Robinhood crypto revenue falls 55% in third quarter as event contracts grow

Crypto declines during a quarter of revenue growth

Robinhood published its results on October 27, 2026, for the third quarter ended September 30. Cryptocurrency revenue reached $120 million, down 55% from a year earlier. Event contracts, by contrast, generated $173 million, more than six times the prior-year level. These opposing trends describe the composition of the broker’s revenue; they do not mean that all of its businesses are growing at the same pace.

Total net revenue reached $1.42 billion, up 12%. Transaction-based revenue was $867 million, an increase of 19%. Options contributed $399 million, up 31%, and equities $121 million, up 41%. Growth in those businesses therefore offset declining crypto receipts within this category. The figures concern quarterly revenue, rather than earnings attributable to each individual segment.

Trading volumes differ across platforms

Crypto notional trading volume totaled $50 billion, down 38% year over year. Robinhood reported $21 billion on its app, down 48%, and $29 billion at Bitstamp, down 28%. Adding those volumes reproduces the reported total, but does not make the customer bases or commercial terms identical. Notional trading volume should also not be confused with the revenue retained by the broker from each transaction.

Event contracts reached a record 16.4 billion contracts traded, more than seven times the prior-year level. This contract count and the associated $173 million of revenue are different metrics with different units. Their growth shows the activity’s increasing weight in the published results. It does not establish that these instruments carry the same risk profile or operate under the same framework as a cryptocurrency purchase.

Lower earnings despite higher revenue

Group net income fell 14% to $476 million. Diluted earnings per share declined 16% to $0.51. Robinhood said earnings included $67 million of unrealized losses, primarily related to the valuation of Robinhood Ventures Fund I. Operating expenses also increased 16% to $739 million. Higher revenue therefore did not translate into a corresponding increase in earnings over the period.

The group also reported 28.7 million funded customers and 5.2 million Gold subscribers. Those metrics cover the whole platform, rather than its crypto users alone. The results describe a more diversified broker whose revenue mix is changing, but which remains exposed to variations in activity across products. They should be read separately from recent commercial announcements: the quarterly release does not establish that a new partnership alone explains performance during a period that ended in September.