Robinhood Markets, Inc. (HOOD) Q4 2025 Financial Results Summary

Release Date: February 10, 2026. Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) reported its financial results for the fourth quarter and full year of 2025, which ended on December 31, 2025. This announcement highlighted record revenues and various operational metrics, demonstrating strong financial performance year-over-year.

Key Financial Highlights

Fourth Quarter Results

• Total Net Revenues: Increased by 27% year-over-year to $1.28 billion.
• Transaction-Based Revenues: Increased by 15% year-over-year to $776 million.
  • Breakdown:
  • Other Transaction Revenue: Up by over 300% to $147 million.
  • Options Revenue: Increased by 41% to $314 million.
  • Equities Revenue: Grew by 54% to $94 million.
  • Cryptocurrencies Revenue: Decreased by 38% to $221 million.
• Net Interest Revenues: Increased by 39% year-over-year to $411 million.
• Other Revenues: Increased by 109% year-over-year to $96 million;
  • Primarily driven by Robinhood Gold subscription revenue of $50 million, up 56%.
• Net Income: Reported at $605 million, down 34% from $916 million in Q4 2024.
• Diluted EPS: Reported at $0.66, down from $1.01 in Q4 2024.
• Total Operating Expenses: Increased by 38% year-over-year to $633 million.
  • Adjusted Operating Expenses and Share-Based Compensation (non-GAAP) increased 18% to $597 million.
• Adjusted EBITDA (non-GAAP): Increased by 24% year-over-year to $761 million.
• Funded Customers: Increased by 1.8 million, or 7%, year-over-year to 27.0 million.
• Investment Accounts: Grew by 2.2 million, or 8%, year-over-year to 28.4 million.
• Total Platform Assets: Increased by 68% to $324 billion.
• Net Deposits: Increased at an annualized growth rate of 19% to $15.9 billion in Q4 2025, totaling $68.1 billion for the year, a 35% growth compared to the end of Q4 2024.
• Robinhood Gold Subscribers: Reached 4.2 million, an increase of 58% year-over-year.

Full Year Results

• Total Net Revenues: Increased by 52% year-over-year to $4.5 billion.
• Net Income: Up by 33% to $1.9 billion, compared to $1.4 billion in 2024.
• Diluted EPS: Increased to $2.05, up from $1.56 in 2024.
• Total Operating Expenses: Increased by 25% year-over-year to $2.38 billion.
• Adjusted EBITDA (non-GAAP): Increased by 76% year-over-year to $2.5 billion.
• Share Repurchases: Totaled $653 million for the year, representing 12 million shares at an average price of $54.30.

Additional Notable Metrics

• Average Revenue Per User (ARPU): Increased by 16% to $191.
• Cash and Cash Equivalents: Totaled $4.3 billion, unchanged compared to Q4 2024.

Shareholder Returns

• Share Repurchases: The company repurchased $100 million worth of shares in Q4, totaling $910 million since starting the repurchase program in Q3 2024.
• Dividends: No quarterly dividends were declared.

Looking Forward

In light of these results, Robinhood management expressed optimism for 2026, emphasizing their strong start to the year, with focus areas including:

• Continued product velocity and innovation.
• Expansion of their financial services offerings.
• Driving net deposit growth and revenues.

Robinhood aims to maintain its position as a leader in the financial markets by enhancing user engagement and growing shareholder value in the coming year.

Note: All amounts in the following tables are in millions.

Revenues:	December 31, 2024	December 31, 2025	YOY% Change	Three Months Ended	September 30, 2025	QOQ% Change
Transaction-based revenues	672	776	15%	730	6%
Net interest revenues	296	411	39%	456	-10%
Other revenues	46	96	109%	88	9%
Total net revenues	1,014	1,283	27%	1,274	1%
Operating expenses(1)(2):
Brokerage and transaction	50	57	14%	56	2%
Technology and development	208	232	12%	237	-2%
Operations	29	37	28%	33	12%
Provision for credit losses	19	36	89%	26	38%
Marketing	82	93	13%	102	-9%
General and administrative	70	178	154%	185	-4%
Total operating expenses	458	633	38%	639	-1%
Other income (loss), net	2	11	450%	-1	NM
Income before income taxes	558	661	18%	634	4%
Provision for (benefit from) income taxes	-358	56	NM	78	-28%
Net income	916	605	-34%	556	9%
Net income attributable to Robinhood	916	605	-34%	556	9%
Net income attributable to Robinhood common stockholders:
Basic	916	605		556
Diluted	916	605		556
Net income per share attributable to Robinhood common stockholders:
Basic	1.04	0.67		0.63
Diluted	1.01	0.66		0.61
Weighted-average shares used to compute net income per share attributable to Robinhood common stockholders:
Basic	883,884,676	897,877,147		889,261,220
Diluted	907,767,796	917,718,432		917,940,660

Note: All amounts in the following tables are in millions.

Assets	December 31, 2024	December 31, 2025
Current assets:
Cash and cash equivalents	4,332	4,261
Cash, cash equivalents, and securities segregated under federal and other regulations	4,724	5,749
Receivables from brokers, dealers, and clearing organizations	471	426
Receivables from users, net	8,239	17,994
Securities borrowed	3,236	2,408
Deposits with clearing organizations	489	702
User-held fractional shares	2,530	3,782
Held-to-maturity investments	398	—
Deferred customer match incentives	100	185
Other current assets, including current prepaid expenses of $75 as of December 31, 2024 and $127 as of December 31, 2025	584	798
Total current assets	25,103	36,305
Property, software, and equipment, net	139	154
Goodwill	179	385
Intangible assets, net	38	168
Non-current deferred customer match incentives	195	428
Other non-current assets, including non-current prepaid expenses of $17 as