Robinhood Markets (HOOD) Q4 2025 earnings summary

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.