Robinhood Revenue Hits Record as Crypto Revenue Falls

Robinhood Markets reported record third-quarter net revenue of $1.42 billion, up 12% from a year earlier, as rapid growth in event contracts and options offset a sharp decline in cryptocurrency revenue. Net income fell 14% to $476 million, and diluted earnings per share of 51 cents came in below analyst estimates ranging from 54 to 57 cents. The company’s cryptocurrency revenue was $120 million for the three months ended September 30, down 55% from the same quarter in 2025. Crypto trading volume fell 38% year over year to about $50 billion. The annual decline came despite a 20% increase in crypto revenue from the second quarter, when it was $100 million. Robinhood Chain contributed $26 million to third-quarter crypto revenue during its first quarter on mainnet. Excluding that contribution, crypto revenue was $94 million, down 6% from the previous quarter. The network processed more than $80 billion in decentralized exchange volume and generated more than $50 million in fees, according to the company’s earnings materials. Event-contract revenue reached $173 million, more than six times its year-earlier level and above crypto revenue. Customers traded a record 16.4 billion event...