10-K/APeriod: FY2025

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

Filed February 20, 2026For Securities:HOOD

Summary

Robinhood Markets, Inc.'s 2025 10-K filing highlights significant financial and operational growth, driven by a substantial increase in net revenues and net income. The company expanded its user base to 27 million Funded Customers and grew Total Platform Assets to $322.1 billion, reflecting a strong recovery and expansion in its core brokerage and cryptocurrency businesses. Key growth drivers included increased trading volumes across equities, options, and cryptocurrencies, along with a significant rise in Robinhood Gold subscribers. The company also made strategic acquisitions, notably Bitstamp and TradePMR, to bolster its cryptocurrency and wealth management offerings. While demonstrating robust revenue growth, Robinhood also increased its operating expenses, largely due to investments in technology, marketing, and personnel to support expansion and new product development. The company remains focused on its mission to democratize finance, with strategic priorities including becoming the number one platform for active traders and expanding its global ecosystem.

Financial Highlights

44 data points
Beta

Revenue

$4.47B

Net Income

$1.88B

42.1% Net Margin

EPS (Diluted)

$2.05

Total Assets

$38.14B

Cash & Equivalents

$4.26B

Free Cash Flow

$1.64B

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 increased by 52% to $4.47 billion for the year ended December 31, 2025, compared to $2.95 billion in 2024.
  • 2Net income grew by 33% to $1.88 billion for the year ended December 31, 2025, up from $1.41 billion in 2024.
  • 3Funded Customers increased by 7% to 27.0 million, and Total Platform Assets grew by 67% to $322.1 billion by year-end 2025.
  • 4Robinhood Gold Subscribers saw a significant increase of 58% to 4.18 million.
  • 5Strategic acquisitions of Bitstamp (cryptocurrency exchange) and TradePMR (RIA platform) were completed in 2025, aimed at expanding global reach and wealth management capabilities.
  • 6The company continued to invest in new products and features, including index options, futures, and prediction markets, alongside AI-driven tools like Robinhood Cortex.
  • 7Operating expenses increased by 25% to $2.38 billion, driven by investments in technology, marketing, and personnel to support growth and expansion.

Frequently Asked Questions

Robinhood reported a 52% year-over-year increase in total net revenues, reaching $4.47 billion, and a 33% increase in net income to $1.88 billion. Total Platform Assets grew significantly to $322.1 billion, and the number of Funded Customers increased to 27 million. The company also saw substantial growth in its Robinhood Gold subscriber base, reaching 4.18 million.

In 2025, Robinhood completed the acquisitions of Bitstamp, a global cryptocurrency exchange, and TradePMR, a platform for Registered Investment Advisors (RIAs). These acquisitions are expected to accelerate international expansion, particularly in the EU and Asia, and enhance Robinhood's wealth management and advisory services by integrating a scaled RIA custodial platform.

Robinhood continues to focus on building a global financial ecosystem, with plans to expand operations internationally, including pending acquisitions in Canada and Indonesia. The company is also investing in new products and technologies, including AI-driven tools like Robinhood Cortex, and expanding its offerings in areas such as index options, futures, and event contracts, aiming to cater to both active traders and the next generation of investors.

Operating expenses increased by 25% in 2025 primarily due to investments in technology and development, marketing initiatives to promote its brand and services, and increased personnel costs resulting from business expansion and the onboarding of acquired companies. These investments are aimed at supporting product innovation, customer growth, and operational capabilities.