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Robinhood Markets, Inc. reported first-quarter 2026 revenue of $1.07 billion, up 15% from a year earlier. However, crypto activity declined sharply, weighing on results.
Crypto revenue fell 47% year over year to $134 million from $252 million. Crypto notional trading volume on the app fell 48% to $24 billion. The decline was the weakest performance across Robinhood’s trading lines.
The company missed Wall Street estimates as adjusted earnings per share came in at $0.38 versus a $0.39 estimate. Revenue also missed expectations of $1.14 billion, and shares fell about 8% in after-hours trading after the release.
Crypto Pullback Hit a Key Revenue Driver
Robinhood has long benefited from retail crypto trading, especially during strong price moves. In Q1, that tailwind reversed. Management pointed to a broader shift away from relying on crypto cycles.
CEO Vlad Tenev said the company wants to focus more on using crypto rails as financial infrastructure rather than discussing the price of Bitcoin.
The timing matches a weak first quarter for digital assets, with Bitcoin and the wider crypto market dropping significantly in Q1, reducing retail trading demand. Lower price volatility often leads to fewer trades, which directly cuts transaction revenue for broker platforms.
Other Trading Segments Carried Growth
Even with crypto down, transaction-based revenue still rose 7% to $623 million. Options revenue increased 8% to $260 million, and equities revenue jumped 46% to $82 million.
The strongest growth came from newer products. Other transaction revenue, driven mainly by prediction and event contracts, rose 320% to $147 million. Robinhood said users traded a record 8.8 billion event contracts in the quarter.
CFO Shiv Verma said customer activity remained strong and added that April equity and options trading volumes are on pace to be the highest monthly levels of the year so far. He also said April net deposits were about $5 billion month-to-date.
Assets, Deposits, and Subscriptions Rose
Total platform assets reached $307 billion, up 39% from last year. Net deposits were $17.7 billion, equal to a 22% annualized growth rate. Funded customers rose 6% to 27.4 million.
Net interest revenue increased 24% to $359 million, showing Robinhood continues to benefit from cash balances and lending activity.
Robinhood Gold revenue rose 32% to $50 million. Gold subscribers hit a record 4.3 million, up 36% year over year. The margin book reached a record $17 billion, up 93%.
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