Haverhill Financial Research · Analysis · Fintech · October 23, 2026
The short version
Robinhood reports third-quarter results after the close on October 27. In the second quarter, revenue rose 32% to $1.31 billion and transaction-based revenue rose 44% to $776 million. The mix changed sharply. Revenue from event contracts, Robinhood's prediction markets, grew more than tenfold to $156 million, while crypto revenue fell 38% to $100 million.
Transaction-based revenue by product, $ millions. Source: Robinhood Q2 2026 results.
A different kind of trading business
Options remain the largest line at $342 million, up 29%. Equities revenue nearly doubled to $129 million. Event contracts, which let customers trade on the outcome of sports, economic and political events, were a small line a year ago and are now Robinhood's second-largest source of transaction revenue. Crypto, which drove much of the company's growth in earlier cycles, was the only major line that shrank.
| Product | Q2 2026 | Change |
|---|---|---|
| Options | $342M | +29% |
| Event contracts | $156M | More than 10x |
| Equities | $129M | +95% |
| Crypto | $100M | −38% |
| Total transaction-basedIncludes other products | $776M | +44% |
Less dependent on trading than it looks
Net interest revenue was $389 million, which gives Robinhood a base of income that does not depend on how actively customers trade. Gold subscribers rose 39% to 4.8 million, and funded customers reached 28.4 million. Platform assets were $369 billion, and customers added $21.7 billion of net deposits in the quarter.
Costs and earnings
Net income was $573 million, or $0.62 a share, which included a $129 million gain. Robinhood lowered its full-year outlook for operating expenses plus stock-based compensation to $2.675 billion to $2.775 billion, and it bought back $414 million of stock in the quarter.
What to watch on October 27
Event contracts. Whether revenue keeps growing now that the football season has started.
Crypto. Whether the 38% decline levels off.
Net deposits. Last at $21.7 billion; this is the best measure of whether customers are moving more of their money in.
Expenses. Progress against the lowered full-year cost range.
Our take
Robinhood is no longer mainly a crypto and options story. Event contracts give it a new source of revenue that does not move with stock or crypto prices, and net interest and Gold subscriptions add steadier income underneath. The open question is regulation. Prediction markets are new territory, and any change in how they are treated would hit the fastest-growing part of the business first.
Sources and disclosures
Figures come from Robinhood's second-quarter 2026 results, published July 29, 2026.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in Robinhood or the other companies named. Data as of October 23, 2026.
