Robinhood Q4 2025 earnings revealed mixed results as the trading platform reported revenue of $1.28 billion, falling short of Wall Street’s $1.35 billion estimate.
The company posted adjusted EBITDA of $761 million, missing analyst expectations of $833 million, while net income reached $605 million.
Transaction-based revenue totaled $776 million, marking a 15% year-over-year increase but trailing the estimated $791.6 million. Earnings per share of $0.66 beat the $0.63 estimate.
The platform’s crypto trading segment experienced a notable decline during the quarter. Crypto revenue dropped 38% year-over-year to $221 million, missing the $242 million estimate.
This contraction came as digital asset trading volumes moderated from previous periods. Meanwhile, options revenue surged 41% to $314 million, demonstrating continued retail investor appetite for derivatives trading.
Equities revenue climbed 54% to $94 million, reflecting increased stock trading activity among users. Net interest revenue grew 39% to $411 million, benefiting from higher interest rates and expanded lending operations.
Other revenue streams jumped 109% to $96 million, driven by diversified product offerings beyond core trading services.
ROBINHOOD Q4’25 EARNINGS HIGHLIGHTS
Revenue: $1.28B (Est. $1.35B)
; +27% YoY
; vs. $1.01 YoY
— Wall St Engine (@wallstengine) February 10, 2026
Total revenue grew 27% year-over-year despite the crypto segment’s weakness. Transaction-based revenue represented the largest component at $776 million.
Wall St Engine shared detailed metrics through their platform, noting the variance between actual and estimated results across multiple categories.
Operating expenses rose 38% year-over-year to $633 million, outpacing revenue growth. Adjusted operating expenses including stock-based compensation reached $597 million, up 18% from the prior year.
The expense increase reflected continued investment in platform infrastructure and regulatory compliance costs.
Funded customers reached 27.0 million, representing 7% year-over-year growth. Investment accounts totaled 28.4 million, an 8% increase from the previous year.
Gold subscribers, the platform’s premium tier, hit 4.2 million, surging 58% year-over-year as users sought enhanced features and benefits.
Total platform assets under management reached $324 billion, jumping 68% year-over-year. Average revenue per user stood at $191, climbing 16% compared to the prior year.
Net deposits totaled $15.9 billion for the quarter, with trailing twelve-month deposits reaching $68.1 billion.
The company maintained its cash position at $4.3 billion in cash and cash equivalents. Share buybacks continued during the quarter, with $100 million deployed to repurchase 0.8 million shares at an average price of $119.86. Full-year 2025 buybacks totaled $653 million, retiring 12 million shares at an average price of $54.30.
Management addressed the quarter’s results and long-term strategy in their earnings commentary. According to company executives, “Our vision hasn’t changed: we are building the Financial SuperApp.”
The leadership team reflected on the annual performance, stating that “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.”
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