Robinhood reported first quarter revenue of $1.07 billion on Tuesday, up 15% year over year, while raising its 2026 adjusted operating expense plan after committing $100 million to build the user interface for Trump Accounts.
The quarter showed a shifting revenue mix. Transaction-based revenue rose 7% to $623 million, net interest revenue rose 24% to $359 million, and other revenue rose 57% to $85 million, according to the company’s earnings release. Cryptocurrency revenue fell 47% to $134 million. Offsetting that decline was a 320% increase in ‘other transaction revenue’ to $147 million, a category Robinhood said primarily consists of event contracts. Event contracts traded hit a record 8.8 billion in the quarter.
Net income rose 3% to $346 million and diluted EPS came in at $0.38.
Trump Accounts and the expense outlook
Robinhood said it will be the broker and sole initial trustee for Trump Accounts, working with BNY to build and run the standalone app. The U.S. Department of the Treasury announced the arrangement in April. The work is structured on a cost-plus basis with a small margin, and Robinhood said it expects revenues to exceed costs.
The additional $100 million lifted Robinhood’s 2026 adjusted operating expenses and SBC outlook to $2.7 billion to $2.825 billion, up from $2.6 billion to $2.725 billion.
Net deposits were $17.7 billion in the quarter, an annualized growth rate of 22%. Total platform assets reached $307 billion, up 39% year over year. Robinhood Gold subscribers climbed 36% to a record 4.3 million, and ARPU rose 8% to $157.
Robinhood Banking crossed $2 billion in deposits, Robinhood Strategies topped $1.6 billion in assets under management, and the Gold Card passed 800,000 funded customers.
“In Q1, customers remained engaged and rapidly adopted new products, leading to a 20 percent-plus annualized net deposit growth rate, double digit growth across equities and options, and record volumes for prediction markets, futures, and index options,” said Shiv Verma, Chief Financial Officer of Robinhood.
The company secured in-principle approval from the Monetary Authority of Singapore to offer brokerage services, and said its Robinhood Chain public testnet has processed over 100 million transactions. Robinhood also highlighted its joint venture with Susquehanna to operate a CFTC-licensed exchange and clearinghouse for its prediction markets business, announced in November 2025.
