Robinhood Markets Furnishes Form 8-K/A Revising Non-GAAP Tax Presentation for Q3 2026

Robinhood Markets, Inc. (HOOD) Form 8-K/A Analysis

Overview

On October 28, 2026, Robinhood Markets, Inc. filed an amended Current Report on Form 8-K/A for the period ended October 27, 2026. The amendment was furnished solely under Item 2.02 to revise the presentation of income tax effects of non-GAAP adjustments and the associated impact on Adjusted Net Income and Adjusted EPS for certain periods presented. The revision does not affect any GAAP financial results.

Key Financial & Operational Results (Q3 2026)

• Net Revenues: Record $1.42 billion, up 12% year-over-year.
  • Transaction-Based Revenues: $867 million (+19% YoY), driven by event contracts revenue ($173 million, up over 6x), options revenue ($399 million, +31%), and equities revenue ($121 million, +41%), offset by crypto revenue ($120 million, -55%).
  • Net Interest Revenues: $415 million (-9% YoY), driven by lower securities lending activity and short-term interest rates.
  • Other Revenues: $142 million (+61% YoY), supported by Trump Account service revenues and Robinhood Gold subscriptions.
• Profitability:
  • GAAP Net Income: $476 million (-14% YoY), with Diluted EPS of $0.51 (-16% YoY), impacted by $67 million ($0.07/share) in unrealized mark-to-market losses on Robinhood Ventures Fund I (RVI).
  • Adjusted Net Income (non-GAAP): $542 million (-3% YoY), with Adjusted EPS of $0.60 (-3% YoY).
  • Adjusted EBITDA (non-GAAP): $808 million (+9% YoY).
• Customer & Balance Sheet Metrics:
  • Funded Customers: 28.7 million (+7% YoY).
  • Robinhood Gold Subscribers: 5.2 million (+34% YoY).
  • Total Platform Assets: $396 billion (+19% YoY).
  • Net Deposits: $15.7 billion in Q3 2026; month-to-date October Net Deposits exceeded $13 billion.
  • Cash & Cash Equivalents: $5.8 billion as of September 30, 2026.

2026 Expense Outlook Update

• Lowered the top end of 2026 Adjusted Operating Expenses and SBC guidance range by $25 million to $2.675 billion to $2.750 billion (previously $2.675 billion to $2.775 billion) reflecting ongoing efficiency gains across the business.