Robinhood reported a record year in 2025, driven by strong growth in net deposits, Gold subscribers, and platform assets, culminating in a robust Q4. The company is focused on executing its 'Financial SuperApp' vision and driving profitable growth through product innovation and expansion.
Total net revenues increased 27% year-over-year to $1.28 billion in Q4 2025.
positiveFull year 2025 net revenues increased 52% year-over-year to $4.5 billion.
positiveDiluted EPS was $2.05 for full year 2025, up from $1.56 in 2024.
positiveRobinhood Gold Subscribers reached a record 4.2 million, an increase of 58% year-over-year.
positiveTotal Platform Assets increased 68% year-over-year to $324 billion.
positiveAdjusted EBITDA increased 76% year-over-year to $2.5 billion for full year 2025.
positiveNet income in Q4 2025 was $605 million, a decrease from $916 million in Q4 2024, due to the absence of a significant tax benefit in the prior year.
attentionTotal operating expenses increased 38% year-over-year to $633 million in Q4 2025, primarily driven by marketing and growth investments, and acquisition-related expenses.
attentionCrypto Notional Trading Volumes on the Robinhood App decreased 52% year-over-year to $34 billion in Q4 2025.
negativeNet cash used in operating activities was $(1,376) million for the year ended December 31, 2025, a significant increase from $(157) million in the prior year.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a record year where we set new highs for net deposits, Gold Subscribers, trading volumes, revenues, and profits, and we closed the year with a strong Q4.
2026 is off to a strong start, and we are incredibly excited about our plan and momentum for the year ahead as we focus on shipping great products for customers and driving profitable growth for shareholders.
Our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.