Robinhood Markets, Inc. Earnings Summary — Q1 2026

• Robinhood achieved its fifth consecutive quarter of GAAP profitability with $346M in net income.
• Revenue grew 15.1% year-over-year to $1.067B, though it declined 16.8% sequentially from a record Q4 2025.
• Transaction-based revenues followed a similar pattern, down from $776M to $623M QoQ, reflecting market cooling.
• Net Interest Income remains a key pillar of the business model at $359M, up 24% year-over-year.
• Operating expenses saw slight sequential increases in SG&A ($319M) and R&D ($241M) compared to Q4.
• The company continues to demonstrate significant operational leverage compared to its historical loss-making profile.
• Diversification efforts in Robinhood Gold and credit cards are contributing to 'Other Revenues' of $85M.
• Balance sheet strength remains high with no reported long-term debt and stable stockholders' equity.

Management remains focused on growing adjusted EBITDA and GAAP profitability by diversifying into subscription services (Gold), credit cards, and retirement accounts to reduce reliance on trading volatility.

Stable

While results were down from the high-water mark of Q4 2025, the year-over-year growth and sustained profitability confirm the successful transition to a mature financial platform.

The outlook remains tied to retail market sentiment and interest rate environments, but the firm is better positioned for volatility through its subscription and interest-earning credit products.