Robinhood reported earnings for Q4 2025, and the numbers were straight-up massive. Revenue jumped 27% to $1.28 billion, with a big chunk coming from trading activity and subscriptions.
It wasn’t just a random good quarter for the boys, Vlad and Baiju. The whole year was huge, as full-year revenue hit $4.5 billion, up 52% compared to 2024, according to the report.
Robinhood’s net income for Q4 was $605 million, down from last year’s $916 million, only because 2024 included a $424 million tax reversal. Earnings per share came in at $0.66, compared to $1.01 last year, again because of that same reversal. Operating expenses went up 38% to $633 million, mostly because of more spending on marketing and acquisitions. Adjusted EBITDA rose 24% to $761 million.
Trading, subscriptions, and interest income pushed Robinhood’s revenue higher
Robinhood’s transaction-based revenue totaled $776 million, up 15%. Options trading brought in $314 million, up 41%. Equities trading hit $94 million, up 54%. And other transaction revenue exploded to $147 million, more than tripling. The one weak spot was crypto trading, which dropped 38% to $221 million.
Robinhood’s net interest revenue came in at $411 million, up 39%, driven by interest-earning assets and more activity in securities lending. Other revenue doubled to $96 million, with Robinhood Gold subscriptions pulling in $50 million, up 56%.
More people signed up and started using the app. Funded accounts rose 7% to 27 million, and investment accounts grew 8% to 28.4 million. Total platform assets jumped 68% to $324 billion, thanks to net deposits, acquisitions, and the stock market rally.
Robinhood’s net deposits for Q4 totaled $15.9 billion, while full-year deposits hit $68.1 billion, a 35% increase from last year.
Average revenue per user went up 16% to $191.Cash on hand stayed flat at $4.3 billion. The company bought back $100 million worth of shares in Q4, totaling 0.8 million shares at an average of $119.86.
Since launching the program, Robinhood has repurchased $910 million in stock, or 22 million shares at an average price of $40.64.
New products and retirement features expanded across the platform
2025 was the year Robinhood pushed into new territory. It launched Prediction Markets, where users traded over 12 billion event contracts.
To scale that, it created Rothera, a joint venture with Susquehanna, and bought MIAXdx in January 2026 to build its own licensed exchange. It also updated its AI investing assistant, Cortex, and added more tools for traders.
In November, short selling was introduced, and users already traded billions in volume. The company also rolled out new tools for long-term investing. Robinhood Gold hit 4.2 million subscribers, up 58%.
Retirement assets under custody more than doubled to $26.5 billion, spread across 1.8 million accounts. Users received over $500 million in matching contributions. Robinhood Strategies grew to 200,000 customers, with $1.3 billion in assets. Robinhood Banking also launched to Gold subscribers. By the end of January 2026, 20,000 users had deposited $300 million.
Global expansion, crypto trading, and fresh data for January 2026
Outside the U.S., Robinhood grew fast. It launched a stocks and shares ISA in the UK, the top request from British users. In Europe, the number of Stock Tokens jumped to 2,000. Bitstamp volumes have more than doubled since Robinhood bought it last June.
Robinhood also signed deals to acquire a brokerage and crypto platform in Indonesia, boosting its presence in Asia.
Trading volume data was wild. Equity notional volume hit $710 billion in Q4, up 68%. Options contracts traded were 659 million, up 38%. Crypto trading volume totaled $82 billion, with Bitstamp contributing $48 billion, while the Robinhood app handled $34 billion, down 52%.
Robinhood’s margin loans grew to $16.8 billion, up 113%. Cash sweep balances rose 26% to $32.8 billion. Event contracts hit 8.5 billion.
For January 2026 alone, Robinhood posted $4.5 billion in net deposits. Margin loans hit $18.4 billion, up 121%. Equity volume reached $227 billion, and options contracts totaled 200 million. Crypto trading reached $22.9 billion, with Bitstamp at $14.2 billion and Robinhood App at $8.7 billion. Event contracts traded were 3.4 billion.
