Shares of Robinhood fell more than 6% in after-hours trading Tuesday after the trading platform reported first-quarter results that fell short of Wall Street expectations, as weak crypto revenue offset growth in stocks, options, prediction markets and subscriptions.
HOOD closed near $82 on Tuesday before dropping to around $77 after hours at press time. Investors expected Robinhood to report earnings per share of around $0.39 and revenue of around $1.14 billion. The company reported diluted EPS of $0.38 and revenue of $1.07 billion.
Robinhood’s total net revenue increased 15% year over year, while net income increased 3% to $346 million. Transaction-based revenue climbed 7% to $623 million, helped by options, stocks and events contracts, but crypto revenue fell 47% to $134 million as digital asset trading cooled from last year’s levels.
This failure occurred in the face of high investor expectations after a volatile quarter for retail trading platforms. Analysts expected Robinhood to benefit from higher trading activity, higher net interest income and new products, while also monitoring pressure from weak crypto volumes and growing competition. Options markets had priced in a potential move of up to 9% in either direction following the release of the report.
Robinhood has consistently highlighted growth across several core metrics. Net deposits reached $17.7 billion, representing an annualized growth rate of 22%, while total platform assets grew 39% year-over-year to $307 billion. The number of Gold subscribers increased 36% to 4.3 million, and average revenue per user increased 8% to $157.
The company also said it now expects adjusted operating expenses and stock-based compensation of $2.7 billion to $2.825 billion for 2026, up from its prior guidance of $2.6 billion to $2.725 billion. The increase includes an additional $100 million related to building and supporting the user interface for Trump accounts.
