Robinhood Markets (NASDAQ:HOOD) executives used the company’s fourth-quarter and full-year 2025 earnings call to highlight a year of record results, continued market share gains, and an expanded 2026 product roadmap that leans into prediction markets, banking, artificial intelligence, and international growth.
Record 2025 results and a “record Q4”
Chairman and CEO Vlad Tenev said 2025 featured “incredible product velocity” across Robinhood’s three strategic arcs: being “number one in active traders,” increasing wallet share with the next generation, and building a “number one global financial ecosystem.” CFO Shiv Verma, speaking on his first earnings call in the role, said 2025 was “a record year” with records across net deposits, Gold subscribers, revenue, Adjusted EBITDA, and earnings per share.
For the fourth quarter, Verma said revenue rose 27% year-over-year to a record $1.3 billion, while net deposits were over $16 billion, marking the eighth straight quarter above $10 billion. He also cited higher trading volumes “to new highs across equities, options, futures, and event contracts,” along with a 39% rise in interest-earning assets, driven by cash suite growth, margin, and the credit card loan book. Margin balances, he said, were up “over 100%” over the past year.
Active traders: prediction markets and new trading tools
Tenev emphasized prediction markets as a major growth driver. He said fourth-quarter prediction market volumes “more than doubled yet again,” with over $12 billion of contracts traded in 2025, the first full year of the offering. He added that customers had already traded over $4 billion in prediction markets so far in 2026.
In discussing the 2026 roadmap, Tenev called prediction markets the “fastest growing business in our history,” describing a $300 million-plus run rate in its first year. He pointed to sports catalysts including the Olympics and the World Cup, alongside efforts to expand non-sports categories. Tenev and Verma also addressed seasonality concerns, noting that after the NFL season ended, Robinhood saw NBA contracts surpass NFL in January activity and highlighted significant volume from non-sports contracts such as a government shutdown contract.
Beyond prediction markets, Tenev said Robinhood expanded its equities offering with the launch of shorting, generating over $11 billion of equity notional volume in the first couple months after launch.
During Q&A, management discussed Rothera, Robinhood’s prediction markets joint venture with Susquehanna. Tenev said it gives Robinhood greater “vertical control” over listings and the pricing/economics, with a focus on execution quality and customer outcomes. Verma described current unit economics as customers paying $0.02 per contract, with $0.01 to Robinhood as the futures commission merchant and $0.01 to the exchange; with Rothera, Robinhood would “control the full unit economics.” Management said the JV closed “last week” and they are targeting operational launch by “middle of this year.”
Wallet share: Gold Card growth and early banking traction
On wallet share, Tenev said Robinhood is pushing beyond active trading to broaden long-term investing and cash use cases. He noted that over 40% of total assets are now across ETFs, advisory, retirement, and cash.
Tenev highlighted Robinhood Gold Card growth, saying customers increased more than 5x in 2025 to 600,000, reaching over $10 billion in annualized spend. He said the company plans to “continue accelerating the rollout,” targeting “well over 1 million” Gold Card customers by year-end 2026.
Robinhood Banking, which began rolling out in recent months, showed “strong early results,” according to Tenev, with over 25,000 funded customers bringing in over $400 million in balances. He said more than 50% of funded banking customers have enrolled in direct deposit. In a later Q&A, management said the banking product offers 3.5% APY and described a tiered experience intended to be “flawless” for customers with $100,000 or more across Robinhood products, including APY on both checking and savings.
International expansion, tokenization, and Bitstamp scaling
Tenev said Robinhood ended 2025 with 750,000 customers outside the U.S. and recently launched ISAs in the U.K., describing them as a top customer request. He also said Bitstamp volumes were up 2x since Robinhood closed the acquisition in June, and during Q&A he described improvements to exchange resilience and performance as key “low-hanging fruit.”
Internationally, Tenev outlined different strategies by region. In the U.K., he said the focus is rounding out country-specific capabilities such as multi-currency wallets and retirement wrappers like stock and shares ISAs. In the EU, he said Robinhood is treating it as a “test case” for a crypto-rails model using stock tokens rather than traditional stocks, with a goal to unlock advantages such as 24/7 trading and self-custody via DeFi.
Tokenization was framed as a central theme for the “global financial ecosystem” arc. Tenev said Robinhood has 2,000 stock tokens available to customers in Europe and outlined ambitions for “permissionless, 24/7 tradable” public company stock tokens and improved private company stock tokens. He also said the company plans to launch and scale “Robinhood Chain,” described as a Layer 2 designed to support real-world asset trading.
2026 outlook: faster product velocity and disciplined investment
Verma said Robinhood plans to “ramp up our product velocity even faster” in 2026 while delivering another year of “profitable growth,” targeting 20%+ net deposit growth. He provided a 2026 outlook for adjusted operating expenses plus stock-based compensation of $2.6 billion to $2.725 billion, which he said implies 18% year-over-year growth at the midpoint. He broke that growth into roughly:
- ~5 percentage points for existing businesses (net of productivity)
- ~3 percentage points from the full-year cost effect of 2025 acquisitions (Bitstamp and TradePMR)
- ~10 percentage points toward new and scaling businesses
Verma listed investment areas including the Gold Card, Banking, Strategies, prediction markets, Cortex, Robinhood Social, Robinhood Ventures, Robinhood Chain, tokenized real-world assets, and continued international expansion, while reiterating that investments are underwritten to “strong ROIs.” He also said January started strongly, with equity volumes up over 50% year-over-year and options up 20%, and that early in Q1 net deposits were “$7 billion-plus so far in the quarter.”
Management also highlighted AI as both a customer-facing and internal efficiency driver. Tenev said over 75% of customer support cases are solved by AI and claimed AI-driven engineering efficiency gains were estimated at “nine figures” in 2025. On the product side, he said “Cortex Assistant” is rolling out in coming weeks and months, and that the company is engaged in regulatory conversations about safely bringing AI-enabled advice to customers.
In shareholder Q&A, Tenev addressed a question about a large decline in Robinhood’s share price by emphasizing business “inputs” such as net deposits, market share gains, and the product pipeline, while Verma pointed to the company’s “over a billion-dollar share repurchase program” as a tool during volatility.
Closing the call, Tenev said Robinhood is “definitely not getting complacent,” adding that the company sees an opportunity to become a primary beneficiary of a “$100 trillion-plus wealth transfer.”
About Robinhood Markets (NASDAQ:HOOD)
Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.
Robinhood’s core products and services include a mobile app and web platform for trading U.S.
