Robinhood Markets, Inc. (HOOD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you to everyone for joining Robinhood's Q4 and full year 2025 earnings call, whether you're tuning into the live stream or here with us in person. With us today are Chairman and CEO Vlad Tenev, CFO Shiv Verma, and VP of Corporate Finance and Investor Relations, Chris Cagle. Vlad and Shiv will offer opening remarks and then open the call to Q&A. During the Q&A portion of the call, we will answer questions from the audience, which includes institutional research analysts, finance content creators who may hold an ownership position in Robinhood, and both institutional and retail shareholders. As a reminder, today's call will contain forward-looking statements. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation, and our SEC filings, all of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP measures we consider most directly comparable can be found in the earnings presentation. With that, please welcome Vladan Shiv. Well, hello, everyone. It's great to speak with you today. We're back with a live audience, this time from our global headquarters in Menlo Park. And for the first time with Shiv as CFO, following in Jason's big footsteps. Welcome, Shiv. Thank you. Great to see all the shareholders and institutional analysts in the audience. So let's get right into it, shall we? So as a reminder, we're focused on our three-part strategy. Number one in active traders, number one in wallet share for the next generation, ...