Robinhood reported a solid first quarter with 15% revenue growth driven by strong net interest and other revenues, alongside continued expansion in Robinhood Gold subscribers and total platform assets. The company is investing in product velocity and new initiatives like Trump Accounts, which is reflected in increased operating expenses and a revised guidance for Adjusted Operating Expenses and SBC.
Total net revenues increased 15% year-over-year to $1.07 billion.
positiveNet interest revenues increased 24% year-over-year to $359 million, driven by growth in interest-earning assets.
positiveOther revenues increased 57% year-over-year to $85 million, primarily driven by Robinhood Gold subscription revenue up 32%.
positiveRobinhood Gold Subscribers increased 36% year-over-year to a record 4.3 million.
positiveTotal Platform Assets increased 39% year-over-year to $307 billion.
positiveNet Deposits were $17.7 billion, an annualized growth rate of 22%.
positiveShare repurchases of $250 million in the quarter, with a refreshed authorization of $1.5 billion.
positiveTotal operating expenses increased 18% year-over-year to $656 million, primarily driven by marketing and growth investments, and acquisition-related expenses.
attentionUpdated outlook for 2026 Adjusted Operating Expenses and SBC is $2.7 billion to $2.825 billion, an increase of $100 million due to investment in Trump Accounts.
attentionCryptocurrencies revenue decreased 47% year-over-year to $134 million.
negativeCash Sweep decreased 8% year-over-year to $26.0 billion, due to a shift in brokerage High-Yield Cash program to fund margin lending.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| adjusted_opex_and_sbc | 2.7-2.825 billion | full year 2026 | tight_range | New |
this year
average of 17 days or 2 to 3 weeks earlier · this month
$1.5 billion · Additionally, in March
over 300 million · So far this year
funded by capital
Robinhood is increasingly positioned at the center of our customers’ financial lives, just as we enter the early innings of the Great Wealth Transfer.
In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options.
Q2 is off to a good start in April, as equity and option trading volumes are on track to be the highest month of the year, and even with tax season, net deposits are approximately $5 billion month-to-date.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.