HOOD
Robinhood Markets, Inc.119.40
+4.14+3.59%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details product execution color
Q&A largely reaffirms prepared remarks on product velocity and diversification, dismissing stock weakness and crypto dips via strong inputs, buybacks, and 11 $100M+ ARR businesses. Incremental color: Rothera JV launches mid-year for prediction markets control and better economics; EU as crypto-rails testbed with 24/7 tokenized stocks; Cortex AI Assistant rolls out soon. Prediction markets diversify beyond sports—NBA tops NFL in January—while banking APY hits 3.5%. No contradictions. Management nimble on capex. Q&A adds tactical details. Investors eye rollouts like Social, tokenization.
Key Stats
Market Cap
107.36BP/E (TTM)
49.75Basic EPS (TTM)
2.40Dividend Yield
0%Recent Filings
8-K
Upsized credit, $1.5B buyback
Robinhood Markets upsized its RHS subsidiary's revolving credit facility to $3.25B from $2.65B on March 20, 2026, with potential to $4.875B, while securing lender commitments across asset-secured tranches. Board then greenlit a $1.5B share buyback on March 24, rolling in prior capacity for $1.1B+ incremental firepower. New liquidity bolsters capital returns.
10-K
FY2025 results
Robinhood Markets crushed FY2025 ended December 31, 2025, with total net revenues leaping 52% to $4.47B, fueled by transaction-based revenues up 60% to $2.63B (options +48%, crypto +44%, equities +71%) and net interest revenues rising 37% to $1.51B on a $61.6B interest-earning asset base. Q4 accelerated the momentum: Funded Customers hit 27.0M (up 7% y/y), Total Platform Assets ballooned 67% y/y to $322.1B with $68.1B Net Deposits (35% growth rate vs. prior Q4's 49%), ARPU climbed 40% to $171, and Gold Subscribers surged 58% to 4.18M—yet churn ticked up to 1.7M. Margins expanded as Adjusted EBITDA (non-GAAP) rocketed 76% to $2.52B, backed by $910M in share repurchases under the $1.5B program; liquidity stays robust at $4.3B cash amid pending acquisitions like WonderFi. State gaming regulators threaten quarterly event contract volumes via lawsuits alleging illegal wagering.
8-K
Record 2025 revenues, CFO shift
Robinhood smashed 2025 records with $4.5B revenues up 52% and $2.05 diluted EPS, fueled by $68B net deposits and 4.2M Gold subscribers. Q4 delivered $1.28B revenues, 27% higher, yet net income dipped to $605M sans prior-year one-offs. Shiv Verma stepped in as CFO February 6; Warnick advises till September. 2026 Adjusted OpEx and SBC outlook: $2.6B-$2.725B.
8-K
Q4 Rule 606 reports filed
Robinhood filed Q4 2025 Rule 606(a) reports for broker-dealer subsidiaries RHF and RHS, detailing non-directed NMS stocks and options order routing to top venues like Virtu (up to 47%), Citadel (39%), and Jane Street. These unaudited disclosures show PFOF payments—80% shared from RHS to RHF—across October-December, excluding held orders like fractionals. Routine compliance filing. No consolidated results.
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.
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