Robinhood Markets, Inc.HOOD
Robinhood Markets, Inc. Financial Overview 2021–2025
Robinhood engineered a definitive financial turnaround, flipping a $3.69 billion net loss in FY2021 into a $1.88 billion net income by FY2025. This reversal proves the central thesis for the stock: the brokerage can successfully monetize its retail base beyond volatile transaction volumes by scaling interest-earning assets and premium services.
The underlying growth spans the entire business, as customer assets expanded from $98 billion in FY2021 to $322.1 billion in Total Platform Assets at the end of FY2025. This asset accumulation was supercharged by $20.4 billion in net deposits during Q3 2025 alone, alongside the strategic acquisitions of TradePMR and Bitstamp. Total net revenues mirrored this trajectory, climbing to $4.47 billion in FY2025—a 52% growth rate year-over-year—while Robinhood Gold subscribers saw a 58% increase to reach 4.18 million users. The company aggressively optimized its cost structure following a post-pandemic slowdown, ultimately translating top-line momentum into operational leverage. The market rewarded this execution, with shares closing at $113.10 at the end of FY2025.
Recent Developments (Q3 and Q4 2025)
Robinhood completed a major leadership transition and recorded substantial profit gains in Q3 2025 and Q4 2025. During Q3 2025, net income surged 271% year-over-year to $556 million, driven by a 100% increase in quarterly net revenues to $1.274 billion. The platform ended 2025 with 27.0 million Funded Customers, aided by a 60% annual increase in transaction-based revenues. Alongside these operational milestones, CFO Jason Warnick retired, transferring the role to Shiv Verma in February 2026.
Bulls argue the 177% increase in Q3 2025 Adjusted EBITDA to $742 million proves the underlying operating leverage is working. Bears warn the stock trades at a 48.2x P/E as of February 17, 2026, suggesting the $75.21 share price leaves minimal margin of safety if retail trading volumes decline.
What to watch: progress on the APAC headquarters in Singapore; initial rollout metrics for Robinhood Cortex AI tools.
Rev
$2.95B
FY2024
NI
$1.41B
FY2024
EPS
$1.60
FY2024
OCF
$-157.0M
FY2024
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Robinhood Markets, Inc. 8-K Report, Financial Results (Feb 10, 2026)
Robinhood Markets, Inc. (HOOD) filed an 8-K on February 10, 2026, primarily to report its financial results for the fourth quarter and full year of 2025 and to announce a significant executive transition. The company's press release, furnished as Exhibit 99.1, provides details on its operational and financial performance, which will be further discussed in an earnings video call scheduled for the same day. Investors should pay close attention to the details within the press release for a comprehensive understanding of the company's recent performance and future outlook. Additionally, the filing details a key leadership change in its finance department. Shiv Verma has been appointed as the new Chief Financial Officer (CFO), effective February 6, 2026, and will also serve as the principal financial and accounting officer. Mr. Verma, who has a long-standing history with Robinhood since 2018 in senior finance roles, brings extensive experience in finance, strategy, and treasury. This transition comes as the former CFO, Jason Warnick, moves to an advisory role before his departure in September 2026. Mr. Verma's compensation package, including base salary, bonus potential, and equity awards, has been disclosed.
Robinhood Markets, Inc. 8-K Report, Financial Results (Jan 30, 2026)
Robinhood Markets, Inc. (HOOD) has filed an 8-K report on January 30, 2026, primarily to disclose its broker-dealer subsidiaries' (Robinhood Financial LLC and Robinhood Securities, LLC) Order Routing Public Reports for the fourth quarter of 2025. These reports, prepared in accordance with SEC Rule 606(a), detail the routing of certain non-directed orders for Held NMS Stocks and Options. While these reports are unaudited and do not represent consolidated financial results, they provide insight into the venues where customer orders were executed and include information on payment for order flow (PFOF) received from these venues, some of which is shared between subsidiaries. Investors should note that this filing does not contain new financial performance data or forward-looking statements beyond what is typically found in the Rule 606 disclosures. The company reiterates that these 606-Reports should be reviewed in conjunction with its official consolidated financial filings (10-Q, 10-K) and directs investors to its Investor Relations website for comprehensive financial information and other disclosures. The information furnished is not deemed "filed" for purposes of Section 18 of the Exchange Act.
Robinhood Markets, Inc. 8-K Report, Financial Results (Nov 5, 2025)
Robinhood Markets, Inc. (HOOD) has filed an 8-K report detailing its third-quarter 2025 financial results and a significant leadership change. The company announced its Q3 2025 financial results via a press release, furnished as an exhibit to this filing, with further details to be discussed in an upcoming earnings call. Investors should review the press release for specific performance metrics. Furthermore, the company disclosed the upcoming retirement of its Chief Financial Officer (CFO), Jason Warnick, effective in the first quarter of 2026, after which he will serve in an advisory capacity until September 2026. Shiv Verma, currently Senior Vice President of Finance and Strategy, is slated to succeed Mr. Warnick as CFO, pending board approval. This transition marks a key change in the company's financial leadership.
Robinhood Markets, Inc. 8-K Report, Financial Results (Oct 31, 2025)
Robinhood Markets, Inc. (HOOD) has filed an 8-K report on October 31, 2025, primarily to disclose its broker-dealer subsidiaries' (Robinhood Financial LLC and Robinhood Securities, LLC) Rule 606(a) reports for the third quarter of 2025. These reports detail the routing of certain non-directed orders for Held NMS Stocks and Options. While these subsidiary-level reports do not present consolidated financial results, they provide specific information on order routing practices and aspects of payment for order flow (PFOF). Investors should note that these 606-Reports are unaudited and presented without commentary. They are intended to supplement, not replace, the company's comprehensive consolidated financial information available in its 10-Q and 10-K filings. The company also reiterates its commitment to using its Investor Relations website and Newsroom for broad, non-exclusionary disclosure of material information, in compliance with Regulation FD.
Robinhood Markets, Inc. 8-K Report, Financial Results (Jul 30, 2025)
Robinhood Markets, Inc. (HOOD) has filed an 8-K report on July 30, 2025, announcing its financial results for the second quarter ended June 30, 2025. The company has furnished a press release containing these results as Exhibit 99.1, and will host an earnings video call on the same day to discuss the performance. Investors should refer to the press release for detailed financial figures and operational updates. This filing primarily serves as a notification of the release of Q2 2025 financial information and the accompanying investor call. While the 8-K itself does not contain the detailed financial data, it directs stakeholders to the furnished press release for a comprehensive overview of the company's performance during the recent quarter. Key metrics, revenue, profitability, user growth, and any forward-looking guidance will be available in Exhibit 99.1.
View all 8-K filings →