Robinhood Markets filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $5.1 billion, which rose 20.9% on the year before. That growth rate was down 17.4 percentage points on the rate a quarter earlier.
What stands out in the filings
Net income fell 9.6% over the year while free cash flow rose 164.3%, indicating that reported profit and cash are moving at different speeds.
What the company earns
Reported cash is holding up better than reported profit, with a trailing net margin of 39.0%. Net income over the twelve months was $2.0 billion, which fell 9.6% on the year before.
Where the cash went
The cash flow statement shows growth, as operating cash flow over the twelve months was $3.0 billion, up 159.2% on the year before. Capital spending was $43.0 million, or 0.8% of revenue. Free cash flow, defined as operating cash flow less capital spending, was $3.0 billion, up 164.3% on the year before. This represented a free-cash-flow margin of 59.1%, up 32.1 percentage points from a year earlier.
Share count
The average diluted share count rose 0.6% over the year.
How today compares
In the context of past results, today’s free-cash-flow margin of 59.1% is higher than 70% of the company’s own past quarterly readings, which have ranged from −163.4% to 126.7%. Today’s twelve-month revenue growth rate of 20.9% is higher than 28% of past readings (−25.2% to 74.6%).
Guidance
The company lowered its 2026 guidance for adjusted operating expenses and SBC to a range of $2.67 billion to $2.77 billion.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 23.3%, and 5 percentage points higher would raise it by 29.7%. A free-cash-flow margin 1 percentage point lower would lower it by 1.7%.
What to watch
The next filing will show whether the trends above continue, slow or reverse.
