +9% YoY.

• Transaction Revenue: $867M, +19% YoY.

• Crypto Revenue: $120M, -55% YoY.

• Options Revenue: $399M, +31% YoY.

• Equities Revenue: $121M, +41% YoY.

• Net Interest Revenue: $415M, -9% YoY.

• Platform Assets: $396B, +19% YoY.

• Funded Customers: 28.7M, +7% YoY.

• Gold Subscribers: 5.2M, +34% YoY.

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🎯 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

• FY2026 Adj. Operating Expenses & SBC: $2.675B–$2.75B, upper end lowered from $2.775B.

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📌 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

• Q3 Adj. EPS missed consensus by ~6.3%, while revenue fell ~0.7% below estimates.

• Record revenue of $1.42B was driven by strong options, equities and prediction market activity.

• Crypto revenue plunged 55% YoY to $120M, partially offsetting growth in other transaction businesses.

• Event contracts generated $173M in revenue, up more than 6x YoY, with 16.4B contracts traded.

• Robinhood Gold subscribers surged 34% to 5.2M, while customer assets reached $396B.

• Net deposits totaled $15.7B in Q3 and exceeded $13B in October month-to-date.

• Earnings included $67M in unrealized investment losses, primarily related to Robinhood Ventures Fund I.

• Robinhood introduced 24/7 trading for select U.S. equities and reported 200K agentic trading accounts with over $1.6B in notional volume.

• Robinhood Chain generated over $80B in DEX volume and $50M in chain fees during its first mainnet quarter.

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💬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

“Customers are trusting us with more of their assets as we deliver on our product roadmap, leading to our highest quarter ever for revenues.”