Robinhood Q1 Highlights: Double Miss, Prediction Contracts Hit Record 8.8 Billion, Tapped For Trump Accounts

Robinhood Markets Inc (NASDAQ:HOOD) reported first-quarter financial results Tuesday after market close.

Here are the key highlights.

Robinhood Q1 Earnings

Robinhood reported first-quarter revenue of $1.07 billion, up 15% year-over-year. The revenue total missed a Street consensus estimate of $1.18 billion, according to data from Benzinga Pro.

The company reported earnings per share of 38 cents in the quarter, missing a Street consensus estimate of 46 cents per share.

Transaction-based revenues were $623 million for the first quarter, up 7% year-over-year, broken down as follows:

• Other transaction revenue: $147 million, +320% year-over-year
• Options revenue: $260 million, +8% year-over-year
• Equities revenue: $82 million, +46% year-over-year
• Cryptocurrencies revenue: $134 million, down 47% year-over-year

The other category includes event contracts revenue. Event contracts were a record 8.8 billion traded in the first quarter.

The decline in cryptocurrencies revenue comes with the price of Bitcoin (CRYPTO: BTC) down in the first quarter compared to the end of 2025.

Net deposits were $18 billion in the first quarter. Chief Financial Officer Shiv Verma highlighted new products leading to an annualized net deposit growth rate of more than 20%.

Robinhood Gold subscribers were a record 4.3 million in the first quarter, up 36% year-over-year.

The company ended the quarter with 27.4 million funded customers, up 6% year-over-year. Average revenue per user was $157 in the quarter, up 8% year-over-year.

"Robinhood is increasingly positioned at the center of our customers' financial lives, just as we enter the early innings of the Great Wealth Transfer," Robinhood CEO Vlad Tenev said.

What's Next for Robinhood

The company is increasing its guidance for 2026 adjusted operating expenses and SBC by an additional $100 million. The new range is $2.7 billion to $2.825 billion.

The increase is due to the company investing to build and support the user interface for Trump Accounts, an item not included in the prior outlook.

"Our work for Trump Accounts is contracted on a cost plus basis with a small margin, so we expect revenues to exceed costs," the company said.

This would indicate Robinhood has secured a contract for the Trump Accounts.

"Q2 is off to a good start in April, as equity and option trading volumes are on track to be the highest month of the year," Verma said.

The Robinhood CFO said the company plans to ship products faster than ever to customers.

"We believe there are massive opportunities ahead as we invest for the long term."

Robinhood Stock Price Action

Robinhood stock is down 6.6% to $76.69 in after-hours trading Tuesday versus a 52-week trading range of $44.27 to $153.86.

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