US neobroker Robinhood Markets Inc (NASDAQ:HOOD) has continued the strong momentum it showed in Q3, reporting record Revenues for Q4 2025, and for the year as a whole.

Q4 2025 Revenues at Robinhood came in at $1.283 billion, slightly (0.7%) above the $1.274 billion the company reported the previous quarter. On the bottom line, Q4 Net Profit of $605 million easily topped (by 9%) Q3’s $556 million, and was second only at Robinhood to Q4 2024’s $916 million, which included a one-time $424 million tax reversal benefit.

Vlad Tenev, Chairman and CEO of Robinhood said,

“Our vision hasn’t changed: we are building the Financial SuperApp.”

Shiv Verma, Chief Financial Officer of Robinhood added,

“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. 2026 is off to a strong start, and we are incredibly excited about our plan and momentum for the year ahead as we focus on shipping great products for customers and driving profitable growth for shareholders.”

Prediction Markets growth

Robinhood accelerated momentum with active traders as it expanded product offerings, led by Prediction Markets, with over 12 billion event contracts traded in 2025. Deepening its investment in Prediction Markets, Robinhood established a joint venture, Rothera LLC, in partnership with Susquehanna International Group, that acquired MIAXdx in January 2026 to advance the build out of an independent, CFTC-licensed exchange and clearinghouse.

In December, the Company also hosted Robinhood Presents: YES/NO, announcing new features for the Prediction Markets Hub – such as preset and custom combos and player contracts – and expanded Robinhood Cortex capabilities, including the next generation of its AI-powered investing assistant and portfolio-level Digests. In addition, the Company began rolling out short selling in mid-November, which has already seen billions of notional volume traded by customers.

Fourth Quarter Results

Total net revenues increased 27% year-over-year to $1.28 billion.

• Transaction-based revenues increased 15% year-over-year to $776 million, primarily driven by other transaction revenue of $147 million, up over 300%, options revenue of $314 million, up 41%, and equities revenue of $94 million, up 54%, partially offset by cryptocurrencies revenue of $221 million, down 38%.
• Net interest revenues increased 39% year-over-year to $411 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
• Other revenues increased 109% year-over-year to $96 million, primarily driven by Robinhood Gold subscription revenue of $50 million, up 56%.

Net income was $605 million, which compares to $916 million in Q4 2024 that included a $424 million benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal.

• Diluted earnings per share (“EPS”) was $0.66, which compares to $1.01 in Q4 2024 that included a $0.47 benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal.

Total operating expenses increased 38% year-over-year to $633 million. The year-over-year increase was primarily driven by marketing and growth investments, and acquisition-related expenses.

• Adjusted Operating Expenses and Share-Based Compensation (“SBC”) (non-GAAP) increased 18% year-over-year to $597 million.
• Adjusted EBITDA (non-GAAP) increased 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 increased by 2.2 million, or 8%, year-over-year to 28.4 million.

Total Platform Assets increased 68% year-over-year to $324 billion, driven by continued Net Deposits, acquired assets, and higher equity valuations.

Net Deposits were $15.9 billion, an annualized growth rate of 19% relative to Total Platform Assets at the end of Q3 2025. Over the past twelve months, Net Deposits were $68.1 billion, a growth rate of 35% relative to Total Platform Assets at the end of Q4 2024.

Robinhood Gold Subscribers increased by 1.5 million, or 58%, year-over-year to 4.2 million.

Average Revenue Per User (“ARPU”) increased 16% year-over-year to $191.

Cash and cash equivalents totaled $4.3 billion, unchanged compared to the end of Q4 2024.

Share repurchases were $100 million, representing 0.8 million shares of our Class A common stock at an average price per share of $119.86. Since starting our share repurchase program in Q3 2024, total share repurchases were $910 million, representing approximately 22 million shares of our Class A common stock at an average price per share of $40.64.

Full Year Results

Total net revenues increased 52% year-over-year to $4.5 billion.

Net income was $1.9 billion, which compares to $1.4 billion in 2024 that included a $424 million benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal.

• Diluted EPS was $2.05, which compares to $1.56 in 2024 that included a $0.47 benefit from the Q4 2024 Tax Benefit and Regulatory Accrual Reversal.
• Total operating expenses increased 25% year-over-year to $2.38 billion.
  • Adjusted Operating Expenses and SBC increased 17% year-over-year to $2.27 billion. Prior to $76 million of provision for credit losses in 2024, Adjusted Operating Expenses and SBC would have been up 22% year-over-year.
• Adjusted EBITDA increased 76% year-over-year to $2.5 billion.

Share repurchases were $653 million, representing 12 million shares of our Class A common stock at an average price per share of $54.30

2025 Highlights

Robinhood stated that product expansion fueled strong momentum in 2025, as noted above with regards to Prediction Markets, as Robinhood grew across strategic priorities. In other areas Robinhood noted:

#1 in Wallet Share for the Next Generation – Robinhood drove greater share of wallet across long-term investing by deepening customer adoption of the Company’s retirement, advisory and banking offerings. This quarter, Robinhood Gold Subscribers grew to 4.2 million, with the adoption rate exceeding 15%, reflecting strong demand for premium features and differentiated benefits. Additionally, Robinhood Retirement AUC more than doubled from a year ago to $26.5 billion across approximately 1.8 million funded accounts. To date, customers have received over $500 million in matches on retirement account transfers and contributions. Robinhood Strategies expanded its reach to over 200 thousand Funded Customers and $1.3 billion in assets under management. Robinhood Banking also recently started rolling out to Robinhood Gold Subscribers, with over 20 thousand customers depositing approximately $300 million as of January 31, 2026.

#1 Global Financial Ecosystem – Robinhood extended its push for global financial innovation with continued expansion into new markets and new international products. Robinhood strengthened its offering in the UK by launching a stocks and shares ISA, the most requested feature from UK customers, supporting long-term, tax-advantaged investing. Bitstamp institutional volumes continue to scale, more than doubling since the close of the acquisition in June 2025, and in Europe, Robinhood quadrupled its Stock Tokens offering to approximately 2,000. During the fourth quarter, Robinhood also announced agreements to acquire a brokerage and crypto firm in Indonesia, expanding its reach in Asia.

Additional Q4 2025 Operating Data

• Robinhood Retirement AUC increased 102% year-over-year to a record $26.5 billion.
• Cash Sweep increased 26% year-over-year to $32.8 billion.
• Margin Book increased 113% year-over-year to a record $16.8 billion.
• Equity Notional Trading Volumes increased 68% year-over-year to a record $710 billion.
• Options Contracts Traded increased 38% year-over-year to a record 659 million.
• Crypto Notional Trading Volumes were $82 billion, including Bitstamp Notional Volumes which were $48 billion, and Robinhood App Notional Volumes which decreased 52% year-over-year to $34 billion.
• Event Contracts Traded were a record 8.5 billion.

Select Preliminary January 2026 Operating Data

• Net Deposits were $4.5 billion, an annualized growth rate of 17% relative to Total Platform Assets at the end of December 2025.
• Margin Book increased 121% year-over-year to a record $18.4 billion.
• Equity Notional Trading Volumes increased 57% year-over-year to $227 billion.
• Options Contracts Traded increased 20% year-over-year to 200 million.
• Crypto Notional Trading Volumes were $22.9 billion, including Robinhood App Notional Volumes which decreased 57% year-over-year to $8.7 billion and Bitstamp Notional Volumes which were $14.2 billion.
• Event Contracts Traded were a record 3.4 billion.

Robinhood’s full Q4 and full year 2025 results release can be seen here.