Robinhood Markets reported its highest revenue quarter ever on Tuesday, with third-quarter net revenue climbing 12% year on year to $1.42 billion. Profit, however, moved in the opposite direction: net income fell 14% to $476 million, and diluted earnings per share dropped to 51 cents from 61 cents a year earlier.
The results included $67 million in unrealized losses, mainly from a lower valuation of the company's investment in Robinhood Ventures Fund I, which cut 7 cents from diluted earnings per share. Excluding those losses and other non-operating items, Robinhood reported adjusted earnings of 60 cents per share. Chief executive Vlad Tenev said customers entrusting the company with more of their assets had driven "the highest revenue quarter of all time."
Prediction markets and options carry the quarter
Transaction-based revenue rose 19% to $867 million, powered by strength almost everywhere except crypto. Options revenue jumped 31% to $399 million, equities revenue climbed 41% to $121 million, and event-contract revenue reached $173 million — more than six times its year-earlier level — as customers used prediction markets to take views on crypto price moves while spot trading slumped.
Trading volumes told the same story. Nominal equities volume hit a record $992 billion, up 53%, and options contracts reached a record 905 million, up 48%. Crypto told the opposite tale: revenue fell 55% to $120 million and notional trading volume dropped 38% to $49.8 billion. For the first time in a while, equities revenue edged out crypto revenue — by just $1 million.
Fourteen nine-figure businesses — and a chain of its own
Robinhood now counts 14 separate business lines each generating more than $100 million in annualized revenue, up from 11 at the end of 2025 and 13 last quarter. The newest member is Rothera, its prediction-markets and exchange joint venture with Susquehanna, which crossed the threshold in its first full quarter and has already facilitated more than 6.4 billion contracts traded.
The company's own blockchain is also starting to contribute. Robinhood Chain, an Ethereum-compatible Layer 2 network built on Arbitrum technology, generated more than $80 billion in decentralized-exchange trading volume and more than $50 million in chain fees during its first quarter on mainnet, with $26 million in net revenue attributed to the network. Elsewhere, Robinhood Gold reached a record 5.2 million subscribers, other revenue rose 61% to $142 million on Trump Account services and Gold subscriptions, and funded customers grew to 28.7 million.
Shares slip after hours despite the record
Investors gave the record quarter a cool reception. Robinhood shares closed the regular session up 1.85% at $94.56, then fell about 4.6% in extended trading to around $90.22, as the profit decline and the crypto slowdown overshadowed the revenue milestone. The company also said it is not providing a 2026 outlook for total operating expenses, leaving investors to judge the next leg of its diversification push on the numbers alone.
