Robinhood reported record Q4 2025 revenue of $1.28 billion (+27% YoY), surpassing estimates, yet shares dropped 8% in after-hours trading to $78.80, per The Block data on February 10, 2026. The decline stemmed from a 38% fall in cryptocurrency transaction revenue to $221 million, contrasting sharp gains in options (+41% to $314 million) and equities (+54% to $94 million). Bitstamp volumes, from the mid-2025 acquisition, offset weaker core app trading, which fell 52% YoY amid cooling retail crypto interest.
Robinhood’s diversification reduced crypto reliance, with net interest revenue up 39% to $411 million from securities lending and asset growth. Robinhood Gold subscribers hit 4.2 million (+58% YoY), boosting subscription income. Funded customers rose 7% to 27 million, and platform assets surged 68% to $324 billion, driven by deposits and market gains. CEO Vlad Tenev’s focus on tokenized equities, 24/7 trading, and blockchain settlement highlights a move beyond volatile crypto spikes.
The Bitstamp deal bolstered $82 billion in Q4 crypto notional volume, softening the core app’s decline. However, crypto revenue’s sequential drop from Q3’s $268 million reflects fading memecoin hype and retail caution. Robinhood’s $324B assets under custody and 4.2M Gold users show resilience, but crypto’s 38% YoY slide underscores challenges in sustaining trading-driven growth amid ETF competition and regulatory shifts.
Robinhood’s pivot to prediction markets, retirement accounts, and banking services positions it for stable growth, per. With Bitcoin at $113,000 and Ethereum at $4,100, crypto volatility remains a risk, but Bitstamp’s institutional focus and Gold expansion could drive 2026 revenue. Investors should monitor HOOD support at $75 and crypto volumes via The Block data. Robinhood’s $1.28B record revenue signals maturity, but crypto’s slowdown tests its diversified model.
