10-KPeriod: FY2025

Robinhood Markets, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 18, 2026For Securities:HOOD

Summary

Robinhood Markets, Inc. reported strong financial performance for the year ended December 31, 2025, with total net revenues increasing 52% to $4.47 billion and net income rising 33% to $1.88 billion. This growth was driven by significant increases in transaction-based revenues across options, cryptocurrencies, and equities, alongside robust net interest revenues benefiting from higher interest-earning asset balances and increased Robinhood Gold subscribers. The company also saw substantial growth in Total Platform Assets, which increased 67% to $322.1 billion, bolstered by net deposits and strategic acquisitions like TradePMR and Bitstamp, which are expected to accelerate international expansion and broaden service offerings. Looking ahead, Robinhood is focused on expanding its product ecosystem, including advancements in AI-driven tools like Robinhood Cortex and strategic investments in private companies through Robinhood Ventures Fund I. The company continues to prioritize customer growth and engagement, aiming to become the top platform for active traders and secure greater wallet share among the next generation of investors. Despite facing a complex regulatory environment and market volatility, Robinhood remains committed to its mission of democratizing finance, underscored by its continued investment in technology and strategic global expansion plans.

Financial Statements
Beta
Revenue$4.47B
R&D Expenses$355.00M
Operating Expenses$2.38B
Net Income$1.88B
EPS (Basic)$2.12
EPS (Diluted)$2.05
Shares Outstanding (Basic)888.50M
Shares Outstanding (Diluted)918.78M

Key Highlights

  • 1Total net revenues surged 52% to $4.47 billion in 2025, up from $2.95 billion in 2024.
  • 2Net income increased 33% to $1.88 billion in 2025, compared to $1.41 billion in 2024.
  • 3Total Platform Assets grew 67% to $322.1 billion by year-end 2025, up from $192.9 billion in 2024.
  • 4Funded Customers increased by 1.8 million to 27.0 million, and Robinhood Gold Subscribers grew by 58% to 4.18 million.
  • 5The company completed strategic acquisitions of TradePMR and Bitstamp in 2025, enhancing its brokerage and cryptocurrency offerings.
  • 6Key revenue drivers included a 60% increase in transaction-based revenues and a 37% rise in net interest revenues.
  • 7Robinhood continues to invest in growth initiatives, including AI development and international expansion, with plans to open an APAC headquarters in Singapore.

Frequently Asked Questions

In 2025, Robinhood reported a 52% increase in total net revenues to $4.47 billion and a 33% rise in net income to $1.88 billion, demonstrating significant year-over-year growth. This strong performance was driven by increases in transaction-based revenues across its product offerings and growth in net interest revenues.

Robinhood expanded its customer base in 2025, with Funded Customers increasing by 7% to 27.0 million. Total Platform Assets also saw substantial growth, rising 67% to $322.1 billion, driven by customer deposits, acquisitions, and market appreciation. The number of Robinhood Gold Subscribers also grew significantly, up 58% to 4.18 million.

In 2025, Robinhood made significant strategic moves including the acquisitions of TradePMR, a RIA custodial platform, and Bitstamp, a global cryptocurrency exchange. These acquisitions are aimed at expanding Robinhood's service offerings, particularly in wealth management and international markets. The company also launched Robinhood Strategies and Robinhood Ventures Fund I, further diversifying its product and investment portfolio.

Robinhood's growth strategies focus on three key areas: becoming the number one platform for active traders through product innovation and enhanced tools, capturing wallet share for the next generation by expanding its product ecosystem to meet evolving financial needs, and building a global financial ecosystem through international expansion and strategic partnerships. The company is also investing in AI technologies and tokenization to drive future innovation.