New York, Feb 11, 2026, 06:13 (EST) — Premarket
- Robinhood shares slipped roughly 1% in premarket action following the broker’s quarterly update, which spotlighted crypto revenue once again.
- While options and equities trading remained steady, the company highlighted growth in subscriptions and its newer products.
- Investors will be eyeing early-2026 activity trends as the first reaction of the regular session hits the market at the opening bell.
Shares of Robinhood Markets (HOOD) slipped roughly 1% to $85.60 in premarket trading on Wednesday, hinting at a tentative start following the online broker’s recent earnings report.
The stock has turned into a quick barometer for retail risk appetite. When the crypto market cools off, Robinhood tends to take the hit almost immediately.
This is crucial now as the company aims to rely less on trading spikes and more on steady recurring revenue, all while retaining its core power users. The market is putting that balance to the test once again.
Robinhood reported a 27% jump in fourth-quarter net revenue from last year, reaching $1.28 billion. However, revenue from cryptocurrencies dropped 38% to $221 million. Transaction-based revenue, which comes from customer trading, increased 15% to $776 million, driven by growth in options and equities. Earnings came in at 66 cents per share. 1
The quarter still fell short of Wall Street’s $1.34 billion revenue forecast, sending the stock down 6.3% after hours Tuesday, per LSEG data cited by Reuters. Crypto trading revenue also missed marks, with new CFO Shiv Verma attributing the shortfall to heavy traders shifting into lower-priced tiers, which cut into rebates from crypto flows. Brokerages like Robinhood and rival Public are locked in a fight for price-sensitive customers amid volatile markets. 2
Verma’s appointment as CFO came only days ago. According to a filing, Robinhood’s board made it official on Feb. 6, while former CFO Jason Warnick shifted to an advisory position as he prepares to retire. 3
Robinhood is pushing deeper into prediction markets—those “event contracts” letting users bet on outcomes—and reported over 12 billion contracts traded in 2025. The company revealed that a joint venture with Susquehanna took over MIAXdx in January to create an independent exchange regulated by the CFTC, which oversees U.S. derivatives. CEO Vlad Tenev reiterated, “Our vision hasn’t changed: we are building the Financial SuperApp.” Meanwhile, Verma noted, “2026 is off to a strong start,” with the firm projecting adjusted operating expenses and stock-based compensation between $2.6 billion and $2.725 billion for the year. 4
Some analysts remain focused on the long haul. On Monday, Wolfe Research’s Steven Chubak upgraded Robinhood to Outperform, assigning a $125 price target. He cited the opportunity to “take advantage of the recent selloff and deterioration in sentiment surrounding the broader crypto ecosystem.” Still, Chubak warned of longer-term risks tied to state regulations and fee pressures in prediction markets. 5
For traders, the immediate signal is straightforward: will options and equities volumes hold steady if crypto remains inactive? Plus, can subscriptions and interest income help steady the ups and downs? If short-term rates keep dropping, expect ongoing pressure on net interest revenue.
But the downside is clear. If crypto activity declines further, transaction revenue could tumble quickly. Meanwhile, prediction markets might face tougher regulation, slowing growth right when Robinhood is ramping up spending to expand its product lineup.
The next read arrives with the opening bell at 9:30 a.m. ET on Feb. 11. That’s when investors will find out if HOOD’s full-day trading echoes the after-hours spike and gauge how much faith the market has in momentum heading into early 2026.
