Robinhood Markets reported $808 million in adjusted EBITDA for the third quarter of 2026, a 9% increase, the company said on Tuesday, October 27. Adjusted EBITDA is a profitability measure that excludes interest, taxes, depreciation, and amortization, among other items. The figures were published in Robinhood's third-quarter 2026 earnings release.

The gain came even as revenue from the brokerage's cryptocurrency business fell 55% to $120 million.

Crypto volumes decline across platforms

Crypto notional trading volume — the total dollar value of trades executed — dropped 38% to $50 billion during the quarter. Volume on the Robinhood app fell 48% to $21 billion, while volume on Bitstamp fell 28% to $29 billion, with the two venues together making up the quarter's $50 billion total. The 55% slide in crypto revenue outpaced the 38% drop in volume.

Costs rise more slowly than revenue

Adjusted operating expenses and stock-based compensation rose 8% to $664 million, a slower pace than the company's 12% revenue growth. Robinhood lowered the top end of its 2026 outlook for that expense measure by $25 million, to a range of $2.675 billion to $2.75 billion. Because the outlook covers the full year, fourth-quarter spending will determine where the company lands within that range.

Adjusted earnings per share fell 3% to 60 cents.

Company background

Founded in 2013, Robinhood is a retail brokerage known for offering commission-free trading of stocks, exchange-traded funds, options, and cryptocurrencies. Its shares trade on the Nasdaq under the ticker HOOD. In 2025, the company completed its acquisition of Bitstamp, a cryptocurrency exchange founded in 2011 and among the longest-running trading venues in the industry, bringing the platform's crypto trading operations under the Robinhood umbrella. The acquisition is now visible in the company's quarterly reporting, which breaks crypto volume out between the Robinhood app and Bitstamp.