来源：市场资讯 （来源：君实财经） 营收未达预期，股价重挫：拆解 Robinhood (HOOD) 财报中的"增长陷阱" Robinhood(HOOD) 2025 年财报发布后股价出现剧烈调整。尽管从绝对值看营收和净利均有增长，但细 究这份成绩单，市场对不及预期的失望情绪完全有迹可循。 以下是导致股价承压的几个核心逻辑： • 不可控的监管成本： 财报中明确将"重大监管费用"排除在 2026 年展望之外，理由是"无法准确预 测"。这相当于告诉投资者，随时可能出现大额罚单。 • 降息周期的负面影响： Q4 净利息收入虽然增长，但已明确受到"短期利率下降"的对冲影响。随着美 联储降息路径延续，Robinhood 的高息红利期已接近尾声。 4. 估值逻辑重塑 此前市场给予 HOOD 高估值是基于其高成长性。但随着 Crypto 业务负增长、获客成本 上升以及预测市场（Prediction Markets）面临合规不确定性，市场开始重新审视其高估值的合理性。 表面光鲜的"创纪录"数据掩盖不了核心业务的疲态。在监管未知、成本失控和核心交易量下滑的三重打 击下，此次股价大跌是对预期的一次剧烈修正 • 数据惨淡： Q4 加密 ...

Robinhood Skids On Q4 Miss, Cues 'Prediction Markets Supercycle' | Investor's Business DailyBREAKING: [Jobs Report Strong: Payrolls Up 130,000 While Jobless Rate Falls]---Robinhood tumbled early Wednesday after posting a big fourth-quarter revenue miss and a decline in monthly active users. Shares of the mobile broker have taken a four-week skid amid a cryptocurrency sell-off, with the price of bitcoin down about 22% since the end of January. Robinhood Markets (HOOD) reported a 35% decline in earnings to 66 ...

The employment report is expected to show an uptick in U.S. job growth despite a sluggish ‌labor market, due ⁠to tariff uncertainty ⁠and worker constraints amid tighter immigration enforcement. The data could temper expectations for the central bank's rate cuts, with retail sales stalling unexpectedly and raising the probability of an interest-rate reduction in April to 35.5% from the prior day's 32.2%, according to CME Group's FedWatch tool. Markets still price in the first cut to take place in June, when ...

Robinhood Markets (HOOD) used the company’s fourth-quarter earnings call to outline their stance on crypto and its long-term role in the business. “We're moving toward a world where crypto is actually more than an asset class, and it's a foundational technology ...

Key Takeaways Robinhood launched its own RWA-focused L2 testnet powered by Arbitrum, enabling on-chain trading of real stocks and ETFs. The platform offers 24/7 trading with low fees while maintaining regulatory compliance. Robinhood Chain bridges TradFi and DeFi, providing developers with tools to build new financial applications. Robinhood, the U.S.-based trading powerhouse valued at around $76 billion, is launching its own blockchain, Robinhood Chain. This marks a shift toward bringing more o ...

Key Takeaways Tenev said Robinhood’s prediction markets could reach “trillions” in annual volume. Robinhood reported over 12 billion contracts traded in 2025 and over four billion so far in 2026. The CFTC withdrew its 2024 event-contract proposal and plans new rulemaking. Robinhood is building Rothera with Susquehanna to expand its event contracts. Robinhood CEO Vlad Tenev said prediction markets are the company’s fastest-growing business and could “drive trillions in annual volume over time,” a ...

美国互联网券商Robinhood(HOOD.US)盘前跌7.6%，报79.12美元。消息面上，Robinhood去年第四季度 总营收同比增长27%至12.8亿美元，低于分析师预期的13.51亿美元；净利润同比下降34%至6.05亿美 元，合每股收益66美分，略高于分析师预期65美分。期内，加密货币交易收入同比下降38%至2.21亿美 元，低于预期。(格隆汇) ...

With a slew of marquee sporting events lined up for the year, Robinhood Markets Inc. (NASDAQ:HOOD) CEO Vlad Tenev voiced optimism on Tuesday about the firm’s prediction markets business.A Big Year For Sports-Based Prediction Market?During Robinhood’s fourth-quarter earnings call, Tenev revealed that NBA contracts had surpassed the NFL in trading activity on the company’s prediction market platform, despite industry-wide concerns that the end of the 2025 football season would drag down trading activity.With ...

Company Overview - Robinhood's fourth quarter revenue missed expectations, leading to an almost 8% decline in after-hours trading [1] - The stock was already down about 40% from its all-time high in October, raising concerns about its performance during the current crypto downturn [4] Financial Performance - Key metrics showed deceleration, particularly in net deposit growth, which continued to decline into January [2] - Despite the topline miss, management's commentary on future business growth and transaction volumes was constructive, indicating a decent outlook [3] Crypto Market Impact - Crypto revenue has decreased from over 20% to an expected near 10% of total business, with a potential 50% haircut to current trading volumes during a crypto winter [6] - This scenario would only result in a manageable 10% hit to Robinhood's EBITDA [6] Business Diversification - Robinhood is better positioned during the current crypto downturn due to its diversified product lineup, including a significant increase in net interest income and new offerings like retirement accounts and banking products [9][10] - The company is evolving into a more comprehensive financial app, which enhances its resilience compared to previous downturns [8] Options Trading Growth - Options trading, which constitutes about 25% of Robinhood's revenue, is expected to see significant growth, potentially up to 40% due to increased penetration and new product offerings [12][14] - The options market is less cyclical, allowing for trading in both up and down markets, which supports long-term growth for Robinhood [13] Prediction Markets - Robinhood's entry into prediction markets is seen as a potential growth area, leveraging its strong distribution capabilities despite increasing competition [15] - The company has announced a partnership that enhances its control over economics and product innovation in this space [16]

Core Insights - Robinhood Markets, Inc. reported a revenue of $1.28 billion for the quarter ended December 2025, reflecting a year-over-year increase of 26.5% [1] - The earnings per share (EPS) for the quarter was $0.66, up from $0.54 in the same quarter last year, with an EPS surprise of +4.76% compared to the consensus estimate of $0.63 [1] Financial Performance Metrics - The revenue reported was a surprise of -4.02% compared to the Zacks Consensus Estimate of $1.34 billion [1] - Funded customers reached 27 million, slightly below the average estimate of 27.13 million [4] - Robinhood Gold Subscribers totaled 4.2 million, exceeding the three-analyst average estimate of 4.1 million [4] - Transaction-based revenues were $776 million, compared to the average estimate of $806.11 million, representing a year-over-year increase of +15.5% [4] - Other revenues amounted to $96 million, surpassing the average estimate of $82.69 million, with a significant year-over-year increase of +108.7% [4] - Net interest revenues were reported at $411 million, below the average estimate of $453.77 million, showing a year-over-year increase of +38.9% [4] Stock Performance - Over the past month, shares of Robinhood Markets have returned -26.3%, while the Zacks S&P 500 composite remained unchanged [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]