ROBINHOOD MARKETS · NASDAQ: HOOD
Robinhood Markets (HOOD) Stock Research
Robinhood reported $1.424 billion of Q3 net revenues, but diluted EPS fell to $0.51. Options and event contracts grew while crypto and net interest revenue declined. The earnings question is how this changing product mix converts customer activity into durable shareholder returns.
- Latest financial period
- Q3 2026
- Latest filing
- Oct 28, 2026
- Research updated
- Oct 29, 2026
01
Reported evidence
Latest HOOD financial snapshot
Q3 2026 · filed Oct 28, 202602
Latest filing analysis
What changed in the latest reported period
Q3 2026 total net revenues rose 12% to $1.424 billion: $867 million transaction-based, $415 million net interest and $142 million other revenues.
Consolidated net income was $476 million; after $8 million attributable to non-controlling interests, Robinhood’s income was $468 million. Diluted EPS was $0.51. Adjusted EBITDA of $808 million is a separate non-GAAP measure.
Options revenue reached $399 million and event contracts $173 million, while cryptocurrency revenue fell 55% to $120 million. Product mix changed even as total revenue rose.
Net deposits were $15.7 billion, platform assets $396 billion and Gold subscribers 5.2 million. Customer assets and deposits are operating scale indicators, not Robinhood’s own revenue or freely available cash.
03
BasisPilot
Activity, monetization and the cost of expansion
Trading mix changed
Options revenue was $399 million and event contracts $173 million; crypto revenue was $120 million, down 55%. Different instruments have different unit economics and regulatory exposure, so transaction growth should be read by product.
Rate sensitivity
Net interest revenue declined 9% to $415 million. Asset balances, securities lending and short-term rates all matter; more platform assets do not mechanically mean higher interest revenue.
Shareholder income
Consolidated net income of $476 million includes $8 million for non-controlling interests. The $468 million attributable to Robinhood supports its common-share earnings calculation. Adjusted EBITDA is not the amount available to shareholders.
04
Revenue mix
How Robinhood Markets makes money
Transaction-based, net interest and other revenues sum to $1.424 billion. Options, crypto and event contracts are components of transaction-based revenue, not extra segments to add to these bars.
05
Cash flow and capital allocation
Customer funds, own liquidity and credit costs
Deposits are not corporate cash flow
Quarterly net deposits were $15.7 billion and platform assets $396 billion. These operating metrics cannot be treated as free cash flow or a corporate cash balance; customer claims and regulatory segregation matter.
Growth brings obligations
Operating expenses rose 16% to $739 million, including higher credit-loss provisions. The earnings benefit of new products depends on acquisition costs, funding economics and credit performance, as well as adoption.
06
Historical filings
HOOD earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q3 2026 | $1.4B | 11.8% | 0.51 | Oct 28, 2026 |
| Q2 2026 | $1.3B | 32% | 0.62 | Jul 30, 2026 |
07
Valuation context
What should a HOOD multiple reflect?
Use consistent GAAP earnings across trading and rate cycles. This page supplies no live price or target.
Normalize activity
Avoid applying peak activity or a new product’s annualized revenue run rate to every future quarter. Retention, recurring subscription economics and trading conditions affect sustainable earnings.
Include risk and dilution
Credit losses, compliance investment and stock compensation affect shareholder returns. EBITDA adjustments do not remove these economic considerations from valuation.
08
SEC 13F
Institutional ownership
09
BasisPilot Insights
Latest Robinhood Markets research
Peer comparisons: which businesses are comparable?
Sep 30, 2026
Robinhood’s Weekend Trading Push: Why 24/7 Stocks, AI Agents and Prediction Markets Could Change Retail Trading
Robinhood plans to offer 24-hour weekend trading in selected U.S. stocks and ETFs, pending regulatory approval. The company is also expanding AI agents, perpetual futures and earnings prediction contracts.
Sep 19, 2026Coinbase, Strategy and Robinhood Surge as Bitcoin Tops $81,000: What Drove the Rally?
Bitcoin jumped nearly 6% above $81,000 on September 18, lifting Coinbase, Strategy and Robinhood. Here is what drove the move and why new U.S. crypto rulemaking matters.
Sep 18, 2026SEC Opens the Door to Tokenized U.S. Stocks: What the Five-Year Exemption Means
The SEC granted a five-year conditional exemption for tokenized U.S. stock trading. Here is how the framework works, what it means for Coinbase and Robinhood, and what investors should watch next.
10
Decision support
HOOD: what could weaken the investment case?
Trading activity and crypto prices can fall, changing both revenue volume and product mix.
Event contracts and new markets face regulatory and execution uncertainty.
Credit losses, fraud, cybersecurity incidents and expansion costs can offset customer growth.
11
FAQ
HOOD investor questions
What did Robinhood report for Q3 2026?
For the quarter ended September 30, total net revenues were $1.424 billion and diluted EPS $0.51. The release was October 27 and the 10-Q October 28.
Which HOOD products drove revenue?
Options produced $399 million and event contracts $173 million of revenue. Crypto revenue fell 55% to $120 million; all are included in transaction-based revenue.
What profit belongs to Robinhood shareholders?
Consolidated net income was $476 million, including $8 million for non-controlling interests; net income attributable to Robinhood was $468 million.
Are HOOD deposits free cash flow?
No. Net deposits of $15.7 billion measure net customer asset transfers. They are not company operating cash flow, earnings or unrestricted cash.
Are HOOD 13F holdings real time?
No. They reflect reporting managers’ historical quarter-end positions with disclosure delays. Linked coverage is not all institutional ownership, current trading or historical acquisition cost.
Does this page give a live HOOD price or target?
No. It discusses business assumptions relevant to valuation. Research needs a dated market price, consistent earnings and appropriate risk assumptions.
How can the financial figures be checked?
Use the dated SEC quarterly report and issuer release below. Distinguish quarters from cumulative periods, GAAP from adjusted measures, and revenue from customer assets and forward guidance.
Are Robinhood’s platform assets its own cash?
No. Platform assets describe customer assets held or serviced. They are different from corporate cash, revenue and operating cash flow, and should not be added to shareholder value as freely spendable funds.
12
Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.