Robinhood Q1 revenue $1.07B; crypto revenue falls 47%

Robinhood Markets Inc. reported $1.07 billion in revenue for the first quarter of 2026, a 15% increase from a year earlier. Revenue from crypto trading fell 47% to $134 million. Total platform assets rose 39% to $307 billion, supported by stronger deposits and higher equity valuations.

Net income was $346 million, up 3%, and diluted earnings per share were $0.38. Transaction-based revenue increased 7% to $623 million, aided by gains in equities and options trading. Equities revenue climbed 46% to $82 million and options revenue rose 8% to $260 million. Event contracts generated $147 million in revenue. Net interest income grew 24% to $359 million as the company benefited from a larger base of interest-earning assets.

Robinhood said crypto trading volumes dropped sharply on its core app. The company cited lower digital-asset prices and reduced retail activity as key reasons for the decline in crypto revenue.

Customer metrics showed growth during the quarter. Net deposits were $17.7 billion, representing a 22% annualized growth rate. Funded accounts rose 6% to 27.4 million, and total investment accounts reached 29.1 million. Average revenue per user increased 8% to $157.

Subscription revenue from Robinhood Gold rose 32% to $50 million and premium subscribers reached 4.3 million, up 36% year over year. Other revenue categories grew 57%. Adjusted EBITDA was $534 million, a 14% increase.

Operating expenses totaled $656 million, an 18% increase year over year, driven largely by marketing and growth initiatives. The company repurchased $250 million of its shares during the quarter and refreshed its buyback authorization to $1.5 billion.

Product and international developments included AI-driven features under the Cortex platform, a social trading feature, expanded banking and wealth products, preliminary regulatory approval in Singapore, and a test network for an Ethereum-based layer-2 blockchain intended to support tokenized assets. Robinhood said it plans to expand Cortex and its Ethereum L2 efforts in 2026.

Vlad Tenev, chairman and CEO, said, “Driven by our relentless product velocity and innovation, Robinhood is increasingly positioned at the center of our customers’ financial lives, just as we enter the early innings of the Great Wealth Transfer.” Shiv Verma, chief financial officer, added, “In Q1, customers remained engaged and rapidly adopted new products. We believe there are massive opportunities ahead as we invest for the long term, ship products faster than ever to customers, and deliver value for shareholders.”