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Robinhood Markets
Robinhood Markets (HOOD) investor relations material
Robinhood Markets Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record financial results in 2025, with revenues of $4.5 billion, net income of $1.9 billion, and strong momentum entering 2026.
Platform assets grew 68% year-over-year to $324 billion, with net deposits at a record $68 billion, up 35%.
Funded customers reached 27 million, up 1.8 million year-over-year, and Robinhood Gold subscribers rose 58% to 4.2 million.
Product innovation and major launches, including Bitstamp and TradePMR acquisitions, drove expansion in active traders and global ecosystem.
Product velocity and diversification supported wallet share gains and international growth.
Financial highlights
Q4 2025 revenues were $1.3 billion, up 27% year-over-year, with ARPU at $191.
Adjusted EBITDA for 2025 was $2.5 billion, up 76% year-over-year, with a 56% margin.
GAAP net income was $605 million in Q4 and $1.9 billion for 2025, with diluted EPS of $2.05 for the year.
Transaction-based revenues in Q4 reached $776 million, up 15% year-over-year; net interest revenues were $411 million, up 39%.
Adjusted operating expenses and SBC for 2025 were $2.27 billion, up 17% year-over-year.
Outlook and guidance
2026 Adjusted Operating Expenses and SBC projected at $2.6–$2.725 billion, an 18% year-over-year increase.
Targeting another year of 20%+ net deposit growth in 2026.
Over half of expense growth allocated to new and scaling businesses, including international expansion and new product launches.
Diluted share count expected to remain roughly flat in 2026.
Continued focus on profitable growth, maximizing EPS and free cash flow per share.
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Next Robinhood Markets earnings date
Q1 202629 Apr, 2026
Robinhood Markets
Next Robinhood Markets earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Investing made accessible
Robinhood is a fintech company that provides a mobile app for investing in various financial products. Known for its commission-free trading, Robinhood has gained popularity by offering easy access to stocks, ETFs, options, and cryptocurrencies. With its user-friendly interface, Robinhood aims to make investing accessible and easy for retail investors, allowing individuals to manage their investments conveniently from their mobile devices.
Founded with the goal of empowering the retail investor
Founded in 2013 by two college roommates, the company emerged as a fintech startup aiming to provide commission-free trading and accessible investment opportunities to a wider audience. Even if retail investors had several options to choose between before Robinhood burst onto the scene, the company quickly gained a significant following by providing a user-friendly mobile app and simplifying the trading process. However, they’re not the only company providing a platform for retail investors. The most notable competitor that’s publicly listed is Charles Schwab.
A wide array of investment options
Robinhood offers a range of investment options for its customers. Users can trade stocks of publicly traded companies listed on major stock exchanges in the US. Customers can also invest in ETFs and larger cryptocurrencies. Additionally, Robinhood allows options trading, enabling users to buy or sell options directly in the app.
Robinhood also offers a debit card, in a similar way to how big banks like Bank of America does. It allows users to spend their money directly from their Robinhood brokerage account. The card is linked to the user's Robinhood Cash Management feature, which acts as a cash management account for their investments. With the Robinhood Card, users can make purchases wherever Visa debit cards are accepted and withdraw cash from ATMs, while also earning rewards such as cashback.
No commission trading
One of the key aspects of Robinhoods business is the fact that they make it possible for customers to buy and sell stocks, ETF’s, and crypto without charging a commission. Instead of generating a bulk of their revenue through commissions, RobinHood makes money from a variety of different sources. These include order flow payment for directing trades to market makers, interest income from customer cash and securities balances, and premium subscription services such as Robinhood Gold. They also earn income from margin lending to customers.
Further reading: 5 Leading Online Brokers for Innovation
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