Robinhood: Crypto revenue falls 55% despite record turnover

Robinhood had a record revenue of $1.42 billion in the third quarter of 2026. Yet its crypto revenue fell 55%, to $120 million. To compensate for this decline, the broker now relies more on options and event contracts.

Derivatives take over

The third quarter was however marked by a rebound in the crypto market, with an increase of 39.6% and a slowdown in exchanges. Despite this context, Robinhood’s crypto earnings fell to $120 million, from a level almost twice as high a year earlier. At the same time, the group’s transactional revenues increased by 19%, to 867 million.

Other activities largely compensated for this decline. Event contracts generated $173 million, more than six times last year’s level. For their part, options brought in 399 million (+31%) and stocks, 121 million (+41%).

However, this growth has not translated into higher profits. Net income fell 14% to $476 million, while diluted earnings per share fell 16% to $0.51. Robinhood explains this result in particular by $67 million in unrealized losses on its Robinhood Ventures Fund I fund.

Robinhood Chain, crypto relies on infrastructure

The drop in revenue from crypto trading does not summarize all of the group’s activity. Robinhood Chainits Layer 2 network built on Arbitrum technology, saw over $80 billion in decentralized exchange volume and over $50 million in network fees in its first quarter on mainnet.

According to the company, this performance places the network among the top five in revenue and volume. Launched this summer, this infrastructure therefore represents another axis of development.

At the same time, Robinhood continues its international expansion. The platform opened crypto trading in the United Kingdom and obtained authorization from the Dubai Financial Services Authority, covering ten asset classes, with a view to deployment in 2027. It also formed a partnership with Ripple around the stablecoin RLUSD.

The new revenue machine

Robinhood also relies on prediction markets. Bets on the price of bitcoin have also propelled Kalshi and Polymarket to a record. Its Rothera joint venture, created with Susquehanna International Group, exceeded $100 million in annualized revenue in its first full quarter, with more than 6.4 billion contracts traded.

At the same time, Trump accounts have made it possible to open nearly 70 million accounts for children, 25 million of whom already have $250 invested thanks to the Dell’s $6.25 billion donation.

Finally, agent trading accounts generated over $1.6 billion in notional volume. Robinhood now has 5.2 million Gold subscribers and manages $396 billion in assets on its platform.

The broker therefore derives an increasing share of its growth from derivatives, prediction markets and services. However, crypto remains strategic, notably thanks to its blockchain infrastructure, its stablecoins and its international expansion.