HOOD
Robinhood Markets, Inc.119.40
+4.14+3.59%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Ventures SEC filing; banking rollout fastens.
Q&A revealed Robinhood Ventures Fund I SEC filing in quiet period, targeting unaccredited retail access to privates with daily liquidity amid recovering demand—clearly incremental to prepared nods. Banking rollout accelerates swiftly on positive feedback, unlike calibrated Gold Card. Prediction Markets mix existing traders and newcomers, with rapid category expansion and UI polish. Tokenized equities hit 400+ in Phase 1, earning 10bps FX fees exceeding forgone PFOF. No walk-backs; management confidently detailed moats like distribution. Watch Ventures traction and Bitstamp's institutional ramp.
Key Stats
Market Cap
107.36BP/E (TTM)
49.75Basic EPS (TTM)
2.40Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Robinhood Markets crushed Q3 FY2025, with total net revenues doubling year-over-year to $1.274B, fueled by a 129% surge in transaction-based revenues to $730M—driven by 339% growth in cryptocurrencies to $268M and 50% in options to $304M—while net interest revenues rose 66% to $456M on higher margin lending and securities activity. Operating income hit $634M, up sharply from $153M last year, with diluted EPS climbing to $0.61 from $0.17, reconciling cleanly to 918M weighted shares; gross margins expanded amid efficient scaling, though marketing spend jumped 73% to support user growth. Acquisitions of TradePMR in February for $175M cash (recognizing $112M goodwill and $81M intangibles amortized over 9.76 years) and Bitstamp in June for $224M cash (adding $93M goodwill and $70M intangibles over 7.08 years) bolstered RIA custody and global crypto reach, with $4.3B in cash equivalents and $3.8B revolver availability providing ample liquidity. Yet competition from traditional brokers and fintech rivals keeps pressure on market share.
8-K
Robinhood Q3 revenues double
Robinhood Markets crushed Q3 2025 with revenues doubling to $1.27 billion, fueled by 129% transaction-based growth to $730 million and record $20.4 billion net deposits, pushing platform assets to $333 billion. Yet CFO Jason Warnick's retirement announcement, with Shiv Verma stepping in during Q1 2026, introduces a leadership shift amid explosive crypto and options trading. Business lines hit 11 at $100 million+ annualized revenues each.
8-K
Robinhood Q3 order routing reports
Robinhood's broker-dealer subsidiaries released Q3 2025 Rule 606(a) reports detailing order routing and PFOF, with Virtu Americas handling 35-53% of non-directed equity flow across S&P 500 and non-S&P stocks, while Citadel dominated options at 39%. These unaudited disclosures show net payments varying by order type, like $0.30-$1.20 per options contract based on spreads. PFOF fuels revenue sharing between subsidiaries. Yet execution quality trumps payments.
10-Q
Q2 FY2025 results
Robinhood's Q2 FY2025 results showed strong momentum, with total net revenues jumping 45% y/y to $989M, driven by transaction-based revenues up 65% y/y to $539M (options +46%, cryptocurrencies +98%, equities +65%) and net interest revenues rising 25% y/y to $357M, while other revenues grew 33% y/y to $93M. Net income more than doubled y/y to $386M, with diluted EPS at $0.42 (up 100% y/y), reflecting tighter operating expenses at 56% of revenues versus 72% last year, though marketing costs climbed 55% y/y to $99M. Acquisitions of TradePMR in February 2025 for $175M cash (recognizing $112M goodwill and $81M finite-lived intangibles amortized over 9.76 years) and Bitstamp in June 2025 for $224M cash (recognizing $91M goodwill and $72M finite-lived intangibles amortized over 6.14 years) bolstered RIA custody and global crypto reach, with $1.19B cash acquired aiding liquidity. Cash and equivalents stood at $4.16B, with $3.78B available under revolving facilities and no covenant breaches; free cash flow wasn't disclosed in the 10-Q. Yet competition from established brokers and fintechs remains a key risk.
8-K
Q2 revenues soar 45%
Robinhood Markets crushed Q2 2025 with revenues surging 45% year-over-year to $989 million, fueled by 65% growth in transaction-based revenues to $539 million from booming options and crypto trading. Net income doubled to $386 million, while funded customers hit 26.5 million and platform assets ballooned 99% to $279 billion, boosted by $13.8 billion in net deposits and the Bitstamp acquisition closure. Expenses rose modestly 12% to $550 million, signaling tight control amid global crypto push. Strong Q3 deposits hint at momentum, yet regulatory hurdles loom for the pending WonderFi deal.
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