Robinhood Q4 2025 Earnings
Robinhood Q4 2025 earnings showed record fiscal-year revenue but a Q4 revenue miss and crypto weakness, prompting analyst cuts and after-hours selling.
KEY TAKEAWAYS
- Record FY revenue was $4.5 billion with FY diluted EPS of $2.05, per the release.
- Q4 revenue missed consensus at $1.28 billion while Q4 EPS beat at $0.66.
- Crypto trading revenue was $221 million and shares fell 6.48% to $80.06 after-hours, prompting analyst cuts.
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Robinhood Markets Inc. (HOOD) reported record full-year revenue in its Q4 2025 earnings released on February 10, 2026, despite quarterly revenue falling short of analyst forecasts and a decline in crypto trading. The results prompted analyst price-target cuts and a drop in after-hours trading.
Record Full-Year Revenue and Q4 Results
The company said in a press release that total net revenues for 2025 reached $4.5 billion, a record, with diluted earnings per share (EPS) of $2.05, also a record. Fourth-quarter revenue was $1.28 billion, setting a quarterly record but missing the pre-earnings consensus range of $1.34 billion to $1.37 billion. Diluted EPS for the quarter was $0.66, exceeding the expected $0.63. The release showed net deposits of $68 billion for the year and $16 billion in the quarter, reflecting strong customer liquidity inflows. Robinhood Gold subscribers numbered 4.2 million, and total net revenues rose 27% year-over-year, indicating increased product engagement.
Crypto Weakness and Market Reaction
Transaction-based revenue for the quarter included $221 million from crypto trading, below the $259.2 million consensus, signaling softer digital-asset activity. Equities revenue was $94 million, slightly under the $96 million consensus, and options revenue was $314 million, below the $332.1 million consensus. Following the report, shares fell 6.48% in after-hours trading to $80.06.
Analysts revised their price targets: KeyBanc cut its target to $130 from $160, Truist reduced its target to $130 from $155, while Wolfe Research upgraded the stock to Outperform with a $125 target. These adjustments reflected concerns about crypto correlation risks.
The regulatory environment remains a factor. A recent FINRA settlement imposed a $26 million penalty and $3.75 million in customer restitution related to payment-for-order-flow practices and supervisory failures, including clearing-system latency during the January 2021 volatility surge. This settlement continues to weigh on sentiment. The company trades at about 23 times sales, reflecting how the market balances growth prospects against mixed quarterly signals.
