Robinhood Markets, Inc. Class A Common Stock 2026 Q3 Earnings Call

All right. Thank you guys for coming. This is awesome, and it's great to see so many people in person. We're back at our headquarters in sunny Menlo Park. Thank you again for being on this journey with us and showing up in person, and to everyone watching remotely. As you probably know, at Robinhood, we have a singular goal. We believe in ownership. We want to make everyone an owner, and we think that broad ownership is actually essential to a free, stable, and prosperous society. In order to execute on this vision, we have our three-part strategy. To recap that, the first part, we want to build the number one active trader platform. We want to allow customers to own any tradable asset. And really, an active trader should feel like they're at a disadvantage trading elsewhere.

We'll have more about that later. Second strategic arc, number one in wallet share for the next generation. We want to build our customers' financial home, and not just for them, but for their families as well. Then the third, number one global financial ecosystem. So take the ownership that we've been able to deliver and grow in the U.S. and expand it everywhere around the world. Q3, we made a lot of progress. Our product velocity continued across each of these three arcs, and we saw strong business and financial results. For active traders, again, the idea is if you're an active trader, you're at a disadvantage trading elsewhere. What have we done for active traders?

Last month, we held our third annual HOOD Summit event in Houston, Texas, and we launched not one, not two, but 17 new products and new services to our customers. I will hit a couple highlights. Agentic trading, which is near and dear to my heart. Literally, I am wearing the vest right now. Our agentic offerings have really increased in scope over the course of the year. If you remember, we started with our MCP, which has grown quite well, and now we have agentic trading directly in the app, so you no longer need to use your external tool, like your Claude Code or Codex. You can do it within the app. We have also allowed customers to extend their MCP connectivity to Robinhood Legend. Robinhood Legend is now in scope for our MCP connectors as well.

We are just continuing to make it easier for anyone to trade on our platform, whether it is you directly or your agent. While we are still very early in the in-app capabilities and the harness tooling, we have been seeing really strong early adoption across the entire suite of agentic products. Customers have over $250 million in agentic accounts. Remember, the account start at zero, so you have to make a choice to move money into them. We look at the adoption curves, both across usage and trading, and they are sort of following an accelerating curve, which gets us very excited about the future of these products. As we continue to add more asset classes, more features, those curves appear to be steepening. Next, perpetual futures. We became the first U.S. broker to offer what we call true perpetual futures.

These are perpetuals powered by our global derivatives exchange, Bitstamp, and they settle continuously around the day. So 15-minute settlement. We are also working on adding earnings contracts to our prediction markets hub. I think this will be particularly relevant for this audience because it will allow you to trade EPS and revenue on individual companies, as well as KPIs that are company specific. Of course, something I have been very excited about for quite some time, we announced 24/7 equity trading. That will be coming to Robinhood later this year. Again, this is something I think we will be the first to offer this as well. These are just a few of the many items we have shipped. There is a lot more, and I encourage you all to check out the full keynote on YouTube or X if you have not already. Let us move to wallet share.

A couple of things that I would like to highlight here. Trump Accounts achieved a really important milestone in Q3, auto-enrollment. As we have said before, we have nearly 70 million children in the U.S. under the age of 18 that are eligible for the Trump Account. Now the U.S. Treasury has opened accounts for all of them, for all these children. Because of the generous gift from Michael and Susan Dell through their foundation, 25 million of those children already had $250 invested for them by the Dell Foundation. We are excited about this initiative. It is one of those things where it has just been snowballing, and we are doing more, so there is just a ton of roadmap ahead. One of the things I am particularly excited about is, I think it can become the default vehicle for philanthropic giving in this country, right?

And we are already seeing the beginnings of that with the Dells, but also the other donors. We do not really have a great default option. I think Trump Accounts can become that, so we are going to be doing more there in partnership with BNY and the U.S. government. We are also continuing to make progress with Robinhood Gold, which today is one of the largest paid membership programs in consumer finance in the U.S. A couple of years ago, we set out to actually completely revamp our Gold product. What we wanted to do is put something in Gold for our mass market customer, so that you did not have to be an active trader to benefit from Gold. I think we have been able to achieve that. So in this quarter, Robinhood Gold reached 5 million subscribers. We see it really paying off. We see it paying off.

We have got 5 million Gold subscribers, and that is up over 30% year-over-year, and it is a 4x increase from when we began the journey to revamp the Gold program just about four years ago. So that gets us to about an 18% overall Gold adoption rate when you look at our customer base. But 40% if you look at in quarter, so of the customers that joined Robinhood in quarter, much higher adoption. That is really great to see because then we see a path as we continue to grow, Gold will just continue to increase. I think there is actually much more room to grow. Our big bets for growing the Gold value proposition are banking and credit. Those are still, despite getting to large scale, not generally available yet. So there is still limited release.

We have been really investing in more integration points, so things like easy sign up for banking and Gold Card if you are signing up for Robinhood, contextual upsells so that we detect when banking and credit is going to be appropriate for you, when you are using the Robinhood app and kind of putting it there. We think we have got plenty of room to run. These can become even more meaningful drivers of higher Gold adoption. Finally, let me get to global financial ecosystem. On July 1st, just a few months ago, we launched the Robinhood Chain Mainnet, and in its first quarter, it is already a top five chain by volume and revenue. So far, we have seen over 100 billion in DEX volume, so that is 100 billion in decentralized exchange trading volume and over 50 million in chain fees.

DeFi Perpetuals, it is an interesting innovative product, have seen solid growth on the chain as well. So in recent weeks, we have been seeing DeFi Perpetual volume of over $1 billion per day on the chain. So it is clear customers have demand for these tokenized assets on chain. We think, we not only believe, we are building Robinhood Chain to be the best place to own and trade all of these tokenized assets. Of course, starting with stock tokens and perpetuals, but expanding much broader from that. We are also expanding our brokerage infrastructure globally, and we are excited with that to announce that we received authorization from the Dubai Financial Services Authority to launch Robinhood in the region. This will broaden our international footprint even further. The product velocity that you have been seeing, and the focus on the customer experience, have led to really strong business results.

Market share continues to grow up double digits year-over-year for each of the main assets, equities, options, crypto, and margin as well. Revenues grew 12% year-over-year to a record $1.4 billion. Adjusted EBITDA, that is up 9%, record of over $800 million. Net deposits, $16 billion in quarter. With a strong start to Q4, which Shiv Verma will talk more about, we have already exceeded our annual goal of 20% net deposit growth, and that is with two months left to go. We are pleased with the strong results for our customers and for our business. We are pushing hard to make Robinhood your financial super app. With that, I will ask Shiv Verma to come up. How are you doing, sir?

Doing all right. All right. Thank you, Vlad Tenev. Before we get into results, I just wanted to share three big takeaways from Q3. First, as Vlad Tenev said, the core business is firing on all cylinders. This led to our highest quarter ever for both revenue and Adjusted EBITDA, and really great to see platform assets were nearly $400 billion. On top of that, we set new records for equities, options, event contracts, and margins. Going well all around. Second, our product is driving a more diversified business. We are now up to 14 cylinders that have reached $100 million or more of annualized revenue. Rothera, our prediction markets exchange, hit this number in just its first full quarter of operation. Really nice to see Rothera scaling well. Finally, we drove another quarter of strong growth, profitability, and scale.