Darling, Robinhood Markets, Inc. has published its earnings report and yes, crypto revenue is down 47% year-over-year, slipping from $252 million to $134 million in Q1 2026. It’s the kind of plot twist that makes you question your life choices about free stock apps at 7 a.m.
Revenue is also down 39% quarter-over-quarter, after hitting a record high of $221 million in Q4 2025. A little cha-cha of numbers, if you will.
Similarly, the app’s notional volume fell 48% year-over-year to $24 billion. These negative figures have been attributed to moderate trading among retailers following a wider market downturn. In other words, even the day traders have decided to take a nap.
Robinhood misses revenue estimates
The quarter saw tensions between the US and Iran escalate, causing a crude oil supply shock, a resulting rise in inflationary pressures, and, consequently, economic turbulence. Yes, the adult world came along to ruin a perfectly good afternoon.
Bitcoin dropped 22.73% from a January 1 high of $88,642 to a March 31 low of $68,495. The numbers are like a rollercoaster designed by someone who hates spreadsheets.
The largest 24-hour decline in Q1 occurred on the Strike Day of February 28, when Bitcoin fell by about 8.5% from $72,000 to $63,000.
That said, Robinhood’s total crypto notional volume reached $66 billion, supported by $42 billion from its June 2025 Bistamp acquisition.
Still, the platform missed the $1.14-$1.18 billion in analyst-expected revenue, achieving $1.07 billion instead. This caused a 9.33% pullback in the company’s stock (NASDAQ: HOOD), pushing the price to $74.41 after hours.
Source; MarketWatch
Even then, Robinhood recorded positive figures in other metrics, partly offsetting growth losses seen above. Equities revenue grew 46% to $82 million, and options revenue grew 8% to $260 million. Event contracts performed the best, surging 320% to $147 million in revenue.
2026 outlook and financial health
By comparison, Galaxy Digital, a rival of Robinhood, reported a $216 million net loss due to similar reasons. Companies like Coinbase are set to release their earnings report next month.
Growth-wise, Robinhood became the first platform to develop and manage the Trump Accounts app for government-seeded savings for up to 60 million American children. A sentence that sounds like it was drafted during a caffeine-fueled sprint of ambition.
As for the rest of the year, Robinhood is channelling its focus into revenue diversification – from transaction-based to banking and subscription fees. For instance, Robinhood Gold hit a $4.3 million subscriber record, generating an annualized revenue run rate of roughly $200 million.
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2026-04-29 06:07