Robinhood Q4 revenue rises, crypto trading falls

Robinhood’s Q4 2025 revenue rose 27% to $1.28B, but crypto trading revenue fell 38% to $221M. Net income dropped to $605M, and shares declined after missing analyst forecasts.

Robinhood reported fourth-quarter 2025 revenue of $1.28 billion, a 27% year-over-year increase driven by strong trading activity, subscription growth, and higher net interest income. Despite this, crypto trading revenue fell sharply by 38% to $221 million, reflecting lower digital asset prices and reduced retail investor participation. Net income for the quarter was $605 million, down from the previous year due to a one-time tax reversal in 2024. Earnings per share came in at $0.66, slightly below analyst expectations. Operating expenses rose 38% to $633 million, mainly from increased marketing and acquisitions. Transaction-based revenue reached $776 million, with notable gains in options and equities trading. Robinhood ended the quarter with $4.3 billion in cash and a 7% increase in funded accounts to 27 million. The company’s stock price dropped 6.5% after the earnings release, largely due to the crypto revenue decline and missing Wall Street estimates.