Robinhood Markets, Inc. · HOOD · FY2024 Q3 · Calendar Q4 2024

Robinhood Q3 2024: Product Expansion Meets Execution Risks

The supplied analysis supports a constructive but conditional view: Robinhood’s product expansion, deposit growth and broader wallet share can support continued earnings growth, while credit, regulatory, pricing and execution risks remain material.

Reported After market closeNASDAQFinancial Services $88.89B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.17 Consensus $0.18
EPS surprise -5.6% Reported versus consensus
Reported revenue $274.0M Consensus $643.1M
Revenue surprise -57.4% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -16.7% Event window
SPY move -2.0% Same window
Abnormal move -14.8% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift +59.8% Up to 20 sessions
HOODSPY benchmark

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the supplied Q3 analysis adds the near-2-million Gold Card waitlist, early retention of about 95% among the first 100,000 users, the launch of the presidential election market and October crypto rebates of 48 basis points versus 35 basis points earlier in the year.

Guidance delta

Management maintained its outlook; the supplied analysis does not identify a quantitative guidance change.

Key takeaways

  • The supplied analysis describes record net deposits, assets under custody and revenue growth as evidence of platform adoption.
  • New products including the Gold Card, Index Options, Futures and Legend are central to active-trader acquisition and wallet-share expansion.
  • Rising cash-suite, margin and securities-lending balances are identified as earnings supports.
  • Management remained on track with its full-year outlook and continued share repurchases, according to the supplied analysis.
  • The next phase depends on scaling products while managing credit, regulatory and trading-volume risks.

Management priorities

  • Scale the Robinhood Gold Card across its waitlist.
  • Roll out Index Options, Futures and the presidential election market.
  • Broaden access to the Robinhood Legend desktop platform.
  • Continue international expansion and product localization.
  • Launch live tax gain/loss monitoring and additional tax-lot features.
  • Use the December Investor Day to present additional strategic initiatives.

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Earnings History

Estimate Beat Miss Match
HOOD REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $457M Q4 '23 actual $471M, beat Q1 '24 estimate $552M Q1 '24 actual $624M, beat Q2 '24 estimate $640M Q2 '24 actual $688M, beat Q3 '24 estimate $643M Q3 '24 actual $274M, miss Q2 '25 estimate $915M Q2 '25 actual $989M, beat Q3 '25 estimate $1B Q3 '25 actual $1B, beat Q4 '25 estimate $1B Q4 '25 actual $1B, miss Q1 '26 estimate $1B Q1 '26 actual $1B, miss Q2 '26 estimate $1B Q2 '26 actual $1B, beat Q3 '26 estimate $1B Q4 '26 estimate $1B Q1 '27 estimate $1B
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Analyst Consensus ?

ConsensusBuy27 ratings
Bullish2074.1%
Neutral518.5%
Bearish27.4%

Analyst 52W Price Targets

$98.87Previous close
$5Low
$108.79Average
$171High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Equal Weight Equal WeightMaintainOct 14, 2026
Truist Securities Buy BuyMaintainOct 13, 2026
Morgan Stanley Overweight OverweightMaintainOct 9, 2026
Barclays Overweight OverweightMaintainOct 7, 2026
B of A Securities Buy BuyMaintainOct 5, 2026
Show 22 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $98.87. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$120$110.52 +21.4%Oct 14, 2026
Truist FinancialAnalyst unavailable$134$109.87 +35.5%Oct 13, 2026
Evercore ISIAnalyst unavailable$130$109.02 +31.5%Oct 12, 2026
Morgan StanleyMichael Cyprys$160$107.01 +61.8%Oct 9, 2026
BarclaysAnalyst unavailable$132$112 +33.5%Oct 7, 2026
See 159 more

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Company context

Snapshot as of publication

Robinhood Markets, Inc. operates a financial services platform available to users throughout the United States. This platform empowers individuals to engage in a wide array of investments, encompassing common stocks, exchange-traded funds (ETFs), options contracts, gold, and various cryptocurrencies. Beyond its core trading functionalities, the company dedicates efforts to providing educational and informational resources.…

Historical context

All HOOD earnings

Financial Services peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
  3. Polygon adjusted daily market bars · 2026-10-19T08:10:45.103809+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T08:10:45.101306+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.