Q4 2025 Robinhood Markets Inc Earnings Call Transcript
Key Points
- Robinhood Markets Inc (HOOD) reported a record revenue of $4.5 billion for 2025, marking a 52% year-over-year increase.
- The company achieved a record adjusted EBITDA of $2.5 billion, with margins reaching a new high of 56%.
- Robinhood's prediction markets business experienced significant growth, with volumes doubling and over 12 billion contracts traded in 2025.
- The Robinhood Gold card saw a substantial increase in customers, growing 5x to 600,000 users and reaching over $10 billion in annualized spend.
- Robinhood Banking showed strong early results, with over 25,000 funded customers and $400 million in balances, and more than 50% of these customers enrolled in direct deposit.
- Robinhood Markets Inc (HOOD) experienced a more than 40% drop in share price, raising concerns among investors.
- The company faces challenges in navigating the crypto downturn and the end of the football season, which could impact trading volumes.
- There is regulatory ambiguity and the need for relief to expand prediction markets into company KPIs and financial metrics.
- The international expansion strategy requires careful navigation of regulatory environments and potential acquisitions, which could pose integration challenges.
- Despite strong growth, the company must continue to manage expenses and maintain profitability while investing in new products and markets.
Thank you to everyone for joining Robin Hood'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.
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