Robinhood Markets, Inc. (HOOD) Earnings History

Robinhood Markets, Inc. - Q4 FY2025 EarningsBeat

Filed at: Feb 10, 2026, 4:05 PM EST|Read from source

EXECUTIVE SUMMARY

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.

POSITIVE HIGHLIGHTS

  • •

    Total net revenues increased 27% year-over-year to $1.28 billion in Q4 2025.

    positive
  • •

    Full year 2025 net revenues increased 52% year-over-year to $4.5 billion.

    positive
  • •

    Diluted EPS was $2.05 for full year 2025, up from $1.56 in 2024.

    positive
  • •

    Robinhood Gold Subscribers reached a record 4.2 million, an increase of 58% year-over-year.

    positive
  • •

    Total Platform Assets increased 68% year-over-year to $324 billion.

    positive
  • •

    Adjusted EBITDA increased 76% year-over-year to $2.5 billion for full year 2025.

    positive

CONCERNS & RISKS

  • •

    Net 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.

    attention
  • •

    Total operating expenses increased 38% year-over-year to $633 million in Q4 2025, primarily driven by marketing and growth investments, and acquisition-related expenses.

    attention
  • •

    Crypto Notional Trading Volumes on the Robinhood App decreased 52% year-over-year to $34 billion in Q4 2025.

    negative
  • •

    Net 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.

    negative

FINANCIAL METRICS

Revenue
Quarterly
$1.28B
+26.5%
Prior year: $1.01B
Annual (YTD)
$4.47B
N/A
Prior year: $2.95B
Net Income
Quarterly
$605.00M
-33.9%
Prior year: $916.00M
Annual (YTD)
$1.88B
N/A
Prior year: $1.41B
EPS (Diluted)
Quarterly
$0.66
-34.7%
Prior year: $1.01
Operating Income
Quarterly
N/A
N/A
EPS (Basic)
Quarterly
N/A
N/A

MARGIN ANALYSIS

Net Margin
Current Quarter
47.2%
Prior Year
90.3%
YoY Change
-4310 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2024
Tax Benefit and Regulatory Accrual Reversal
Primarily from release of valuation allowance on net deferred tax assets and reversal of an accrual as part of a regulatory settlement.
+$424M
$0.47 per share

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

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.

— Robinhood Markets, Inc., Q4 FY2025 2025 Earnings Call

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.

— Robinhood Markets, Inc., Q4 FY2025 2025 Earnings Call

Our 2026 expense plan is designed to accelerate product velocity, drive Net Deposit growth, and grow revenues.

— Robinhood Markets, Inc., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

ARPU
191
+15.8% YoY
Prior year: 165
dollars
Cash Sweep
32800.0M
+26.0% YoY
Prior year: 26032.0M
dollars
Crypto Notional Trading Volumes (Robinhood App)
34000.0M
-52.0% YoY
Prior year: 70833.0M
dollars
Equity Notional Trading Volumes
710000.0M
+68.0% YoY
Prior year: 422617.0M
dollars
Event Contracts Traded
8500.0M
contracts
Funded Customers
27.0M
+7.0% YoY
Prior year: 25.2M
customers
Margin Book
16800.0M
+113.0% YoY
Prior year: 7887.0M
dollars
Net Deposits (Annualized Growth Rate)
19
%
Options Contracts Traded
659.0M
+38.0% YoY
Prior year: 477.5M
contracts
Robinhood Gold Subscribers
4.2M
+58.5% YoY
Prior year: 2.6M
subscribers
Robinhood Retirement AUC
26500.0M
+102.0% YoY
Prior year: 13118.0M
dollars
Total Platform Assets
324000.0M
+68.0% YoY
Prior year: 192857.0M
dollars

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

Related Research

Analysis

Robinhood 10-K Analysis: 55% of Revenue Flows Through Market Makers