New York, Feb 11, 2026, 06:13 (EST) — Premarket
- Robinhood shares eased about 1% in premarket trading after the broker’s quarterly update put crypto revenue back in focus.
- Options and equities trading held up, while the company pointed to growth in subscriptions and newer products.
- The first regular-session reaction is due at the opening bell, with investors watching early-2026 activity trends.
Robinhood Markets (HOOD) shares were down about 1% at $85.60 in premarket trade on Wednesday, setting up a cautious open after the online broker’s latest results.
The stock has become a fast-moving proxy for retail risk appetite. When crypto cools, Robinhood usually feels it quickly.
That matters now because the company is trying to prove it can lean less on trading spikes and more on recurring revenue, while still keeping its power users on the app. The market is testing that mix again.
Robinhood said fourth-quarter net revenue rose 27% from a year earlier to $1.28 billion, while cryptocurrencies revenue fell 38% to $221 million. Transaction-based revenue — money tied to customer trading activity — climbed 15% to $776 million, helped by gains in options and equities, and earnings were 66 cents per share. (Businessinsider)
The quarter still came in light versus Wall Street’s $1.34 billion revenue estimate, and the stock fell 6.3% after hours on Tuesday, according to LSEG data cited by Reuters. Crypto trading revenue missed expectations as well, and new finance chief Shiv Verma said heavy traders skewed into lower-priced tiers, which hurt rebates the firm earns on crypto flows. Brokerages including Robinhood and rival Public have been battling for price-sensitive customers as markets swing. (Reuters)
Verma’s comments landed just days after he took the CFO job. A filing showed Robinhood’s board appointed him effective Feb. 6, with former CFO Jason Warnick moving into an advisory role ahead of his planned retirement. (SEC)
Robinhood is also leaning into prediction markets — “event contracts” that let customers take positions on outcomes — and said it logged more than 12 billion contracts traded in 2025. The company said a joint venture with Susquehanna acquired MIAXdx in January to help build an independent exchange overseen by the CFTC, the U.S. derivatives regulator. CEO Vlad Tenev said, “Our vision hasn’t changed: we are building the Financial SuperApp,” while Verma said “2026 is off to a strong start” and the firm forecast 2026 adjusted operating expenses and stock-based pay of $2.6 billion to $2.725 billion. (SEC)
Some analysts are still leaning into that longer arc. Wolfe Research’s Steven Chubak upgraded Robinhood to Outperform on Monday and set a $125 price target, saying he wanted to “take advantage of the recent selloff and deterioration in sentiment surrounding the broader crypto ecosystem.” He also flagged longer-run risks in prediction markets from state restrictions and fee pressure. (Investing.com Canada)
For traders, the near-term tell is simpler: do options and equities volumes stay strong if crypto stays quiet, and can subscriptions and interest income smooth the swings. Falling short-term rates, if they persist, would also pressure net interest revenue over time.
But the downside case is easy to sketch. If crypto activity drops further, transaction revenue can slip fast, and prediction markets could draw tougher scrutiny that slows growth just as Robinhood is spending more to broaden its product set.
The next read comes at the opening bell at 9:30 a.m. ET on Feb. 11, when investors will see whether HOOD’s first full-session reaction matches the after-hours jolt and how much confidence the market puts in early-2026 momentum.
