HOOD Q3 2026 Earnings Analysis
Robinhood delivered record Q3 revenue of $1.4B (+12% YoY) and adjusted EBITDA of $808M (+9% YoY), with platform assets of nearly $400B and strong growth in equities, options, and emerging products.
Key Metrics
Key Takeaways
- Record $1.4B revenue (+12% YoY) and $808M adjusted EBITDA (+9% YoY) powered by equities, options, crypto growth.
- Robinhood Gold reached 5 million subscribers (+30% YoY) with 40% adoption among new customers in Q3.
- Robinhood Chain achieved $100B DEX volume and $50M in chain fees since July 1 launch.
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Transcript
// Full episode scriptWelcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex.
And I'm Jordan. Today we're diving into Robinhood's Q3 2026 results, and Alex, there is a LOT to unpack here.
There really is. But before we jump in — quick disclaimer. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.
Good, now let's get into it. Robinhood had a record quarter — that's the headline.
Record revenue of $1.4 billion, up 12% year-over-year. Record adjusted EBITDA of $808 million, up 9%. And adjusted EBITDA margin sitting at a healthy 57%.
And here's the number that really jumps out to me — net deposits. $16 billion in Q3, but zoom out: they've already blown past their 20% annual net deposit growth target with two months still left in the year. Year-to-date deposits are over $68 billion.
And a big chunk of October's deposits — $6 billion of the $13 billion they brought in that month — came from the Dell Foundation's gift into Trump accounts. Which, by the way, is a wild storyline on its own.
Let's talk about that, because Trump accounts hit a major milestone this quarter — auto-enrollment. The U.S. Treasury opened accounts for basically all 70 million eligible children under 18, and 25 million of them already have $250 seeded in thanks to the Dell Foundation.
Vlad Tenev was pretty bullish about this becoming, in his words, "the default vehicle for philanthropic giving" in the country. If that thesis plays out, you've got a whole new deposit funnel that didn't exist a year ago.
It's a sticky, long-duration asset base too — these are accounts for kids, so the money isn't going anywhere for years. That's the kind of thing that compounds quietly in the background.
Let's hit the other big strategic news. Robinhood Chain — their blockchain — launched its Mainnet back on July 1st, and in its very first quarter, it's already a top-5 chain by volume and revenue. Over $100 billion in decentralized exchange volume and $50 million in chain fees.
And DeFi perpetuals on the chain have been seeing over $1 billion a day in volume recently. Shiv Verma did caution investors not to get too far ahead on monetization — on a net basis after revenue sharing with Arbitrum, it's about $25 million, annualizing to roughly $100 million. They're not even calling it a "cylinder" yet — that's their term for a $100 million-plus annualized revenue product line. They want to let it bake.
Speaking of cylinders, they're now up to 14 products generating $100 million or more in annualized revenue. And the new one this quarter is Rothera, their prediction markets exchange, which hit that mark in literally its first full quarter.
Prediction markets is clearly where Robinhood wants to be a category leader. They also announced a partnership with crypto.com and og.com for secondary liquidity — and in a clever structuring move, Robinhood got an initial 1% equity stake in both companies with no cash outlay, and a path to earn up to 10% ownership over time.
So they're not just routing order flow anymore, they're becoming an owner in the venues they're sending business to. Shiv was clear there's no conflict of interest since products aren't interchangeable across exchanges — but it's a nice little equity upside for shareholders.
Now let's talk Gold, because this is the subscription engine. Five million Gold subscribers now, up over 30% year-over-year. That's an 18% adoption rate across their whole customer base, but 40% among customers who joined this quarter — meaning new users are converting to paid membership at a much higher clip than legacy users.
And the live demo moment of the call — Vlad actually demoed a new peer-to-peer payments feature live, sending $5 to an IR team member. The twist: the recipient can accept the money via Apple Pay or Google Pay without even having a Robinhood account.
That's a classic viral growth mechanic — no friction for the recipient, but it plants a seed to upsell them into Robinhood Banking later. Speaking of banking, there was a striking data point: Robinhood Banking became the number-one withdrawal destination for Robinhood brokerage customers this quarter — even before general availability.
On the guidance side, Robinhood actually lowered the top end of its full-year adjusted operating expense outlook by $25 million, now guiding to $2.675 to $2.75 billion. So even while investing heavily — Trump accounts, credit card scaling, new product bets — they're staying disciplined.
A few analyst questions worth flagging. One analyst pushed on take rates coming in lighter than expected — Shiv attributed that mostly to mix shifts, like growth in their lower-margin stablecoin product, Robinhood Earn, and some new dynamic pricing on prediction markets that actually lowered costs for customers in exchange for Gold perks.
Another analyst asked about monthly active users, which have been roughly flat in that 13-14 million range. Shiv's response was essentially: we don't manage to that metric, we manage to deposits and engagement, and MAU is just an output that'll move around with the market.
So, what does this all mean going forward? The core brokerage business — equities, options, crypto, margin — is gaining market share across the board, double digits year-over-year. But the real story is diversification: Chain, prediction markets, banking, Trump accounts are all becoming meaningful growth vectors beyond pure trading.
And management's framing is clear — they see this as a long-term compounding machine, targeting international expansion, new asset classes like perpetual futures and 24/7 equity trading, and continued wallet-share gains through banking and credit.
Before we wrap — everything discussed is AI-generated analysis for educational purposes. Past performance doesn't guarantee future results. Please do your own due diligence.
Robinhood's clearly in expansion mode on multiple fronts at once — global, product, and asset class. Whether that pace of execution continues into Q4 and beyond is what we'll be watching closely.
Thanks for tuning into Beta Finch — we'll catch you next time for another earnings breakdown.
See you then.