HOOD · 10-Q · 2026Q1 · Full report

Transaction-based Revenue Mix Shift

Robinhood Markets, Inc. · 2026-04-29 · Importance 85 · Surprise 92

Transaction-based revenues rose by $40 million overall but the mix shifted materially: event contracts revenue increased by $101 million, equities by $26 million, and options by $20 million, while cryptocurrency revenue declined by $118 million. The increase in event contracts reflects acceleration in the company’s prediction markets business, while equities and options benefited from higher notional trading volume per trader and increased options contracts traded per trader. Cryptocurrency declines were driven by lower rebate rates from market makers, fewer users placing crypto trades (down 32%), and lower notional volume per trader (down 22%), partially offset by the Bitstamp acquisition. Management also noted changes in rebate rates and increased customer match incentives that affected net transaction revenue.

Key facts

• Cryptocurrencies revenues decreased primarily due to lower cryptocurrency rebate rates from crypto market makers, a 32% decrease in the number of users placing cryptocurrency trades, and a 22% decrease in average Notional Trading Volume traded per trader, partially offset by benefit from the acquisition of Bitstamp and a $6 million decrease of certain incentives paid to customers.
• Transaction-based revenues as a percentage of total net revenues declined from 63% to 58% year over year.

Impact estimates