Robinhood reported a record FY2025 with revenue up 52% and strong net deposits. Management outlined an aggressive 2026 roadmap focused on accelerating product velocity, international expansion, and AI-driven efficiencies, while guiding for another year of profitable growth. The call highlighted the growing importance of prediction markets, banking, and tokenization as key drivers. Record FY2025: Revenue of $4.5B (+52% YoY), adjusted EBITDA of $2.5B (+76% YoY), margin of 56%, and EPS of $2.05.
Robinhood reported a record FY2025 with revenue up 52% and strong net deposits. Management outlined an aggressive 2026 roadmap focused on accelerating product velocity, international expansion, and AI-driven efficiencies, while guiding for another year of profitable growth. The call highlighted the growing importance of prediction markets, banking, and tokenization as key drivers. Record FY2025: Revenue of $4.5B (+52% YoY), adjusted EBITDA of $2.5B (+76% YoY), margin of 56%, and EPS of $2.05.
Management highlighted AI as a key driver of efficiency, with AI solving over 75% of customer support cases and generating nine-figure savings in 2025. They are rolling out Cortex, an AI assistant for retail and active traders, and believe AI will transform financial services…
Guidance tone
Q4 2025 revenue was a record $1.3B, with net deposits of $16B, marking the eighth consecutive quarter above $10B.
2026 outlook: adjusted OPEX + SBC of $2.6-2.725B (18% growth YoY). Net deposit growth of 20%+ is expected again.
Management highlighted AI as a key driver of efficiency, with AI solving over 75% of customer support cases and generating nine-figure savings in 2025. They are rolling out Cortex, an AI assistant for retail and active traders, and believe AI will transform financial services and lower advisory costs.
Management is confidently guiding for another year of strong growth, underpinned by record net deposits, expanding product diversification, and a focus on profitable expansion.
Management expressed strong confidence in product momentum, market share gains, and a full 2026 roadmap, while emphasizing disciplined profitable growth and ROI-driven investments.
“Those of you who may be looking at the latest 606 reports probably noticed that the 606 reports show that looks like we've become number one in options industry-wide”
“This is already turning into real savings and efficiency gains, estimated at nine figures in 2025 alone. And 2026 is shaping up to be much bigger.”
“In January, for instance, NBA contracts surpassed NFL in trading activity on our platform. And you're also seeing relevant non-sports contracts generating significant volume.”
“When you look at the vision, the goal is that any private assets that have not been traditionally offered to retail, you should be able to offer in these 40-act registered funds.”
Robinhood is pushing forward with tokenization of private markets, using giveaways of OpenAI and SpaceX tokens in Europe as a proof point for demand and seeing it as a potentially larger opportunity than prediction markets. — If successful, this could open up a massive new asset class to retail investors, changing the competitive dynamics in wealth management and private markets.
“Our customers in Europe got a little taste last year of private company stock tokens with our OpenAI and SpaceX stock token giveaways.”
… greatest iniquities in capital markets, but also can be a huge accelerant to our mission as well as our business. This begins with Robinhood Ventures. And Robinhood Ventures, for those of you unfamiliar, will invest in private assets that are often out of reach for retail investors. And these will be packaged in registered funds that we can offer to U.S. retail investors. I think this will be a transformative offering. Outside of the U.S., our customers in Europe got a little taste last year of private company stock tokens with our OpenAI and SpaceX stock token giveaways. More to come on that front soon. And now we think private markets could become even bigger than prediction markets. And I'm really excited about what we're building here. Finally, building the number one global financial ecosystem. So the big theme here is tokenization. And it's early in the tokenization industry, but we've built a leadership position already. We now have 2,000 stock tokens available to customers in Europe. Now, a big part of 2026 will be seizing the tokenization opportunity, which we think is massive. And this means two things very specifically. One is permissionless, 24-7 tradable public …