HOOD earnings analysis
What we found in HOOD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth YoY
- Total net revenues increased 15% to $1.067 billion compared to $927 million in Q1 2025.
- EPS Progress
- Diluted EPS rose 3% to $0.38 from $0.37 in the prior year.
- Operating Expenses Surge
- Operating expenses increased by 18% to $656 million from $557 million, impacting profitability.
- Adjusted EBITDA Increase
- Adjusted EBITDA grew 14% to $534 million, up from $470 million a year ago.
- Increase in Funded Customers
- Funded customers grew by 1.7 million, or 6%, to 27.4 million, compared to 25.8 million last year.
- Total Platform Assets Increased
- Total platform assets rose 39% to $307.3 billion from $220.6 billion.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Rising Operating Costs
- Overall operating costs grew by 18%, leading to concerns about future profitability.
- Increased Expense Outlook
- Management raised the 2026 Adjusted Operating Expenses guidance by $100 million to $2.7 billion to $2.825 billion.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.38
What they said about what is next.
No numeric revenue or EPS guidance provided; expenses outlook increased.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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