Robinhood reported record full-year 2025 total net revenues of $4.5 billion on 10 February 2026, a 52 per cent increase year-on-year, as the retail brokerage platform continued to benefit from elevated trading activity and the rapid expansion of its premium Gold subscription programme. The results marked a decisive step in the company's maturation from a commission-free trading application into a diversified financial services platform with a growing base of recurring revenue.
Full-year net income reached $1.9 billion, and diluted earnings per share came in at a record $2.05. Adjusted EBITDA for the year was $2.5 billion, up 76 per cent year-on-year, representing a margin of 56 per cent on a revenue base that itself expanded rapidly across all quarters of the period. The scale of those figures represents a transformation in the company's earnings profile relative to earlier periods.
PLATFORM ASSETS AND GOLD SUBSCRIBERS DRIVE MOMENTUM
Total platform assets reached $324 billion by year-end, a 68 per cent increase from the prior year, as net deposits of $68 billion flowed into accounts across the period. The asset figure reflects both the strength of net inflows and the market appreciation of assets held on the platform, factors that together signal sustained and deepening engagement from Robinhood's user base across its range of investment and savings products.
Robinhood Gold, the company's subscription tier that provides enhanced features including higher interest rates on uninvested cash, margin lending and access to professional research, reached 4.2 million subscribers by the end of the year, a 58 per cent increase from 2024 levels. The Gold programme has emerged as a significant driver of recurring, subscription-based revenue, offering a more predictable income stream alongside the transaction volumes that have historically dominated the company's earnings profile.
The shift towards a subscription-augmented revenue model reflects a deliberate strategic choice by Robinhood's management to diversify away from payment for order flow and towards services that generate income regardless of short-term trading volumes. Gold's rapid subscriber growth suggests that strategy is gaining meaningful traction, with millions of customers now paying a regular fee for enhanced platform capabilities beyond standard brokerage access.
RECORD EARNINGS MARK A MILESTONE IN ROBINHOOD'S DEVELOPMENT
The record diluted EPS of $2.05 represents a significant milestone for a company that went public in July 2021 amid scepticism about its ability to translate trading-driven revenue into sustained profitability. The 2025 results demonstrate that Robinhood has navigated the normalisation of retail trading volumes that followed the elevated activity of the pandemic era and emerged as a structurally profitable, growing business with diversified revenue sources.
Net deposits of $68 billion across the year signal that Robinhood is successfully attracting assets from customers who view the platform as a primary financial hub rather than a supplementary trading account. Deepening that engagement and broadening the range of financial products available to its existing customer base is central to the company's longer-term growth strategy.
With a 56 per cent adjusted EBITDA margin at scale, Robinhood enters the next financial year with a strong balance sheet and a business model that has demonstrated it can generate substantial cash earnings. How the company deploys that financial strength—whether through further product expansion, international growth or capital returns to shareholders—will be a central theme for investors in the months ahead.