- Revenues up 100% year-over-year to a record
$1 .27 billion - Net Deposits were a record
$20 billion , and Robinhood Gold Subscribers reached a record 3.9 million - Diluted EPS up 259% year-over-year to
$0.61 - Robinhood now up to 11 business lines each generating ~
$100 million or more in annualized revenues
"Our team’s relentless product velocity drove record business results in Q3 and we’re not slowing down— Prediction Markets are growing rapidly, Robinhood Banking is starting to roll out, and
“Q3 was another strong quarter of profitable growth, and we continued to diversify our business, adding two more business lines—Prediction Markets and Bitstamp—that are generating approximately
Third Quarter Results
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Total net revenues increased 100% year-over-year to
$1 .27 billion.-
Transaction-based revenues increased 129% year-over-year to
$730 million , primarily driven by cryptocurrencies revenue of$268 million , up over 300%, options revenue of $304 million, up 50%, and equities revenue of$86 million , up 132%. -
Net interest revenues increased 66% year-over-year to
$456 million , primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates. -
Other revenues increased 100% year-over-year to
$88 million , primarily due to increased Robinhood Gold subscribers.
-
-
Net income increased 271% year-over-year to
$556 million . -
Diluted earnings per share (“EPS”) increased 259% year-over-year to
$0.61 . -
Total operating expenses increased 31% year-over-year to
$639 million . The year-over-year increase was primarily driven by marketing and growth investments, and acquisition-related expenses.-
Adjusted Operating Expenses and Share-Based Compensation (“SBC”) (non-GAAP) increased 29% year-over-year to
$613 million .
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Adjusted EBITDA (non-GAAP) increased 177% year-over-year to $742 million.
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Funded Customers increased by 2.5 million, or 10%, year-over-year to 26.8 million.
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Investment Accounts increased by 2.8 million, or 11%, year-over-year to 27.9 million.
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Total Platform Assets increased 119% year-over-year to $333 billion, driven by continued Net Deposits, higher equity and cryptocurrency valuations, and acquired assets.
-
Net Deposits were
$20.4 billion , an annualized growth rate of 29% relative to Total Platform Assets at the end of Q2 2025. Over the past twelve months, Net Deposits were$68 .3 billion, a growth rate of 45% relative to Total Platform Assets at the end of Q3 2024. -
Robinhood Gold Subscribers increased by 1.7 million, or 77%, year-over-year to 3.9 million.
-
Average Revenue Per User (“ARPU”) increased 82% year-over-year to
$191 . -
Cash and cash equivalents totaled
$4 .3 billion compared with$4.6 billion at the end of Q3 2024. -
Share repurchases were
$107 million , representing 1 million shares of our Class A common stock at an average price per share of$104.95 . Since starting our share repurchase program in Q3 2024, total share repurchases were$810 million , representing 22 million shares of our Class A common stock at an average price per share of$37.58 .
Highlights
Strong product velocity fuels record results as Robinhood makes progress across focus areas
Advancing the Platform for Active Traders - Robinhood leveled up its offering for active traders with the launch of new products and a dedicated customer event. In September, the company hosted its second annual HOOD Summit, bringing over 900 customers together in person while nearly 26 million viewers tuned in virtually for the livestream. At the event, Robinhood announced several new products aimed at making Robinhood the #1 platform for active traders, including Robinhood Social, AI-driven custom indicators and scanners powered by Robinhood Cortex, and several additional brokerage upgrades including multiple individual brokerage accounts and shorting. In August, Robinhood launched Pro and College Football contracts within its Prediction Markets Hub. In Q3 2025, total Event Contracts Traded more than doubled sequentially to 2.3 billion, and
Redefining Wealth Management for the
Leading Innovation Across the Global Financial Ecosystem - Robinhood is building momentum internationally, with nearly 700 thousand Funded Customers across the
Additional Q3 2025 Operating Data
- Robinhood Retirement AUC increased 144% year-over-year to a record
$24 .2 billion. - Cash Sweep increased 44% year-over-year to a record
$35 .4 billion. - Margin Book increased 153% year-over-year to a record
$13 .9 billion. - Equity Notional Trading Volumes increased 126% year-over-year to a record $647 billion.
- Options Contracts Traded increased 38% year-over-year to a record 610 million.
- Crypto Notional Trading Volumes were
$80 billion , including Robinhood App Notional Volumes which increased 176% year-over-year to $40 billion and Bitstamp Notional Volumes which were $40 billion.
Select Preliminary
- Net Deposits were approximately
$5.5 billion , an annualized growth rate of approximately 20% relative to Total Platform Assets at the end ofSeptember 2025 . - Margin Book increased over 150% year-over-year to over
$16 billion . - Equity Notional Trading Volumes increased over 150% year-over-year to approximately
$320 billion . - Options Contracts Traded increased over 60% year-over-year to over 260 million.
- Crypto Notional Trading Volumes were over
$32 billion , including Robinhood App Notional Volumes which increased approximately 150% year-over-year to approximately$14 billion and Bitstamp Notional Volumes which were over$18 billion .
Chief Financial Officer Transition
Additionally, CFO
Conference Call and Livestream Information
Robinhood will host a video call to discuss its results at
Financial Outlook
The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.
Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q2 2025 Earnings (
Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.
