Robinhood beats earnings estimate but revenue falls short

October net deposits top $13 billion so far, including $6 billion from the Dell family's contribution to Trump Accounts.

Robinhood reported third-quarter earnings per share of $0.60, $0.03 above expectations. Revenue came in at $1.42 billion, below the $1.45 billion expected.

The company lowered the top end of its 2026 outlook for adjusted operating expenses and stock-based compensation, the cost of pay given in shares, by $25 million. The range is now $2.675 billion to $2.75 billion. Robinhood cited ongoing efficiency gains.

Chief financial officer Shiv Verma said the company is entering the fourth quarter with strong momentum. Net deposits for October already top $13 billion month to date, including $6 billion from the Dell family's contribution to Trump Accounts.

The revenue miss sits against an otherwise upbeat picture. Management trimmed the expense ceiling for 2026 while pointing to October deposits above $13 billion. The $6 billion from the Dell family is the first concrete sign of money moving through Trump Accounts, which the White House has framed as a vehicle for private-sector investment in children's accounts. That inflow matters less as a single large number than as an early test of whether Trump Accounts become a recurring source of deposits. The cut to expenses suggests management expects to hold costs roughly flat even as asset gathering speeds up. The next few deposit updates will show whether that holds.