Robinhood Markets Inc (HOOD) Q4 2025 Earnings Call Highlights: Record Revenue and Strategic …

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Wed, February 11, 2026 at 2:00 PM GMT+9 5 min read

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**Revenue:** $4.5 billion in 2025, up 52% year over year.

**Adjusted EBITDA:** $2.5 billion, up 76% with a margin of 56%.

**Net Income:** Record EPS of $2.05.

**Total Platform Assets:** Grew nearly 70% year over year to $324 billion.

**Net Deposits:** Record $68 billion, a 35% growth rate.

**Gold Subscribers:** Grew nearly 60% year over year to 4.2 million.

**Q4 Revenue:** $1.3 billion, up 27% year over year.

**Interest Earning Assets:** Up 39% driven by growth in cash suite program, margin, and credit card loan book.

**Q4 Net Deposits:** Over $16 billion.

**Q4 Expenses:** Adjusted operating expenses plus stock-based compensation was $597 million.

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Release Date: February 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Robinhood Markets Inc (NASDAQ:HOOD) reported a record revenue of $4.5 billion for 2025, marking a 52% year-over-year increase.

The company achieved a record adjusted EBITDA of $2.5 billion, with margins reaching a new high of 56%.

Robinhood's prediction markets business experienced significant growth, with volumes doubling and over 12 billion contracts traded in 2025.

The Robinhood Gold card saw a substantial increase in customers, growing 5x to 600,000 users and reaching over $10 billion in annualized spend.

Robinhood Banking showed strong early results, with over 25,000 funded customers and $400 million in balances, and more than 50% of these customers enrolled in direct deposit.

Negative Points

Robinhood Markets Inc (NASDAQ:HOOD) experienced a more than 40% drop in share price, raising concerns among investors.

The company faces challenges in navigating the crypto downturn and the end of the football season, which could impact trading volumes.

There is regulatory ambiguity and the need for relief to expand prediction markets into company KPIs and financial metrics.

The international expansion strategy requires careful navigation of regulatory environments and potential acquisitions, which could pose integration challenges.

Despite strong growth, the company must continue to manage expenses and maintain profitability while investing in new products and markets.

Q & A Highlights

Q: Can you provide updates on Robinhood Social? A: Vlad Tenev, CEO: Robinhood Social is currently being tested internally. We’ve added prediction markets, enhancing its utility for asset discovery. The diversity of content is high, which we believe will make it a great tool for discovery and engagement. We are close to a public launch, expected in the coming months.

Story Continues  

Q: What are the reasons for the more than 40% drop in Robinhood’s share price, and how is leadership addressing this? A: Vlad Tenev, CEO: We focus on business inputs, such as market share gains and net deposits, which have been strong. We have a pipeline of new products like Robinhood Banking and Robinhood Social Cortex Assistant. Over the long run, business performance tends to lead stock price. Shiv Verma, CFO: We also have a billion-dollar share repurchase program to leverage during market volatility.

Q: How is Robinhood navigating the crypto downturn and the end of the football season? A: Vlad Tenev, CEO: We see crypto as a foundational technology for trading all assets. Our efforts in tokenization and stablecoin partnerships aim to merge crypto with traditional financial services. Prediction markets are diversifying beyond sports, with significant volume in non-sports contracts like government shutdowns. We expect continued growth in prediction markets.

Q: Can you expand on international expansion plans, particularly in Europe and Asia? A: Vlad Tenev, CEO: In the UK and EU, we’re enhancing the product suite with features like multi-currency wallets and stock tokens. The EU serves as a test case for crypto-powered Robinhood. In Southeast Asia, we’re launching in new markets, leveraging our technology platform for quicker ramp-up. We expect international customer numbers to grow rapidly.

Q: How is AI impacting Robinhood’s operations and future plans? A: Vlad Tenev, CEO: AI is transforming financial services. We’re integrating Cortex Assistant into Robinhood for trading and advisory. AI is also enhancing customer support and software engineering, driving efficiency and savings. We’re working with regulators to safely roll out AI-driven advisory services, which could transform wealth management.

Q: What is the strategy for prediction markets and the Rothera JV? A: Vlad Tenev, CEO: We’re refining the trading experience and leveraging our platform’s assets to enhance prediction markets. Rothera gives us vertical control over the experience, allowing us to optimize pricing and economics for customers. Shiv Verma, CFO: Rothera will control full unit economics, improving monetization and customer value.

Q: How is Robinhood expanding its banking services, and what impact does it have on the business? A: Vlad Tenev, CEO: Banking has seen strong growth, with over 400 million in assets and a high direct deposit attach rate. Customers appreciate the competitive APY and seamless integration with brokerage services. The banking product enhances the overall customer experience and asset retention.

Q: What are the plans for tokenization and its impact on Robinhood’s business? A: Vlad Tenev, CEO: Tokenization of private markets is promising, especially outside the US. We’re working on offering compelling products for private markets both domestically and internationally. Early signs indicate strong customer interest, and we aim to differentiate by providing unique access to private assets.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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