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

Why It Matters

The results signal Robinhood’s move toward sustainable profitability and reinforce its influence in the rapidly expanding fintech brokerage market.

Key Takeaways

• Revenue rose 18% YoY to $1.2 billion
• Monthly active users hit 30 million, up 12%
• Crypto trading volume increased 40% quarter-over-quarter
• Net loss narrowed to $150 million from $210 million
• Focus on regulatory compliance and new product rollouts

Pulse Analysis

Robinhood’s fourth‑quarter 2025 earnings, released on February 10 2026, showed a marked improvement over the prior year as the brokerage posted an 18 percent revenue increase to $1.2 billion. The company’s net loss narrowed to $150 million, reflecting tighter cost controls and higher margin contributions from its crypto and options desks. These figures place Robinhood on a clearer path toward profitability, a milestone that has eluded many fintech challengers. The results also arrived amid a broader rally in retail‑focused platforms, underscoring the sector’s resilience despite lingering regulatory uncertainty.

User growth was a central theme of the call. Monthly active users climbed to 30 million, a 12 percent rise quarter‑over‑quarter, driven by younger investors attracted to the app’s low‑fee structure and expanded product suite. Crypto trading volume surged 40 percent, highlighting the firm’s successful push into digital assets after the 2024 launch of its custodial wallet. The combination of higher engagement and diversified revenue streams reduces reliance on traditional equity commissions and positions Robinhood to capture a larger share of the evolving “buy‑now‑pay‑later” investment mindset.

Looking ahead, management emphasized a disciplined approach to regulatory compliance, noting ongoing dialogues with the SEC and FINRA to safeguard the platform’s open‑access model. New features slated for 2026 include fractional‑share investing in international markets and a suite of educational tools aimed at improving investor literacy. Analysts expect these initiatives to drive incremental user acquisition while supporting margin expansion. For investors, the earnings beat and clarified roadmap suggest that Robinhood is transitioning from a high‑growth startup to a mature, revenue‑generating broker, a shift that could tighten valuation multiples.

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

February 10, 2026 5:00 PM EST

Company Participants

• Vladimir Tenev – Co‑Founder, President, CEO & Chairman of the Board

• Shiv Verma – Senior VP of Finance & Strategy and Treasurer

• Chris Koegel – Vice President of Corporate Finance & Investor Relations

Conference Call Participants

• Matt S

• Alexander Markgraff – KeyBanc Capital Markets Inc., Research Division

• Benjamin Budish – Barclays Bank PLC, Research Division

• James Yaro – Goldman Sachs Group, Inc., Research Division

• Dan Dolev – Mizuho Securities USA LLC, Research Division

• Steven Chubak – Wolfe Research, LLC

• Patrick Moley – Piper Sandler & Co., Research Division

• David Smith – Truist Securities, Inc., Research Division

• Brian Bedell – Deutsche Bank AG, Research Division

• Devin Ryan – Citizens JMP Securities, LLC, Research Division

• Ramsey El‑Assal – Cantor Fitzgerald & Co., Research Division

• Edward Engel – Compass Point Research & Trading, LLC, Research Division

• Michael Cyprys – Morgan Stanley, Research Division

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Presentation

Operator

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 Koegel.

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…