Robinhood 2025 年 Q4 财报，营收 12.8 亿美元，加密收入同比下滑 38%

Core Insights - Robinhood reported Q4 2025 revenue of $1.28 billion, which was below the expected $1.35 billion, representing a year-over-year increase of 27% [1] - Adjusted EBITDA for the quarter was $761 million, also below the expected $833 million, with a year-over-year growth of 24% [1] - The company's cryptocurrency revenue was $221 million, showing a significant decline of 38% year-over-year [1] - Transaction-based revenue reached $776 million, reflecting a year-over-year increase of 15% [1] - Net profit for the quarter was $605 million, while operating expenses totaled $633 million, marking a year-over-year increase of 38% [1] - Adjusted operating expenses, including stock-based compensation (SBC), were $597 million, which is an 18% increase year-over-year [1] - The company held $4.3 billion in cash and cash equivalents [1]