Robinhood reported its Q3 earnings on Tuesday evening, and the headline numbers missed. Revenue hit a record $1.42 billion, just under the $1.43 billion analysts expected. Earnings per share came in at $0.51 against a $0.55 forecast. Crypto revenue fell 55% year over year to $120 million.
Yet the call told a different story. Vlad Tenev said Robinhood Chain has outrun every internal forecast, and Robinhood now plans to ramp up its investment in the chain. HOOD stock dropped around 7%, while Robinhood Chain tokens jumped 20% to 60% overnight.
Yesterday we covered the Ripple and Robinhood partnership and flagged the earnings call as the next thing to watch. Here is what came out of it.
Robinhood Q3 Earnings at a Glance
The quarter in numbers:
- Total revenue: $1.42 billion, a record, but slightly below estimates
- EPS: $0.51, versus $0.55 expected
- Crypto revenue: $120 million, up 20% from Q2 but down 55% from last year’s $268 million
- Robinhood Chain revenue: $26 million in its first quarter on mainnet
- Event contracts: $173 million on a record 16.4 billion contracts traded
So prediction markets now earn Robinhood more than crypto does. A year ago, crypto made up about 21% of revenue. This quarter it was 8.4%.
Crypto Revenue Down 55%, Saved by the Chain
Crypto trading slowed hard. Total crypto volume fell 38% to $50 billion, and $29 billion of that ran through Bitstamp. Volume inside the Robinhood app itself dropped 48% to $21 billion.
Without the chain, the crypto line would have shrunk. Crypto transaction revenue excluding Robinhood Chain fell 6% to $94 million. The chain added $26 million on top, which turned a decline into 20% quarterly growth.
That $26 million came from the network’s first three months. Robinhood Chain launched on July 1 and did more than $80 billion in DEX volume by the end of September. It also collected over $50 million in chain fees, though Robinhood recognized only part of that as revenue.
If you are new to the network, our Robinhood Chain explainer covers the basics. The Robinhood Chain 100 days report tracks how fast it grew.
What Vlad Tenev Said About Robinhood Chain
The chain was the star of the call. Tenev admitted its growth beat Robinhood’s own expectations. “It caught us by surprise,” he told analysts.
He then laid out the plan. Robinhood wants the chain to become the best place to own and trade tokenized assets, starting with stock tokens and perpetuals. After that, the scope widens. On the chain, DeFi perps alone have recently topped $1 billion in daily volume.
Builders got the biggest promise. According to Tenev, developers told Robinhood it could do more for them, and the company agrees. As a result, Robinhood is building a dedicated team and plans to ramp up its ecosystem investment. He also called the chain a top-five network by volume and revenue, and number one in onchain developer activity.
Tenev went further on the product side. He floated the idea of fully programmable stock tokens, with tokenized options contracts as one example. In other words, Robinhood sees stock tokens as building blocks for others, not just a feature in its own app.
Tokenization Rules Still Hold Back Big Money
Not everything on the call was bullish. Tenev called the SEC’s innovation exemption for tokenized stocks a positive step. However, he warned that nobody knows where the rules will stand in five years. That uncertainty, he said, keeps large investors from moving serious money into tokenized markets.
His answer is more rulemaking or new legislation. Robinhood currently offers about 200 stock tokens on the chain. They track the underlying shares economically, but carry no dividend or voting rights. Meanwhile, private company stock tokens will launch overseas first.
How Robinhood Chain Tokens Reacted
Chain traders liked what they heard. Within hours of the call, the leading Robinhood Chain tokens moved sharply higher:
- PONS: up about 18%, to roughly a $195 million market cap
- AI (Long): up about 32%
- Orbio: up about 60%
- Priors: up about 80%
- CASHCAT: roughly flat, near $100 million
Robinhood Crypto also posted support for Long and Priors on X the same day. That is the first visible sign of the “leaning in” Tenev described.
PONS remains the chain’s main launchpad token, and our PONS token guide explains how it works. For the wider meme scene, start with the Robinhood memes guide.
Also This Week: Ripple, Dubai and Morpho
The earnings call capped a busy stretch for Robinhood. First, Ripple’s RLUSD went live on Robinhood Chain and Bitstamp, with an app launch planned later this year. Tenev said every stablecoin and tokenized product provider gets an equal shot on the chain, Ondo included.
Second, Robinhood won authorization from Dubai’s DFSA to launch from the DIFC, with a 2027 start. Third, stock tokens can now serve as collateral on Morpho, with NVDA, GOOGL and AAPL markets paired against USDG.
Robinhood Crypto Sweepstakes: $700,000 in Prizes
Robinhood also launched a crypto trading sweepstakes on October 26. A random drawing will pick 6,001 winners. One person wins $100,000, and 6,000 others get $100 each, paid in a basket of seven coins.
Entering is simple. Opt in through the sweepstakes card in the app, then trade SUI, GRAM, HBAR, ONDO, XPL, INJ or CHIP. Each settled trade earns one entry, with a cap of 6 per week and 24 in total. Weekly spotlight coins count double. A free mail-in entry also exists.
Note the limits, though. Only US residents aged 18 or older can join, and New York is excluded. Trading entries close on November 22, and the drawing happens around December 7. Our Robinhood Crypto Sweepstakes listing walks through every step.
What This Means for Airdrop Farmers
Robinhood Chain has no token, and Robinhood has never hinted at one. Still, the call matters for farmers. More support for builders means more apps launching on the chain. New apps often reward their earliest users with points and tokens.
So the play is the ecosystem, not the chain itself. We collect those campaigns on our Robinhood airdrops hub. We also track any chain-level news on the Robinhood Chain listing. For the exchange side, our Robinhood review covers fees, features and availability.
Keep This Content Free
Earnings calls run long, and pulling the crypto parts out of one takes a full morning. We do it for free. If you trade the coins mentioned here, opening an account through our links supports the site at no extra cost:
Final Words
On paper, Robinhood’s Q3 was a miss. Crypto revenue fell 55%, prediction markets overtook crypto, and the stock slid. However, the call delivered the message Robinhood Chain builders wanted.
Tenev admitted the chain surprised Robinhood itself, and the company now plans to double down. For chain tokens and airdrop farmers, that matters more than one quarter of trading revenue. Watch for the new ecosystem team, the RLUSD app launch and any word on US tokenization rules.
FAQ
How did Robinhood do in Q3 2026?
Revenue hit a record $1.42 billion but missed estimates slightly. EPS was $0.51 against $0.55 expected. Crypto revenue fell 55% year over year to $120 million.
How much did Robinhood Chain earn in Q3?
Robinhood Chain contributed $26 million in revenue in its first quarter. It also processed more than $80 billion in DEX volume since its July 1 launch.
What did Vlad Tenev say about Robinhood Chain?
Tenev said the chain’s growth surprised Robinhood. The company will ramp up investment and build a dedicated team to support developers. Stock tokens and perpetuals come first, with a broader expansion later.
Does Robinhood Chain have a token?
No. Robinhood Chain has no token, and Robinhood has not announced one. Apps built on the chain may run their own airdrops.
Who can join the Robinhood Crypto Sweepstakes?
US residents aged 18 or older, excluding New York. Entries come from trading seven eligible coins or through a free mail-in option, until November 22.
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