Key Takeaways Robinhood Markets' platform assets rose 59% y/y to $324.4B in January 2026.HOOD posted $4.5B net deposits; the margin balance surged 122% y/y to $18.4B.Securities lending revenues rose 36% y/y as equity volumes jumped 57%.Robinhood Markets, Inc.’s (HOOD) platform assets have become the company’s primary financial growth engine, driving both resilience and operating leverage. In January 2026, total platform assets climbed to $324.4 billion, marking a 59% year-over-year jump, supported by contin ...

MENLO PARK, Calif., Feb. 19, 2026 (GLOBE NEWSWIRE) -- Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for January 2026. Funded Customers at the end of January were 27.2 million (up approximately 190 thousand from the end of December 2025, up approximately 1.75 million year-over-year).Total Platform Assets at the end of January were $324 billion (up 1% from the end of December 20251, up 59% year-over-year).Net Deposits were $4.5 billion in January, or a 17% a ...

Core Insights - Robinhood's stock price experienced a significant decline following its 2025 financial report, despite absolute revenue and net profit growth, indicating market disappointment due to unmet expectations. Group 1: Core Growth Engine - The cryptocurrency business has significantly declined, with Q4 trading revenue dropping 38% year-over-year and nominal trading volume halving to $34 billion, suggesting a decrease in retail investor enthusiasm or a shift to more specialized platforms [1] - The acquisition of Bitstamp has not compensated for the lack of internal growth, highlighting a critical weakness in Robinhood's core business [1] Group 2: Cost Control Issues - Total operating expenses surged by 38% year-over-year in Q4, outpacing revenue growth of 27%, which directly erodes profit margins [2] - Management's guidance for 2026 indicates an expected 18% increase in adjusted operating expenses, reaching $2.6 billion to $2.725 billion, raising concerns among investors about aggressive spending in an uncertain macro environment [2] Group 3: Regulatory and Macro Risks - The financial report excluded "significant regulatory costs" from the 2026 outlook, indicating potential for unpredictable large fines that could impact financial stability [3] - Although Q4 net interest income increased, it was negatively affected by the "decline in short-term interest rates," suggesting that the high-interest period for Robinhood may be nearing its end as the Federal Reserve continues its rate cuts [3] Group 4: Valuation Reassessment - The market's previous high valuation of Robinhood was based on its growth potential, but with negative growth in the cryptocurrency sector, rising customer acquisition costs, and regulatory uncertainties in prediction markets, there is a shift in how the market views its valuation [3] - The impressive "record" figures do not mask the underlying weakness in core operations, leading to a sharp correction in stock price expectations amid regulatory unknowns, uncontrolled costs, and declining trading volumes [3]

Core Insights - Robinhood Markets, Inc. reported its monthly operating data for November 2025, highlighting a decline in funded customer growth and total platform assets compared to October 2025, but showing significant year-over-year growth in both metrics [1][3]. Customer Metrics - Funded Customers at the end of November were 26.9 million, a decrease of 1% month-over-month from 27.1 million in October, but an increase of 8% year-over-year from 24.8 million [2][3]. - The decline in funded customers included the impact of approximately 280 thousand low-balance accounts being escheated, which would have otherwise resulted in a net increase of about 150 thousand customers for November [3]. Asset Metrics - Total Platform Assets at the end of November were $324.5 billion, down 5% from $342.6 billion in October, but up 67% from $194.6 billion year-over-year [2][3]. - Net Deposits for November were $7.1 billion, reflecting a 25% annualized growth rate compared to October 2025 [3]. Trading Activity - Total Trading Volumes in November included Equity Notional Trading Volumes of $201.5 billion, a decrease of 37% from October but an increase of 37% year-over-year [2][3]. - Options Contracts traded were 193.2 million, down 28% from October but up 24% year-over-year [4]. - Crypto Notional Trading Volumes were $28.6 billion, down 12% from October and down 19% year-over-year [4]. Margin and Cash Sweep Balances - Margin balances at the end of November were $16.8 billion, up 2% from October and up 147% year-over-year [4]. - Total Cash Sweep balances were $32.5 billion, down 5% from October but up 23% year-over-year [4]. Securities Lending Revenue - Total Securities Lending Revenue in November was $34 million, down 43% from October but up 48% year-over-year [4].

Core Viewpoint - Robinhood has experienced significant growth, with its share price increasing by 1,100% over the past three years, but current market conditions may not be favorable for new investments in the company [1][2]. Business Performance - Robinhood's sales surged by 100% to $1.3 billion in the third quarter, with non-GAAP earnings rising by 259% to $0.61 per share [4]. - The user base has expanded to 26.8 million, a 10% increase year-over-year, and average revenue per user (ARPU) increased by 82% to $191 [5]. Revenue Sources - A significant portion of Robinhood's revenue, $730 million in the latest quarter, comes from transaction-based revenue, heavily influenced by a 300% increase in cryptocurrency trading [7]. - The company also sees growth from options trading, which is considered a riskier investment strategy [7]. Market Conditions - Robinhood's trading platform has only operated during a bull market, with the S&P 500 rising 50% since its IPO, suggesting potential vulnerability in a bear market [9]. - Recent economic indicators show a slowing job market, with October layoffs reaching a 22-year high, which could impact investor behavior and, consequently, Robinhood's performance [12].

Core Insights - Robinhood Markets, Inc. reported significant growth in key operational metrics for October 2025, indicating a strong performance in customer acquisition and trading volumes [1][3]. Customer Metrics - Funded customers reached 27.1 million, a 1% increase month-over-month and an 11% increase year-over-year [2][3]. - Net deposits for October were $5.6 billion, reflecting a 20% annualized growth rate compared to September 2025 [3]. Asset Growth - Total platform assets amounted to $342.6 billion, up 3% from September 2025 and up 115% year-over-year [2][3]. - Over the last twelve months, net deposits totaled $68.7 billion, representing a 43% annual growth rate compared to October 2024 [3]. Trading Volumes - Equity notional trading volumes were $320.1 billion, a 34% increase from September 2025 and a 153% increase year-over-year [2][3]. - Options contracts traded reached 266.7 million, up 22% month-over-month and up 69% year-over-year [2][3]. - Crypto notional trading volumes were $32.5 billion, reflecting a 38% increase from September 2025 and a remarkable 480% increase year-over-year [2][3]. Margin and Cash Sweep - Margin balances at the end of October were $16.5 billion, up 19% from September 2025 and up 166% year-over-year [3]. - Total cash sweep balances were $34.2 billion, down 3% from September 2025 but up 34% year-over-year [3][4]. Securities Lending Revenue - Total securities lending revenue for October was $60 million, a 2% increase from September 2025 and a 216% increase year-over-year [4][3].

Core Insights - Robinhood Markets Inc. reported a 2.4% decline in shares despite strong quarterly results, with Q3 2025 earnings per share at 61 cents, exceeding the Zacks Consensus Estimate of 51 cents and significantly up from 17 cents in the prior-year quarter [1][9] Financial Performance - The company's net income (GAAP) reached $556 million, a substantial increase from $150 million in the same quarter last year [2] - Total net revenues surged 100% year over year to $1.3 billion, surpassing the Zacks Consensus Estimate of $1.2 billion [3] - Average revenue per user (ARPU) increased by 82% year over year to $191 [3] - Transaction-based revenues rose 128.8% to $730 million, driven by significant increases in options (50%), equities (132%), and cryptocurrencies (300%) [3] Revenue and Expenses Breakdown - Net interest revenues (NIR) increased by 66.4% to $456 million, attributed to a higher balance of interest-earning assets and securities lending activity [4] - Other revenues doubled to $88 million, mainly due to a rise in Gold subscription revenues, with Gold subscribers increasing by 77% year over year to 3.9 million [4] - Total operating expenses rose 31.5% to $639 million, with adjusted operating expenses increasing by 34.8% to $535 million [5] Business Activities and Metrics - Total platform assets grew 119% year over year to $333 billion, driven by net deposits and higher valuations [6] - Equity notional trading volumes reached a record $647 billion, up 126%, while options contracts traded rose 38% to 610 million [6] - Monthly Active Users (MAU) increased by 25.5% year over year to 13.8 million [7] Share Repurchase and Future Outlook - The company repurchased nearly 1 million shares for $107 million during the reported quarter [8] - For 2025, Robinhood anticipates combined adjusted operating expenses and share-based compensation to be approximately $2.28 billion, including costs related to Bitstamp [10] Competitive Landscape - Interactive Brokers reported adjusted earnings per share of 57 cents, up 42.5% year over year, aided by increased revenues and a decline in expenses [12] - Charles Schwab's adjusted earnings of $1.31 per share rose 70% year over year, benefiting from strong asset management performance and higher trading revenues [13]

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Core Insights - The iPhone's success illustrates the effectiveness of all-in-one product offerings in driving consumer interest and sales [1][10] Financial Industry Trends - There is a growing consumer demand for all-in-one financial products, similar to the smartphone market [2] - Retail investing has surged post-COVID-19, particularly among younger generations, reviving interest in stock trading [3] - The crypto trading market has expanded significantly due to increased education, deregulation, and rising asset prices [3] - Online sports betting has seen dramatic growth following deregulation in the US, with legality in 38 states [4] - Prediction markets are gaining popularity, providing unique betting opportunities on various events [4] Company Performances - Robinhood has transformed from a trading app to a comprehensive financial services platform, with shares increasing over fourfold in the past year and steady EPS growth since its IPO in 2022 [5][6] - Intercontinental Exchange (ICE) is diversifying its offerings, including a $2 billion investment in prediction markets through Polymarket, while also expanding into the mortgage market [7] - Coinbase is evolving from a crypto exchange to a broader financial infrastructure, with its USDC stablecoin transaction volume reaching $5.9 trillion, reflecting a more than five-fold increase [8] Competitive Landscape - First-movers like Robinhood, ICE, and Coinbase are positioned to thrive by offering diverse financial services [6] - Companies focused solely on sports betting, such as DraftKings and Flutter, may struggle to compete as they face regulatory challenges and high costs to diversify [9]

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