Robinhood Q1 Revenue Up 15% as Crypto Revenue Falls 47%, Shares Slip

Robinhood Markets posted higher first-quarter revenue year over year, but a sharp drop in crypto trading and a revenue miss versus Wall Street expectations sent its shares lower in after-hours trading.

In its Q1 2026 earnings release on April 28, Robinhood said total net revenue for the quarter ended March 31 was $1.07 billion, up 15% from a year earlier, while diluted earnings per share rose 3% to $0.38. But crypto transaction revenue fell to $134 million, down 47% year over year, and the company’s core Robinhood App crypto notional trading volume dropped 48% to $24 billion. Consensus figures cited by MarketScreener and Zacks had put analysts’ revenue expectations at roughly $1.14 billion to $1.17 billion, making Robinhood’s result a widely reported miss. HOOD shares fell in extended trading, with published snapshots showing a decline of roughly 6% to 9%.

The results suggest crypto was the main weak spot rather than a broad slowdown across the business. Robinhood said total transaction-based revenue rose 7% to $623 million, indicating that gains in other trading categories partly offset the crypto decline. The company also reported 27.4 million funded customers, up 6% from a year earlier, and 29.1 million investment accounts, up 8%. Total platform assets climbed 39% to $307 billion, and net deposits were $17.7 billion in the quarter.

Crypto remains closely watched by investors because swings in trading activity can have an outsized effect on Robinhood’s transaction revenue and often shape the stock’s reaction to earnings. The latest figures marked a clear cooldown from stronger periods: crypto revenue was $252 million in the first quarter of 2025 and $221 million in the fourth quarter of 2025, compared with $134 million in the latest quarter.

Robinhood reported total crypto notional volume of $66 billion, made up of $24 billion on the Robinhood App and $42 billion from Bitstamp. That acquisition complicates direct comparisons with earlier periods because Robinhood bought the crypto exchange Bitstamp in June 2025 and now includes its activity in companywide crypto volume. For that reason, the most directly comparable metric is Robinhood App volume, which fell 48% year over year.

Management pointed to continued customer activity outside crypto. Shiv Verma, Robinhood’s chief financial officer, said in the earnings release that customers “remained engaged and rapidly adopted new products,” driving an annualized net deposit growth rate of more than 20% as well as double-digit growth in equities and options. He also cited record volumes in prediction markets, futures and index options, underscoring how Robinhood is leaning on a broader mix of trading activity as crypto cools.