Robinhood Q1 2026 Earnings Miss: Crypto Fees Down 47%, HOOD Stock Falls 10%

# Robinhood Q1 2026 Earnings Miss: Crypto Fees Down 47%, HOOD Stock Falls 10%

> **Quick answer:** Robinhood reported Q1 2026 net revenue of $1.07 billion — up 15% year-over-year but 6.4% below the $1.14 billion analyst consensus. Cryptocurrency trading fees collapsed 47% to $134 million, the single biggest drag on the quarter. HOOD stock fell roughly 10% in the aftermath. The result raises a pointed question for retail investors: is the platform built for sustainable growth, or is it still a crypto-cycle proxy dressed up as a brokerage?

Robinhood's Q1 2026 earnings miss landed like a cold splash of water on April 28. The company's crypto trading fees dropped 47% year-over-year — a decline so steep it overwhelmed double-digit gains in equities, options, and a blockbuster run in prediction markets. HOOD stock, already down 27% year-to-date through the Tuesday prior, slid another ~10% in premarket trading. The company beat on growth but missed on what Wall Street was actually paying for.

## What Robinhood Reported for Q1 2026

The headline numbers tell the story cleanly.

**Total net revenue:** $1.07 billion (+15% YoY vs. $931 million in Q1 2025). Analyst estimate: $1.14 billion. Miss: ~$70 million.