TLDR
- Robinhood missed Q1 EPS estimates ($0.38 vs $0.39 expected) and revenue ($1.07B vs $1.14B expected)
- Crypto revenue dropped 47% year-over-year to $134 million; crypto trading volume fell 48% to $24 billion
- HOOD stock fell ~9.4% in after-hours trading following the report
- Prediction markets were a bright spot â 8.8 billion event contracts traded, up 780% from Q2 2025
- Net income rose 3% year-over-year to $346 million despite the top-line miss
Robinhood had a rough Tuesday night. The company posted Q1 results that missed on both the top and bottom line, and the market responded swiftly â HOOD shares fell around 9.4% in after-hours trading.
$HOOD (Robinhood Markets) #earnings are out: pic.twitter.com/YsMOFKJP5I
— The Earnings Correspondent (@earnings_guy) April 28, 2026
Q1 adjusted EPS came in at $0.38, just a cent short of Wall Street’s $0.39 estimate. Total revenue hit $1.07 billion, up 15% year-over-year, but well below the $1.14 billion analysts were expecting. The miss was about 6% on revenue and 11.6% on EPS.
The main culprit? Crypto.
Crypto transaction revenue fell 47% year-over-year, dropping from $252 million to $134 million. Crypto trading volume slid 48% to $24 billion. It was the third straight quarter of declining crypto transaction revenue for the platform.
CEO Vlad Tenev addressed it head-on on the earnings call. “I want to get away from talking about the price of bitcoin,” he said, signaling a deliberate pivot away from crypto price-driven revenue.
He framed crypto more as long-term infrastructure play. “We’re at the very beginning of what’s going to be a tokenization supercycle,” Tenev said, pointing to the company’s broader blockchain ambitions.
Despite the crypto drag, not everything was down. Total transaction-based revenue actually rose to $623 million from $583 million a year earlier. Net income was up 3% year-over-year to $346 million, so the company stayed profitable.
Prediction Markets Pick Up the Slack
The standout number from the quarter was Robinhood Predictions. Users traded a record 8.8 billion event contracts during Q1 â a 780% jump from Q2 2025, which was the product’s first full quarter on the platform.
That activity pushed “other transaction revenue” up 320% year-over-year to $147 million, helping offset the crypto losses. Tenev said Robinhood Predictions is tracking toward roughly $3 billion in trading volume for April alone.
The prediction market product is integrated through Kalshi and has grown fast since its March 2025 launch.
Net interest revenue and Gold subscription revenue also contributed positively as Robinhood continues to build out its broader financial services offering.
Bitstamp Numbers Stay Separate
Worth noting: Bitstamp, which Robinhood acquired in June 2025, was not included in the crypto figures above. The exchange recorded $42 billion in trading volume during Q1, down 13% from Q4 2025.
That’s a meaningful volume figure that doesn’t show up in Robinhood’s headline crypto numbers, so the full picture of crypto activity across the platform is larger than the reported decline suggests.
Coinbase (COIN), which reports earnings May 7, also slipped around 1% on Tuesday â the two often move together given their shared exposure to retail crypto trading.
Robinhood’s Q1 results show a company in transition, leaning into prediction markets and financial services while its core crypto business cools.
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