Robinhood's crypto trading revenue plunged 47% in the first quarter of 2026, yet total revenue still rose 15% year over year to $1.07 billion. Options, equities, prediction contracts, and net interest income picked up the slack, easing the brokerage's dependence on volatile crypto.
Robinhood's total revenue rose 15% year over year to $1.07 billion in the first quarter of 2026 even as its crypto trading revenue fell 47% to $134 million — down to 13% of the top line from the 20% crypto contributed across 2025. The brokerage built its reputation on commission-free crypto trades, yet the business that carried it through early 2026 barely touched crypto at all.
Other desks offset the crypto drop
The rest of the trading business absorbed the decline. Options revenue rose 8% to $260 million, equities trading grew 46% to $82 million, and "other" transaction revenue — mainly events and prediction contracts — surged 320% to $147 million, lifting total transaction-based revenue 7% to $623 million.
Higher rates cut two ways. Fears of interest rate hikes chilled the crypto market during the quarter, but elevated rates also pushed net interest revenue up 24% to $359 million as Robinhood collected more on uninvested cash, margin balances, and securities lending.
Subscriptions and new products add ballast
The subscription tier grew alongside trading. Robinhood Gold expanded 36% year over year to 4.3 million subscribers, and subscription revenue jumped 57% to $85 million in the quarter.
Looking further out, analysts expect Robinhood's revenue and adjusted EBITDA to grow at compound annual rates of 16% from 2025 to 2028. That growth is tied to newer bets — an Ethereum Layer-2 network for the tokenization of stocks, bonds, and real estate, a wider prediction-markets business, and added features for Gold members.
A cheaper way to read the valuation
With an enterprise value of $85 billion, Robinhood trades at 24 times next year's adjusted EBITDA. The shift toward a more diversified fintech mix, the report argues, should keep reducing its reliance on cryptocurrencies over time.
Source: The Motley Fool
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