Revenue Growth
Total net revenue grew 15% year-over-year to approximately $1.07 billion in Q1 2026, driven by growth across transaction volumes, interest-earning assets and increases in other revenue from Gold subscriber growth.
Robinhood
· HOOD
April 28th, 2026
Summary
- Earnings Call Date:
- 2026-04-28
- Change Since:
- +18.42%
- Next Earnings Date:
- 2026-08-05
Earnings Call Sentiment
PositiveThe call emphasized strong product momentum, robust customer-level metrics and disciplined capital allocation: 15% revenue growth, $18B net deposits, record Gold adoption, rapid banking and card growth, AI-driven productivity gains, and active share repurchases. Headwinds highlighted were concentrated: securities lending rebate weakness, some take-rate compression, increased near-term OpEx related to Trump Accounts, and regulatory risks (prediction markets, perpetuals). On balance the positive operational and financial momentum materially outweigh the discrete risks and heightened investments.
Company Guidance
The company raised its full‑year 2026 adjusted OpEx & SBC outlook by $100M to $2.7B–$2.825B to fund the Trump Accounts build (incremental ~$100M, ~half in Q2) and said the Trump project is cost‑plus with revenues expected to exceed costs; Q1 results included revenues of $1.07B (↑15% YoY), $18B net deposits (another quarter of >20% annualized net deposit growth), adjusted OpEx & SBC of $607M, 50% adjusted EBITDA margin, Gold subscribers at a record 4.3M (↑36% YoY; 16% attach rate; 40% of new customers in Q1), Gold Card >800k cardholders with $15B annualized purchase volume (on track for >1M cards and $100M ARR this year), Robinhood Banking >$2B in net deposits with >125k funded customers and 40% direct deposit attach, retirement assets >$30B, prediction markets and futures at record levels (prediction markets ~ $3B in April), equities and options volumes up double‑digit YoY and April on track to be the year’s highest month (options/equities volumes among the company’s top months), repurchases >$300M (4M shares) YTD with a refreshed $1.5B buyback authorization, international approaching ~1M funded customers, and balance sheet/funding actions including moving ~$6B of sweep cash on‑balance (with ~ $24B in sweeps) to fund margin growth.
Strong Net Deposits
Net deposits totaled $18 billion in Q1, representing another quarter of 20%+ annualized net deposit growth (management called this their North Star KPI); April month-to-date net deposits were ~ $5 billion, and Q1 was the company’s third-highest quarter for net deposits.
Record Gold Subscriber Adoption
Gold subscribers reached a record 4.3 million, up 36% year-over-year; Gold is a 16% attach rate of the total customer base and accounted for 40% of new customers in Q1.
Banking and Card Traction
Robinhood Banking grew 5x since the prior earnings cycle with over $2 billion in net deposits, over 125,000 funded banking customers and a 40% direct deposit attach rate. Gold credit cards surpassed 800,000 customers with annualized purchase volume of $15 billion and management is on track to exceed 1 million cards and $100 million ARR this year.
Product and Market Expansion
Record engagement across prediction markets, futures, index options, shorting and margin; international funded customers approaching 1 million; plans to launch crypto in Canada midyear; in-principle regulatory approval in Singapore; Bitstamp gaining institutional share.
Prediction Markets Vertical Integration (Rothera)
Announced a JV exchange, Rothera, with Susquehanna (launch in Q2) to bring prediction markets in-house for end-to-end control over product selection and pricing; Robinhood is currently the largest retail brokerage in prediction markets and reported prediction-market volumes ~ $3 billion in April (second-best month).
AI Adoption and Efficiency Gains
Aggressive AI adoption: Robinhood Cortex used by nearly 1 million customers; internal AI tools used by over 90% of employees; reported nine-figure efficiency benefits previously and commits-per-engineer are up 50% since start of last year, accelerating development velocity.
Profitability Discipline and Margins
Management reported 50% adjusted EBITDA margins for the quarter and disciplined cost control: adjusted OpEx and SBC were $607 million in Q1, notably below prior outlook despite including $14 million of unplanned Rothera/Trump Accounts costs.
Capital Allocation and Share Repurchases
Repurchased over $300 million (≈4 million shares) year-to-date, with a Board-authorized repurchase program refreshed to $1.5 billion; management expects share count roughly flat this quarter.
Retirement and Long-Term Products Momentum
Customers added 500,000 funded accounts in Q1 and more than 1.5 million over the past year across Retirement, Gold credit card, Strategies and Banking; retirement assets crossed $30 billion.
Operator
Thank you to everyone for joining Robinhood's Q1 2026 Earnings Call, whether you're tuning into the live stream or here with us in person. With us today are Chairman and CEO of Vlad Tenev; CFO, Shiv Verma; and VP of Corporate Finance and Investor Relations, Chris Koegel. Vlad and Shiv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood and both institutional and retail shareholders. As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures.
Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vlad and Shiv.
Vladimir Tenev
All right. All right. How's everyone doing? I've been told that this may be the first ever outdoor earnings call in history. Can you believe that?
Shiv Verma
Very cool.
Vladimir Tenev
Shiv, they told us before we went public that earnings calls aren't going to be very much fun that they're going to be a chore that actually being public wouldn't b...
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