Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q4 2025 Earnings Presentation
54 slides from Robinhood Markets's earnings presentation, Feb 10, 2026
Slide 1: Robinhood Markets, Inc. Earnings Presentation Fourth Quarter 2025
Robinhood Markets, Inc. Earnings Presentation Fourth Quarter 2025 February 10, 2026 investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q4 2025 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the fourth quarter and full year 2025 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries
Slide 3: We are building a track record of profitable growth
Robinhood Earnings Presentation Q4 2025 We are building a track record of profitable growth Total Platform Assets +68% Total Net Revenues +52% in billions year-over-year in millions year-over-year $324 $4,473 $2,951 $193 $1,815 $1,865 $98 $103 $1,358 $63 $62 $958 $5 $8 $14 $49 $168 $278 2017 2018 20
Slide 4: Q4 2025 Business Results Highlights
Robinhood Earnings Presentation Q4 2025 Q4 2025 Business Results Highlights Funded Customers +1.8M +190k Robinhood Gold Subscribers +1.5M +300k in millions year-over-year sequential in millions year-over-year sequential Robinhood Gold Subscribers Robinhood Gold Adoption Rate¹ 26.8 27.0 26.5 4.18 25.
Slide 5: Q4 2025 Financial Results Highlights
Robinhood Earnings Presentation Q4 2025 Q4 2025 Financial Results Highlights Total Net Revenues +27% +1% Adjusted Operating Expenses and SBC +18% (3%) in millions year-over-year sequential in millions year-over-year sequential Adjusted Operating Expenses SBC $1,274 $1,283 $2.27B in 2025 $1,014 $989
Slide 6: Our product velocity increased significantly in 2025
Robinhood Earnings Presentation Q4 2025 Our product velocity increased significantly in 2025 (1) Announced Robinhood Strategies (available to all US customers), Robinhood Cortex Digests (available to all eligible customers), Robinhood Cortex Trade Builder (not yet available to Gold Subscribers), and
Slide 7: Robinhood 10 Year Vision
Robinhood Earnings Presentation Q4 2025 Robinhood 10 Year Vision #1 in Active Traders ➔ #1 in Wallet Share for the Next Generation ➔ #1 Global Financial Ecosystem ➔ Peak Peak Peak Today ~1-2 years ~5 years ~10 years investors.robinhood.com 7
Slide 8: #1 in Active Traders
Robinhood Earnings Presentation Q4 2025 #1 in Active Traders 2025 Priorities 2026+ Priorities 1 Social Trading 1 Prediction Markets 2 Index Options, Futures, Event Contracts 2 SuperApp design 3 Robinhood Legend 3 Cortex, Social investors.robinhood.com 8
Slide 9: #1 in Wallet Share for the Next Generation
Robinhood Earnings Presentation Q4 2025 #1 in Wallet Share for the Next Generation 2025 Priorities 2026+ Priorities 1 Advisory, Banking launch 1 Family Investing 2 Scaling and validating the economics of the Gold 2 Private Markets Card 3 Matches, personalized deposit and activation incentives invest
Slide 10: #1 Global Financial Ecosystem
Robinhood Earnings Presentation Q4 2025 #1 Global Financial Ecosystem 2025 Priorities 2026+ Priorities 1 Options and futures trading in UK, launch in APAC, 1 Tokenization, Robinhood Chain acquire licenses for additional markets 2 Multi-Currency Accounts, Stablecoin, Tokenization 2 Launch in new mark
Slide 11: Funded Customers increased by 1.8 million year-over-year to 27.0 million in Q4
Robinhood Earnings Presentation Q4 2025 Funded Customers increased by 1.8 million year-over-year to 27.0 million in Q4 In millions Year-over-year change +1.8M Sequential change +190k As of Q4 2025, we had 28.4M Investment Accounts, up 2.2M year-over-year. 28.4 27.9 27.4 27.0 26.2 26.8 27.0 Investmen
Slide 12: Total Platform Assets increased 68% year-over-year to $324 billion in Q4
Robinhood Earnings Presentation Q4 2025 Total Platform Assets increased 68% year-over-year to $324 billion in Q4 due to continued Net Deposits, acquired assets, and higher equity valuations Year-over- Sequential In billions year change change $333 $324 +68% (3%) $279 $42 $42 NM +1% $33 $27 $43 +5% (
Slide 13: Robinhood Retirement AUC grew to a record $26 billion in Q4
Robinhood Earnings Presentation Q4 2025 Robinhood Retirement AUC1 grew to a record $26 billion in Q4 Robinhood Retirement Accounts Robinhood Retirement AUC Robinhood Retirement AUC per Account2 End of period, in thousands End of period, in billions End of period, in thousands Up 1.6x ~1,800 Up >2.0x
Slide 14: Robinhood Gold Subscribers grew to a record 4.2 million in Q4
Robinhood Earnings Presentation Q4 2025 We continue to add value to Robinhood Gold, and Robinhood Gold Subscribers grew to a record 4.2 million in Q4, representing over 15% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In million
Slide 15: Net Deposits were $15.9 billion in Q4
Robinhood Earnings Presentation Q4 2025 Net Deposits were $15.9 billion in Q4, translating to a 19% annualized growth rate, and were ~$68 billion over the last twelve months, translating to a 35% growth rate In billions Last twelve months Net Deposits $68.1 Last twelve months growth rate 35% $20.4 $
Slide 16: Average cumulative Net Deposits have grown over time across Funded Customer Cohorts
Robinhood Earnings Presentation Q4 2025 Average cumulative Net Deposits1 have grown over time across our Funded Customer Cohorts2, and recent cohorts' initial Net Deposits are larger $15,000 $12,500 $10,000 $7,500 $5,000 $2,500 $— 0 4 8 12 16 Quarters Customer Cohort Key 2021 2022 2023 2024 2025 Fun
Slide 17: We've continued to gain market share over time
Robinhood Earnings Presentation Q4 2025 We've continued to gain market share over time Equities Market Share1 +44% Options Market Share2 +10% year-over-year year-over-year Up 147% Up 70% 1.11% 7.5% 6.8% 0.77% 5.2% 0.51% 0.45% 4.4% 2022 2023 2024 2025 2022 2023 2024 2025 Crypto Market Share3 +63% Mar
Slide 18: Q4 trading volumes increased significantly year-over-year
Robinhood Earnings Presentation Q4 2025 Q4 trading volumes increased significantly year-over-year as we've continued to gain market share, and Equities and Options reached new quarterly records Equity Notional Volumes Options Contracts Traded Crypto Notional Volumes1 In $ billions In millions of con
Slide 19: Total net revenues were up 27% year-over-year to a record $1.3 billion in Q4
Robinhood Earnings Presentation Q4 2025 Total net revenues were up 27% year-over-year to a record $1.3 billion in Q4, and ARPU was $191 In millions, except for ARPU $191 $191 Year-over- Sequential $164 year change change $151 Average Revenue per User (ARPU) $145 $1,274 $1,283 +27% +1% $88 $96 +109%
Slide 20: Transaction-based revenues were up 15% year-over-year to a record $776 million
Robinhood Earnings Presentation Q4 2025 Transaction-based revenues were up 15% year-over-year to a record $776 million in Q4 In millions Year-over- Sequential year change change $776 +15% +6% $730 $672 $72 $147 +374% +104% $31 $583 $35 $539 $48 $268 $221 (38%) (18%) $10 $358 $252 $160 $11 $329 $327
Slide 21: Net interest revenues were up 39% year-over-year to $411 million in Q4
Robinhood Earnings Presentation Q4 2025 Net interest revenues were up 39% year-over-year to $411 million in Q4 In millions Year-over-year change +39% Sequential change (10%) $1 $2 $456 $17 $1 $411 Other $24 Credit card, net $87 $6 $4 $8 $10 $357 $26 Securities lending, net $13 $6 $57 Cash Sweep $5 $
Slide 22: Adjusted Operating Expenses and SBC increased 18% year-over-year to $597 million
Robinhood Earnings Presentation Q4 2025 Adjusted Operating Expenses and SBC increased 18% year-over-year to $597 million in Q4 In millions Year-over-year change +18% Sequential change (3%) $613 $597 $508 $533 $522 $78 $76 $493 $476 $445 $460 $77 $73 $78 $86 $152 $145 $62 $79 $19 $81 $16 $18 $109 $10
Slide 23: We designed an investment plan to drive another year of profitable growth in 2026
Robinhood Earnings Presentation Q4 2025 We designed an investment plan to drive another year of profitable growth in 2026 Adjusted Operating Expenses and SBC in billions +18% at midpoint $2.6 to $2.725 +18% at midpoint • Investments into new or recently launched products, including: +22%1 $2.27 ◦ Ro
Slide 24: Diluted share count was roughly flat in 2025 and expected flat in 2026
Robinhood Earnings Presentation Q4 2025 Diluted share count was roughly flat in 2025, and we anticipate diluted share count will be roughly flat in 2026 as well Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Year-over- year change $77 $78 $78 $76 923 920 918 9
Slide 25: GAAP net income was $605 million in Q4 and a record $1.9 billion in 2025
Robinhood Earnings Presentation Q4 2025 GAAP net income was $605 million in Q4 and a record $1.9 billion in 2025 In millions, except for EPS Year-over-year change ($311) Sequential change +$49 Q4 2024 Tax Benefit and Regulatory Accrual Reversal $916 Q4 2024 Net Income Prior to Tax Benefit and Regula
Slide 26: Adjusted EBITDA increased 24% year-over-year to a record $761 million in Q4
Robinhood Earnings Presentation Q4 2025 Adjusted EBITDA increased 24% year-over-year to a record $761 million in Q4 and grew to a record $2.5 billion in 2025 Year-over-year change +$148 Sequential change +$19 In millions $742 $761 $613 $549 $470 $301 $268 $247 $133 $2.5B (56% margin) in 2025 Q4'23 Q
Slide 27: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q4 2025 Rule of 401 results demonstrate the power of our business model 131% 111% 112% 108% 106% 56% 48% 51% 53% 56% 40% 75% 58% 60% 59% 52% Q4'24 LTM Q1'25 LTM Q2'25 LTM Q3'25 LTM Q4'25 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin Rule of 40¹ (1) Defin
Slide 28: With over $4B in corporate cash, investments, and stablecoin, we are well positioned
Robinhood Earnings Presentation Q4 2025 With over $4B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change ($0.5) Sequential change +$0.2 • Our balance sheet remains strong with $4.6 billion of corporate cash, investm
Slide 29: In Q4, we returned $100 million to shareholders by repurchasing 0.8 million shares
Robinhood Earnings Presentation Q4 2025 In Q4, we returned $100 million to shareholders by repurchasing 0.8 million of our shares1, and since starting our repurchase program, have returned ~$910 million by repurchasing ~22 million shares Share Repurchases In millions As of 12/31/2025 Includes ~2 mil
Slide 30: Appendix
Appendix 30
Slide 31: December 2025 Monthly Metrics
Robinhood Earnings Presentation Q4 2025 December 2025 Monthly Metrics We have included preliminary January 2026 metrics to provide insight into our most recent business activity. We will provide our January 2026 Monthly Metrics release in the coming weeks. 2024 2025 Change 2026 Nov Dec Jan Feb Mar A
Slide 32: December 2025 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q4 2025 December 2025 Monthly Metrics Dashboard We have included preliminary January 2026 metrics to provide insight into our most recent business activity. We will provide our January 2026 Monthly Metrics release in the coming weeks. Funded Customers Total Platform A
Slide 33: December 2025 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q4 2025 December 2025 Monthly Metrics Dashboard (Continued) We have included preliminary January 2026 metrics to provide insight into our most recent business activity. We will provide our January 2026 Monthly Metrics release in the coming weeks. Equity Notional Volum
Slide 34: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q4 2025 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Beginning Funded Customers 23.3 23.4 23.9 24.2 24.3 25.2 25.8 26.5 26.8 New Customers 0.3 0.5 0.5 0.4 0.8 0.7 0.6 0.7 0.6 R
Slide 35: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q4 2025 Net Cash Held by Users Reconciliation In billions Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Gold Cash Sweep1 $15.7 $18.2 $20.3 $23.9 $25.4 $26.4 $30.7 $33.5 $31.6 Non-Gold Cash Sweep (excluding TradePMR) 0.7 0.8 0.6 0.6 0.7 0.6 0.8 0.8 — Total Cash
Slide 36: Trading Volumes for Q4 2025
Robinhood Earnings Presentation Q4 2025 Trading Volumes for Q4 2025 Equity Notional Volumes Options Contracts Traded Robinhood App Bitstamp Crypto Notional Volumes1 Crypto Notional Volumes1 Up 68% Y/Y and up 10% Q/Q Up 38% Y/Y and up 8% Q/Q Down 52% Y/Y and down 15% Q/Q Up 20% Q/Q Driven by: Driven
Slide 37: New trading products continue to scale
Robinhood Earnings Presentation Q4 2025 New trading products continue to scale, as Index Options, Futures, and Event Contracts reached new quarterly records in Q4 Index Options Contracts Traded1 Futures Contracts Traded Event Contracts Traded In millions of contracts In millions of contracts In bill
Slide 38: Crypto Notional Trading Volumes
Robinhood Earnings Presentation Q4 2025 Crypto Notional Trading Volumes1 Sequential Q3'25 Q4'25 change Crypto Notional Trading Volumes ($B) Robinhood App 39.8 34.0 (15%) Bitstamp 40.5 48.4 +20% Retail 4.9 4.6 (6%) Institutional 35.6 43.8 +23% Crypto Notional Trading Volumes 80.3 82.4 +3% Crypto Tran
Slide 39: Monthly Active Users (MAU) decreased by 1.9 million year-over-year to 13.0 million
Robinhood Earnings Presentation Q4 2025 Monthly Active Users (MAU) decreased by 1.9 million year-over-year to 13.0 million in Q4 In millions Year-over-year change (1.9) Sequential change (0.8) 14.9 14.4 13.8 12.8 13.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 investors.robinhood.com 39
Slide 40: Annualized revenue per employee was $1.7 million in Q4
Robinhood Earnings Presentation Q4 2025 Annualized revenue per employee was $1.7 million in Q4, down 2% year-over-year Year-over-year Sequential Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 change change End of period Employee Count1 2,298 2,492 2,827 2,972 2,944 +28% (1%) Total Net Revenues (in millions) $1,014 $
Slide 41: Customer match contra revenues allocation
Robinhood Earnings Presentation Q4 2025 In Q4 2025, we recorded $55 million of contra revenues associated with matches on customer transfers and deposits and allocated them on a proportional basis Customer Match Contra Revenue Allocation in millions Customer Match Amortization Detail Customer Transf
Slide 42: Net interest revenues were $411 million in Q4, up 39% year-over-year
Robinhood Earnings Presentation Q4 2025 Net interest revenues were $411 million in Q4, up 39% year-over-year In millions Year-over- Sequential Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 year change change Interest on corporate cash and investments1 $71 $70 $66 $67 $53 $49 $46 $39 $33 (38%
Slide 43: Total interest earning assets were ~$62B at the end of Q4
Robinhood Earnings Presentation Q4 2025 Total interest earning assets were ~$62B at the end of Q4, and average yield was flat sequentially In millions, except for annualized yields Cash Sweep Interest expenses Cash and Total interest- Securities Total net interest Margin Book (off-balance Credit car
Slide 44: In Q4, Interest Earning Assets grew 39% year-over-year to $62 billion
Robinhood Earnings Presentation Q4 2025 In Q4, Interest Earning Assets grew 39% year-over-year to $62 billion In billions Year-over- Sequential $0.7 $1 year change change $0.6 $64 $62 +39% (4%) $0.4 $0.4 $57 +150% +43% $0.3 $13.9 $0.2 $0.2 $44 $47 $9.5 $16.8 +113% +21% $0.2 $41 $8.8 $14.3 $34 $36 $5
Slide 45: Total securities lending revenue increased by 89% year-over-year to $132 million
Robinhood Earnings Presentation Q4 2025 Total securities lending revenue increased by 89% year-over-year to $132 million in Q4, and fully paid securities lending was 33% of total securities lending In millions, unless specified Year-over- Sequential Q4'24 Q1'25 Q2'25 Q3'25 Q4'251 Total securities le
Slide 46: Fully diluted shares decreased by 1.5% year-over-year
Robinhood Earnings Presentation Q4 2025 Fully diluted shares decreased by 1.5% year-over-year as we continue to execute our $1.5B share buyback program and closely manage share-based compensation Price per Class A Share (End of period) $37.26 $41.62 $93.63 $143.18 $113.20 December 31, 2025 In millio
Slide 47: Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q4 2025 Adjusted Operating Expenses and Adjusted Operating Expenses and SBC Reconciliation In millions Operating expenses (GAAP) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Brokerage and transaction $32 $35 $40 $39 $50 $50 $48 $56 $57 Technology and developm
Slide 48: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q4 2025 Adjusted Operating Expenses and SBC Reconciliation In millions 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total operating expenses (GAAP) $57 $231 $384 $945 $3,456 $2,369 $2,401 $1,897 $2,379 Less: Provision for credit losses1 $— $— $— $— $— $— $— $— $114 Le
Slide 49: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q4 2025 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net income (loss) $30 $157 $188 $150 $916 $336 $386 $556 $605 Net margin1 6% 25% 28% 24% 90% 36% 39% 44% 47% Add: Interest expenses rel
Slide 50: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q4 2025 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income (loss) ($6) ($57) ($107) $7 ($3,687) ($1,028) ($541) $1,411 $1,883 Net margin1 (12%) (34%) (38%) 1% (203%) (76%) (29%) 48% 42% Add: I
Slide 51: Q4 2024 Net Income and EPS Prior to Tax Benefit and Regulatory Accrual Reversal
Robinhood Earnings Presentation Q4 2025 Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal and Q4 2024 EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations Q4 2024 Net Income Prior to Tax Benefit and Regulatory Accrual Reversal In millions Q4'24 Net income (G
Slide 52: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q4 2025 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2025 Year-over-year change in total net revenues +$543 +$309 +$307 +$637 +$269 +$1,522 Year-over-year change in net income +$886 +$179 +$198 +$406 ($311) +
Slide 53: Definitions
Robinhood Earnings Presentation Q4 2025 Definitions Key Performance Metrics Futures Contracts Traded Funded Customers We define Futures Contracts Traded as the total number of futures contracts bought or sold over a specified period of time. While contract specifications vary, futures contracts gene
Slide 54: Definitions (Continued)
Robinhood Earnings Presentation Q4 2025 Definitions (Continued) Non-GAAP Financial Measures SBC excluding the 2021 Founders Award Cancellation We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to