Robinhood shares slide as crypto revenue falls 55% and profit misses forecasts

As of 8:24 a.m. ET, Wednesday, Oct. 28, 2026

Robinhood Markets shares fell 8% in premarket trading Wednesday after a prolonged slump in cryptocurrency markets dragged the trading platform's third-quarter profit below Wall Street expectations, Reuters reported.

Revenue from cryptocurrencies fell 55% from a year earlier to $120 million, the company said in its earnings release Tuesday. Diluted earnings per share fell 16% to 51 cents, short of the 55 cents analysts expected, according to estimates compiled by LSEG, Reuters reported.

Record revenue, lower profit

Total net revenue rose 12% to a record $1.42 billion, Robinhood said. Transaction-based revenue climbed 19% to $867 million, led by event contracts revenue of $173 million, up more than sixfold, options revenue of $399 million, up 31%, and equities revenue of $121 million, up 41%. Net interest revenue fell 9% to $415 million.

Net income fell 14% to $476 million. The company said that figure included $67 million of unrealized losses, mainly tied to its Robinhood Ventures Fund I. Total operating expenses rose 16% to $739 million, which Robinhood attributed mainly to higher provisions for credit losses as its credit card loan book grows, costs tied to Trump Accounts and Rothera, and marketing.

Crypto notional trading volume fell 38% to $50 billion, the company said. Bitcoin has fallen nearly 28% over the past three months, Reuters reported, as shifting interest-rate expectations, outflows from bitcoin exchange-traded funds and bouts of risk aversion weighed on crypto markets.

What the company and analysts said

"Customers are trusting us with more of their assets as we deliver on our product roadmap, leading to our highest quarter ever for revenues," Chief Financial Officer Shiv Verma said in the release. He said October net deposits had topped $13 billion month-to-date, including $6 billion from the Dell family's contribution to Trump Accounts.

Net deposits for the quarter were $15.7 billion, funded customers rose 7% to 28.7 million, and Robinhood Gold subscribers rose 34% to 5.2 million, the company said. Total platform assets rose 19% to $396 billion.

Some analysts remain upbeat. "We see Robinhood's legacy brokerage business continuing to perform well in what we see as a near-perfect environment for retail traders," J.P. Morgan analyst Kenneth Worthington wrote in a note, according to Reuters.

Robinhood narrowed its 2026 outlook for adjusted operating expenses and share-based compensation to $2.675 billion to $2.75 billion, lowering the top end by $25 million.