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10-K annual report · filed Feb 18, 2026

Robinhood Markets (HOOD) FY2025 10-K Annual Report

HOOD overviewOriginal on SEC EDGAR
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Robinhood Markets (HOOD) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $4.5B (+51.6% year over year) and net income of $1.9B.

  • Top risk flagged: Regulatory risk: Potential negative impact on cryptocurrency trading from changes or non-compliance with evolving cryptocurrency laws and regulations

FY2025 key financial metrics · XBRL

Revenue
$4.5B
+51.6% YoY
Net income
$1.9B
+33.5% YoY
EPS (diluted)
$2.05
+31.4% YoY
ROE
20.6%
+2.9 pp YoY
Operating cash flow
$1.6B
+1143.3% YoY

Source: XBRL data from the Robinhood Markets (HOOD) FY2025 10-K on SEC EDGAR. USD.

Robinhood Markets FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business: commission-free retail investing platform with expanded asset classes and financial services across equities, options, crypto, and wealth management
  • New products: launched short selling Q4 2025, introduced Robinhood Ventures Fund I (closed-end fund for private companies) in Sept 2025, acquired Bitstamp exchange in 2025 to expand crypto Europe presence
  • Strategic shift: deepened investment in prediction markets via joint venture Rothera acquiring MIAXdx in Jan 2026, enhancing CFTC-regulated exchange capabilities
  • Quantitative highlights: Robinhood Gold Card now with over 600k customers, supports 74 cryptocurrencies in EU platform, Staking available for crypto customers in US and EU
  • Noteworthy fact: first US retail broker offering 24-hour stock and ETF trading, expanded multi-currency wallets and stocks and shares ISAs for UK market

Management Discussion & Analysis

  • Revenue details not explicitly stated; transaction-based, net interest, and other revenues from multiple sources, including options, equities, cryptocurrencies
  • Marketing expense increased to $274M in 2025 from $179M in 2024 and $74M in 2023
  • Research & development costs $355M in 2025, up from $323M (2024) and $349M (2023)
  • Employee retirement matching expense rose to $17M (2025) from $12M (2024 & 2023)
  • No explicit net income, margin or cash flow figures, or forward guidance provided in excerpt

Risk Factors

  • Regulatory risk: Potential negative impact on cryptocurrency trading from changes or non-compliance with evolving cryptocurrency laws and regulations
  • Macroeconomic threat: Federal Funds Rate fluctuations directly affect net interest revenue and funding costs under Robinhood Credit Card Program
  • Operational vulnerability: Credit card loss exposure on outstanding balances, charged off after 180 days, guaranteed payments to Coastal Bank
  • Competitive risk: Acquisition of TradePMR for $175M cash to enhance portfolio management capabilities, facing competition from established RIA custodial platforms
  • Financial risk: $100M unvested Class A common stock issued in acquisition, vesting over four years, with voting rights impacting equity structure

Generated from the filing text; verify against the original. How to read a 10-K

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