Robinhood posts $808M Q3 adjusted EBITDA as crypto revenue falls 55%

Robinhood reported third-quarter adjusted EBITDA of $808 million, a result that came in above estimates. It is a solid number from a company that once looked like a meme-stock app with a crypto side hustle.

The headline figure tells only half the story. Crypto revenue fell 55% from a year earlier, yet the company still grew. Robinhood is no longer leaning on any single product to pay the bills.

The numbers behind the beat

Total net revenues reached $1.42 billion for the quarter, up 12% year over year. Options, equities and event contracts drove that growth.

Adjusted EBITDA rose 9% from the prior-year quarter to $808 million.

Crypto was the soft spot. Revenue from digital asset trading dropped 55% to $120 million.

Profit per share was weaker. Diluted earnings per share fell 16% to $0.51. Adjusted EPS slipped 3% to $0.60.

Customers keep showing up with money

Net deposits came in at $16 billion, per the company’s reported figures, with research placing the number in a range of $15.7 billion to $16 billion. Robinhood also cited a trailing twelve-month growth rate of 21%.

Funded customers reached 28.7 million, a 7% increase from a year ago. Total platform assets climbed 19% to $396 billion.

The standout metric was Robinhood Gold. The paid subscription tier hit a record 5.2 million subscribers, up 34% year over year.

The diversification pitch

CEO Vlad Tenev pointed to the breadth of the company’s revenue mix. He noted that 14 business lines now each exceed $100 million in annualized revenue.

Event contracts deserve a mention here. These products let users take positions on the outcomes of real-world events. They were named among the growth drivers this quarter, alongside the more traditional options and equities businesses.

What this means for investors and the crypto business

A 55% drop in crypto revenue would have been a crisis for the Robinhood of a few years ago. This time it was a footnote that the rest of the income statement covered.

At $120 million, crypto remains a meaningful revenue line, and its sharp contraction shows how quickly retail appetite for digital assets can cool.

Gold subscriber growth of 34% outpaced funded customer growth of 7% by a wide margin. That suggests Robinhood is getting more value from existing users rather than relying only on signing up new ones.

Platform assets growing 19% to $396 billion supports the same read. Customers are parking more money with the company.

The earnings per share decline is the main caution flag. Diluted EPS falling 16% while revenue rose 12% means costs, share count or other items are eating into what flows to shareholders.

For the crypto industry, the quarter is a useful data point on retail engagement. One of the largest retail on-ramps saw crypto revenue cut by more than half, even as its users kept depositing money and trading other assets.