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Robinhood took in more than $13 billion of net deposits in October alone, and $6 billion of it came from one gift: the Michael and Susan Dell Foundation's $250 deposits into the Trump accounts of 25 million American children.
Most consumer finance companies steer by revenue per user and monthly active users. Shiv Verma, CFO of Robinhood, said on the company's Q3 2026 earnings call that management does not set targets on either, and instead runs the business on net deposits and market share.
"ARPU is an output metric, so we actually don't goal the teams on that. We grow them on market share... We believe Robinhood can 10x from here." — Shiv Verma
Shiv reported the numbers behind a record quarter, and Vlad Tenev, Robinhood's Chairman and CEO, used the call to show off 17 new products, including agentic trading in the app and a peer-to-peer payment he demonstrated live.
The full episode is covered here so you can skip it. 1 hour 30 minutes of audio, 11 minutes of reading.
Here are the 12 numbers that matter.
Robinhood · Oct 27, 2026 · 1h 30m · 79m saved
With Vlad Tenev, Chairman and CEO of Robinhood · Shiv Verma, CFO of Robinhood
Key Takeaways
Q3 revenue rose 12% to a record $1.4B, and a new adjusted EPS measure put earnings at 60 cents against 51 cents reported
The Dell Foundation's Trump-account gift drove $6B of October's net deposits, which topped $13B for the month
Robinhood Banking is already the top withdrawal destination for Robinhood brokerage customers, before it is generally available
Rothera, Robinhood's prediction-markets exchange, reached $100M of annualized revenue in its first full quarter
Management still will not call it a "cylinder" until it proves durable
Robinhood Chain became a top-five blockchain by volume and revenue in the quarter after its July 1 launch
Each 25 basis point Fed move shifts revenue by about 1.5%, a tailwind on hikes and a headwind on cuts
1. A Record $1.4B Quarter
Chris Koegel, Robinhood's VP of Investor Relations, ran the call. Vlad opened by framing Q3 as proof of a three-part strategy: the top platform for active traders, a larger share of the next generation's wallet, and a global financial ecosystem. Market share rose by double digits across equities, options, crypto and margin, and platform assets reached nearly $400 billion.
Robinhood's revenue grew 12% to a record $1.4B on both new and existing products
"Revenues were up 12% to a record 1.4 billion, and this was driven by strong growth in both new products and existing products." — Shiv Verma
Adjusted EBITDA margin was 57%. Reported earnings were held down by the falling value of Robinhood's own investments, including Robinhood Ventures, so the company introduced a new measure that strips out investment gains and losses but still charges normal stock-based compensation.
Robinhood's new adjusted EPS removed a 7-cent drag from marking its investments to market
"EPS for the quarter was 51 cents. Now this includes a minus 7 cents of mark-to-market impact on investments that we hold... in Q3, adjusted EPS was 60 cents." — Shiv Verma
