Robinhood (NASDAQ: HOOD) reported Q1 EPS of $0.38, $0.03 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $1.07 billion versus the consensus estimate of $1.17 billion.

Financial Outlook

The paragraph below provides information on our 2026 expense plan and outlook. We are not providing a 2026 outlook for total operating expenses and have not reconciled our 2026 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2026.

As previously disclosed, our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues. Our prior outlook for 2026 Adjusted Operating Expenses and SBC provided at Q4 2025 Earnings (February 10, 2026) was $2.6 billion to $2.725 billion. We now anticipate investing an additional $100 million to build and support the user interface for Trump Accounts, which was not included in our prior outlook. Our work for Trump Accounts is contracted on a cost plus basis with a small margin, so we expect revenues to exceed costs. As a result, our updated outlook for 2026 Adjusted Operating Expenses and SBC is $2.7 billion to $2.825 billion. This expense outlook does not include provision for credit losses, costs related to our pending acquisitions, costs related to the Rothera joint venture, costs from modifications of executive awards in connection with our CFO transition, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

For earnings history and earnings-related data on Robinhood (HOOD) click here.