Q1 26 EPS
$0.38
Q1 26 Revenue
$1.07B
MISS 6.07%
Est. $1.14B
vs S&P Since Q1 26
-2.3%
TRAILING MARKET
HOOD -1.0% vs S&P +1.3%
Market Reaction
Did HOOD Beat Earnings? Q1 2026 Results
Robinhood delivered a mixed first quarter for 2026, falling short on both the top and bottom lines as a sharp crypto revenue reversal weighed on results. The company posted revenue of $1.07 billion, missing the $1.14 billion consensus by 6.07%, while… Read more Robinhood delivered a mixed first quarter for 2026, falling short on both the top and bottom lines as a sharp crypto revenue reversal weighed on results. The company posted revenue of $1.07 billion, missing the $1.14 billion consensus by 6.07%, while earnings per share of $0.38 trailed the $0.39 estimate by 1.99%, snapping a four-consecutive-quarter streak of EPS beats. The headline miss largely reflected a 47% year-over-year collapse in cryptocurrency revenue to $134 million, a hangover from the prior year's trading boom, which overshadowed genuine strength elsewhere; transaction-based revenues still grew 7% to $623 million, propelled by a 320% surge in event contracts and a 46% jump in equities revenue. Net interest revenues climbed 24% to $359 million as the margin book nearly doubled to $17 billion. Looking ahead, Robinhood raised its 2026 adjusted operating expense outlook by $100 million to a range of $2.70 billion to $2.83 billion, reflecting investment in Trump Account infrastructure, though the company noted April trading volumes and net deposits point to a solid start for the second quarter.
Key Takeaways
- • Double-digit YoY growth in equity and options volumes
- • Record volumes for Prediction Markets, Futures, Index Options, Shorting, and Margin
- • Event contracts traded reached record 8.8 billion
- • Net Deposits of $17.7 billion representing 22% annualized growth rate
- • Robinhood Gold subscribers grew 36% YoY to record 4.3 million
- • Margin Book grew 93% YoY to record $17.0 billion
- • Equity Notional Trading Volumes increased 54% YoY to $638 billion
- • ARPU increased 8% YoY to $157
HOOD Forward Guidance & Outlook
Robinhood updated its 2026 Adjusted Operating Expenses and SBC outlook to $2.7 billion to $2.825 billion, an increase of $100 million from the prior guidance of $2.6 billion to $2.725 billion, to reflect additional investment in building and supporting Trump Accounts infrastructure. The Trump Accounts work is contracted on a cost-plus basis with a small margin, so revenues are expected to exceed costs. CFO Shiv Verma noted Q2 is off to a good start in April, with equity and option trading volumes on track to be the highest month of the year, and net deposits approximately $5 billion month-to-date despite tax season.
HOOD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
HOOD Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Vlad Tenev, Q1 2026 Earnings Press Release
HOOD Earnings Trends
HOOD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
HOOD EPS Trend
Earnings per share: estimate vs actual
HOOD Revenue Trend
Quarterly revenue: estimate vs actual
HOOD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.38 | — | $1.07B | -6.07% |
| Q4 25 BEAT FY | $0.59 | $0.66 | +12.36% | $1.28B | — |
| FY Full Year | $2.04 | $2.05 | +0.53% | $4.47B | -1.23% |
| Q3 25 BEAT | $0.54 | $0.61 | +12.07% | $1.27B | +4.84% |
| Q2 25 BEAT | $0.35 | $0.42 | +18.88% | $989.0M | +8.29% |
| Q1 25 BEAT | $0.37 | $0.37 | +0.19% | $927.0M | +1.07% |