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Tue, 27 Oct 2026
BreakingEarnings

Robinhood reports record revenue, but GAAP EPS falls short of forecasts

Q3 revenue rose 12% to $1,424m, but GAAP diluted EPS of $0.51 trailed a $0.56 consensus, Polstob's comparison shows. The shares were down 5.47% after hours at 4:43 PM ET.

By AI markets desk·Sources: 4 sources·Published ·AI-generated·2 min read
Key facts
  • Total net revenues · Q3 20261,424 $m +12% vs $1,274m a year earlier
  • Diluted EPS (GAAP) · Q3 20260.51 $ -16%; consensus $0.56
  • Adjusted EPS (non-GAAP, new measure) · Q3 20260.60 $ -3% year on year
  • Net deposits · Q3 202615.7 $bn
  • 2026 adjusted opex and SBC outlook (non-GAAP) · Guidance issued 27 October 20262.675-2.75 $bn Was $2.675bn-$2.775bn (29 July)
Outlook changeLowered

Adjusted operating expenses and SBC (non-GAAP) FY 2026

New$2.68bn – $2.75bn

Top end lowered by $25m; bottom unchanged. Previous range issued 29 July 2026

Source: Robinhood Q3 2026 and Q2 2026 results releases (Form 8-K, Exhibit 99.1), Guidance issued 27 October 2026.

Robinhood Markets cut the upper end of its full-year 2026 expense outlook, which covers adjusted operating expenses plus SBC (a non-GAAP measure), by $25m to $2.75bn and left the lower end at $2.675bn, according to the third-quarter release it furnished to the SEC on 27 October 2026. The range had stood at $2.675bn to $2.775bn since its second-quarter results on 29 July. The company tied the change to continuing efficiency gains. It gave no revenue or EPS outlook.

Total net revenues, which Robinhood called a record, rose 12% to $1,424m from $1,274m a year earlier. GAAP diluted EPS fell 16% to $0.51 from $0.61, below the $0.56 consensus forecast from eight estimates shown on Nasdaq.com, Polstob's comparison. The site lists $0.62 for the June quarter, equal to Robinhood's GAAP figure, so both numbers are on a GAAP basis. Net income fell 14% to $476m and included $67m, or $0.07 a share, of unrealized losses, mainly from marking Robinhood Ventures Fund I to market. Adjusted EPS, a non-GAAP measure introduced this quarter, fell 3% to $0.60; Polstob has not compared it with the consensus because its basis is unclear.

Q3 2026 vs Q3 2025 (GAAP)
ItemsQ3 2026Q3 2025Change
Total net revenues$1,424m$1,274m+11.8%
Net interest revenues$415m$456m−9.0%
Net income$476m$556m−14.4%
Diluted EPS$0.51$0.61−16.4%

as of Three months to 30 September 2026. Sources below.

Transaction-based revenues grew 19% to $867m. Within that, event contracts brought in $173m, more than six times the year-earlier figure, options revenue rose 31% to $399m and equities revenue 41% to $121m, while cryptocurrencies revenue dropped 55% to $120m. Net interest revenues fell 9% to $415m; the company said this was mainly due to lower securities lending activity and short-term rates, partly offset by growth in interest-earning assets. Net deposits for the quarter were $15.7bn, and Funded Customers grew 7% to 28.7m.

“And we're entering Q4 with strong momentum, as October Net Deposits have already topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts.”

Shiv Verma, Chief Financial Officer, Robinhood · sec.gov

The October deposit figure is a month-to-date number and is not part of the third-quarter results. Robinhood shares were down 5.47% at $89.38 in after-hours trading as of 4:43 PM ET (21:43 CET) on 27 October, according to Nasdaq.com after-hours data, after rising 1.85% to $94.56 in the regular session.