Robinhood (HOOD) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Financials· Feb 10, 2026

Source: earnings call transcript

Robinhood delivered a record Q4 and full-year 2025, driven by strong product velocity, market share gains, and diversification across 11 businesses generating over $100 million in annualized revenue. The company is accelerating its product roadmap for 2026, focusing on active traders, wallet share expansion, and global ecosystem growth, while maintaining a commitment to profitable growth and disciplined capital allocation. AI integration is driving significant internal efficiencies and is poised to transform customer-facing offerings.

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HOOD operating KPIs by quarter

HOOD operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Paid subscribers	2.6M And Gold subscribers also had a banner year up to a record of 2.6 million, which is 80% growth year-over-year. Source: earnings call transcript	3.2M Gold subscribers nearly doubling year-over-year to 3.2 million as of the end of the quarter and actually now 3.3 million in April. Source: earnings call transcript	3.5M And for Robinhood Gold, we grew it to 3.5 million subscribers. Source: earnings call transcript	3.9M Gold subscribers up to a record 3.9 million, and that's 14-plus percent adoption when you look at the overall net account base, and it's nearly 40% for customers that joined in quarter, our new customers. Source: earnings call transcript	4.2M In Robinhood Gold, that also grew 58% to a record 4.2 million subscribers. Source: earnings call transcript	4.3M Gold subscribers, 36% year-over-year growth to a record 4.3 million, and that's 16% attach rate relative to the total customer base and 40% of new customers in Q1. Source: earnings call transcript	4.8M Record net deposits of $22 billion, which is a 28% annualized growth rate and record Gold subscribers of 4.8 million, which is now 17% attach rate relative to our net funded accounts. Source: earnings call transcript	+11.6%
Assets under custody (AUC) Retirement	—	—	$20B+ Retirement assets are now over $20 billion, over $20 billion in assets. Source: earnings call transcript	$25B+ On the long-term money side, retirement, now up over $25 billion, which more than doubled in the past year. Source: earnings call transcript	—	—	—	—
Assets under management (AUM) Robinhood Strategies	—	—	$500M+ We've grown that by multiples, now over 100,000 funded customers and over $0.5 billion in assets. Source: earnings call transcript	$1B+ And Robinhood Strategies, which we just launched in March, now has over $1 billion in assets and is one of the fastest-growing digital advisers. Source: earnings call transcript	—	$1.5B+ That's our robo-like product that has over $1.5 billion. Source: earnings call transcript	—	—
Robinhood Gold Card cardholders	—	—	—	500K+ On the banking front, Robinhood Gold Card, now over 0.5 million cardholders with over $8 billion in annual spend. Source: earnings call transcript	600K Robinhood Gold Card, up over 5x in 2025 to 600,000 customers. Source: earnings call transcript	800K+ Okay, Gold credit cards have also surpassed 800,000 customers with annualized purchase volume, APV, of $15 billion. Source: earnings call transcript	1M We also crossed an exciting milestone for the Robinhood Gold Card, 1 million cardholders. Source: earnings call transcript	—
Net new assets	—	—	—	$20B+ And as a result of all this, great business results in Q3, revenues up over 100% year-over-year to a record of nearly $1.3 billion, record net deposits in the quarter, over $20 billion. Source: earnings call transcript	$16B Net deposits continue to be robust with over -- with $16 billion of net deposits in Q4. Source: earnings call transcript	$18B Net deposits were $18 billion, which is another quarter of 20%-plus annualized net deposit growth and our third highest ever. Source: earnings call transcript	$22B Record net deposits of $22 billion, which is a 28% annualized growth rate and record Gold subscribers of 4.8 million, which is now 17% attach rate relative to our net funded accounts. Source: earnings call transcript	+22.2%
Assets under custody (AUC)	—	—	—	$300B+ As Vlad said, I've been here a little over 7 years, and I've seen the company scale from a couple of million customers and a few billion assets to now 27 million customers and over $300 billion in assets globally. Source: earnings call transcript	$324B So total platform assets grew nearly 70% year-over-year to $324 billion. Source: earnings call transcript	—	—	—
Funded customers Robinhood Banking	—	—	—	—	25K+ Strong early results with our initial over 25,000 funded customers, who have brought in over $400 million in balances. Source: earnings call transcript	125K+ Over 125,000 funded customers. Source: earnings call transcript	—	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.