Key Takeaways:

• Robinhood posted $1.07B Q1 revenue, up 15%, but crypto revenue fell 47% to $134M.
• Robinhood assets jumped 39% to $307B, showing shift from crypto to equities/options.
• Robinhood expands Cortex AI and Ethereum L2 in 2026 to drive future growth.

Robinhood Markets Inc. delivered a steady start to 2026, reporting higher revenue and user growth despite a sharp drop in crypto trading activity that once powered its expansion.

The trading platform said first-quarter revenue rose 15% from a year earlier to $1.07 billion, while net income edged up 3% to $346 million. Diluted earnings per share came in at $0.38. Total platform assets surged 39% to $307 billion, supported by strong net deposits and rising equity valuations.

Yet the headline numbers masked a clear divergence across business lines. Revenue from crypto trading fell 47% to $134 million, reflecting weaker digital asset prices and lower retail activity during the quarter. Crypto notional trading volumes dropped sharply, particularly on the core app.

By contrast, Robinhood’s traditional trading businesses continued to gain ground. Transaction-based revenue rose 7% to $623 million, driven by strong growth in equities and options trading. Equities revenue jumped 46% to $82 million, while options brought in $260 million, up 8%. Event contracts, a newer offering, saw rapid adoption and contributed $147 million in revenue.

“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,” said Vlad Tenev, Chairman and CEO of Robinhood.

Net interest income also provided a meaningful boost, climbing 24% to $359 million as the company benefited from a larger base of interest-earning assets. Subscription revenue from Robinhood Gold rose 32% to $50 million, helping lift other revenue by 57%.

Customer activity remained robust. Net deposits reached $17.7 billion in the quarter, representing a 22% annualized growth rate. Funded accounts increased 6% to 27.4 million, while total investment accounts rose to 29.1 million. Average revenue per user grew 8% to $157.

The company continued to spend on expansion. Operating expenses climbed 18% year over year to $656 million, driven largely by marketing and growth initiatives. Adjusted EBITDA still rose 14% to $534 million, suggesting improved operating leverage.

Robinhood is also pushing to broaden its ecosystem beyond trading. The firm rolled out new products, including AI-driven tools under its Cortex platform, a social trading feature, and expanded banking and wealth offerings. Its premium Gold subscription reached 4.3 million users, up 36% from a year earlier.

“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,” said Shiv Verma, Chief Financial Officer of Robinhood.

International growth is becoming a focus. The company secured preliminary regulatory approval in Singapore and launched a test network for its Ethereum-based layer-2 blockchain, aimed at supporting tokenized assets.

In capital markets, Robinhood repurchased $250 million of shares during the quarter and refreshed its buyback authorization to $1.5 billion.

The results point to a company in transition. While crypto activity has cooled, Robinhood is leaning more heavily on equities trading, interest income, and new products to sustain growth. Whether those efforts can fully offset the volatility of digital assets will be closely watched in the quarters ahead.

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