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Robinhood Markets (HOOD) FY2025 results: revenue $4.5 billion, up 51.6% on the year

Robinhood Markets, Inc. (HOOD) reported revenue of $4.5 billion for fiscal 2025, the year ended 31 December 2025, up 51.6% on the year before. Net income was $1.9 billion, up 33.5%, and diluted earnings per share $2.05. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$4.5 billion
+51.6% on the year
FY2019FY2025
Operating margin
46.8%
35.7% a year earlier
FY2019FY2025
Net income
$1.9 billion
+33.5% on the year
FY2019FY2025
Diluted EPS
$2.05
+31.4% on the year
FY2019FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Robinhood was founded in 2013 and runs financial services platforms that let customers invest and trade from a mobile app. At the end of 2025 it had 27.0 million Funded Customers and 28.4 million Investment Accounts, and Total Platform Assets were $322.1 billion. Net Deposits during 2025 were $68.1 billion. The company describes itself as the first U.S. retail broker to offer commission-free stock trading with no account minimums.

Robinhood Markets, Inc., the 10-K for 2025

Robinhood was founded in 2013 and runs financial services platforms that let customers invest and trade from a mobile app. At the end of 2025 it had 27.0 million Funded Customers and 28.4 million Investment Accounts, and Total Platform Assets were $322.1 billion. Net Deposits during 2025 were $68.1 billion. The company describes itself as the first U.S. retail broker to offer commission-free stock trading with no account minimums.

Brokerage

Customers can invest commission-free in U.S.-listed stocks and ETFs, along with related options and ADRs. Options access is tiered: Level 2 permits buying calls and puts and selling covered calls and puts, and Level 3 permits fixed-risk spreads such as credit spreads and iron condors. Fractional trading lets a customer buy part of a share with as little as $1, and recurring investments buy equities and certain ETFs on a set schedule.

Around that sit margin lending, a Fully-Paid Securities Lending programme where a customer permits Robinhood to lend out fully paid stock and takes a share of the interest earned, a cash sweep to partner banks that pays interest and is eligible for FDIC insurance, traditional and Roth IRAs with a percentage match on eligible contributions subject to a five-year holding period, and trading of individual stocks and ETFs 24 hours a day, 5 days a week. Robinhood Legend is a browser-based desktop platform built for active traders, available at no additional cost to U.S. and U.K. customers. Short selling launched on mobile, web and Legend in the fourth quarter of 2025.

Futures trading covers equity indices, energy, currencies, cryptocurrencies, metals and other commodities, with commissions and fees on each contract. The Prediction Markets Hub lets customers trade event contracts on a regulated exchange for a commission per contract, offered through the company's FCM licence regulated by the CFTC and covering sports, politics, economics and culture. Rothera, a joint venture with SIG, acquired 90% of MIAXdx in January 2026 and renamed it Rothera E&C, to build out a CFTC-licensed exchange and clearinghouse. Since 2024 most brokerage services have been offered in the U.K. through RHUK, with multi-currency wallets that hold GBP and stocks and shares ISAs.

Crypto

Cryptocurrency trading is offered through RHC in every U.S. state, the U.S. Virgin Islands, Puerto Rico and the District of Columbia, currently supporting 58 cryptocurrencies. Orders route commission-free to market makers or, for a fee, to partner exchanges through smart exchange routing, and the filing states that Robinhood acts as agent and never as a counterparty to a customer's buy or sell. Recurring crypto investments, crypto transfers, staking on selected coins, a fiat-to-crypto on-ramp for developers called Robinhood Connect and a trading API sit alongside. In the EU, RHEU supports 74 cryptocurrencies for a commission, and perpetual futures tracking crypto prices are offered without a fixed expiry. During 2025 the company acquired Bitstamp, a cryptocurrency exchange with retail and institutional customers, which does use third-party custodians.

Gold, the card and the bank

Robinhood Gold is a subscription paying a flat recurring rate after a 30-day free trial. It carries a higher interest rate on swept cash, a 3% match on eligible IRA contributions, instant deposits of $5,000 up to three times portfolio value, no interest on the first $1,000 of margin borrowed. The Robinhood Gold Card, issued under a program agreement between Robinhood Credit and Coastal Bank, carries no annual fee and no foreign transaction fee and is described as now in the hands of over 600 thousand customers. Robinhood Banking, also provided by Coastal Bank, offers Gold subscribers high-yield checking and savings, on-demand cash delivery and 24/7 support.

Wealth management and the newer lines

Robinhood Strategies is a managed wealth service charging a 0.25% annual management fee, capped at $250 a year for Gold subscribers. The acquisition of TradePMR, a custodial and portfolio management platform for RIAs, connects financial advisors to the platform. Robinhood Cortex is an AI investment tool giving real-time analysis. In September 2025 the company filed its initial prospectus for Robinhood Ventures Fund I, a listed closed-end fund which the filing says aims to offer retail investors exposure to a concentrated portfolio of private companies.

From Robinhood's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,4732,9511,865+51.6%
Research and development355323349+9.9%
Operating income2,0941,054-536+98.7%
Operating margin46.8%35.7%-28.7%
Pre-tax income2,1081,064-533+98.1%
Income tax225-3478.0
Effective tax rate10.7%-32.6%n/a
Net income1,8831,411-541+33.5%
Net margin42.1%47.8%-29.0%
Diluted EPS$2.05$1.56-$0.61+31.4%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,638-1571,181
Cash from investing141-148-582
Cash from financing-590-345-610
Depreciation and amortisation86.077.071.0+11.7%
Share-based compensation305304871+0.3%
Buybacks653257608+154.1%
Diluted shares, weighted919m906m891m+1.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity9,1517,9726,696+14.8%
Non-controlling interestn/a0.0n/a
Debt0.0n/an/a
Operating lease liabilities19911089.0+80.9%
Other liabilities28,78718,10510,839+59.0%
Total liabilities and equity38,13726,18717,624+45.6%
Fixed assets154139120+10.8%
Goodwill385179175+115.1%
Intangible assets16838.048.0+342.1%
Securities borrowed2,4083,2361,602-25.6%
Cash and equivalents4,2614,3324,835-1.6%
Other assets30,76118,26310,844+68.4%
Total assets38,13726,18717,624+45.6%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.