Robinhood Markets reported full-year 2024 net revenues of $2.95 billion, an increase of 58% year-on-year. The company swung to a net income of $1.41 billion for the full year, compared with a net loss of $540 million in 2023.
Fourth-quarter 2024 revenues were $1.01 billion, up 115% year-on-year. Fourth-quarter net income of $916 million set a record for any single quarter in the company's history, although it included a $369 million deferred tax benefit and a $55 million benefit from reversing a regulatory accrual. Transaction-based revenues rose more than 200% to $672 million, led by cryptocurrencies revenue of $358 million, while net interest revenues rose 25% to $296 million.
GOLD SUBSCRIBERS AND ASSETS UNDER CUSTODY
Robinhood Gold, the company's premium subscription tier, ended the fourth quarter with 2.6 million subscribers, an 86% increase year-on-year. The subscription product bundles a range of features including higher interest rates on uninvested cash balances, access to margin lending at preferential rates, and research tools.
Assets under custody reached $193 billion by the end of 2024, 88% higher than a year earlier. Net deposits over the trailing 12-month period totalled $50.5 billion.
ONE-OFF ITEMS
The year-on-year comparison includes a $369 million deferred tax benefit in 2024 and the absence of the $485 million 2021 Founders Award cancellation expense booked in 2023.