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 momentum entering 2026.

• Net income for 2025 was $1.9 billion, a 33% increase year-over-year, with diluted EPS of $2.05 for the year and $0.66 for Q4.

• Platform assets surged 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 trading, wallet share, and global financial ecosystem.

Financial highlights

• Transaction-based revenues in Q4 increased 15% year-over-year to $776 million, with options and equities revenues up 41% and 54%, respectively.

• Net interest revenues in Q4 rose 39% year-over-year to $411 million.

• Adjusted EBITDA for 2025 was $2.5 billion, up 76% year-over-year, with a 56% margin; Q4 Adjusted EBITDA was $761 million, margin 59%.

• Adjusted operating expenses and SBC for 2025 were $2.27 billion, up 17% year-over-year; Q4 was $597 million, up 18%.

• EPS set a record at $2.05 for 2025, aided by disciplined share count management.

Outlook and guidance

• 2026 Adjusted Operating Expenses and SBC projected at $2.6–$2.725 billion, representing 18% year-over-year growth at the midpoint.

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

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

• January 2026 saw equity trading volumes up 50%+ year-over-year, options up 20%, and strong net deposit momentum.

• Actual results may differ due to customer growth, cross-sell effectiveness, credit loss management, and web-hosting efficiency.