Robinhood shares slid in after-hours trading Tuesday after the online brokerage reported quarterly results that fell short of analyst expectations, weighed down by a sharp decline in crypto revenue.
The company posted record fourth-quarter net revenue of $1.28 billion, up 27% from a year earlier but below Wall Street forecasts of $1.34 billion.
Crypto-related revenue dropped 38% year-over-year to $221 million as digital asset markets entered a prolonged downturn beginning in October.
Net income for the quarter declined 34% from the prior year to $605 million. Earnings per share came in at 66 cents, slightly ahead of analyst estimates of 63 cents.
Robinhood (HOOD) shares fell 7.66% in after-hours trading to $79.04 after closing the regular session down 1.1% at $85.60. The stock has fallen more than 42% since reaching a peak of $148.67 on Oct. 3.
For the full year, Robinhood said net revenue for 2025 rose 52% compared with 2024, reaching a record $4.5 billion. Annual net income increased 35% to $1.9 billion.
Crypto Growth Trails Other Segments
In the fourth quarter, notional crypto trading volume across Robinhood’s app and its wholly owned exchange, Bitstamp, climbed 3% quarter-over-quarter to a record $82.4 billion.
Other trading segments posted stronger gains. Equity trading volume rose 10% over the quarter to $710 billion, while options contracts traded increased 8% to 659 million.
Prediction markets — introduced in March through a partnership with Kalshi — also contributed to fourth-quarter performance as demand for event-based contracts surged last year.
Robinhood’s “other” transaction-based revenue category, which includes prediction markets and futures, reached a record $147 million in Q4. That figure marked a 375% increase from a year earlier and surpassed equity trading revenue for the first time.
In a statement, Robinhood Chair and CEO Vlad Tenev said, “Our vision hasn’t changed: we are building the Financial SuperApp.”
