Robinhood’s Q3 platform assets rise 19% to $396 billion as crypto revenue halves

Robinhood just posted a quarter where almost everything went up except the thing that made it famous among a certain crowd. Total platform assets climbed 19% year over year to $396 billion as of September 30, 2026.

Crypto, meanwhile, had a rough few months. Crypto transaction revenue fell 55% to $120 million, a reminder that a diversified broker can absorb a bad season in one asset class.

The numbers behind the quarter

Robinhood Markets (NASDAQ: HOOD) released its third-quarter 2026 results on October 27. Revenue hit a record $1.42 billion, up 12% from the same period a year earlier.

Much of that came from fresh cash rather than market gains alone. Net deposits reached $15.7 billion for the quarter, which the company pegged at an annualized growth rate of 17%.

Zoom out to the trailing twelve months, and net deposits totaled $71 billion, a 21% growth rate.

User numbers moved in the same direction, though more slowly. Funded customers rose 7% year over year to 28.7 million.

The subscription business grew much faster. Robinhood Gold, the paid tier, added subscribers at a 34% clip to reach a record 5.2 million.

Crypto’s bad quarter, in context

Total transaction revenue came in at $867 million, up 19% year over year. That growth came even though the crypto line within it was cut by more than half.

Leadership, including CEO Vlad Tenev and CFO Shiv Verma, pointed to strong performance in options and equity trading. Those segments did the heavy lifting while crypto sat out.

The guidance question

Robinhood said it would not offer a 2026 operating expense outlook. It did, however, narrow its non-GAAP guidance for adjusted operating expenses plus share-based compensation to a range of $2.675 billion to $2.75 billion for 2026.

Background: a broker in transition

Robinhood built its brand on commission-free trading aimed at younger, first-time investors. Over time it has layered on subscriptions, options, crypto and newer products such as prediction markets.

What this means

The most important signal here is the deposit trend. Net deposits of $15.7 billion in a single quarter, and $71 billion over twelve months, suggest retail investors are still committing capital to the platform even through choppy conditions.

For the crypto market, the 55% drop in Robinhood’s crypto transaction revenue is a useful barometer of retail participation. When one of the largest retail brokers sees crypto trading fees halve, it points to cautious behavior among everyday traders rather than a rush back into digital assets.