Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $1.4 billion | up 12% year-over-year |
| Adjusted EBITDA | $808 million | up 9% year-over-year |
| Net deposits | $16 billion | in the quarter |
| Robinhood Gold subscribers | 5 million | up over 30% year-over-year |
| Revenue per employee | nearly $2 million | new record |
Guidance and outlook
- Full year adjusted OpEx and SBC is expected to be between $2.675 billion and $2.75 billion.
How management sounded
Positive (+7 on our -10 to +10 scale). Management highlighted record financial results, surpassed annual net deposit growth targets, and emphasized strong product velocity across multiple new initiatives. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Banking and P2P Payments
Asked: Analysts asked about the expansion into banking and the timeline for a Zelle replacement.
Answer: Management demonstrated a new peer-to-peer payment feature allowing users to send money via text, which is currently in limited release with broader rollout expected in coming weeks.
Robinhood Chain
Asked: Analysts inquired about the financial opportunity and monetization strategy for the Robinhood Chain.
Answer: Management stated the priority is developer activity and user experience rather than high fees, noting that monetization is currently around a couple of basis points on notional value.
Net Deposit Growth
Asked: Analysts asked about the sustainability of the 20% net deposit growth target.
Answer: Management noted they have already surpassed the annual growth target with $68 billion in year-to-date net deposits and emphasized that new products are the primary driver of deposit growth.
Crypto and Prediction Markets
Asked: Analysts questioned the strategic logic of holding equity stakes in competitors like crypto.com and og.com.
Answer: Management explained that holding stakes in secondary exchanges provides financial upside for shareholders while ensuring customers have consistent pricing and best-in-class selection.
What to watch before the next call
- The rollout of the peer-to-peer payment feature and its impact on user acquisition.
- The scaling of the credit card and banking products as they move toward general availability.
- The performance of the Robinhood Chain and its ability to attract developers and volume.
- The impact of potential interest rate changes on net interest income.
