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Robinhood now has 14 business lines that each bring in more than $100 million a year, and Vlad Tenev, Chairman and CEO of Robinhood, told CNBC's Squawk on the Street that this spread is why a slump in crypto trading did not dent the quarter.
Robinhood's stock fell after third-quarter earnings per share missed estimates. Vlad read the same quarter as a set of records, and pointed to a new adjusted earnings measure that, by his account, showed a beat.
"It happens that crypto is in a relative winter."
Vlad co-founded Robinhood, and the brokerage he runs now holds close to $400 billion of customer assets, the most it has ever held.
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Here are the 5 insights that matter.
Squawk on the Street · Oct 28, 2026
With Vlad Tenev, Chairman and CEO of Robinhood
Key Takeaways
Robinhood has 14 business lines earning $100M a year each, so weaker crypto revenue was offset rather than replaced
A new adjusted EPS measure turned the reported miss into a beat, 60 cents against 55 cents
Crypto is in a "relative winter," yet Robinhood Chain ranks among the top five blockchains since its July 1 launch
Over $100B in decentralized trading volume and over $50M in chain fees
The SpaceX IPO brought a surge of sign-ups and deposits, with a possible Anthropic listing still ahead
Vlad calls Trump accounts direct philanthropy to children, with Robinhood acting as trustee and broker
1. Records Despite an EPS Miss
Kate Rooney, CNBC's correspondent, interviewed Vlad on the day after the results, with the stock down on the earnings miss. Vlad answered with the records.
Robinhood set records for revenue, adjusted EBITDA and customer assets in the third quarter
"If you look at the quarter, records across the board — record revenue, record adjusted EBITDA, we have record total platform assets at close to $400 billion on the platform." — Vlad Tenev
Total platform assets is the value of all the cash, stocks and crypto that customers keep at Robinhood. Adjusted EBITDA is operating profit before interest, taxes, depreciation and some one-off items.
Robinhood's new adjusted EPS measure showed a beat where the reported figure showed a miss, Vlad said
"We introduced a new metric, our adjusted EPS, and if you look at adjusted EPS, it was 60 cents versus 55. So that was actually a beat." — Vlad Tenev
The new measure strips out swings in the value of Robinhood's venture-fund investments. Those swings move reported earnings each quarter without saying anything about the brokerage itself, and the adjusted figure is meant to show the operating business on its own.
