Robinhood Markets (HOOD) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenues of $4.5 billion in 2025, with Q4 revenues at $1.3 billion, up 27% year-over-year, and strong net income growth.

• Platform assets surged 68%–70% year-over-year to $324 billion, with net deposits reaching a record $68 billion.

• Funded customers grew to 27 million, up 1.8 million year-over-year, and Robinhood Gold subscribers rose nearly 60% to 4.2 million.

• Product innovation, major launches, and acquisitions such as Bitstamp and TradePMR accelerated growth and expanded offerings.

• Product velocity and expansion across trading, wallet share, and the global financial ecosystem drove results.

Financial highlights

• Adjusted EBITDA for 2025 was $2.5 billion, up 76% year-over-year, with a 56% margin; Q4 Adjusted EBITDA was $761 million.

• Q4 revenues reached $1.3 billion, up 27% year-over-year, with ARPU at $191.

• Transaction-based revenues in Q4 were $776 million, up 15% year-over-year; net interest revenues were $411 million, up 39%.

• Adjusted OpEx plus SBC for Q4 was $597 million, $15 million below outlook; full-year Adjusted OpEx and SBC were $2.27 billion, up 17%.

• GAAP net income for 2025 was $1.9 billion, with diluted EPS of $2.05 for the year and $0.66 for Q4.

Outlook and guidance

• 2026 Adjusted OpEx and SBC expected to be $2.6–$2.725 billion, an 18% year-over-year increase.

• Targeting another year of 20%+ net deposit growth and continued focus on product velocity, profitable growth, and international expansion.

• Diluted share count expected to remain roughly flat in 2026.