What Mattered Most In Robinhood's Latest Quarter? Trefis Team Mon, November 2, 2026 at 9:16 AM EST 3 min read HOOD -7.21% ^GSPC -1.82% SCHW -1.59% IBKR -5.96% COIN -10.62% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Robinhood Markets (HOOD) shares fell 3.3% the day after the company released its fiscal Q3 2026 report on October 27, 2026. The S&P 500 rose 0.3% during the same session. While earnings per share exceeded analyst forecasts, revenue missed expectations. Reports differed, though: CNBC said revenue met Wall Street estimates, and Reuters said slower crypto trading pulled profit below forecasts. Counting the first session after the report, Robinhood shares fell 10.1% over three sessions, against a 1.8% decline for the broader index. What does the moderation in revenue growth indicate about Robinhood's business mix and outlook?
Robinhood's Sales Growth Slowed Sharply
Revenue in fiscal Q3 2026 grew 11.8% from a year earlier, representing a deceleration from the 32.3% growth recorded in fiscal Q2 2026. The company called the $1.42 billion revenue a record, even though the figure fell short of the $1.45 billion consensus among analysts.
The company beat earnings per share forecasts despite posting a year-over-year decline. Adjusted EPS reached $0.60, clearing the $0.57 consensus, yet Robinhood said this result remained 3% lower than a year earlier. Diluted EPS fell 16% from a year earlier to $0.51.
Robinhood experienced a steeper post-earnings drop than its peers. Charles Schwab slipped 0.6% the day after the report, and Interactive Brokers rose 1.6%. Robinhood's slower sales growth, rather than its beat on earnings per share, is what stands out in the quarter.
Has Robinhood's Growth Slowed Like This Before?
The company saw a milder deceleration once before in fiscal 2026. Revenue growth slowed to 15.1% in fiscal Q1 2026, down from 26.5% in fiscal Q4 2025, before accelerating again in fiscal Q2 2026. Looking at a twelve-month window, however, the slowdown is plain: revenue grew 20.9% in the four quarters ended September 30, 2026, compared with a 74.6% expansion over the previous four quarters.
During the October 27 call, management highlighted customer trading activity and deposits. Management said Robinhood increased its market share by double digits from a year earlier in each of its main assets: equities, options, crypto and margin. Net deposits totaled $16 billion for the quarter. Management said the company had already surpassed its goal of 20% annual growth in net deposits with two months remaining in the year, tying this progress to a strong start in fiscal Q4 2026. By the time of the call, October net deposits had topped $13 billion, including $6 billion of the Dell family's contribution to federally established Trump Accounts for children. Management did not provide a goal for average revenue per user. When the question came up on the call, management said more younger customers could push revenue per user down even as the customer base grows much larger.
When Will Robinhood Report Fiscal Q4 2026?
Robinhood is expected to announce its fiscal Q4 2026 results in February 2027, closing out fiscal 2026. For the full year, management lowered its forecast for adjusted operating expenses and stock-based compensation to $2.71 billion at the midpoint, from $2.73 billion.
In that upcoming report, year-over-year revenue growth remains the figure to watch when measured against the $1.28 billion Robinhood posted for fiscal Q4 2025.
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