Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q3 2026 Earnings Presentation
49 slides from Robinhood Markets's earnings presentation, Oct 27, 2026
Slide 1: Robinhood Markets, Inc. Earnings Presentation Third Quarter 2026
Robinhood Markets, Inc. Earnings Presentation Third Quarter 2026 October 27, 2026 investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q3 2026 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the third quarter 2026 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robinh
Slide 3: Q3 2026 Business Results Highlights
Robinhood Earnings Presentation Q3 2026 Q3 2026 Business Results Highlights Funded Customers1 +1.9M +340K Robinhood Gold Subscribers +1.30M +340K in millions year-over-year sequential in millions year-over-year sequential 28.4 28.7 Robinhood Gold Subscribers Robinhood Gold Adoption Rate² 27.0 27.4 2
Slide 4: Q3 2026 Financial Results Highlights
Robinhood Earnings Presentation Q3 2026 Q3 2026 Financial Results Highlights Total Net Revenues +12% +9% Adjusted Operating Expenses and SBC +8% +4% in millions year-over-year sequential in millions year-over-year sequential $1,424 $1,274 $1,283 $1,308 $1,067 $641 $664 $613 $597 $607 $5.1B over the
Slide 5: Product velocity increased significantly in Q3
Robinhood Earnings Presentation Q3 2026 Product velocity increased significantly in Q3 Q4 2025 14 US Crypto assets added in Q4 Perpetual futures available to all eligible customers in the EU Cortex Stock Digests for Equities and Crypto in US and UK 10 EU Crypto assets added in Q4 Closed-end-funds av
Slide 6: Funded Customers increased by 1.9 million year-over-year to a record 28.7 million
Robinhood Earnings Presentation Q3 2026 Funded Customers increased by 1.9 million year-over-year to a record 28.7 million in Q3 In millions Year-over-year change +1.9M Sequential change +340k As of Q3 2026, we had 30.4M Investment Accounts, up 2.5M year-over-year. 30.4 29.9 29.1 28.4 Investment Acco
Slide 7: Total Platform Assets increased 19% year-over-year to a record $396 billion
Robinhood Earnings Presentation Q3 2026 Total Platform Assets increased 19% year-over-year to a record $396 billion in Q3 due to continued Net Deposits and higher equity valuations, partially offset by lower cryptocurrency valuations Year-over- Sequential year change change In billions $396 +19% +7%
Slide 8: Robinhood Retirement AUC grew to a record $37 billion in Q3
Robinhood Earnings Presentation Q3 2026 Robinhood Retirement AUC1 grew to a record $37 billion in Q3 Robinhood Retirement Accounts Robinhood Retirement AUC Robinhood Retirement AUC per Account2 End of period, in millions End of period, in $ billions End of period, in $ thousands Up 40% 2.28 Up 51% 3
Slide 9: Gold Subscribers grew to a record 5.2 million in Q3
Robinhood Earnings Presentation Q3 2026 Robinhood Gold Subscribers grew to a record 5.2 million in Q3, representing ~18% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In millions 3.60% APY on uninvested cash with up to $5M FDIC i
Slide 10: Net Deposits were $16 billion in Q3, a 17% annualized growth rate
Robinhood Earnings Presentation Q3 2026 Net Deposits were $16 billion in Q3, translating to a 17% annualized growth rate, and were $71 billion over the last twelve months, translating to a 21% growth rate In billions Last twelve months Net Deposits $71.0 Last twelve months growth rate 21% $21.7 $20.
Slide 11: Average cumulative Net Deposits have grown across Funded Customer Cohorts
Robinhood Earnings Presentation Q3 2026 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger $18,000 $15,000 $12,000 $9,000 $6,000 $3,000 $— 0 4 8 12 16 20 Quarters Customer Cohort Key 2021 2022 2023 2024 2025
Slide 12: Q3 trading volumes increased sequentially; Equities and Options reached records
Robinhood Earnings Presentation Q3 2026 Q3 trading volumes increased sequentially as we've continued to gain market share, and Equities and Options reached new quarterly records in Q3 Equity Notional Volumes Options Contracts Traded Crypto Notional Volumes In $ billions In millions of contracts In $
Slide 13: Total net revenues up 12% year-over-year to a record $1.4 billion
Robinhood Earnings Presentation Q3 2026 Total net revenues were up 12% year-over-year to a record $1.4 billion in Q3, and ARPU was $200 In millions, except for ARPU Average Revenue per User (ARPU) $191 $191 $200 Year-over- Sequential $187 year change change $164 $157 $145 $151 $1,424 +12% +9% $105 $
Slide 14: Transaction-based revenues up 19% year-over-year to a record $867 million
Robinhood Earnings Presentation Q3 2026 Transaction-based revenues were up 19% year-over-year to a record $867 million in Q3 In millions Year-over- Sequential year change change $867 +19% +12% $54 20% 10% $776 $776 $730 $46 $49 $672 $45 $173 NM 11% $26 $27 $101 $623 $156 $583 $43 $32 $539 $120 (55%)
Slide 15: Net interest revenues down 9% year-over-year to $415 million
Robinhood Earnings Presentation Q3 2026 Net interest revenues were down 9% year-over-year to $415 million in Q3 as lower securities lending activity and short-term interest rates offset growth in interest-earning assets In millions Year-over-year change (9%) Sequential change +7% $456 $17 $411 $415
Slide 16: We continue to grow and diversify our business
Robinhood Earnings Presentation Q3 2026 We continue to grow and diversify our business Business lines that have reached $100M or more in annualized revenues1 + Rothera + Credit Card + Fully Paid Securities Lending + Robinhood Legend + Prediction Markets + Gold Subscriptions + Bitstamp 14 + Instant W
Slide 17: Adjusted Operating Expenses and SBC increased 8% year-over-year to $664 million
Robinhood Earnings Presentation Q3 2026 Adjusted Operating Expenses and SBC increased 8% year-over-year to $664 million in Q3 In millions Year-over-year change +8% Sequential change +4% $641 $664 $613 $597 $607 $78 $91 $508 $533 $522 $78 $76 $79 $476 $73 $78 $139 $126 $77 $152 $128 $79 $145 $19 $109
Slide 18: Lowering the top end of full year Adjusted Operating Expenses and SBC outlook
Robinhood Earnings Presentation Q3 2026 We are lowering the top end of our full year Adjusted Operating Expenses and SBC outlook range by $25 million Adjusted Operating Expenses and SBC • Our prior outlook for 2026 Adjusted Operating Expenses and SBC was $2.675 to $2.775 billion. -$25M $2.675B - $2.
Slide 19: Diluted share count roughly flat in 2025 and expected flat in 2026
Robinhood Earnings Presentation Q3 2026 Diluted share count was roughly flat in 2025, and we anticipate diluted share count will also be roughly flat in 2026 Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Year-to-date 23 20 22 20 17 change 922 921 923 919 918
Slide 20: GAAP net income was $476 million in Q3 and $2.0 billion over the last twelve months
Robinhood Earnings Presentation Q3 2026 GAAP net income was $476 million in Q3 and $2.0 billion over the last twelve months In millions, except for EPS and Adjusted EPS Year-over-year change (14%) Sequential change (17%) $916 $424 Q4 2024 Tax Benefit and Regulatory $556 $605 $573 Accrual Reversal $4
Slide 21: Adjusted EBITDA increased 9% year-over-year to a record $808 million
Robinhood Earnings Presentation Q3 2026 Adjusted EBITDA increased 9% year-over-year to a record $808 million in Q3 and $2.8 billion over the last twelve months Year-over-year change +9% Sequential change +9% In millions $808 $742 $761 $741 $613 $549 $534 $470 $268 $2.8B (56% margin) over the last tw
Slide 22: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q3 2026 Rule of 401 results demonstrate the power of our business model 131% 108% 56% 98% 94% 56% 77% 56% 56% 56% 40% 75% 52% 42% 38% 21% Q3'25 LTM Q4'25 LTM Q1'26 LTM Q2'26 LTM Q3'26 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin (1) Defined as year-over
Slide 23: With $6B in corporate cash, investments, and stablecoin, well positioned to deploy capital
Robinhood Earnings Presentation Q3 2026 With $6B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change +$1.6 Sequential change +$0.4 • Our balance sheet remains strong with $6 billion of corporate cash, investments, an
Slide 24: In Q3, we returned $25 million to shareholders
Robinhood Earnings Presentation Q3 2026 In Q3, we returned $25 million to shareholders, and have repurchased 7.7M of our shares1 for ~$690 million year-to-date Share Repurchases In millions As of 9/30/2026 Q2 2026 includes $290M (2.7M shares) of repurchases in connection with our June 2026 convertib
Slide 25: Appendix
Appendix 25
Slide 26: September 2026 Monthly Metrics
Robinhood Earnings Presentation Q3 2026 September 2026 Monthly Metrics 2025 2026 Change Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep M/M Y/Y Funded Customer Growth (M) Funded Customers1 26.7 26.8 27.1 26.9 27.0 27.2 27.4 27.4 27.6 27.7 28.4 28.5 28.6 28.7 -% 7% Asset Growth ($B) Total Pla
Slide 27: September 2026 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q3 2026 September 2026 Monthly Metrics Dashboard Funded Customers¹ Total Platform Assets¹ In millions In $ billions Sep-26 Sep-26 28.7M $396B +140k M/M +3% M/M +1.88M Y/Y +19% Y/Y Net Deposits¹ Select Interest Earning Assets In $ billions In $ billions Sep-26 Sep-26 $
Slide 28: September 2026 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q3 2026 September 2026 Monthly Metrics Dashboard (Continued) Equity Notional Volumes Options Contracts Traded In $ billions In millions Sep-26 Sep-26 $324B 288M (4%) M/M (2%) M/M +36% Y/Y +32% Y/Y $15.4B Avg. Daily Volumes1 13.7M Avg. Daily Volumes1 (4%) M/M, +35% Y/Y
Slide 29: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q3 2026 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Beginning Funded Customers 24.2 24.3 25.2 25.8 26.5 26.8 27.0 27.4 28.4 New Customers 0.4 0.8 0.7 0.6 0.7 0.6 0.7 0.9 0.6 R
Slide 30: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q3 2026 Net Cash Held by Users Reconciliation In billions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Total Cash Sweep (excluding TradePMR)1 24.5 26.1 27.0 31.5 34.3 31.6 24.7 28.3 30.9 Free Credit Balances and Other2 6.1 7.2 7.0 10.3 12.0 11.8 16.9 17.2 18.
Slide 31: Trading Volumes for Q3 2026
Robinhood Earnings Presentation Q3 2026 Trading Volumes for Q3 2026 Equity Notional Volumes Options Contracts Traded Robinhood App Bitstamp Crypto Notional Volumes1 Crypto Notional Volumes1 Up 53% Y/Y and up 4% Q/Q Up 48% Y/Y and up 17% Q/Q Down 48% Y/Y while up 13% Q/Q Down 28% Y/Y while up 32% Q/Q
Slide 32: New trading products continue to scale
Robinhood Earnings Presentation Q3 2026 New trading products continue to scale, as Index Options and Event Contracts reached new quarterly records in Q3 Index Options Contracts Traded1 Futures Contracts Traded Event Contracts Traded In millions of contracts In millions of contracts In billions of co
Slide 33: Crypto Notional Trading Volumes
Robinhood Earnings Presentation Q3 2026 Crypto Notional Trading Volumes1 Sequential Q4'25 Q1'26 Q2'26 Q3'26 change Crypto Notional Trading Volumes ($B) Robinhood App 34.0 23.8 18.3 20.6 +13% Bitstamp 48.4 41.9 22.1 29.2 +32% Retail 4.6 2.7 1.4 1.5 +7% Institutional 43.8 39.2 20.7 27.7 +34% Crypto No
Slide 34: Deepening relationships and growing share of wallet with customers
Robinhood Earnings Presentation Q3 2026 We are deepening relationships and growing our share of wallet with customers as we deliver innovative wealth management products Robinhood Gold Card Cardholders Robinhood Banking Balances Robinhood Strategies Assets Under Management In millions In $ billions
Slide 35: Monthly Active Users decreased to 13.0 million in Q3
Robinhood Earnings Presentation Q3 2026 Monthly Active Users (MAU) decreased by 0.8 million year-over-year to 13.0 million in Q3 In millions Year-over-year change (0.8) Sequential change (1.1) 13.8 13.5 14.1 13.0 13.0 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 investors.robinhood.com 35
Slide 36: Annualized revenue per employee was $1.9 million in Q3
Robinhood Earnings Presentation Q3 2026 Annualized revenue per employee was $1.9 million in Q3, up 7% year-over-year Year-over-year Sequential Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 change change End of period Employee Count1 2,972 2,944 3,029 2,998 3,042 +2% +1% Total Net Revenues (in millions) $1,274 $1,28
Slide 37: Contra revenues associated with customer matches
Robinhood Earnings Presentation Q3 2026 In Q3 2026, we recorded $60 million of contra revenues associated with matches on customer transfers and deposits and allocated them on a proportional basis Customer Match Contra Revenue Allocation in millions Customer Match Amortization Detail Q4'25 Q1'26 Q2'
Slide 38: Net interest revenues were $415 million in Q3
Robinhood Earnings Presentation Q3 2026 Net interest revenues were $415 million in Q3, down 9% year-over-year In millions Year-over- Sequential Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 year change change Interest on corporate cash and investments1 $67 $53 $49 $46 $39 $33 $34 $31 $47 +21
Slide 39: Total interest-earning assets a record ~$77B at end of Q3
Robinhood Earnings Presentation Q3 2026 Total interest-earning assets were a record ~$77B at the end of Q3, and average yield increased by 8 bps sequentially In millions, except for annualized yields Cash Sweep Interest expenses Cash and Total interest- Securities Total net interest Margin Book (off
Slide 40: Interest-earning assets grew 19% year-over-year to a record $77 billion
Robinhood Earnings Presentation Q3 2026 In Q3, interest-earning assets grew 19% year-over-year to a record $77 billion Year-over- Sequential $1.8 year change change In billions $1.5 $77 +19% +7% $0.7 $1.0 $1.1 $71 +148% +26% $0.6 $64 $62 $61 $0.4 $22.1 $0.3 $0.4 $57 $21.6 +59% +2% $13.9 $44 $47 $9.5
Slide 41: Total securities lending revenue decreased 38% year-over-year
Robinhood Earnings Presentation Q3 2026 Total securities lending revenue decreased by 38% year-over-year to $108 million in Q3, while Funded Customers enrolled in fully-paid securities lending increased by 30% In millions, unless specified Year-over-year Sequential Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 chan
Slide 42: Diluted shares roughly flat year-over-year
Robinhood Earnings Presentation Q3 2026 Diluted shares were roughly flat year-over-year as we continue to repurchase shares over time and closely manage share-based compensation Price per Class A Share (End of period) $143.18 $113.20 $69.30 $100.28 $112.50 September 30, 2026 In millions, except pric
Slide 43: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q3 2026 Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation In millions Operating expenses (GAAP) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Brokerage and transaction $39 $50 $50 $48 $56 $57 $60 $62 $68 Technology and developm
Slide 44: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q3 2026 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net income attributable to Robinhood $150 $916 $336 $386 $556 $605 $350 $561 $468 Net income (loss) attributable to non-controlling int
Slide 45: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q3 2026 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Year-over-year change in total net revenues +$637 +$269 +$140 +$319 +$150 Year-over-year change in net income +$406 ($311) +$10 +$187 ($80) Incremental net
Slide 46: Q4 2024 Net Income and EPS Prior to Tax Benefit Reconciliations
Robinhood Earnings Presentation Q3 2026 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal In millions Q4'24 Net income (G
Slide 47: Adjusted EPS Reconciliation
Robinhood Earnings Presentation Q3 2026 Adjusted EPS Reconciliation In millions Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Net income attributable to Robinhood $336 $386 $556 $605 $350 $561 $468 SBC attributable to CFO transition & restructuring — — — — 13 14 2 Restructuring charges — — — — — 23 — Un
Slide 48: Definitions
Robinhood Earnings Presentation Q3 2026 Definitions Key Performance Metrics Funded Customers Event Contracts Traded We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater th
Slide 49: Definitions (Continued)
Robinhood Earnings Presentation Q3 2026 Definitions (Continued) Net Cash Held by Users Adjusted Operating Expenses and SBC We define Net Cash Held by Users as cash held by users in their accounts, net of receivables from users. Adjusted Operating Expenses and SBC is defined as GAAP total operating e