Robinhood Hits Record $1.42B as 200K Open Agentic Accounts

Robinhood reported record third-quarter net revenues of $1.42 billion on 27 October 2026, up 12% year over year. In the same results, the company said approximately 200 thousand customers have opened Agentic Trading Accounts to date, driving over $1.6 billion in notional trading volume.

Net income fell 14% to $476 million, and diluted earnings per share fell 16% to $0.51. Robinhood says net income included $67 million, or $0.07 of diluted EPS, of unrealized losses primarily related to the mark-to-market of Robinhood Ventures Fund I.

Short explainer · Robinhood Q3 2026

A vertical news Short narrated from the published text of this piece and related FourWeekMBA pieces.

Business Pill · AI agents explained

An evergreen Business Engineer explainer on AI agents, from answering to doing. It explains the general idea and does not discuss Robinhood.

The Agent Accounts

Robinhood says it announced 17 new products and features at its HOOD Summit in Houston in September, including Robinhood Agents and Agent Apps, 24/7 trading of select U.S. equities, perpetual futures for eligible U.S. customers and earnings contracts in its prediction markets hub.

The results give one usage figure for the agent products: approximately 200 thousand customers have opened Agentic Trading Accounts, with over $1.6 billion in notional trading volume. The release does not break out revenue from them.

Among its risk factors, Robinhood lists “the risks associated with incorporating artificial intelligence technologies into some of our products and processes”.

What Was Posted on X

Wall St Engine posted a summary of the results at 20:07 UTC on 27 October. It lists revenue of $1.4B against an estimate of $1.42B and EPS of $0.51 against an estimate of $0.56, and quotes the company’s comments. This piece takes its figures from Robinhood’s own release; the estimates are the poster’s.

Nicholas Mugalli posted a preview before the report, saying the Street wanted record revenue of about $1.41bn and EPS of about $0.54. The post says what matters is everything that doesn’t depend on crypto prices, such as Gold subscribers, which it puts at 17% of customers, and sets a price target of $115 with an Overweight rating. Those views and the target are the poster’s; Robinhood’s release puts Gold adoption at 18 percent.

Wall St Engine posted on X that about 200,000 Robinhood customers have opened AI-powered trading accounts, generating over $1.6 billion in notional trading volume to date.

Where the $1.42 Billion Came From

Transaction-based revenues rose 19% to $867 million. Robinhood says that was primarily driven by event contracts revenue of $173 million, up over 6x, options revenue of $399 million, up 31%, and equities revenue of $121 million, up 41%. Cryptocurrencies revenue fell 55% to $120 million.

Net interest revenues fell 9% to $415 million, which Robinhood attributes primarily to lower securities lending activity and short-term interest rates. Other revenues rose 61% to $142 million, primarily on Trump Account service revenues and higher Robinhood Gold subscription revenues.

A year earlier, the same three lines were $730 million, $456 million and $88 million, for total net revenues of $1,274 million. Event Contracts Traded rose over 7x to a record 16.4 billion in the quarter, the company says.

Rothera and the $100 Million Lines

Robinhood says Rothera reached over $100 million in annualized revenues in its first full quarter of operation, with over 6.4 billion contracts traded since launch. The filing describes Rothera as its joint venture with Susquehanna International Group, which Robinhood does not wholly own or operationally control.

“We also added a new business cylinder with over $100 million in annualized revenues this quarter as Rothera scaled rapidly,” said Shiv Verma, Robinhood’s Chief Financial Officer. The company now counts up to 14 business lines that have reached $100 million or more in annualized revenues.

Customers, Assets and Costs

Funded Customers rose 7% to 28.7 million, and Total Platform Assets rose 19% to $396 billion. Net Deposits were $15.7 billion in the quarter. Robinhood Gold Subscribers rose 34% to a record 5.2 million, which the company says is an 18 percent overall adoption rate. Average Revenue Per User rose 5% to $200.

Total operating expenses rose 16% to $739 million, driven primarily by higher provisions for credit losses, expenses related to Trump Accounts and Rothera, and marketing and growth investments, the company says. Adjusted EBITDA rose 9% to $808 million.

Robinhood lowered the top end of its 2026 outlook for Adjusted Operating Expenses and SBC by $25 million, to a range of $2.675 to $2.75 billion, which it says reflects ongoing efficiency gains. Verma said October Net Deposits had already topped $13 billion month-to-date, including $6 billion from the Dell family’s contribution to Trump Accounts.

Connecting the Coverage

The fund behind the $67 million mark-to-market is one we have reported on: on 23 October we reported that Robinhood’s retail fund buys $10M of Devin maker Cognition. On 20 October we reported that Trump Accounts would lock Musk’s SpaceX gift up to 5 years; Trump Account service revenues now show up in Robinhood’s other revenues line.

Today we also reported that Amazon’s new engineer guide puts outcomes above AI token use, another company setting out how AI agents fit into its work.

What’s new: in its quarterly results, Robinhood gives a usage figure for its agent products, about 200 thousand Agentic Trading Accounts, alongside a revenue mix in which event contracts grew over 6x and net interest fell.

The Structural Read

As we read it, the growth came from trading activity: transaction-based revenues rose 19% to $867 million while net interest revenues fell 9% to $415 million, which Robinhood attributes to lower securities lending activity and short-term interest rates.

As we read it, the agent figure is a usage number, not a revenue number: Robinhood gives accounts opened and notional volume, and the release does not break out revenue from them.

As we read it, the profit decline is partly a fund mark: net income included $67 million of unrealized losses primarily related to Robinhood Ventures Fund I.

Three Implications

FOR INVESTORS Robinhood introduced Adjusted Net Income and Adjusted EPS as new non-GAAP measures this quarter; Adjusted EPS fell 3% to $0.60.

FOR RIVALS IN PREDICTION MARKETS Event contracts revenue was $173 million, up over 6x, and Rothera reached over $100 million in annualized revenues in its first full quarter, the company says.

FOR THE AGENT PUSH Approximately 200 thousand customers have opened Agentic Trading Accounts, driving over $1.6 billion in notional trading volume, Robinhood says.

The Business Engineer Lens

This story maps onto the Business Engineer framework From SaaS to AGaaS.

The framework opens with one sentence: “SaaS is charged for access to tools. AGaaS charges for the execution of outcomes.”

As we read it, the question the framework raises for Robinhood is which side of that line its Agentic Trading Accounts fall on; the release reports accounts opened and notional volume, and does not say how they are priced. The framework was written before these results and does not discuss Robinhood.

What Is Not Established

The release gives no revenue or profit figure for Robinhood Agents or Agentic Trading Accounts, and no breakdown of the $1.6 billion in notional volume. It does not say what share of the 28.7 million Funded Customers use agents. We read the results release filed with the SEC on 27 October; we did not listen to the earnings call.

The Bottom Line

Robinhood reported record third-quarter revenues of $1.42 billion, with event contracts up over 6x and net interest down 9%. It also reported a usage figure for agent trading: about 200 thousand Agentic Trading Accounts and over $1.6 billion in notional volume.