Robinhood 8-K

Summary

Q4 and FY2025 results with FY2026 expense guidance, plus a CFO transition. Revenue reached records for the quarter and year; Q4 net income and EPS declined Y/Y against a prior-year period that included a $424M tax and regulatory accrual reversal. Robinhood appointed Shiv Verma CFO, principal financial officer and principal accounting officer, effective 2/6/2026; former CFO Jason Warnick is an advisor through 9/1/2026.

Key Figures

• FY2025 total net revenue was $4.47B (+52%); net income attributable to Robinhood was $1.88B (+33%), diluted EPS was $2.05 vs $1.56, and Adjusted EBITDA (non-GAAP) was $2.52B (+76%). FY2024 net income and EPS included the $424M benefit noted above.
• Q4 revenue growth reflected transaction-based revenue of $776M (+15%), including options revenue of $314M (+41%), partly offset by cryptocurrency revenue of $221M (-38%); net interest revenue was $411M (+39%). Total Platform Assets rose 68% to $324B, Q4 net deposits were $15.9B, and Gold subscribers reached 4.2M (+58%). Preliminary January net deposits were $4.5B; margin book was $18.4B (+121% Y/Y).
• FY2025 operating cash flow was $1.64B vs $(157)M in FY2024. Q4 repurchases were $100M for 0.8M shares at an average $119.86; FY repurchases were $653M for 12M shares at $54.30 average. Cash and cash equivalents were $4.26B at year-end. Verma’s current compensation includes a $0.50M base salary, 60% target annual bonus, and $2.35M annual equity target vesting quarterly over four years.

Guidance

• FY2026 Adjusted Operating Expenses and SBC (non-GAAP): $2.6B-$2.725B, representing 18% Y/Y growth at the midpoint. No direction or prior figure stated; the company is not providing FY2026 total operating expense guidance.

Investor Takeaways

• FY2026 expense execution versus the guided range, alongside customer and net-deposit growth, will indicate whether investment in products and expansion is translating into profitable growth.
• Final FY2025 results and January operating data may differ from these preliminary figures; watch the completed annual results and subsequent operating updates.