10-K · February 18, 2026
Robinhood’s 2025 10-K positions the company as a product-led fintech expanding beyond commission-free brokerage into crypto (Bitstamp), custody/advisory (TradePMR), prediction markets and banking features while…
Earnings analysis · 10-Q
HOOD earnings analysis
Filed April 28, 2026 · Our reading of the company's report
The latest report
Robinhood reported a disappointing Q1 2026 with total net revenues of $1.067 billion and diluted EPS of $0.38, both missing analyst expectations. While total revenues grew 15% year-over-year and EPS rose 3%, the…
Read full summary
Robinhood reported a disappointing Q1 2026 with total net revenues of $1.067 billion and diluted EPS of $0.38, both missing analyst expectations. While total revenues grew 15% year-over-year and EPS rose 3%, the increase in operating costs and a higher expense outlook weighed on the financial results. Management raised its 2026 expense outlook significantly, which may dampen future profitability prospects.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.38
What stood out
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Revenue Growth YoY
Total net revenues increased 15% to $1.067 billion compared to $927 million in Q1 2025.
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EPS Progress
Diluted EPS rose 3% to $0.38 from $0.37 in the prior year.
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Operating Expenses Surge
Operating expenses increased by 18% to $656 million from $557 million, impacting profitability.
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Adjusted EBITDA Increase
Adjusted EBITDA grew 14% to $534 million, up from $470 million a year ago.
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Increase in Funded Customers
Funded customers grew by 1.7 million, or 6%, to 27.4 million, compared to 25.8 million last year.
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Total Platform Assets Increased
Total platform assets rose 39% to $307.3 billion from $220.6 billion.
What to watch
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Revenue and EPS Misses
Actual revenue of $1.067 billion and EPS of $0.38 missed consensus estimates of $1.1387 billion and $0.39.
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Rising Operating Costs
Overall operating costs grew by 18%, leading to concerns about future profitability.
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Increased Expense Outlook
Management raised the 2026 Adjusted Operating Expenses guidance by $100 million to $2.7 billion to $2.825 billion.
Management's outlook
No numeric revenue or EPS guidance provided; expenses outlook increased.
Earlier filings 4
10-Q · July 31, 2025
Robinhood reported a strong quarter: total net revenues of $989 million and diluted EPS of $0.42 for the three months ended June 30, 2025, materially above the year-ago period. Operating leverage and cash generation…
10-K · February 18, 2025
Robinhood’s 2024 Form 10-K emphasizes product and geographic expansion (including Robinhood Legend, index options, futures, UK product rollouts and a planned Singapore office) and continued focus on crypto (supporting…
10-Q · October 31, 2024
Robinhood reported Q3 2024 net revenues of $637.0 million and diluted EPS of $0.17, improving markedly year-over-year but down modestly sequentially. Transaction-based revenues and net interest revenue both rose YoY,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.