Robinhood’s trading platform reported adjusted earnings per share of $0.38 for the first quarter, missing the analyst estimate of $0.41. Revenue came in at $1.07 billion, below the consensus estimate of $1.17 billion. However, revenue increased 15% YoY from $927 million in the first quarter of 2025. 

Total net revenues of $1.07 billion were driven by transaction-based revenues of $623 million, up 7% YoY, and net interest revenues of $359 million, up 24% YoY. Net income increased 3% YoY to $346 million.

“Q1 revenues missed across the board, more than offsetting slightly lower opex,” Barclays analysts commented. “April trends look better, but options and crypto are seeing more fee rate compression.”

Separately, Morgan Stanley analysts said Robinhood delivered softer Q1 results, while noting that “April commentary was mixed but generally supportive for 2Q trading revenues.”

The company reported net deposits of $17.7 billion, representing a 22% annualized growth rate. Robinhood Gold Subscribers grew 36% YoY to a record 4.3 million, while funded customers increased 6% YoY to 27.4 million. Total platform assets increased 39% YoY to $307 billion.

“In Q1, customers remained engaged and rapidly adopted new products, leading to a 20%-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options,” said Shiv Verma, Chief Financial Officer.