Robinhood Markets, Inc. (NASDAQ: HOOD) posted a record quarter on October 27, 2026. The company’s Form 8-K and Exhibit 99.1 put total net revenues at $1.42 billion, up 12% year over year. Cryptocurrencies revenue was $120 million, down 55%. Event contracts revenue was $173 million, up more than six times. The record print is prediction markets and options, not a crypto rebound.
Our CoinGecko snapshot at 2026-10-27T23:57:56+00:00 still shows a quiet Bitcoin range: BTC at $80,826 (24h +1.00%), ETH at $2,349.20, SOL at $101.29. Global crypto market cap was about $2.73 trillion, with Bitcoin dominance at 59.45%. That tape does not rewrite the 8-K. HOOD’s crypto take fell while the rest of the stack grew.
This is an update to the July read, not a flip. After Q2 we said crypto was cooling while event contracts paid. Q3 made that split larger: event contracts now sit above crypto revenue in the same transaction line.
What happened
The October 27, 2026 Form 8-K furnishes Item 2.02 results for the quarter ended September 30, 2026. Exhibit 99.1 is the press release. An earnings video call was set for 2:00 p.m. PT / 5:00 p.m. ET the same day. Item 2.02 is furnished, not filed, which is the usual earnings wrapper.
The statements of operations in the exhibit put the quarter on a cleaner grid. Total net revenues were $1.424 billion, up 12% from $1.274 billion a year earlier and up 9% from $1.308 billion in Q2 2026. Transaction-based revenues were $867 million, up 19% year over year and up 12% from $776 million in Q2. Net interest revenues were $415 million, down 9% year over year. Other revenues were $142 million, up 61%.
Inside that $867 million, the mix is the story. Options revenue was $399 million, up 31%. Equities revenue was $121 million, up 41%. Event contracts revenue was $173 million, up more than 6x. Cryptocurrencies revenue was $120 million, down 55%. Crypto is still a real line. It is no longer the line that explains the record.
Volumes match the revenue split. Crypto notional trading volumes were $50 billion, down 38% year over year. The Robinhood app did $21 billion of that, down 48%. Bitstamp did $29 billion, down 28%. Event contracts traded hit a record 16.4 billion, up more than 7x. Equity notional volumes were a record $992 billion. Options contracts traded were a record 905 million.
Net income was $476 million, down 14% year over year. Diluted EPS was $0.51, down 16%. The company says that figure includes $67 million, or $0.07 of diluted EPS, of unrealized losses tied mainly to the mark-to-market of Robinhood Ventures Fund I. Adjusted net income, a new non-GAAP measure this quarter, was $550 million. Adjusted EPS was $0.60. We treat those as management’s extra lens, not as a substitute for the GAAP print.
Funded customers were 28.7 million, up 7%. Total platform assets were $396 billion, up 19%, with the company citing net deposits and higher equity valuations, partially offset by lower cryptocurrency valuations. Net deposits were $15.7 billion in the quarter. Robinhood Gold subscribers hit 5.2 million. Cash and cash equivalents were $5.8 billion.
Context
The same exhibit tries to keep crypto in the product story. Robinhood says it launched crypto trading in the UK and received authorization from the Dubai Financial Services Authority to launch in the region, with a product rollout planned in 2027. That is a license clock, not live Dubai volume. We already treated the UK pipe as a Bitstamp-backed route, not a free lunch, in an earlier UK crypto note. Q3 Bitstamp notional still beat the app ($29 billion vs $21 billion), so the acquired venue remains the thicker crypto book even as both books shrank year over year.
Robinhood Chain is the other crypto boast. Management says that in its first quarter on mainnet the chain became a top-five chain by revenue and volume, with over $80 billion in DEX volume and over $50 million of chain fees. DefiLlama’s public chain table is a different ruler. As of about 2026-10-28T00:10Z, Llama listed Robinhood Chain TVL near $1.13 billion, behind Ethereum, Bitcoin layers, Base, Solana, BSC, Tron, Hyperliquid L1, and Arbitrum on that snapshot. High DEX volume with mid-pack TVL can be real. It is not the same thing as sticky deposits. Narrative is cheap. Exit liquidity is not.
The live Bitcoin book still trades. Coinbase Exchange BTC-USD stats around 2026-10-28T00:10:15Z showed a last print of $80,642.92, a 24-hour range of $79,365.93 to $81,182, and about 4,337 BTC of 24-hour volume. The top of book at that stamp was $80,649.56 bid / $80,649.57 ask. That is a functioning spot market. It does not, by itself, refill HOOD’s crypto take after a 55% year-over-year drop. For a reminder of how we timestamp a tape like this, see how to read a crypto market snapshot.
Prediction markets now have their own cylinder. Rothera reached over $100 million in annualized revenues in its first full quarter, with over 6.4 billion contracts traded since launch. Event contracts at $173 million already out-earn the $120 million crypto line. Options at $399 million still dwarf both. If you only read the HOOD headline as “risk-on crypto,” you are reading the wrong column.
We said the same thing after Q2, when crypto cooled and event contracts started to pay. That July reaction still holds. Q3 did not restore the 2025 crypto mix. It widened the gap. Bitcoin’s own cycle still matters for Bitcoin history and for platform asset marks. It is not what produced HOOD’s record revenue.
One more number from the CFO letter in the exhibit: October net deposits had already topped $13 billion month to date, including $6 billion from the Dell family’s contribution to Trump Accounts. That is a funding flow into brokerage and policy accounts, not a crypto inflow. Do not mash it into the $50 billion crypto notional figure.
Our read
I am keeping the July stance and tightening it. Robinhood’s Q3 record is an event-contract and options print with a smaller crypto residual. Crypto is still on the platform. It is not the growth engine in this 8-K. Platform assets even list lower cryptocurrency valuations as a drag. The UK launch and the DFSA clock are distribution plans. They are not Q3 crypto revenue.
Falsifiable claim: when Robinhood files its Q4 2026 earnings 8-K (Item 2.02 and Exhibit 99.1), that exhibit will still show cryptocurrencies revenue below event contracts revenue for Q4 2026, and cryptocurrencies revenue will still be down year over year. If Q4 cryptocurrencies revenue is greater than or equal to event contracts revenue in the same quarter, or if Q4 cryptocurrencies revenue is up year over year, this read is wrong.
What to watch next
Watch the next Exhibit 99.1 mix, not the share-price vibe. The two numbers that can kill this read are Q4 cryptocurrencies revenue versus Q4 event contracts, and the year-over-year crypto comparison. A UK or Dubai headline without those mix lines would not be enough.
Watch app versus Bitstamp notional. If the app’s $21 billion book keeps shrinking faster than Bitstamp’s $29 billion book, HOOD’s retail crypto franchise is still the weaker leg, even if the company keeps launching geographies. That is a blockchain news venue question as much as a ticker question.
Watch Robinhood Chain the way you watch any new L2: fees and volume in the company’s own 8-K, plus independent TVL. If Llama TVL stays near $1 billion while the company repeats “top five by volume,” treat that as a turnover story until deposits catch up.
Watch the 2027 DFSA rollout date. Authorization in the exhibit is not a live book. If a later 8-K or DFSA notice says the regional product suite is live before year-end 2026, the “2027 clock” half of the geography claim is wrong. Until then, Q3’s crypto engine remains the $120 million leftover, not the map.