Robinhood Q3 Revenue Misses Estimates Despite Crypto and Prediction Market Growth

Robinhood reported third-quarter revenue of $1.42 billion on Tuesday, missing Wall Street's roughly $1.43 billion estimate, with earnings of $0.51 per share falling short of the projected $0.55 and down from $0.61 a year ago. Net income fell 14% to $476 million from $556 million, dragged partly by a $67 million unrealized loss on Robinhood Ventures Fund I. Event contracts generated $173 million, up from $156 million in the second quarter, on a record 16.4 billion contracts traded — more than seven times the prior year. Crypto trading revenue rose to $120 million from $100 million sequentially but remained 55% below the $268 million earned a year earlier, as crypto volumes fell 38% to $50 billion. Adjusted earnings per share came to $0.60, down 3% year-over-year. Hours before the report, Robinhood announced a deal with Ripple to bring the RLUSD stablecoin to Robinhood Chain and Bitstamp. Shares closed Tuesday at about $94.61, down roughly 18% this year, and slipped after hours. The company narrowed its 2026 adjusted operating expense outlook to $2.675 billion to $2.75 billion.