Robinhood Q1 Revenue Misses, Expense Outlook Raised, Shares Slide 7%
Robinhood reported Q1 adjusted EPS of $0.38 versus a $0.41 estimate and revenue of $1.07 billion versus a $1.17 billion consensus, prompting a 7% share decline after hours. The company raised its 2026 operating expense guidance to $2.7–2.825 billion to fund its Trump Accounts initiative and repurchased $250 million of stock.
1. Q1 Financial Results
Robinhood delivered adjusted earnings per share of $0.38, missing the $0.41 estimate, while revenue reached $1.07 billion, below the $1.17 billion consensus. Cryptocurrency revenue fell 47% year-over-year to $134 million even as net income rose 3% to $346 million.
2. Guidance and Share Repurchase
The company raised its full-year 2026 operating expense and stock-based compensation guidance to a range of $2.7 billion to $2.825 billion, up from $2.6 billion to $2.725 billion, to support the Trump Accounts rollout. During the quarter, Robinhood repurchased $250 million of Class A shares, totaling 3.1 million shares at an average price of $81.
3. User and Deposit Growth
Net deposits totaled $17.7 billion, reflecting a 22% annualized growth rate, while Robinhood Gold subscribers increased 36% year-over-year to 4.3 million. Funded customers rose 6% to 27.4 million and total platform assets climbed 39% to $307 billion.