HOOD · Q1 2026 Earnings

Bullish

Robinhood Markets

Reported April 28, 2026

30-second summary

Robinhood reported Q1 revenue of $1.07B (+15% YoY, -16.8% QoQ off the Q4 record), net income of $346M, and GAAP EPS of $0.38, with net deposits of $17.7B ($18B rounded) annualizing at 22% — slightly ahead of the 20%+ FY26 target and Shiv's "third-highest quarterly net deposits ever." The headline guidance move is a $100M midpoint raise to FY26 adjusted OpEx+SBC ($2.7B–$2.825B from $2.6B–$2.725B), funding a new ~$100M Trump Accounts investment with ~$50M landing in Q2. Management framed the spend as offensive — a generational platform entry into a 60M-customer government-sponsored account — and anchored Q2 confidence to ~$5B of April month-to-date net deposits and equity/options volumes "on track to be the highest month of the year."

Headline numbers

EPS

Q1 FY2026

$0.38

Revenue

Q1 FY2026

$1.07B

+15.0% YoY

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY
Revenue	$1.07B	+15.0%
EPS	$0.38	—

Guidance

FY2026 opex guidance raised $75M at midpoint due to Trump Accounts investment ramp, while deposit growth trajectory reaffirmed at 20%+ and Q2 momentum remains strong.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

New guidance

Metric	Period	Guide	YoY
Adjusted Operating Expenses and SBC	Q2 FY2026	approximately $50 million incremental Trump Accounts investment in Q2 (from ~$100M total / half in Q2)	—
Trading Volumes	Q2 FY2026	equity and option trading volumes on track to be highest month of the year	—
Net Deposits	Q2 FY2026	approximately $5 billion month-to-date in April	—
Gold Card Subscriber Target	FY 2026	on track to surpass 1 million cards and $100 million annualized revenue	—
Share Repurchase Authorization	FY 2026	$1.5 billion refreshed authorization, expected to be completed over approximately three years	—

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Adjusted Operating Expenses and SBC	FY 2026	$2.6 to $2.725 billion	$2.7 to $2.825 billion	+$0.075 billion at midpoint (+2.8%); range widened by $0.1B on high end	Raised

Reaffirmed unchanged this quarter: Net Deposit Growth (on track for 22% annualized growth rate (Q1 actual))

Segment performance

Q1 FY2026

Segment	Q1 FY2026	YoY
Transaction-based revenues	$0.623B	+7.0%
Net interest revenues	$0.359B	+24.0%
Other revenues	$0.085B	+57.0%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Funded Customers	27.4 million
Funded Customers YoY Growth	6%
Investment Accounts	29.1 million
Total Platform Assets	$307 billion
Net Deposits (annualized growth rate)	22%
Robinhood Gold Subscribers	4.3 million
Robinhood Gold Subscribers YoY Growth	36%
Average Revenue Per User (ARPU)	$157

Management tone

Q2 wallet-share inflection → Q3 platform diversification proof → Q4 multi-trillion TAM expansion → Q1 generational distribution play

Trump Accounts shifted from peripheral mention to strategic centerpiece in one quarter. Last quarter Vlad confirmed involvement from the first White House summit but declined specifics — the most evasive moment of the call. This quarter Trump Accounts is the single largest driver of the FY26 OpEx raise and is framed as "a new way to extend Robin Hood's mission beyond just retail and institutional to helping governments and building a public sector business, which we actually see as a big opportunity." 60M potential accounts and a B2G revenue stream are now explicitly on the table; the strategic narrative has expanded from retail-plus-institutional to retail-plus-institutional-plus-public-sector.

Customer acquisition resurfaced as a priority for the first time in three quarters. Through Q2-Q4 FY25 the wallet-share thesis (ARPU compounding on a roughly flat customer base) was the dominant frame. This quarter Vlad introduced a clear pivot: "We are also increasing our focus on top of funnel customer growth. So this is something new again." The 6% YoY funded-customer growth — the weakest reading in any quarter Tapebrief has covered — gives that pivot empirical urgency. The Trump Accounts platform is the most material distribution vehicle for that pivot.

AI evolved from internal productivity tool to three-vector strategic pillar. Q4 introduced Cortex Assistant as the customer-facing AI surface; previous quarters anchored AI commentary to engineering productivity and CX automation ("nine figures in savings"). This quarter Vlad explicitly reframed: "commits per engineer hit a new high in Q1, and it's up 50% since the start of last year." Internal velocity (engineers), customer-facing tools (Strategies, Cortex, agentic trading), and market-participation AI now constitute three distinct monetization vectors — a more ambitious frame than the productivity-only narrative of two quarters ago.

Competitive language sharpened further. Q3 introduced "we want active traders to feel like they are at a disadvantage if they trade anywhere other than Robinhood." This quarter Vlad escalated: "using another brokerage or another financial platform, that should be an irresponsible and irrational decision." That's the most aggressive competitive claim in Tapebrief's coverage of HOOD, and it sits alongside an explicit acknowledgment of pending macro pressure — confidence is not anchored to near-term tailwinds.

Prediction markets and Ventures receded from the headline relative to Q4. Q4 elevated prediction markets to a "trillion-dollar super cycle" and Robinhood Ventures to "potentially even bigger." Neither received the same airtime this quarter, with the narrative weight shifted toward Trump Accounts, AI, Gold Card, and the PDT rule elimination. This is not a retreat — both products were referenced — but the strategic spotlight rotated.

Recurring themes management leaned on this quarter:

Product velocity acceleration and shipping cadenceWallet share expansion across banking, credit, retirement, and cryptoAI monetization across three vectors (internal efficiency, customer tools, market participation)Vertical integration in prediction markets via Rothera JVGenerational user acquisition via Trump accounts platformInternational expansion and public markets democratization via Robinhood Ventures

Risks management surfaced:

Regulatory developments continue to be monitoredMacro backdrop more challenging to start the yearTrump accounts execution risk (building exceptional UX, customer service, educational context)International regulatory approvals dependency (Singapore in-principle approval still requires final clearance)Crypto launch timing and market reception (Canada mid-year, UK event early July)

Q&A highlights

Devin Ryan · Citizens

Impact of pattern day trader rule elimination on Robinhood, customers, and modernization; connection to agentic trading and increased customer trading capabilities

Vlad explained the PDT rule is outdated and tied account balance to sophistication. Elimination removes barriers for sub-$25k accounts, increases customer flexibility, and aligns with broader trend of removing vestigial rules. Team is ready to implement immediately. Sees significant long-term opportunity with agentic AI.

PDT rule prevented day trading for accounts under $25,000Rule forced customers to churn to other brokerages if flaggedRobinhood received disproportionate share of new customers, so was most affectedCompany ready to go live with new logic immediately

Stephen Chew · Wolf

Securities lending outlook given constructive IPO slate and above-normal retail allocation; impact of customers opting into fully paid lending; 2Q take rate dynamics

Shiv detailed that securities lending appears in three places: SEC lending net, segregated cash/GC collateral, and margin interest. 25% of customers opted in with 50% of assets. Special rebates rebates were lower due to reduced volatility and IPO activity. Take rates on crypto down 7 bps and options down 3 cents in early quarter but rebounding in April. Focus is on market share and active trader growth, not take rate optimization.

25% of customers opted into fully paid securities lending program50% of assets are opted in to programCrypto take rates: 7 basis points lower in early quarterOptions take rates: 3 cents lower in early quarter

Ben Budish · Barclays

Margin funding sources and modeling; movement of bank sweep cash to brokerage cash; implications of growing margin balances

Shiv explained Q1 involved moving $6B of cash from off-balance-sheet sweep program to on-balance-sheet free credit balances to fund growing margin book. No customer impact; maintains 3.35% rate. Going forward, expect ratio to remain roughly constant: ~$24B in sweeps, ~$6B in free credit balances on balance sheet. The $6B will have lower take rate similar to sweep rate.

$6 billion moved from sweep program to balance sheet in Q1$24 billion remaining in sweeps~25% of free credit balances now on balance sheetCustomer rates unchanged at 3.35%

Craig Siegenthaler · Bank of America

Timeline and progress on AI-powered financial advisors; regulatory process and capability roadmap

Vlad distinguished between different types of AI financial advice: trading recommendations (Reg BI compliant), robo-advisor services (Robinhood Strategies exists today), and comprehensive financial planning. Making progress on recommendations within regulatory framework. Robinhood Strategies operates under fiduciary standard with published historical performance. Pilot for Concierge product for estate planning and taxes was successful. Strategy is to release capabilities individually before stitching together via Cortex AI assistant. Human advisors (via Trade PMR) will remain important long-term given specific client needs.

Robinhood Strategies has $1.5B+ in assets; operates under fiduciary standardRecent historical performance published on Strategies productConcierge pilot for estate planning and tax prep was successfulWorking with regulators on advice capability

Patrick Moley · Piper

Crypto perpetual futures rollout in Europe; adoption trends; regulatory hurdles for US offering; competitive positioning vs on-chain venues

Vlad confirmed perpetuals rollout in EU through Bitstamp is performing well with healthy growth. Product is regulated (unlike offshore competition) but has leverage constraints vs on-chain venues. Team increasing leverage offerings per customer requests. US perpetuals require rule changes; current 'perpetuals' products at competitors are long-expiry traditional futures. Vlad emphasized regulatory products offer better customer protection. Engaging with regulators and positioned to lead any US perpetuals expansion. Called perpetuals attractive for active traders.

Perpetuals launched in EU via Bitstamp in Q4Healthy growth and customer adoption of EU perpetualsLeverage offerings increasing in response to customer demandUS perpetuals require regulatory rule changes

Answers to last quarter's watch list

Q1 FY2026 net deposits final print vs the $7B+ Q1-to-date anchor — Q1 net deposits $17.7B ($18B rounded), 22% annualized — slightly above the 20%+ FY26 target and the third-highest quarter ever. ~$5B month-to-date already in April.

Resolved positively

Robinhood Ventures 1 actual launch date, fund size, and non-accredited access mechanism — Ventures was not addressed with new specifics this quarter. Continued silence after Q4's "bigger than prediction markets" framing keeps SEC-friction risk elevated.

Continue monitoring

Rothera JV launch timing — mid-2026 commitment — Vlad confirmed Q2 2026 launch in prepared remarks ("we're really spending time getting ready for the q2 launch of our JV with Susquehanna... that's coming later this quarter"). Status: Resolved — Q2 2026 launch confirmed

Cortex Assistant customer rollout and measurable engagement — Cortex referenced as the integration layer for AI advice capabilities being released individually, but no attach rate or interaction volume disclosed. Vlad confirmed AI agents will feature at May/July/Fall events.

Continue monitoring

Gold Card scale-up — Gold Card crossed 800K funded customers with $15B annualized purchase volume; management explicitly committed to "on track to surpass 1 million cards and $100 million ARR this year, and well before the end of the year." Status: Resolved on Q1 base; year-end milestone tracking

Banking deposit trajectory — Robinhood Banking crossed $2B+ in deposits across 125K+ funded customers with ~40% direct-deposit attach; Vlad called out 5x QoQ growth and described the direct-deposit attach as evidence customers treat it as a primary bank account.

Resolved positively

FY26 OpEx+SBC pacing vs the $2.6B–$2.725B envelope — The envelope itself was raised to $2.7B–$2.825B (+$100M midpoint) to fund Trump Accounts. Quarter-by-quarter pacing not disclosed. The raise is offensive (new product) rather than discipline-breaking, but the absolute level is now higher. Status: Resolved (envelope raised, not held)

Crypto take rate trajectory — Shiv disclosed crypto take rates ran 7bps lower in early Q1 vs Q4 but are rebounding in April. Compression reflects active-trader mix shift onto higher volume tiers, not pricing weakness.

Continue monitoring

Prediction markets non-sports revenue mix disclosure — Not addressed with concrete numbers this quarter; prediction markets received less narrative weight than in Q4.

Not resolved

What to watch into next quarter

Q2 Trump Accounts spend pacing vs the ~$50M Q2 commitment — management has anchored the FY26 raise to a specific Q2 spend; Q2 adjusted OpEx+SBC above $700M would signal the $2.825B FY ceiling is in play, below $670M would suggest the build is back-half-weighted

Funded customer growth re-acceleration above 6% YoY — the slowest reading in coverage history; Q2 needs to show the "top of funnel" pivot translating into a higher growth rate, otherwise the wallet-share thesis becomes the only growth lever

Gold Card cardholder progression from 800K toward the >1M-before-year-end commitment — Q2 should disclose a number consistent with a credible glide path well before December

Q2 transaction revenue vs the +7% Q1 print, given April volumes "on track to be the highest month of the year" — if April momentum sustains, Q2 transaction revenue growth should re-accelerate above 15% YoY; failure to do so would suggest take rate compression is structural, not transitory

Robinhood Ventures 1 traction post-IPO — third consecutive quarter of limited narrative weight; continued silence is now a yellow flag on the "bigger than prediction markets" framing

Banking deposit compounding off the $2B / 125K base — Q2 should test whether the 5x QoQ trajectory and 40% direct-deposit attach is sustainable as the cohort scales

Net interest revenue trajectory post the $6B sweep-to-balance-sheet shift — the $6B now carries a lower take rate; Q2 NII below $360M would confirm the modeling drag analysts need to bake in

Trump Accounts revenue model disclosure — Vlad asserted "revenues are expected to exceed costs" but provided no unit economics, government fee structure, or activation timeline. Any concrete revenue framing would convert the FY26 OpEx raise from leap-of-faith to investable

Sources

Robinhood Markets Q1 FY2026 press release (Exhibit 99.1), filed with SEC: https://www.sec.gov/Archives/edgar/data/1783879/000178387926000061/q12026robinhoodexhibit991.htm
Robinhood Markets Q1 FY2026 earnings call — prepared remarks and analyst Q&A (Vlad Tenev, Shiv Verma)

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