Robinhood reported third-quarter revenue of $1.42 billion, slightly below the roughly $1.43 billion Wall Street expected, the company said Tuesday. Earnings came in at $0.51 per share, missing the $0.55 analysts projected and down from $0.61 a year ago.
Net income was $476 million, down 14% from $556 million a year earlier and 17% from $573 million in the second quarter. The quarter included a $67 million unrealized loss on Robinhood Ventures Fund I, which cost $0.07 per share. Adjusted earnings per share, which exclude certain items, came to $0.60, down 3% from a year ago.
Event contracts and crypto revenue
Event contracts, the yes-or-no bets that pay out $1 if a game, an election or an economic report goes a certain way, brought in $173 million, up from $156 million in the second quarter, when they overtook crypto revenue for the first time. Customers traded a record 16.4 billion of them, more than seven times a year earlier.
Crypto trading revenue rose to $120 million from $100 million in the second quarter, but remained down 55% from the $268 million Robinhood earned in the third quarter of 2025. Customers traded $50 billion in crypto during the quarter, down 38% from a year earlier, with $21 billion on the Robinhood app and $29 billion through Bitstamp, the crypto exchange it acquired.
Robinhood Chain and Ripple deal
Robinhood Chain went live on July 1 as a layer-2 network, meaning a blockchain that runs on top of Ethereum to make transactions cheaper and faster. Its first weeks were driven by meme coins, joke-themed tokens, rather than the tokenized stocks it was built for, which are digital versions of company shares that trade on a blockchain. By the end of August the chain had earned about $3.13 million in fees over 30 days, more than Ethereum and Base, which came in at $2.47 million and $2.89 million.
Hours before the report, Robinhood announced a deal with Ripple that brings RLUSD, a stablecoin designed to stay worth one dollar, to Robinhood Chain and Bitstamp, with an in-app rollout planned later this year. RLUSD has a market value above $2.5 billion, and Ripple will also supply Robinhood’s treasury software and lending for Bitstamp traders.
Outlook and shares
Robinhood narrowed its 2026 outlook for adjusted operating expenses and stock-based pay to a range of $2.675 billion to $2.75 billion, trimming the top of the $2.675 billion to $2.775 billion range it set in July.
Robinhood shares closed Tuesday at about $94.61 and slipped in after-hours trading. The stock is down roughly 18% this year and about 37% below its 52-week high of $150.47.
