Robinhood Markets (HOOD) Q1 2026 earnings summary

Executive summary

• Revenues rose 15% year-over-year to $1.07 billion in Q1 2026, with net income up 3% to $346 million and diluted EPS up 3% to $0.38.

• Funded Customers reached 27.4 million, up 1.7 million year-over-year, and Total Platform Assets grew 39% to $307 billion, driven by net deposits, higher equity valuations, and acquisitions.

• Robinhood Gold Subscribers grew 36% year-over-year to a record 4.34 million, representing ~16% of Funded Customers.

• Achieved a historic milestone as broker and sole initial trustee for Trump Accounts, with over 5.5 million children signed up and 60 million eligible, in partnership with the U.S. Treasury and BNY.

• Product velocity accelerated, with rapid rollout of new features, strong customer engagement, and international expansion, including nearly 1 million funded customers and regulatory approvals in Singapore and Canada.

Financial highlights

• Total net revenues increased 15% year-over-year to $1.1 billion, with transaction-based revenues up 7% to $623 million and net interest revenues up 24% to $359 million.

• Net deposits reached $18 billion, marking a 22% annualized growth rate.

• Adjusted EBITDA grew 14% year-over-year to $534 million, with a 50% margin.

• Gold subscription revenue annualized at $200 million, with Gold Subscribers showing higher asset and deposit growth rates.

• Cash and cash equivalents totaled $5.0 billion as of March 31, 2026.

Outlook and guidance

• 2026 Adjusted Operating Expenses and SBC outlook raised to $2.7–$2.825 billion, reflecting an additional $100 million investment for Trump Accounts.

• Q2 is off to a strong start, with April trading volumes for equities and options on track to be the highest month of the year.

• Management expects primary sources of liquidity to be adequate for the next 12 months.

• New product launches planned for late May and a crypto event in July in the UK.

• Diluted share count expected to remain roughly flat in 2026.