Net income rose 3% to $346 million, but a slump in cryptocurrency trading weighed on transaction revenue
Robinhood reported first-quarter revenue of $1.07 billion, up 15% year-over-year, as a sharp drop in cryptocurrency trading offset gains across equities, options, and prediction markets.
Net income rose 3% to $346 million, the company said, with diluted earnings per share of $0.38. Total platform assets reached $307 billion, up 39% year-over-year.
Cryptocurrency revenue fell 47% year-over-year to $134 million, the steepest decline among Robinhood's trading categories. Crypto notional trading volumes on the Robinhood app dropped 48% year-over-year to $24 billion. Other transaction revenue — primarily event contracts — climbed 320% to $147 million, a record 8.8 billion event contracts traded in the quarter. Options revenue grew 8% to $260 million, and equities revenue rose 46% to $82 million.
Net interest revenues increased 24% to $359 million. Robinhood Gold subscription revenue rose 32% to $50 million, with Gold subscribers reaching a record 4.3 million, up 36% year-over-year.
Funded customers grew 6% year-over-year to 27.4 million. Net deposits totaled $17.7 billion, representing an annualized growth rate of 22% relative to fourth-quarter 2025 total platform assets. The margin book hit a record $17.0 billion, up 93% year-over-year.
Total operating expenses increased 18% to $656 million, driven by marketing and growth investments and acquisition-related expenses. Stock-based compensation of $92 million included $13 million tied to a CFO transition. Adjusted EBITDA rose 14% to $534 million, with an adjusted EBITDA margin of 50%.
Robinhood raised its full-year 2026 outlook for adjusted operating expenses and stock-based compensation to a range of $2.7 billion to $2.825 billion, up from a prior range of $2.6 billion to $2.725 billion. The company said the increase reflects an additional $100 million investment to build and support the user interface for Trump Accounts, a savings program for children tied to President Donald Trump's administration.
The company repurchased $250 million worth of stock in the quarter at an average price of about $81 per share. Its board refreshed the share repurchase authorization to $1.5 billion in March 2026, expected to be completed over about three years.
"In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options," CFO Shiv Verma said in a statement. Verma added that equity and option trading volumes in April are on track to be the highest month of the year, with net deposits of about $5 billion month-to-date.
