Robinhood Markets, Inc. · NASDAQ:HOOD
Robinhood Markets — Q2 2025 Earnings Presentation
47 slides from Robinhood Markets's earnings presentation, Jul 30, 2025
Slide 1: Robinhood Markets, Inc. Earnings Presentation Second Quarter 2025
Robinhood Markets, Inc. Earnings Presentation Second Quarter 2025 July 30, 2025 ••••‧‧‧‧••‧‧‧••‧•‧‧‧ investors.robinhood.com
Slide 2: Disclaimers
Robinhood Earnings Presentation Q2 2025 Disclaimers This Presentation Relates to Robinhood’s Broader Earnings Announcement Disclosures This presentation accompanies the second quarter 2025 earnings announcement webcast of Robinhood Markets, Inc. (including its consolidated subsidiaries, “we,” “Robin
Slide 3: Q2 2025 Business Results Highlights
Robinhood Earnings Presentation Q2 2025 Q2 2025 Business Results Highlights Funded Customers +2.3M +750k Robinhood Gold Subscribers +1.5M +290k in millions year-over-year sequential in millions year-over-year sequential Robinhood Gold Subscribers Robinhood Gold Adoption Rate¹ 26.5 25.8 3.48 3.19 25.
Slide 4: Q2 2025 Financial Results Highlights
Robinhood Earnings Presentation Q2 2025 Q2 2025 Financial Results Highlights Total Net Revenues +45% +7% Adjusted Operating Expenses +9% (3%) in millions year-over-year sequential in millions year-over-year sequential $1,014 $431 $460 $444 $927 $989 $407 $397 $682 $637 $3.6B over the last twelve mon
Slide 5: Our product velocity remained robust in Q2
Robinhood Earnings Presentation Q2 2025 Our product velocity remained robust in Q2 Brokerage Crypto Money ••••‧‧‧‧••‧‧‧••‧•‧‧‧ (1) Announced Robinhood Strategies (available to all US customers), Robinhood Banking (expected Fall 2025), and Robinhood Cortex (Stock Digests rolling out to Gold Subscr
Slide 6: 2025 Roadmap
Robinhood Earnings Presentation Q2 2025 2025 Roadmap Active Traders Wallet Share for Next Generation Global Financial Ecosystem • Robinhood Legend enhancements • Robinhood Gold Card expansion • Additional Crypto selection & capabilities Products (incl. US Staking) • Futures rollout • Robinhood Strat
Slide 7: Funded Customers increased by 2.3 million year-over-year to a record 26.5 million in Q2
Robinhood Earnings Presentation Q2 2025 Funded Customers increased by 2.3 million year-over-year to a record 26.5 million in Q2 In millions Year-over-year change +2.3M Sequential change +750k As of Q2 2025, we had 27.4M Investment Accounts, up 2.6M year-over-year. 27.4 27.0 26.2 26.5 25.1 Investment
Slide 8: Total Platform Assets increased 99% year-over-year to a record $279 billion in Q2
Robinhood Earnings Presentation Q2 2025 Total Platform Assets increased 99% year-over-year to a record $279 billion in Q2 due to continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations In billions Year-over- Sequential year change change $279 +99% +26% NM +4% $43 $22
Slide 9: Robinhood Retirement AUC grew to a record $19 billion in Q2
Robinhood Earnings Presentation Q2 2025 Robinhood Retirement AUC1 grew to a record $19 billion in Q2 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 1.8x ~1,460 Up over
Slide 10: We continue to add value to Robinhood Gold, and Q2 2025 Gold Subscribers represented over 13% of Funded Customers
Robinhood Earnings Presentation Q2 2025 We continue to add value to Robinhood Gold, and Q2 2025 Robinhood Gold Subscribers represented over 13% of Funded Customers Robinhood Gold Subscribers receive meaningful value for $5 Robinhood Gold Subscribers per month1 In millions 4% APY on uninvested cash R
Slide 11: Net Deposits were $13.8 billion in Q2, a 25% annualized growth rate
Robinhood Earnings Presentation Q2 2025 Net Deposits were $13.8 billion in Q2, translating to a 25% annualized growth rate, and were ~$58 billion over the last twelve months, translating to a 41% growth rate In billions Last twelve months Net Deposits $57.9 Last twelve months growth rate 41% $18.0 $
Slide 12: Average cumulative Net Deposits have grown over time across our Funded Customer Cohorts
Robinhood Earnings Presentation Q2 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
Slide 13: Q2 trading volumes increased significantly year-over-year as we've continued to gain market share
Robinhood Earnings Presentation Q2 2025 Q2 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 Robinhood App Crypto Notional Volumes1 In $ billions In m
Slide 14: Total net revenues in Q2 were up 45% year-over-year to $989 million, and ARPU was $151
Robinhood Earnings Presentation Q2 2025 Total net revenues in Q2 were up 45% year-over-year to $989 million, and ARPU was $151 In millions, except for ARPU $164 $151 Year-over- Sequential $145 year change change $1,014 $989 +45% +7% $113 Average Revenue per User (ARPU) $104 $105 $46 $927 $93 +33% +7
Slide 15: Transaction-based revenues were up 65% year-over-year to $539 million in Q2
Robinhood Earnings Presentation Q2 2025 Transaction-based revenues were up 65% year-over-year to $539 million in Q2 In millions $672 $31 Year-over- Sequential year change change $583 $35 $539 +65% (8%) $48 +100% +37% $358 $10 $252 $160 +98% (37%) $329 $327 $319 $10 $11 $24 $19 $11 $126 $81 $61 $1
Slide 16: Net interest revenues were up 25% year-over-year to a record $357 million in Q2
Robinhood Earnings Presentation Q2 2025 Net interest revenues were up 25% year-over-year to a record $357 million in Q2 In millions Year-over-year change +25% Sequential change +23% $1 $8 $357 Other $6 $13 Credit card, net $4 $4 $5 $6 $285 $296 $290 $54 Securities lending, net $274 $10 $251 $254 $26
Slide 17: Adjusted Operating Expenses increased 9% year-over-year to $444 million in Q2
Robinhood Earnings Presentation Q2 2025 Adjusted Operating Expenses increased 9% year-over-year to $444 million in Q2 In millions Year-over-year change +9% Sequential change (3%) $460 $444 $407 $431 $398 $397 $19 $357 $353 $364 $16 $18 $23 $109 $100 $6 $14 $97 $14 $106 $106 $98 $110 $100 $107 $103 $
Slide 18: Diluted share count was down ~1% year-over-year in Q2
Robinhood Earnings Presentation Q2 2025 Diluted share count was down ~1% year-over-year in Q2, and we continue to anticipate diluted share count will decrease by ~1% in 2025 Basic and Diluted Share Count Share-Based Compensation Expense in millions in millions Year-over- $86 year change $79 $77 $78
Slide 19: We are updating our 2025 outlook for Adjusted Operating Expenses and SBC to include Bitstamp
Robinhood Earnings Presentation Q2 2025 We are updating our 2025 outlook for Adjusted Operating Expenses and SBC to include the acquisition of Bitstamp in Q2 2025 In billions • We built a 2025 expense plan to drive another year of profitable +$65M for growth, including: Bitstamp +$85M for TradePMR ◦
Slide 20: GAAP net income increased 105% year-over-year to $386 million in Q2
Robinhood Earnings Presentation Q2 2025 GAAP net income increased 105% year-over-year to $386 million in Q2, and diluted EPS increased 100% to $0.42 In millions, except for EPS Year-over-year change +$198 Sequential change +$50 Q4 2024 Tax Benefit and Regulatory Accrual Reversal $916 Q4 2024 Net Inc
Slide 21: Adjusted EBITDA increased 82% year-over-year to $549 million in Q2
Robinhood Earnings Presentation Q2 2025 Adjusted EBITDA increased 82% year-over-year to $549 million in Q2 and has grown to $1.9 billion over the last twelve months In millions Year-over-year change +$248 Sequential change +$79 $613 $549 $470 $301 $268 $247 $151 $137 $133 ••••‧‧‧‧••‧‧‧••‧•‧‧‧ $1.
Slide 22: Rule of 40 results demonstrate the power of our business model
Robinhood Earnings Presentation Q2 2025 Rule of 401 results demonstrate the power of our business model 111% 112% 106% 75% 71% 48% 51% 53% 37% 39% 40% 58% 60% 59% ••••‧‧‧‧••‧‧‧••‧•‧‧‧ 34% 36% Q2'24 LTM Q3'24 LTM Q4'24 LTM Q1'25 LTM Q2'25 LTM Y/Y Change in Total Net Revenues Adjusted EBITDA Margin
Slide 23: With over $4B in corporate cash, investments, and stablecoin, we are well positioned to continue deploying capital
Robinhood Earnings Presentation Q2 2025 With over $4B in corporate cash, investments, and stablecoin1, we are well positioned to continue deploying capital In billions Year-over-year change ($0.8) Sequential change ($0.3) • Our balance sheet remains strong with over $4 billion of corporate cash, inv
Slide 24: In Q2, we returned $124 million to shareholders by repurchasing ~3 million shares
Robinhood Earnings Presentation Q2 2025 In Q2, we returned $124 million to shareholders by repurchasing ~3 million of our shares1, and over the past twelve months, we returned ~$700 million by repurchasing ~21 million shares Share Repurchases In millions As of 6/30/2025 • In Q3 2024, we began return
Slide 25: Appendix
Appendix ••••‧‧‧‧••‧‧‧••‧•‧‧‧ 25
Slide 26: June 2025 Monthly Metrics
Robinhood Earnings Presentation Q2 2025 June 2025 Monthly Metrics 2024 2025 Change May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun M/M Y/Y Funded Customer Growth (M) Funded Customers1 24.1 24.2 24.2 24.3 24.3 24.4 24.8 25.2 25.5 25.6 25.8 25.9 25.9 26.5 2% 10% Asset Growth ($B) Total Platfor
Slide 27: June 2025 Monthly Metrics Dashboard
Robinhood Earnings Presentation Q2 2025 June 2025 Monthly Metrics Dashboard ••••‧‧‧‧••‧‧‧••‧•‧‧‧ Totals may not foot due to rounding. (1) June 2025 Monthly Metrics include Bitstamp Funded Customers of ~520K and Total Platform Assets of ~$9B. Starting in June 2025, Net Deposits include results fro
Slide 28: June 2025 Monthly Metrics Dashboard (Continued)
Robinhood Earnings Presentation Q2 2025 June 2025 Monthly Metrics Dashboard (Continued) ••••‧‧‧‧••‧‧‧••‧•‧‧‧ (1) Refer to Appendix for definition of Notional Trading Volume. investors.robinhood.com 28
Slide 29: Changes in Funded Customers and Total Platform Assets
Robinhood Earnings Presentation Q2 2025 Changes in Funded Customers and Total Platform Assets Funded Customers In millions Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Beginning Funded Customers 23.1 23.2 23.3 23.4 23.9 24.2 24.3 25.2 25.8 New Customers 0.2 0.3 0.3 0.5 0.5 0.4 0.8 0.7 0.6 R
Slide 30: Net Cash Held by Users Reconciliation
Robinhood Earnings Presentation Q2 2025 Net Cash Held by Users Reconciliation In billions Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Gold Cash Sweep $11.1 $12.9 $15.7 $18.2 $20.3 $23.9 $25.4 $26.4 $30.7 Non-Gold Cash Sweep (excluding TradePMR) 0.8 0.7 0.7 0.8 0.6 0.6 0.7 0.6 0.8 Total Cas
Slide 31: Trading Volumes for Q2 2025
Robinhood Earnings Presentation Q2 2025 Trading Volumes for Q2 2025 Equity Notional Volumes Options Contracts Traded Robinhood App Crypto Notional Volumes1 Up 112% Y/Y and up 25% Q/Q, driven by: Up 32% Y/Y and up 3% Q/Q, driven by: Up 32% Y/Y and down 39% Q/Q, driven by: Customers placing trades Cus
Slide 32: Monthly Active Users (MAU) increased by 1.0 million year-over-year to 12.8 million in Q2
Robinhood Earnings Presentation Q2 2025 Monthly Active Users (MAU) increased by 1.0 million year-over-year to 12.8 million in Q2 In millions Year-over-year change +1.0 Sequential change (1.6) 14.9 14.4 12.8 11.8 11.0 ••••‧‧‧‧••‧‧‧••‧•‧‧‧ Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 investors.robinhood.com 32
Slide 33: Annualized revenue per employee was $1.5 million in Q2, up 23% year-over-year
Robinhood Earnings Presentation Q2 2025 Annualized revenue per employee was $1.5 million in Q2, up 23% year-over-year Year-over-year Sequential Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 change change End of period Employee Count1 2,277 2,287 2,298 2,492 2,827 +24% +13% Total Net Revenues (in millions) $682 $637
Slide 34: In Q2 2025, we recorded $48 million of contra revenues associated with matches
Robinhood Earnings Presentation Q2 2025 In Q2 2025, we recorded $48 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 Q3'24 Q4'24 Q1'
Slide 35: Net interest revenues were $357 million in Q2, up 25% year-over-year
Robinhood Earnings Presentation Q2 2025 Net interest revenues were $357 million in Q2, up 25% year-over-year In millions Year-over- Sequential Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 year change change Interest on corporate cash and investments1 $74 $75 $71 $70 $66 $67 $53 $49 $46 (30%
Slide 36: Total interest earning assets grew to ~$57B in Q2
Robinhood Earnings Presentation Q2 2025 Total interest earning assets grew to ~$57B in Q2, and average yield increased by 2 bps sequentially In millions, except for annualized yields Interest Cash Sweep Cash and Total interest- Securities expenses related Total net interest Margin Book (off-balance
Slide 37: In Q2, Interest Earning Assets grew 57% year-over-year to $57 billion
Robinhood Earnings Presentation Q2 2025 In Q2, Interest Earning Assets grew 57% year-over-year to $57 billion Year-over- Sequential $0.6 year change change In billions $0.4 $57 +57% +21% $0.4 +200% +50% $0.3 $47 $9.5 $0.2 $44 +90% +8% $0.2 $0.2 $41 $8.8 $0.2 $0.2 $34 $36 $5.5 $7.9 $14.0 +37% +44% $3
Slide 38: Total securities lending revenue increased by 72% year-over-year to a record $112 million
Robinhood Earnings Presentation Q2 2025 Total securities lending revenue increased by 72% year-over-year to a record $112 million in Q2, and fully paid securities lending was 41% of total securities lending In millions, unless specified Year-over- Sequential Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total secur
Slide 39: Fully diluted shares decreased by 3% year-over-year
Robinhood Earnings Presentation Q2 2025 Fully diluted shares decreased by 3% 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) $22.71 $23.42 $37.26 $41.62 $93.63 June 30, 2025 In millions, exce
Slide 40: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q2 2025 Adjusted Operating Expenses and SBC Reconciliation In millions Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Total operating expenses (GAAP) $466 $540 $445 $460 $493 $486 $458 $557 $550 Less: SBC 109 83 81 62 86 79 77 73 78 Less: Provision for credit l
Slide 41: Adjusted Operating Expenses Reconciliation
Robinhood Earnings Presentation Q2 2025 Adjusted Operating Expenses Reconciliation In millions Operating expenses (GAAP) Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Brokerage and transaction $39 $39 $32 $35 $40 $39 $50 $50 $48 Technology and development 207 202 197 196 209 205 208 214 214
Slide 42: Adjusted Operating Expenses and SBC Reconciliation
Robinhood Earnings Presentation Q2 2025 Adjusted Operating Expenses and SBC Reconciliation In millions 2023 2024 Total operating expenses (GAAP) $2,401 $1,897 Less: SBC SBC Excluding 2021 Founders Award Cancellation 386 304 2021 Founders Award Cancellation 485 — Less: Significant legal and tax settl
Slide 43: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations
Robinhood Earnings Presentation Q2 2025 Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In millions Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Net income (loss) $25 ($85) $30 $157 $188 $150 $916 $336 $386 Net margin1 5% (18%) 6% 25% 28% 24% 90% 36% 39% Add: Interest expenses re
Slide 44: Q4 2024 Net Income and EPS Prior to Tax Benefit and Regulatory Accrual Reversal Reconciliations
Robinhood Earnings Presentation Q2 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 45: Incremental Net Income and Incremental Adjusted EBITDA Margins
Robinhood Earnings Presentation Q2 2025 Incremental Net Income and Incremental Adjusted EBITDA Margins In millions Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Year-over-year change in total net revenues +$196 +$170 +$543 +$309 +$307 Year-over-year change in net income +$163 +$235 +$886 +$179 +$198 Incremental net
Slide 46: Definitions
Robinhood Earnings Presentation Q2 2025 Definitions Key Performance Metrics Assets Under Custody Total Trading Volumes We define Assets Under Custody as the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users
Slide 47: Definitions (Continued)
Robinhood Earnings Presentation Q2 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