Robinhood (HOOD) Q3 2026 Earnings Report

The call was strongly positive, with record revenue, adjusted EBITDA, platform assets, net deposits and trading volumes, broad product expansion, increasing Gold adoption, early Robinhood Chain traction and continued international growth. The main challenges were modestly lighter early-Q4 trading volumes, tighter spreads and lower take-rate dynamics, quarter-to-quarter variability in net deposits and monthly activity, staged product rollouts, and regulatory uncertainty around U.S. tokenization. Management remained confident in customer engagement, product momentum and long-term expansion.

Management expects full year adjusted OpEx in SBC to be between $2.675 billion and $2.75 billion, with the top end lowered by $25 million and the midpoint $13 million lower versus prior outlook; Trump accounts are expected to represent about $100 million investment for the full year. Net deposits have already surpassed the 20% annualized growth target, reaching over $13 billion in October and over $68 billion year-to-date, while Q4 average daily volumes for equities, options and cryptos are about 5% lighter relative to the really strong Q3 and event contract ADVs are up about 10%; in a normalized environment, Robinhood expects to monetize Robinhood Chain at probably a couple of basis points on notional values, and each 25 basis point hike or decline is expected to produce about a 1.5% change to revenue. Over the long run, management’s vision is that more than half of the business should be outside the U.S. and more than half should be institutional; no 2027 expense guidance was provided, with the company saying it will share the full plan in January and February.