Despite reporting record Revenues and operating income in Q4 2025, alongside an EPS “beat” of expectations on the bottom line, US based neobroker Robinhood Markets Inc (NASDAQ:HOOD) saw its shares decline by 9% on Wednesday after the company reported its latest results.

This wasn’t a case of profit-taking after a sharp pre-results runup in Robinhood shares.

Quite the opposite, actually.

Robinhood share price slump

Before Wednesday’s sharp move downward, Robinhood shares were already in a monthlong-plus slump, which saw Robinhood shed about a third of its value since the beginning of 2026. Sitting at $85.60 right before its Q4 and full year 2025 results were released, Robinhood shares were already well below their 52 week high of $153.86 set back in October.

Robinhood 12-month share price graph. Source: Google Finance.

So what gives?

Crypto trading woes

Well it seems as though shareholders and traders still closely associate Robinhood with crypto trading. And with crypto valuations in a prolonged slump, it wasn’t really a surprise that crypto trading Revenues at Robinhood were, at $221 million, down by 18% from $268 million in Q3.

Robinhood also reported that 2026 began slow in the crypto sphere, with January 2026 crypto notional trading volumes at $22.9 billion, versus $82 billion (or $27.3 billion monthly) in Q4 2025 – a decline of 16% from what was already acknowledged as a slow Q4.

Are investors’ concerns warranted?

Diversified revenue base

Well crypto trading related income has certainly provided some of the “juice” in Robinhood shares over time. However the broker seems to be performing quite well on a number of fronts, including steadily rising funded customers, growing core Equity and Options trading – which at $314 million in Q4 Revenue far outpaced Crypto – and a rapidly expanding Prediction Markets business.

Crypto trading made up just 17% of Robinhood’s Q4 total (record) Revenues of $1.28 billion, yet crypto still seems to be “driving the bus” when it comes to Robinhood’s public market valuation.

Will that change in 2026?

Please let us know what you think in the comments below.