Robinhood misses Q3 earnings as event contracts set volume record

Robinhood reported third-quarter revenue of $1.42 billion on Tuesday, missing the Wall Street consensus of $1.43 billion. Earnings per share came in at $0.51, below the $0.55 analysts had projected and down from $0.61 a year earlier. Net income fell 14% year-on-year to $476 million.

Event contracts were the single counter-current in the quarter. The product brought in $173 million, up from $156 million in the second quarter, with customers trading a record 16.4 billion contracts — more than seven times the volume from a year earlier. Crypto revenue rose to $120 million but remained 55% below the same quarter in 2025, as total crypto trading volume fell 38% year-on-year to $50 billion across Robinhood's app and its Bitstamp exchange.

A $67 million unrealized loss on Robinhood Ventures Fund I reduced reported earnings per share by $0.07. Adjusted earnings per share of $0.60 were down 3% from a year ago.

CEO Vlad Tenev, who declared a "prediction market supercycle" in December last year, added NFL player contracts and parlay-style combos in the months since. The volume record arrived in the same quarter those products were live for a full reporting period.

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Kendall Cross

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