HOOD · 10-Q · 2026Q1 · Full report

Transaction-based Revenues

Robinhood Markets, Inc. · 2026-04-29 · Importance 66 · Surprise 74

Transaction-based revenues increased by $40 million in Q1 2026 versus Q1 2025, driven by a $101 million increase in event contracts, $26 million in equities, and $20 million in options, partially offset by a $118 million decrease in cryptocurrencies. Cryptocurrencies revenues were hurt by a 32% decrease in the number of users placing crypto trades and a 22% decline in average Notional Trading Volume per trader, partially offset by revenue from the Bitstamp acquisition. Equities revenues rose as average Notional Trading Volume traded per trader increased 45% and the number of users placing equity trades rose 2%, while equities’ share of transaction revenues rose from 6% to 8%. Options revenues benefited from a 20% increase in Options Contracts Traded per trader, though option rebate rate declines moderated gains.

Key facts

• Equities revenues increased driven by a 45% increase in average Notional Trading Volume traded per trader and a 2% increase in the number of users placing equity trades, partially offset by a $4 million increase of certain match incentives paid to customers.
• Options revenues increased due to a 20% increase in Options Contracts Traded per trader, partially offset by a $6 million increase of certain incentives paid to customers.
• Transaction-based revenues increased by $40 million year over year for the three months ended March 31, 2026, primarily driven by increases of $101 million in event contracts, $26 million in equities, and $20 million in options, partially offset by a $118 million decrease in cryptocurrencies.
• Event contracts revenues increased primarily due to acceleration in the prediction markets business and were partially offset by a $6 million increase of certain match incentives paid to customers.

Impact estimates