Robinhood 25Q3财报电话会议实录全文

Core Insights - Robinhood achieved strong profit growth in Q3 2025, with revenue doubling year-over-year to nearly $1.3 billion, marking a historic high [1][10] - The company reported net deposits exceeding $20 billion in Q3, surpassing last year's total record [1][11] - Key areas of focus include active traders, wallet share, and a global financial ecosystem, all of which saw rapid product iterations [1][9] Active Traders - Robinhood recorded record trading volumes in stocks and options, launching new products such as short selling and AI-driven custom indicators [1][7] - The contract volume in the prediction market reached 2.3 billion in Q3, with October's volume exceeding the total for Q3 [1][7] - The company aims to make active traders feel disadvantaged if they do not trade on Robinhood [5][9] Wallet Share - Customer assets surpassed $330 billion, benefiting from a generational wealth transfer of $120 trillion [8][9] - Robinhood Gold subscription users reached 3.9 million, a year-over-year increase of over 75% [1][11] - The early promotion of Robinhood Banking is accelerating, with over 500,000 Gold Card holders [1][8] Global Financial Ecosystem - The company aims for over half of its revenue to come from outside the U.S. within the next decade [2][9] - Bitstamp, as the first scaled institutional business, saw trading volume increase by over 60% quarter-over-quarter [2][9] - Robinhood Ventures was launched to provide non-accredited retail investors with access to private company investment opportunities [2][9] Financial Performance - The company reported a 65% revenue growth year-to-date and a 150% increase in earnings per share [10][11] - Adjusted EBITDA margin reached 75%, reflecting strong cost control [10][11] - The third quarter saw significant contributions from newer products like prediction markets and Bitstamp, both achieving annualized revenues exceeding $100 million [10][11] Leadership Transition - CFO Jason Warnick announced his retirement, with Shiv Verma set to succeed him [2][14] - The company emphasizes maintaining a lean and disciplined culture while reinvesting in growth areas [2][17]