New York, Feb 12, 2026, 10:40 (EST) — Regular session
Robinhood Markets, Inc. shares fell about 6% on Thursday as selling pressure lingered after the company’s quarterly report. The stock was down 5.6% at $73.61 in morning trade.
The move matters because Robinhood still lives and dies by trading activity. When volumes slow — especially in crypto — revenue can drop fast, and the market tends to reprice the stock in a hurry.
Investors are also weighing Robinhood’s push into newer lines, including subscriptions and event contracts, and what it will cost to keep shipping products at that pace.
Robinhood said on Tuesday fourth-quarter revenue was $1.28 billion, short of analysts’ $1.34 billion estimate, while profit came in at 66 cents per share, above expectations. Crypto trading revenue was $221 million, below forecasts, and new finance chief Shiv Verma said heavy traders tend to sit in “the lower tier” of the firm’s crypto pricing — a setup that can pinch the take rate, or the effective fee Robinhood earns per dollar traded. 1
The company said transaction-based revenue rose 15% to $776 million, helped by options revenue of $314 million and equities revenue of $94 million, even as crypto revenue fell 38%. Robinhood forecast 2026 adjusted operating expenses plus share-based compensation of $2.6 billion to $2.725 billion, and said January net deposits were $4.5 billion, with crypto notional volumes of $22.9 billion. 2
Analysts have turned more cautious since the report. Shares fell as much as 13% on Wednesday, and JPMorgan cut its price target to $113 from $130; Direxion’s Ryan Lee wrote that “all eyes” remain on crypto and Robinhood is not immune. 3
Elsewhere in the sector, Coinbase was down about 3.8%, while brokerages Charles Schwab and Interactive Brokers were down 1.7% and up 0.5%, respectively.
A regulatory filing on Wednesday showed former CFO Jason Warnick sold 125,000 shares on Feb. 9 at an average $85.0882 under a Rule 10b5-1 plan, a pre-set schedule for insider trades. He reported owning 402,370 shares after the sale. 4
But Robinhood’s mix still leaves it exposed to swings in risk appetite, especially in crypto, and the company’s spending plan adds another moving part. If trading stays soft, there is less room for error.
Chief executive Vlad Tenev has pitched prediction markets as a new engine, telling investors the firm is “at the beginning” of a prediction-market “supercycle,” as Robinhood tries to take on rivals such as Kalshi and Polymarket. Traders are looking to the company’s “Take Flight” event scheduled for March 4 for the next set of product details. 5
