Robinhood Markets, Inc. Q3 FY2026 earnings call

• Active Trader Platform: Launched 17 new products at Hood Summit, including agentic trading directly in-app, perpetual futures powered by Bitstamp, and an announcement for 24-7 equity trading. Agentic accounts surpassed $250 million in assets. Market share gains were seen across equities, options, crypto, and margin.
• Wallet Share & Consumer Finance: Robinhood Gold reached 5 million subscribers (18% overall adoption rate). Trump Accounts achieved auto-enrollment milestones with US Treasury opening accounts for all eligible children; the Dell Foundation contributed $250 to 25 million children. P2P payments were demoed as a viral acquisition funnel, allowing recipients to accept funds via Apple/Google Pay without an account.
• Global Financial Ecosystem: The Robinhood Chain Mainnet became a top five chain by volume/revenue in its first quarter, with $100 billion in DEX volume and over $50 million in fees. Received authorization from the Dubai Financial Services Authority and in-principle approval from Singapore’s MAS for expansion into MENA and APAC regions.
• Prediction Markets: Rothera exchange scaled rapidly, hitting $100 million annualized revenue in its first full quarter. Partnerships formed with Crypto.com and OG.com, providing routing liquidity and equity stakes in those entities.
• Operational Efficiency: Revenue per employee hit a record nearly $2 million. Adjusted OpEx and SBC were managed to $664 million, within prior outlook ranges despite heavy product investment.

Total revenue reached a record $1.4 billion, up 12% year-over-year, driven by strong growth in transaction revenues (record highs in equities, options, and margin volumes) and Net Interest Income (NIM). Adjusted EBITDA hit a record $808 million, up 9% YoY, with a margin of 57%. Transaction revenues benefited from new products like event contracts (up 7x YoY) and the Robinhood Chain. NIM grew on record balances in margin, credit cards, and banking. Other revenues included contributions from Robinhood Gold subscribers (reaching 5 million, up 30% YoY) and Trump accounts.

• Full Year Adjusted OpEx and SBC: Management lowered the top end of the guidance range by $25 million. New expected range is $2.675 billion to $2.75 billion (midpoint down $13 million vs. prior outlook).
• Net Deposit Growth: Exceeded the annual goal of 20% net deposit growth with two months remaining in the year. October net deposits were over $13 billion, bringing YTD net deposits to over $68 billion.
• Q4 Outlook: Expecting continued growth investments, particularly in Trump Accounts ($100 million estimated annual investment), while maintaining expense discipline. October ADVs were roughly 5% lighter than Q3 records for equities/options/crypto, but event contract ADVs were up ~10%.

• Regulatory Uncertainty: Ongoing monitoring of regulatory developments, particularly regarding tokenization and private stock tokens in the US. Management noted that uncertainty about future rulemaking could impede serious asset deployment on-chain.
• Investment Mark-to-Market Volatility: EPS includes non-operating mark-to-market impacts on investments (e.g., Robinhood Ventures, equity stakes in Crypto.com/OG.com), leading to the introduction of 'Adjusted EPS' to better reflect core profitability.
• Rate Sensitivity: While diversified, the business has exposure to interest rate changes, with a DV01 impact of approximately $100 million per 25 basis point move on interest-earning assets.
• Competition in Prediction Markets: Reliance on external exchanges (Crypto.com, OG.com) alongside proprietary Rothera requires careful routing management to ensure best execution and customer experience.

Q: Bo Shen asked about the progress of banking expansion and the timeline for Zelle-like features.

A: Vlad Tenev demonstrated the new P2P payment feature, noting that Robinhood Banking is already the #1 withdrawal destination for brokerage customers despite limited release. The new P2P tool allows users to send money via text, with recipients accepting funds through Apple Pay or Google Pay without needing a Robinhood account, reducing friction and serving as a viral acquisition funnel. Broad rollout is expected in coming weeks.

Q: Marcus M. inquired about global expansion plans and next countries.

A: Vlad Tenev outlined a long-term vision where >50% of business is outside the US. The Robinhood Chain surprised with high traction, prompting increased developer investment. Expansion is accelerating in MENA (Dubai license secured) and APAC (Singapore approval), plus deeper penetration in EU/UK and Canada via WonderFi acquisition. Management feels momentum in international markets is stronger than anticipated.

Q: Devin Ryan asked about major product plans for 2027 to boost revenue.

A: Vlad highlighted several high-potential areas: Agentic Trading (leading the industry with in-app AI agents), Perpetual Futures (shipping ahead of competitors), Prediction Markets (expanding beyond sports into financial KPIs), and Robinhood Ventures (democratizing private markets). He emphasized that these bets, combined with core brokerage growth and tokenization, offer significant upside potential for shareholder value.

Q: Steven Chuback asked about the drivers of net deposit growth (new vs. existing customers) and international impact.

A: Shiv Verma stated that new products are the primary driver of deposit growth, with recent activity leaning more toward existing customers gaining wallet share. However, they are turning the dial to accelerate new funded accounts. Vlad added that Trump Accounts, with employer and donor funding integrations, are driving meaningful net deposit inflows and have compounding potential as a long-term asset base.

Q: Patrick Moley asked about the strategic logic of holding equity stakes in competitors (Crypto.com/OG.com) while running Rothera.

A: Vlad explained that offering choice is vital for customer experience, and these partnerships provide resilient second-exchange capacity. Shiv clarified that Rothera remains the primary exchange, with Crypto.com/OG.com as secondary venues. The equity stakes (starting at 1%, up to 10%) provide financial upside for shareholders without conflict, as prediction market assets are not interchangeable between chains, ensuring pure routing benefits rather than competitive cannibalization.